IREX Related News
Intelligent Risk Exchange
12 December, 2005
Hearne Commercialisation group releases a complete end-to-end, web-based, Enterprise Risk Management System called Intelligent Risk Exchange.
The Intelligent Risk Exchange (IREX) program is an Intelligent Risk Mapping
and Assessment System developed by researchers at the Co-operative
Research Centre for Intelligent Manufacturing Systems &
Technologies, University of New South Wales, University of Wollongong,
CSIRO's Manufacturing and Infrastructure Technology and Boeing-Hawker de Havilland.
The system is a
dynamic web-based tool believed to be the first risk management
software designed for multi-site concurrent engineering projects that links the
entire project management process from product or project design, development and manufacturing to delivery.
IREX project leader Dr Mingwei Zhou (CSIRO) says the software has its own expert knowledge base made up of previous experience and solutions, as well as quantified company-specific risk policies.
“Many companies are locked in engineering cycles where they repeat costly but mitigable mistakes,” Dr Zhou says.
“Based on project managers' responses to a customised set of questions, the software will identify possible risks based on existing knowledge in the system repository.”
The current IREX system, being trialled by the global aviation company, covers eight risk categories and more than 200 risk types. The software was developed by a team of researchers who collaborated through the Co-operative Research Centre for Intelligent Manufacturing Systems & Technologies. The software ranks risks by likelihood and consequence, and suggests mitigation strategies based on lessons learned from previous projects and best practices. The current version of the system comes with more than 170 lessons learnt, 35 case studies as well as 13 customer and supplier profiles - this supplied data set may be augmented in the future as needs and data are made available.
IREX has been piloted within the aviation giant during 2005 and it is now being prepared for full integration into new projects being conducted by its Australian subsidiary.
Boeing-Hawker de Havilland has classified more than 589 risks into three types of projects: design build, derivative design and build to print. Their total database of 'risk knowledge' now stretches to over 4,300 items.
Boeing-Hawker de Havilland research team leader says the uniqueness of the IREX software is that it allows concurrency of engineering tasks to be factored in the risk identification and analysis stages.
“Intelligent Risk Exchange will allow us to identify, analyse, mitigate and monitor risks in complex engineering projects across multidisciplinary teams whilst being able to account for interdependency of tasks.”
Intelligent Risk Exchange was designed with concurrent engineering and multi-site product development in mind.
About the Co-operative Research Centre for Intelligent Manufacturing Systems & Technologies Ltd
Established by five universities, thirteen manufacturing companies and CSIRO-MS&T, it is one of over 70 CRC's established with the aid of Commonwealth Government grants and matching contributions from the partners. For more information please visit; www.crcimst.com.au.
About the University of New South Wales
Located in Sydney, the University of New South Wales is situated near the business hub of Australia's largest city. UNSW is one of Australia's leading research universities and is home to a number of internationally recognised research developments in the fields of Quantum Computing, Photovoltaics, HIV Aids Research, Interactive Cinema and Polymer Chemistry. For more information please visit; www.unsw.edu.au.
About the University of Wollongong
Established in 1951, the University of Wollongong (UOW) has been recognised by Federal and State Governments and by independent analysts as being at the pinnacle of higher education in Australia. In August 2005, The Australian newspaper ranked UOW Australia's number one university for teaching performance, based on the Australian Government Department of Education Science and Training 'Student Outcome Indicators for the Learning and Teaching Performance Fund'. For more information please visit; www.uow.edu.au.
About CSIRO Manufacturing and Infrastructure Technology
Was formed in July 2002 through the integration of the CSIRO divisions of Building, Construction & Engineering and Manufacturing Science & Technology. It is now one of CSIRO's largest divisions with a turnover of over $80 million, with 350 research staff and laboratories in four states, placed to serve the needs of manufacturing and infrastructure industries. For more information please visit; www.cmit.csiro.au.
About Hearne Scientific Software
Hearne Scientific Software is one of the world's leading companies for scientific, technical and research software distribution and commercialisation. The company is a high volume low margin distributor, which accounts for its low prices, a quality assured ISO 9001, Australian Government and United Nations approved supplier.
About Intelligent Risk Exchange Licensing
Please contact Hearne Scientific Software for licensing details. Licenses are customised to the requirements of your organisation. Hearne Scientific Software is the exclusive world wide distributor for Intelligent Risk Exchange.