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by Christopher Jackson Leave a Comment

SOR 471 Questions to Ask about Data Analysis

SOR 471 Questions to Ask about Data Analysis

Questions to Ask about Data Analysis

Abstract

Chris and Fred discuss data analysis … specifically the first question we ask before we help someone with their data analysis project. Chris always asks – what is the decision that this data analysis will support? And Fred always asks – where did this data come from? The reason these questions are important is that you need to know what information you need before you construct an analysis to get that information. And you need to be confident in the results. A single data set can potentially create multiple information sets. And this depends on how you construct the analysis. Which based on the decision. Listen to this podcast if you would like to learn more.
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by James Kovacevic Leave a Comment

44 – What is a Monte Carlo Analysis with Fred Schenkelberg

44 – What is a Monte Carlo Analysis with Fred Schenkelberg

What is a Monte Carlo Analysis with Fred Schenkelberg

In today’s episode, the guest Fred Schenkelberg explains the Monte Carlo simulation in a fair amount of detail. Before you get in the depth of how the tool works, you need to understand what basically this method is. The Monte Carlo simulation has been around since World War 2 and it is a mathematical technique that works based on probability functions, random variables, and the distribution of statistical data. The main concept of it to give the decision maker the most obvious choices while facing any risks to get the best out of every possible outcome. The tool serves the purpose for getting a better insight of the consequences relative to each choice the person making decisions has to make. When you’re looking for the reliability of your assets and checking the integrity of your different maintenance programs, it is a really powerful tool.
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by James Kovacevic 5 Comments

16 – A Discussion on Weibull Analysis with Fred Schenkelberg

16 – A Discussion on Weibull Analysis with Fred Schenkelberg

A Discussion on Weibull Analysis with Fred Schenkelberg

This episode of the weekly podcast discusses the basics of Weibull analysis and distribution technique. By using it you can precisely calculate the probability of failures through a statistical analysis of the failure data. As it is a statistical way of calculating the failure rate and getting an idea about the downtime and life of the equipment, it needs data.
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