20,044 research outputs found
Incorporating psychological influences in probabilistic cost analysis
ABSTRACT Today's typical probabilistic cost analysis assumes an "ideal" project that is devoid of the human and organizational considerations that heavily influence the success and cost of real-world projects. In the real world "Money Allocated Is Money Spent" (MAIMS principle); cost underruns are rarely available to protect against cost overruns while task overruns are passed on to the total project cost. Realistic cost estimates therefore require a modified probabilistic cost analysis that simultaneously models the cost management strategy including budget allocation. Psychological influences such as overconfidence in assessing uncertainties and dependencies among cost elements and risks are other important considerations that are generally not addressed. It should then be no surprise that actual project costs often exceed the initial estimates and are delivered late and/or with a reduced scope. This paper presents a practical probabilistic cost analysis model that incorporates recent findings in human behavior and judgment under uncertainty, dependencies among cost elements, the MAIMS principle, and project management practices. Uncertain cost elements are elicited from experts using the direct fractile assessment method and fitted with three-parameter Weibull distributions. The full correlation matrix is specified in terms of two parameters that characterize correlations among cost elements in the same and in different subsystems. The analysis is readily implemented using standard Monte Carlo simulation tools such as @Risk and Crystal Ball. The analysis of a representative design and engineering project substantiates that today's typical probabilistic cost analysis is likely to severely underestimate project cost for probability of success values of importance to contractors and procuring activities. The proposed approach provides a framework for developing a viable cost management strategy for allocating baseline budgets and contingencies. Given the scope and magnitude of the cost-overrun problem, the benefits are likely to be significant
Escalating Commitment: Business Investments and CSR
There are many instances, in all areas of business, in which individuals can become committed to a course of action that begins costing more than it is producing. Because it is often possible for persons who have suffered a setback to recoup their losses through an even greater commitment of resources to the same course of action, a cycle of escalating commitment can be produced (Staw, 1981). This thesis serves to address prior literature and prior studies based on the theory of escalation behavior . We furthered our research by conducting an experiment using university students to test certain said theory with the incorporation of specific variables (i.e. tax-avoidance strategies vs. sustainable investing). As such, this thesis was designed with the purpose of trying to understand why such behavior exists and what factors may have significant influence on the cycle known as escalating commitment
Building Machines That Learn and Think Like People
Recent progress in artificial intelligence (AI) has renewed interest in
building systems that learn and think like people. Many advances have come from
using deep neural networks trained end-to-end in tasks such as object
recognition, video games, and board games, achieving performance that equals or
even beats humans in some respects. Despite their biological inspiration and
performance achievements, these systems differ from human intelligence in
crucial ways. We review progress in cognitive science suggesting that truly
human-like learning and thinking machines will have to reach beyond current
engineering trends in both what they learn, and how they learn it.
Specifically, we argue that these machines should (a) build causal models of
the world that support explanation and understanding, rather than merely
solving pattern recognition problems; (b) ground learning in intuitive theories
of physics and psychology, to support and enrich the knowledge that is learned;
and (c) harness compositionality and learning-to-learn to rapidly acquire and
generalize knowledge to new tasks and situations. We suggest concrete
challenges and promising routes towards these goals that can combine the
strengths of recent neural network advances with more structured cognitive
models.Comment: In press at Behavioral and Brain Sciences. Open call for commentary
proposals (until Nov. 22, 2016).
https://www.cambridge.org/core/journals/behavioral-and-brain-sciences/information/calls-for-commentary/open-calls-for-commentar
THE CASE FOR AND COMPONENTS OF A PROBABILISTIC AGRICULTURAL OUTLOOK PROGRAM
An operational program to develop and disseminate probabilistic outlook information for agricultural commodities would allow decision makers to better comprehend the degree of uncertainty associated with future prices. While there are psychological limitations to the estimation or probabilities, this is a skill that can be taught and developed, particularly among experienced forecasters such as outlook specialists. Techniques are available for eliciting probabilities, and weather forecasting experience demonstrates that experts can quantify probabilities in a reliable manner. The components of a program to develop and disseminate outlook probabilities should include a survey of user needs, training programs for participating outlook specialists, and user educational programs. Further research is needed to develop elicitation techniques, and to evaluate costs and benefits.Teaching/Communication/Extension/Profession,
A distributional model of semantic context effects in lexical processinga
One of the most robust findings of experimental psycholinguistics is that the context in which a word is presented influences the effort involved in processing that word. We present a novel model of contextual facilitation based on word co-occurrence prob ability distributions, and empirically validate the model through simulation of three representative types of context manipulation: single word priming, multiple-priming and contextual constraint. In our simulations the effects of semantic context are mod eled using general-purpose techniques and representations from multivariate statistics, augmented with simple assumptions reflecting the inherently incremental nature of speech understanding. The contribution of our study is to show that special-purpose m echanisms are not necessary in order to capture the general pattern of the experimental results, and that a range of semantic context effects can be subsumed under the same principled account.›
The safety case and the lessons learned for the reliability and maintainability case
This paper examine the safety case and the lessons learned for the reliability and maintainability case
Mapping Big Data into Knowledge Space with Cognitive Cyber-Infrastructure
Big data research has attracted great attention in science, technology,
industry and society. It is developing with the evolving scientific paradigm,
the fourth industrial revolution, and the transformational innovation of
technologies. However, its nature and fundamental challenge have not been
recognized, and its own methodology has not been formed. This paper explores
and answers the following questions: What is big data? What are the basic
methods for representing, managing and analyzing big data? What is the
relationship between big data and knowledge? Can we find a mapping from big
data into knowledge space? What kind of infrastructure is required to support
not only big data management and analysis but also knowledge discovery, sharing
and management? What is the relationship between big data and science paradigm?
What is the nature and fundamental challenge of big data computing? A
multi-dimensional perspective is presented toward a methodology of big data
computing.Comment: 59 page
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