Frequently Asked Questions

UnRiskIT™ is a commercially available software package designed by UnRiskIT, LLC for the purpose of simulating the execution of a series of events while applying risks and uncertainty. UnRiskIT™ is adaptable and can be used to model any series of events that experiences variability in cost and/or time. UnRiskIT™ performs the simulation of a modeled process by using the Monte Carlo simulation method.

Monte Carlo simulation is a computational algorithm used to model the behavior of a process or variable in order to predict the probability of different outcomes due to the intervention of random variables. UnRiskIT™ uses this technique to derive and illustrate the impact of risk and uncertainty in terms of cost and time.

Risk is a concept that denotes a potential negative impact to some characteristic of value that may arise from a future event, or we can say that “Risks are events or conditions that may occur, and whose occurrence, if it does take place, has a harmful or negative effect”. Exposure to the consequences of uncertainty constitutes a risk. In everyday usage, risk is often used synonymously with the probability of a known loss. “Risk communication and risk perception are essential factors for all human decision making”. Source: www.wikepedia.org

Risk management: covers all the processes involved in identifying, assessing and judging risks, assigning ownership, taking actions to mitigate or anticipate them, and monitoring and reviewing progress.

A plan that imposes management tools to reduce the risks to an acceptable level. A Risk Management Plan is a document prepared by a project manager to foresee risks, to estimate the effectiveness, and to create response plans to mitigate them. It also consists of the risk assessment matrix.

A variety of Reports and Charts such as:

   – Risked AFE Detailed Report

   – Project Detail Report

   – Project Summary Report

   – Risk Management Report

   – Activity and AFE Export Reports

All of the reports and graphs can be exported to MS Office.

The Central Limit Theorem states that the sum of a large number of independent and identically-distributed random variables will be approximately normally distributed (i.e., following a Gaussian distribution, or bell-shaped curve) if the random variables have a finite variance.

Simply put, if you have a number of independent variables in a system then you will experience a narrowing of the cumulative variability as the number of variables increase. That range will likely appear too narrow and might not be acceptable or reasonable to you.

To address this issue we can define correlations between variables, making them dependent in some manner. For example, you may determine that as time increases with a particular activity then the trouble associated with that activity may increase as well. UnRiskIT™ provides for a logical and transparent means to define these correlations which results in a more accurate and realistic range of possible outcomes.

No. Unlike other risk solutions, UnRiskIT™ is a standalone software program that is specifically designed for the energy professional. That means that you do not have to learn how to program or plug in generic subroutines, instead, with UnRiskIT™ you only have to create your logical flow of operations in terms and language that you are familiar with.