Dr. Huybert Groenendaal

Dr. Huybert 


As managing director, Dr. Huybert Groenendaal helps clients in a broad range of industries that,among others, include pharmaceuticals, oil and gas, manufacturing and private equity. He has led engagements employing financial risk analysis, strategic decision-making, project costs estimation, inventory optimization, and supporting senior management with critical negotiations. Dr. Groenendaal has extensive experience in risk modeling and analysis for business development, financial valuation, R&D portfolios and portfolio evaluations in pharmaceuticals and medical devices.

Dr. Groenendaal teaches a variety of risk analysis training courses including Financial Risk Modeling for Pharmaceuticals, Quantitative Risk Analysis, Introduction to Quantitative Project Cost and Schedule Risk Analysis, Corporate Finance Risk Analysis and customized courses at client sites. He also lectures on the use of risk modeling in business, at the executive MBA program at the Leeds School of Business, University of Colorado at Boulder, and teaches an online risk analysis course at Statistics.com.

Dr. Groenendaal is an affiliate faculty at Colorado State University and was mentor at the Wharton Customer Analytics Initiative, Wharton School of Business. He has been an invited speaker at numerous international conferences and has published papers in various scientific journals. He holds a Masters in veterinary epidemiology from Wageningen University (NL), an MBA in Finance from The Wharton School of Business, University of Pennsylvania (USA) and a PhD in risk analysis from Wageningen University (NL).

Dr. Groenendaal is the co-author of the text book ‘Practical Spreadsheet Risk Modeling for Management’ and his second book, jointly written with World Bank, on the use of risk analysis in evaluating index insurance products, was published in 2017.




Representative Publications

1. Groenendaal, H., F. Zagmutt, (2018). Stochastic Modeling in Health Economics and Outcomes Research: Common Mistakes and How to Avoid Them. ISPOR Values & Outcomes SPOTLIGHT March/April 2018, Vol 4 No. 2: 30-33.

2. Mapfumo, Shadreck; Groenendaal, Huybert; Dugger, Chloe. 2017. Risk Modeling for Appraising Named Peril Index Insurance Products: A Guide for Practitioners. Directions in Development; Directions in Development-Agriculture and Rural Development; Washington, DC: World Bank. © World Bank.

3. Wang T., Zagmutt, F, Groenendaal, H., (2017) A Breath of Better Decisions and Success. Solver-International, Sep. 2017:12-21.

4. Costard S, Espejo L, Groenendaal H., Zagmutt FJ. (2017) Outbreak-Related Disease Burden Associated with Consumption of Unpasteurized Cow's Milk and Cheese, United States, 2009-2014. Emerg. Infect. Dis. 2017 Jun. 23(6):957-964. doi: 10.3201/eid2306.151603.

5. Cobb SP, Pharo H, Stone M, Groenendaal H., Zagmutt FJ. (2015) Quantitative risk assessment of the likelihood of introducing porcine reproductive and respiratory syndrome virus into New Zealand through the importation of pig meat. Rev. Sci. Tech. 2015 Dec. 34(3):961-75.

6. Groenendaal, H., Zagmutt, F.J., Patton, E.A., Wells, S.J. Cost-benefit analysis of vaccination against Mycobacterium avium ssp. paratuberculosis in dairy cattle, given its cross-reactivity with tuberculosis tests Journal of Dairy Science, Vol. 98, Issue 9:6070–6084.

7. Lehman, D, Groenendaal, H., and G. Nolder. Practical Spreadsheet Risk Modeling for Management. Chapman and Hall/CRC, September 1, 2011. Hardback textbook, 284 pages. To purchase from Amazon, select http://www.amazon.com/Practical-Spreadsheet-Risk-Modeling-Management/dp/1439855528http://www.amazon.com/Practical-Spreadsheet-Risk-Modeling-Management/dp/1439855528

8. Groenendaal H, Bush M, Hodge FL, Dykstra K, Mudd P, Rajapakse A, Zagmutt F, Quantitative Risk Analysis: Improving Decision Making by Quantifying Uncertainty. American Association of Pharmaceutical Scientists Magazine, April 2011.

9. Mudd, P.N., Groenendaal, H, Bush, M.A., Schmith, VD. Probabilistic Risk Analysis: Improving Early Drug Development Decision Making. Clinical Pharmacology & Therapeutics. 2010 Dec;88(6):871-5.

10. Barkema, H.W., Hesselink, J.W., Mckenna, S.L.B., Benedictus, G., Groenendaal, H., 2010. Global prevalence and economics of infection with Mycobacterium avium subsp. paratuberculosis in ruminants. In: Behr, M.A., Collins, D.M. (Eds.), Paratuberculosis: organism, disease, control. CAB International, pp. 10-21.

11. Groenendaal, H, Marcy L Tarrants and Christophe Armand, 2010, Treatment of Advanced Parkinson's Disease in the United States: A Cost-Utility Model. Clinical Drug Investigation 2010;30(11):789-98. Poster available for download here.

12. Groenendaal, H., and F.J. Zagmutt (2008). “Scenarios analysis of changes in consumption of dairy products due to a hypothetical causal link between Mycobacterium avium subspecies paratuberculosis and Crohn's Disease.” Journal of Dairy Science. J Dairy Sci. 91(8):3245- 58

13. Groenendaal H., and C.A. Wolf (2008). “Farm-level Economic Analysis of the US National Johne’s Disease Demonstration Herd Project, Journal of the American Veterinary Medical Association.” JAVMA 233(12): 1852-1858.

14. Groenendaal, H., D.T. Galligan, and H. Mulder (2004). “An Economic Spreadsheet model to Determine Optimal Breeding and Replacement Decisions for Dairy Cattle.” Journal of Dairy Science 87:2146-2157.

15. Groenendaal, H., and D.T. Galligan (2003). “Economic consequences of Johne's Disease control programs on mid-size dairy farms in the US.” Journal of the American Veterinary Medical Association.

16. Groenendaal, H., M. Nielen, and J.W. Hesselink (2003). “Development of the Dutch Johne's disease control program supported by a simulation model.” Preventive Veterinary Medicine 60: 69-90.

17. Galligan, D. T., H Groenendaal, JD Ferguson, G Azzaro. Real Options Analysis to evaluate products used in dairy production. J. Dairy Sci. 85:(Supplement 1): 180, 2002.

18. Groenendaal, H., M. Nielen, D.T. Galligan, and J.W. Hesselink (2002). “Johne's disease control: a simulation approach.” Preventive Veterinary Medicine 54: 225-245.



We believe in seeing to believe.

View our client success stories to read about our projects.


Once in a while, we ask our clients, course participants and co-investigators to provide us with testimonials of their experience working with us. Read what they're saying about us.