See more from this Division: Gulf Coast Association of Geological Societies
See more from this Session: Risk Management and Uncertainty
Abstract:
When bias creates uncertainty in the probability distribution, no one believes anything other than that the estimate is wrong. To improve confidence in distributed numbers, an organization must understand its biases and seek to reduce them. This can be accomplished through the review of historic trends, technical reviews by unbiased professionals, training, awareness, and organizational process improvements.
After walking through a case study on this journey of improvement, it will be shown that leadership can see the value of distributions and will quickly learn to value uncertainty information.
See more from this Division: Gulf Coast Association of Geological Societies
See more from this Session: Risk Management and Uncertainty