JD SolomonOct 2, 2023Asset Management: Why Important Differences in Useful Life and Service Life MatterThe purpose of a useful life estimate is to determine how long an asset will remain in useable condition. "Useful life" is not the same...
J.D. SolomonFeb 15, 2023Beware of Monte Carlo Analysis for New Project Development Monte Carlo analysis has some key limitations which make the technique a major cause of concern for new project development. This article...
J.D. SolomonNov 21, 2022How to Improve Your Communication of Probability to Senior ManagementThe Chance of Rain Most people do not understand what the chance of rain means. Some believe it means it will rain "30% of the day,"...
J.D. SolomonSep 26, 2022Three Solutions for Establishing Useful Probability DistributionsMonte Carlo simulations are the best approach for assessing uncertainty for future infrastructure and facilities funding requirements....
J.D. SolomonSep 19, 2022Why Are You Wasting Infrastructure Money By Not Using Monte Carlo Analysis? Understanding the total cost of ownership is a fundamental principle of asset management of facilities and infrastructure. However, all...
J.D. SolomonSep 13, 2022Why I Will Never See an Ensemble Model on an Asset Management Project Hurricane tracking is very good these days, especially in forecasting storm intensity and location two to seven days in advance....
J.D. SolomonDec 8, 2021Better Data Quality is a Significant Outcome of Forecasting Lifecycle CostsA lifecycle replacement forecast provides a financial forecast of the total investment needed by an organization to keep its facilities...
J.D. SolomonNov 11, 2021Drinking Treated Wastewater Is Still A Few Years AwayDrinking treated wastewater is still a few years away because there is not enough demand for it. The technology exists that makes it...