Probabilistic Safety Assessments (PSA), which was introduced in the 1970s as complement to deterministic safety analysis methods, is a well-established tool that supports design and safety assessment ...

The design and construction of capital projects can be extremely complex. Uncertainty and risk add to this complexity and, as a result, many projects experience significant cost overruns and schedule ...

Long before statistical whiz Nate Silver predicted the outcome of the 2012 presidential election and "Moneyball" became a household word, structural engineers employed the Monte Carlo method of ...

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Dynamic Probabilistic Risk Assessment (DPRA) represents a significant evolution in the evaluation of nuclear power plant safety, integrating time-dependent models of system evolution with stochastic ...

The World Science Festival’s panel on Probability and Risk started out in an unusual manner: MIT’s Josh Tenenbaum strode onto a stage and flipped a coin five times, claiming he was psychically ...