WorldWideScience

Sample records for risk management economic

  1. Managing economic risks through simulation

    International Nuclear Information System (INIS)

    Griffin, B.J.; Eresman, R.K.

    1994-01-01

    Industrial operations are commonly managed in terms of such factors as raw material requirements, throughput, equipment reliability, and operator productivity. Simulation can be used to transform standard management performance measures into probabilistic measures which define the associated risks. These results provide valuable insight for effective management of economic risks. Case studies are presented using the Monte Carlo simulation method to demonstrate different applications of simulation techniques, various result formats, and their use for optimizing economic returns. In the first case study, design criteria for a large gas distribution system originally developed from worst-case demand estimates were modelled to provide a risk basis for decisions on alternative upgrading options. In the second, a commercial gas storage facility operation was modelled to develop economic marketing strategies balancing supply and demand requirements from multiple clients. 3 refs

  2. Economic Exposure and Integrated Risk Management

    OpenAIRE

    Miller, Kent D.

    1994-01-01

    Most corporate risk management research focuses on particular risk exposures to the exclusion of other interrelated exposures. By contrast, this study models corporate risk exposures using a multivariate approach integrating the distinct exposures of interest to finance and strategy researchers. The paper addresses the implications of multivariate modeling for corporate risk management, some key methodological issues arising in empirical estimation of corporate economic exposrues, and direc...

  3. Economic optimisation of flood risk management projects

    NARCIS (Netherlands)

    Tsimopoulou, V.

    2015-01-01

    The Netherlands has developed a flood risk management policy based on an economic rationale. After the flood disaster of 1953, when a large area of the south-western part of the country was flooded and more than 1800 people lost their lives, the so-called Delta Committee was installed, whose main

  4. Probabilistic economic frameworks for disaster risk management

    Science.gov (United States)

    Dulac, Guillaume; Forni, Marc

    2013-04-01

    Starting from the general concept of risk, we set up an economic analysis framework for Disaster Risk Management (DRM) investment. It builds on uncertainty management techniques - notably Monte Carlo simulations - and includes both a risk and performance metrics adapted to recurring issues in disaster risk management as entertained by governments and international organisations. This type of framework proves to be enlightening in several regards, and is thought to ease the promotion of DRM projects as "investments" rather than "costs to be born" and allow for meaningful comparison between DRM and other sectors. We then look at the specificities of disaster risk investments of medium to large scales through this framework, where some "invariants" can be identified, notably: (i) it makes more sense to perform analysis over long-term horizons -space and time scales are somewhat linked; (ii) profiling of the fluctuations of the gains and losses of DRM investments over long periods requires the ability to handle possibly highly volatile variables; (iii) complexity increases with the scale which results in a higher sensitivity of the analytic framework on the results; (iv) as the perimeter of analysis (time, theme and space-wise) is widened, intrinsic parameters of the project tend to weight lighter. This puts DRM in a very different perspective from traditional modelling, which usually builds on more intrinsic features of the disaster as it relates to the scientific knowledge about hazard(s). As models hardly accommodate for such complexity or "data entropy" (they require highly structured inputs), there is a need for a complementary approach to understand risk at global scale. The proposed framework suggests opting for flexible ad hoc modelling of specific issues consistent with one's objective, risk and performance metrics. Such tailored solutions are strongly context-dependant (time and budget, sensitivity of the studied variable in the economic framework) and can

  5. Economic analysis and management of climatic risks

    Energy Technology Data Exchange (ETDEWEB)

    Hourcade, J.C. (Centre International de Recherche sur l' Environnement et le Developpement, 92 - Montrouge (France))

    1994-01-01

    This paper aims at framing the collective decision problem in the face of climate change. It shows why it would be irrelevant to handle it in the form of a classical decision under uncertainty framework where a cost-benefit analysis is carried out including probability distribution on damages and risk aversion coefficients. A sequential approach to policy making is then proposed as an alternative in order to account for the inertia of socio-economic dynamics and the value of information. A simple model illustrates the gap between these two approaches; it shows the importance of combining the investments on climatic research, innovation policies and so-called 'no regret' short term decisions. It shows the fact that, even if they can be considered as quantitatively moderate, these potentials have a critical impact on long term viability of development; they embed a very high information value, lengthening the learning time vis-a-vis potentially major but controversial risks. (author). 21 refs., 3 figs.

  6. Economics and management of climate change: risks, mitigation and adaptation

    National Research Council Canada - National Science Library

    Antes, Ralf

    2008-01-01

    ... climate change poses risks to societies and companies, nor about adequate strategies to cope with these risks. Bringing together scholars from environmental economics, political science, and business management, this book describes, analyses and evaluates climate change risks and responses of societies and companies. The book c...

  7. Risk management in HIV/AIDS: ethical and economic issues ...

    African Journals Online (AJOL)

    Risk management in HIV/AIDS: ethical and economic issues associated with restricting HAART access only to adherent patients. ... Using the software TreeAge Pro 2009, we developed a Markov model to project economic outcomes for a hypothetical cohort of HIV/AIDS patients on HAART. The model compared two ...

  8. Managing Entrepreneurial Risks under Conditions of Instability of Economic Environment

    Directory of Open Access Journals (Sweden)

    Miroshnichenko Yurii V.

    2013-12-01

    Full Text Available The article analyses the state of an organisation under modern conditions of establishment of new competitive relations between subjects of economic activity and transition to the model of market economy, justifies urgency of studies devoted to methods of entrepreneurial risk management. The article analyses factors that influence the risk level and offers own definition of this category. The article sets the task of improvement of the systemised classification of entrepreneurial risk management methods. In the result of the conducted analysis, the authors offered an improved systemised classification of risk management methods and justifies efficiency of its use.

  9. The role of economic incentives for managing technological risks

    International Nuclear Information System (INIS)

    Kunreuther, H.

    1995-01-01

    A key issue facing society in dealing with the management of technological facilities is balancing the costs of reducing risks with the relevant benefits. These tradeoffs are difficult for both experts and laypersons to make when there is limited objective data on the nature of the health and safety risks. Economic incentives, such as insurance and compensation, can play an important role in reducing and preventing losses associated with technological facilities if they are coupled with appropriate regulations and/or standards. They also can communicate information to the public on the price associated with different levels of risk. The talk will focus on how these policy tools can be utilized for improving the risk management process in conjunction with risk assessment. The siting of facilities for storing and disposing of potentially hazardous wastes will be used to illustrate these concepts and indicate how the public can be made a more integral part of the process

  10. AN OVERVIEW ON STATE OF KNOWLEDGE OF RISK AND RISK MANAGEMENT IN ECONOMICS FIELDS

    OpenAIRE

    Mirela NICHITA

    2015-01-01

    The purpose of this paper is to present a history and an evolution of concepts of risk and risk management in economic, respectively financial fields, highlighting the usefulness (or not) and complexity of tools for risk assessment developed over time. The main objective of risk management is to reduce costs and increase the value of company and stakeholders gains; also, a coherent risk management strategy may improve entity capital structure which will derive in a healthy financing policy. T...

  11. Risk-trading in flood management: An economic model.

    Science.gov (United States)

    Chang, Chiung Ting

    2017-09-15

    Although flood management is no longer exclusively a topic of engineering, flood mitigation continues to be associated with hard engineering options. Flood adaptation or the capacity to adapt to flood risk, as well as a demand for internalizing externalities caused by flood risk between regions, complicate flood management activities. Even though integrated river basin management has long been recommended to resolve the above issues, it has proven difficult to apply widely, and sometimes even to bring into existence. This article explores how internalization of externalities as well as the realization of integrated river basin management can be encouraged via the use of a market-based approach, namely a flood risk trading program. In addition to maintaining efficiency of optimal resource allocation, a flood risk trading program may also provide a more equitable distribution of benefits by facilitating decentralization. This article employs a graphical analysis to show how flood risk trading can be implemented to encourage mitigation measures that increase infiltration and storage capacity. A theoretical model is presented to demonstrate the economic conditions necessary for flood risk trading. Copyright © 2017 Elsevier Ltd. All rights reserved.

  12. Medical device risk management and its economic impact

    Directory of Open Access Journals (Sweden)

    Katerina Krsteva Jakimovska

    2013-10-01

    Full Text Available The importance of medical devices in everyday users/patients lives is imensse. This is the reason why emphasis must be put on safety during their use. Satisfactory safety level can be achived by implementation of quality and risk management standards. Medical device manufacturers must learn to deal with the potential risks by using theoretical and practical examples and measures in order to protect their users/patients and themselves from suffering huge losses arising from adverse events or recall of their products. The best moment for implementation of risk management methods and analysis begins from the device design and development through manufacturing, sales and distribution. These way medical device manufacturers will succseed in protecting their users/patients from serious adverse events and at the same time protect their brand and society status, while minimizing economic losses.

  13. AN OVERVIEW ON STATE OF KNOWLEDGE OF RISK AND RISK MANAGEMENT IN ECONOMICS FIELDS

    Directory of Open Access Journals (Sweden)

    Mirela NICHITA

    2015-04-01

    Full Text Available The purpose of this paper is to present a history and an evolution of concepts of risk and risk management in economic, respectively financial fields, highlighting the usefulness (or not and complexity of tools for risk assessment developed over time. The main objective of risk management is to reduce costs and increase the value of company and stakeholders gains; also, a coherent risk management strategy may improve entity capital structure which will derive in a healthy financing policy. The risk and risk management field has been developed merely after the second world war and creates the favourable context of a new C position in business chart – Chief Risk Officer. The paper will explore the etymology of term risk correlated with the uncertainty. Research on risk and risk management is not possible without taking into account the derivatives market.

  14. Reviewing the economic efficiency of disaster risk management

    Science.gov (United States)

    Mechler, Reinhard

    2013-04-01

    There is a lot of rhetoric suggesting that disaster risk management (DRM) pays, yet surprisingly little in the way of hard facts. Cost-benefit analysis (CBA) is one major tool that can provide quantitative information about the prioritization of disaster risk management (DRM) (and climate adaptation) based on economic principles. Yet, on a global scale, there has been surprisingly little robust evidence on the economic efficiency and benefits of risk management measures. This review shows that for the limited evidence reported the economic case for DRM across a range of hazards is strong and that the benefits of investing in DRM outweigh the costs of doing so, on average, by about four times the cost in terms of avoided and reduced losses. Most studies using a CBA approach focus on structural DRM and most information has been made available on physical flood prevention. There have been some limited studies on preparedness and risk financing. The global evidence base is limited and estimates appear not very solid, and overall, in line with the conclusion of the recent IPCC SREX report, there is limited evidence and medium agreement across the literature. Some of the factors behind the limited robustness are inherent to CBA more widely: these challenges comprise the inability to price intangibles, evaluating strategies rather than single projects, difficulties in assessing softer rather than infrastructure-related options, choices regarding a proper discount rate, lack of accounting for the distribution of benefits and costs and difficulties with assessing nonmarket values such as those related to health, the environment, or public goods. Although techniques exist to address some of these challenges, they are not very likely to easily go away. Other challenges associated specifically with DRM, such as the need and difficulty to undertake risk -based analysis can be overcome, and there have been manuals and reports providing a way forward. In an age of austerity, cost

  15. Coastal risk management: how to motivate individual economic decisions to lower flood risk?

    NARCIS (Netherlands)

    Filatova, Tatiana; Mulder, J.P.M. P.M.; van der Veen, A.

    2011-01-01

    Coastal flood risk is defined as a product of probability of event and its effect, measured in terms of damage. The paper is focused on coastal management strategies aimed to decrease risk by decreasing potential damage. We review socio-economic literature to show that total flood damage depends on

  16. The assessment of risk management system’s economic efficiency in retail banking

    OpenAIRE

    Cvilikas, Aurelijus; Paužuolis, Vaidas

    2014-01-01

    The banking risk management is always a relevant topic in financial sector’s academic literature, but the detailed analysis of current studies showed that there is a lack of studies in risk management’s economic efficiency assessment in retail banking, where the risk management system’s administration cost may be a significant part of total credit institution’s cost. The scientific problem of this article is: how the economic efficiency of retail banking risk management system could be ...

  17. Adaptive economic and ecological forest management under risk

    Science.gov (United States)

    Joseph Buongiorno; Mo Zhou

    2015-01-01

    Background: Forest managers must deal with inherently stochastic ecological and economic processes. The future growth of trees is uncertain, and so is their value. The randomness of low-impact, high frequency or rare catastrophic shocks in forest growth has significant implications in shaping the mix of tree species and the forest landscape...

  18. Advances in Financial Risk Management and Economic Policy Uncertainty: An Overview

    NARCIS (Netherlands)

    S.M. Hammoudeh (Shawkat); M.J. McAleer (Michael)

    2014-01-01

    markdownabstract__Abstract__ Financial risk management is difficult at the best of times, but especially so in the presence of economic uncertainty and financial crises. The purpose of this special issue on “Advances in Financial Risk Management and Economic Policy Uncertainty” is to highlight

  19. Economic efficiency and risk character of fire management programs, Northern Rocky Mountains

    Science.gov (United States)

    Thomas J. Mills; Frederick W. Bratten

    1988-01-01

    Economic efficiency and risk have long been considered during the selection of fire management programs and the design of fire management polices. The risk considerations was largely subjective, however, and efficiency has only recently been calculated for selected portions of the fire management program. The highly stochastic behavior of the fire system and the high...

  20. Economic reassessment of energy technologies with risk-management techniques

    International Nuclear Information System (INIS)

    Mohr, Markus; Unger, Hermann

    1999-01-01

    A new approach for the reassessment of modern energy technologies is discussed. This mainly addresses renewable-energy systems, like photovoltaics or wind converters. A new number called the 'Marginal Energy Risk Price (MERP) for Hedging' is introduced. (Author)

  1. RISK MANAGEMENT IN LENDING INSTITUTIONS IN THE CONTEXT OF ECONOMIC GLOBALIZATION

    Directory of Open Access Journals (Sweden)

    BOGHEAN FLORIN

    2014-05-01

    Full Text Available The Romanian companies are nowadays facing process of extinction of decisions based on risk and uncertainty, as a consequence of the permanent transforming process of the economy and because of the privatization, restructuring and globalization activities. The main forms of risk are can be grouped in eight categories: economical risks, financial risks, commercial risks, manufacturing risks, political risks, social risks, juridical risks, natural risks. Through its nature the decision is referring to the future, mainly being provisional. In any decisional process developed at the company level, there are involved in the same time some economical, techniques, juridical, human and managerial variables. The economic recession generated by the chaos affecting financial systems has profoundly distressed the public, business circles and political leaders. The crisis has inexorably had negative effects on global economic growth and will have political, strategic and social consequences as well. The contents of this paper encompasses theoretical and practical aspects, quantitative and qualitative analyses, all aimed at identifying, analysing and controlling bank risks and, last but not least, at managing these risks.

  2. Economic capital and risk management / Madan Lal Bhasin

    Index Scriptorium Estoniae

    Bhasin, Madan Lal

    2003-01-01

    Autor käsitleb riskijuhtimist finantsinstitutsioonides, sh. pankades, kasutades majandusliku kapitali süsteeme, mis võimaldavad mõõta ettevõtte riske ja kindlustada võimalike kahjude eest, määratledes vastava vajaliku kapitali määra. Lisa Baseli Komitee ettepanekute kohta. Tabel

  3. Assessing the potential of economic instruments for managing drought risk at river basin scale

    Science.gov (United States)

    Pulido-Velazquez, M.; Lopez-Nicolas, A.; Macian-Sorribes, H.

    2015-12-01

    Economic instruments work as incentives to adapt individual decisions to collectively agreed goals. Different types of economic instruments have been applied to manage water resources, such as water-related taxes and charges (water pricing, environmental taxes, etc.), subsidies, markets or voluntary agreements. Hydroeconomic models (HEM) provide useful insight on optimal strategies for coping with droughts by simultaneously analysing engineering, hydrology and economics of water resources management. We use HEMs for evaluating the potential of economic instruments on managing drought risk at river basin scale, considering three criteria for assessing drought risk: reliability, resilience and vulnerability. HEMs allow to calculate water scarcity costs as the economic losses due to water deliveries below the target demands, which can be used as a vulnerability descriptor of drought risk. Two generic hydroeconomic DSS tools, SIMGAMS and OPTIGAMS ( both programmed in GAMS) have been developed to evaluate water scarcity cost at river basin scale based on simulation and optimization approaches. The simulation tool SIMGAMS allocates water according to the system priorities and operating rules, and evaluate the scarcity costs using economic demand functions. The optimization tool allocates water resources for maximizing net benefits (minimizing total water scarcity plus operating cost of water use). SIMGAS allows to simulate incentive water pricing policies based on water availability in the system (scarcity pricing), while OPTIGAMS is used to simulate the effect of ideal water markets by economic optimization. These tools have been applied to the Jucar river system (Spain), highly regulated and with high share of water use for crop irrigation (greater than 80%), where water scarcity, irregular hydrology and groundwater overdraft cause droughts to have significant economic, social and environmental consequences. An econometric model was first used to explain the variation

  4. Economic analysis of adaptive strategies for flood risk management under climate change

    NARCIS (Netherlands)

    Pol, van der T.D.; Ierland, van E.C.; Gabbert, S.G.M.

    2017-01-01

    Climate change requires reconsideration of flood risk management strategies. Cost-benefit analysis (CBA), an economic decision-support tool, has been widely applied to assess these strategies. This paper aims to describe and discuss probabilistic extensions of CBA to identify welfare-maximising

  5. Outage Risk Assessment and Management (ORAM) technology to improve outage safety and economics

    International Nuclear Information System (INIS)

    Kalra, S.P.

    2004-01-01

    The Electric Power Research Institute (EPRI) has undertaken an aggressive program, called ORAM (Outage Risk Assessment and Management), to provide utilities with tools and technology to assist in managing risk during the planning and conduct of outages. The ORAM program consists of the following 6 steps: i) Perform utility surveys and visits on shutdown risk management needs, ii) Perform probabilistic shutdown safety assessments (PSSAs) to identify generic insights that can be incorporated into risk management guidelines and identify selected areas for the development of contingency actions, iii) Develop risk management guidelines (RMG's) that provide a systematic approach to the planning and conduct of outages from a safety perspective. Incorporate insights from the shutdown safety assessments and other operating experience into the RMG's. iv) Develop selected contingency actions including a thermalhydraulic tool kit to address higher risk time periods and activities identified in the shutdown safety assessments, v) Develop computer software that integrates all of the above capability into an easy to use tool for effective shutdown operation management for utilities, vi) Provide assistance in the transfer of this technology and the application of these tools. This paper briefly describes the technical approach and tools developed under EPRI's ORAM program and its applications for improving outage safety and economics. (author)

  6. Economic perspectives of risk distribution system asset management: principles of risk valuation of grid investments

    Energy Technology Data Exchange (ETDEWEB)

    Rud, Linda

    2010-07-01

    A main challenge of the electricity grid company is to target the right level and choice of grid investment, maintenance and renewal. The nature of grid investments poses special challenges in determining the investment cash flow, partly because a main product of the grid investment often is to improve future performance, for example in terms of increased reliability. An essential aspect of valuing grid investments is to address the value of risk. The objective of this report is to apply the insight from economic theories of risk valuation to understand fundamental aspects of the valuation of risky grid investments. (Author)

  7. Risk management in the entrepreneurship in Romania in the context of the economic crisis

    OpenAIRE

    Felicia Adriana LUPU

    2009-01-01

    The future of business depends, in a determinant way, on the manner in which the companies have the risk under control. In businesses, risk management entails organized activity to manage uncertainty and threats and involves people following procedures and using tools in order to ensure conformance with risk-management policies. In practice, balancing between risks with a high probability of occurrence but lower loss versus a risk with high loss but lower probability of occurrence can often b...

  8. Managing transaction risks in interdependent supply chains: an extended transaction cost economics perspective

    NARCIS (Netherlands)

    Wever, M.; Wognum, P.M.; Trienekens, J.H.; Omta, S.W.F.

    2012-01-01

    The present study examines the management of transaction risks in supply chains. Risk management studies often ignore the wider supply chain context in which individual transactions take place. However, risk management strategies which are suitable to use when only a single transaction is considered

  9. Risk management

    OpenAIRE

    Mcmanus, John

    2009-01-01

    Few projects are completed on time, on budget, and to their original requirement or specifications. Focusing on what project managers need to know about risk in the pursuit of delivering projects, Risk Management covers key components of the risk management process and the software development process, as well as best practices for risk identification, risk planning, and risk analysis. The book examines risk planning, risk analysis responses to risk, the tracking and modelling of risks, intel...

  10. Underground Economics for Vulnerability Risk

    NARCIS (Netherlands)

    Allodi, L.

    The estimation of vulnerability risk is at the core of any IT security management strategy. Among technical and infrastructural metrics of risk, attacker economics represent an emerging new aspect that several risk assessment methodologies propose to consider (e.g., based on game theory). Yet the

  11. Economic perspectives of risk distribution system asset management : principles of risk valuation of grid investments

    OpenAIRE

    Rud, Linda

    2010-01-01

    A main challenge of the electricity grid company is to target the right level and choice of grid investment, maintenance and renewal. The nature of grid investments poses special challenges in determining the investment cash flow, partly because a main product of the grid investment often is to improve future performance, for example in terms of increased reliability. An essential aspect of valuing grid investments is to address the value of risk. The objective of this report is to apply the ...

  12. Problem-Based Teaching in International Management: A Political/Economic Risk Assessment Exercise

    Science.gov (United States)

    Daly, Paula S.; White, Marion M.; Zisk, Daniel S.; Cavazos, David E.

    2013-01-01

    This article draws from the current literature to examine problem-based learning (PBL) as a management education tool, and provides an example of how to incorporate PBL into an undergraduate international management course. Also included are an explanation of, and specific guidelines for, a PBL exercise focused on the analysis of "country risk"…

  13. Public safety risk management at socio-economic and / or historic-cultural significant dam sites

    Energy Technology Data Exchange (ETDEWEB)

    Earle, Gordon D.; Ryan, Katherine; Pyykonen, Nicole K.; Pitts, Lucas [Otonabee Region Conservation Authority, Peterborough, (Canada)

    2010-07-01

    The Lang Dam and adjoining gristmill, located near Peterborough are integral parts of the Lang Pioneer Village museum. Activities occurring within close proximity to the dam have led to safety issues. The owner (ORCA) has developed and implemented public safety management plans (PSMPs) for each of its water control structures, including the Lang Dam. ORCA gave special attention to the social, economic, aesthetic, historic and cultural dimensions associated the implementation of public safety management plans. These factors play a significant role in how well public safety measures (PSMs) are received by stakeholder groups and the general public. This paper reported the challenges of developing and implementing a PSMP for the Lang Dam, with the focus on property site-specific PSMS while preserving socio-economic and historic-cultural character and values. It was demonstrated that the dam owners, regulatory authorities, control agencies and preservationists need to come together to develop a holistic public safety management process.

  14. An innovative approach to determine economically optimal coastal setback lines for risk informed coastal zone management

    NARCIS (Netherlands)

    Ranasinghe, R.; Jongejan, R.B.; Callaghan, D.; Vrijling, J.K.

    2012-01-01

    Current methods used to determine Coastal setback lines have several limitations. Furthermore, the historical practice of defining setback lines based on a single deterministic estimate is also proving inadequate with the emergence of risk management style coastal planning frameworks which require

  15. Risk management.

    Science.gov (United States)

    Chambers, David W

    2010-01-01

    Every plan contains risk. To proceed without planning some means of managing that risk is to court failure. The basic logic of risk is explained. It consists in identifying a threshold where some corrective action is necessary, the probability of exceeding that threshold, and the attendant cost should the undesired outcome occur. This is the probable cost of failure. Various risk categories in dentistry are identified, including lack of liquidity; poor quality; equipment or procedure failures; employee slips; competitive environments; new regulations; unreliable suppliers, partners, and patients; and threats to one's reputation. It is prudent to make investments in risk management to the extent that the cost of managing the risk is less than the probable loss due to risk failure and when risk management strategies can be matched to type of risk. Four risk management strategies are discussed: insurance, reducing the probability of failure, reducing the costs of failure, and learning. A risk management accounting of the financial meltdown of October 2008 is provided.

  16. Economics of stand management

    Science.gov (United States)

    David K. Lewis

    1986-01-01

    This paper sets out to demonstrate the importance of considering the wealth represented by the growing stock in economic analyses of stand management alternatives, and to demonstrate the role of thinning in the manipulation of the efficiency of growing stock in the management of shortleaf pine (Pinus echinata Mill.). These goals are achieved through a demonstration of...

  17. [Global risk management].

    Science.gov (United States)

    Sghaier, W; Hergon, E; Desroches, A

    2015-08-01

    Risk management is a fundamental component of any successful company, whether it is in economic, societal or environmental aspect. Risk management is an especially important activity for companies that optimal security challenge of products and services is great. This is the case especially for the health sector institutions. Risk management is therefore a decision support tool and a means to ensure the sustainability of an organization. In this context, what methods and approaches implemented to manage the risks? Through this state of the art, we are interested in the concept of risk and risk management processes. Then we focus on the different methods of risk management and the criteria for choosing among these methods. Finally we highlight the need to supplement these methods by a systemic and global approach including through risk assessment by the audits. Copyright © 2015 Elsevier Masson SAS. All rights reserved.

  18. Optimizing risk management

    International Nuclear Information System (INIS)

    Kindred, G.W.

    2000-01-01

    Commercial nuclear power plant management is focussed on the safe, efficient, economical production of electricity. To accomplish the safe aspect of the equation, risk must be determined for the operation and maintenance of the facility. To accomplish the efficient aspect of the equation, management must understand those risks and factor risk insights into their decision process. The final piece of the equation is economical which is accomplished by minimizing, plant outage durations and proper utilization of resources. Probabilistic Risk Assessment can provide the risk insights to accomplish all three; safety, efficiency, and economically. How? Safe production of electricity can be quantified by use of PRA modeling and other risk insights that can determine the core damage frequency. Efficient production of electricity can be influenced by providing management with quantified risk insights for use in decision making. And, one example of economical production of electricity is by not having over conservative deterministic based defense in depth approaches to system maintenance and availability. By using risk-informed insights nuclear safety can be quantified and risk can be managed. Confidence in this approach can be achieved by ensuring the content and quality of the PRA is standardized throughout the industry. The time has arrived for Probabilistic Risk Assessment to take an active position as a major role player in the safe, efficient, and economical operation of commercial nuclear power plants. (author)

  19. Economic Performance of SME Agricultural Producers in the Context of Risk Management: Focus on Visegrad 4 Member Countries

    Directory of Open Access Journals (Sweden)

    Jan Vavřina

    2014-01-01

    Full Text Available The long term regulation of the EU agrarian sector via the Common Agricultural Policy (CAP and its respective instruments focuses on the sustainable development both of the agriculture and rural area as a whole. It is needed above all to stress out the equalization instruments of CAP within the context of negative impacts’ diminish of outer sectorial environment in relation with the economic status of agricultural businesses, specifically the small and medium ones. The EU programming period of years 2014-2020 is focused from the view point of the agrarian sector on more efficient CAP to encourage the competitiveness of European farmers. The aforementioned programming period is for agricultural producers from V4 countries the first one when CAP guarantees the maximum amount of operational subsidies for them, of course regarding the respective agreed EU accession treaties. Nevertheless, CAP subsidies cannot be considered to be the key factor of competitiveness within EU single market. The relation between long term increasing of production’s inputs on one hand and the decreasing of agricultural producers’ prices on the other one can be marked as very important negative aspect within the need of farmers’ sustainable competitiveness. So, the direct consequence of a negative influence of aforementioned factor is the subsequent negative direct influence on profitability of agricultural producers. The need for increasing the efficiency of production, marketing and other related processing activities appears to be relevant and inevitable. The business processes are repeated cyclically, that is why there is emerged the need for its systematic and continuous management, measurement, assessment and subsequent changes and optimization. The management of risks has to be involved in the business activities of agricultural businesses regardless their economic size and branch, taking into account possible negative influences. The article aims at

  20. Risk management in oil reservoir water-flooding under economic uncertainty

    NARCIS (Netherlands)

    Siraj, Muhammad; Van den Hof, Paul; Jansen, Jan Dirk

    2015-01-01

    Model-based economic optimization of the water-flooding process in oil reservoirs suffers from high levels of uncertainty. The achievable economic objective is highly uncertain due to the varying economic conditions and the limited knowledge of the reservoir model parameters. For improving

  1. INTERNAL AUDIT AND RISK MANAGEMENT

    OpenAIRE

    Elena RUSE; Georgiana SUSMANSCHI (BADEA); Daniel DĂNECI-PĂTRĂU

    2014-01-01

    The existence of risk in economic activity can not be denied. In fact, the risk is a concept which exists in every activity, the term of risk being identified with uncertainty, respectively the (un)chance to produce an undesirable event. Internal audit and risk management aim at the same goal, namely the control of risks. Internal Audit performs several roles in risk management plan. The objectives of the internal audit function varies from company to company, but in all economic entities int...

  2. Socio-economic analysis of the risk management of hexabromocyclododecane (HBCD) in China in the context of the Stockholm Convention.

    Science.gov (United States)

    Zhu, Jing; Liu, Jian-Guo; Hu, Jian-Xin; Yi, Shan

    2016-05-01

    Socio-economic analysis (SEA) plays an important role in decision-making on risk management actions for certain chemicals under Multilateral Environmental Agreements (MEAs) in developing countries. This paper showed the first holistic and quantitative SEA case study on that by developing a country-specific SEA framwork and methodologies and applying the case of HBCD phase-out in China under the Stockholm Convention on Persistent Organic Pollutants (POPs). The study indicates that, under the possible scenarios of 10 years and 5 years , the economic costs of HBCD phase-out in China would be between 9.032 and 19.021 billion RMB. Although the total economic costs seems to be significant, it would only have a marginal impact on the house building industry with a likely cost increase by about 0.07‰-0.14‰. Meanwhile, the HBCD phase-out may render significant environmental and health benefits, including about 23-29 tons of HBCD release prevented to the environment, 1.142-1.469 million tons of potentially HBCD contained hazardous wastes avoided, along with significant reduction from 58% up to almost 100% in local environmental concentrations of HBCD, and about 0.0996-0.128 million workers at risk avoided and at least 3.067-4.033 billion RMB of the health care savings. While the scenario of phasing out HBCD over 10 years would be less costly than the scenario of that over 5 years, the later scenario suggested much greater environmental and health benefits for China. Copyright © 2015 Elsevier Ltd. All rights reserved.

  3. Using an Integrated Hydrologic-Economic Model to Develop Minimum Cost Water Supply Portfolios and Manage Supply Risk

    Science.gov (United States)

    Characklis, G. W.; Ramsey, J.

    2004-12-01

    Water scarcity has become a reality in many areas as a result of population growth, fewer available sources, and reduced tolerance for the environmental impacts of developing the new supplies that do exist. As a result, successfully managing future water supply risk will become more dependent on coordinating the use of existing resources. Toward that end, flexible supply strategies that can rapidly respond to hydrologic variability will provide communities with increasing economic advantages, particularly if the frequency of more extreme events (e.g., drought) increases due to global climate change. Markets for established commodities (e.g., oil, gas) often provide a framework for efficiently responding to changes in supply and demand. Water markets, however, have remained relatively crude, with most transactions involving permanent transfers and long regulatory processes. Recently, interest in the use of flexible short-term transfers (e.g., leases, options) has begun to motivate consideration of more sophisticated strategies for managing supply risk, strategies similar to those used in more mature markets. In this case, communities can benefit from some of the advantages that water enjoys over other commodities, in particular, the ability to accurately characterize the stochastic nature of supply and demand through hydrologic modeling. Hydrologic-economic models are developed for two different water scarce regions supporting active water markets: Edward Aquifer and Lower Rio Grande Valley. These models are used to construct portfolios of water supply transfers (e.g., permanent transfers, options, and spot leases) that minimize the cost of meeting a probabilistic reliability constraint. Real and simulated spot price distributions allow each type of transfer to be priced in a manner consistent with financial theory (e.g., Black-Scholes). Market simulations are integrated with hydrologic models such that variability in supply and demand are linked with price behavior

  4. Utility experiences in redevelopment of formerly used sites -- Wisconsin Electric's risk management and economic development activities

    International Nuclear Information System (INIS)

    Borofka, B.P.

    1999-01-01

    Wisconsin Electric Power Company, which recently celebrated its 100th anniversary, has actively promoted the redevelopment of its former sites as well as those of its customers. Serving Milwaukee and southeast Wisconsin, Wisconsin Electric's (WE) sites include former power plants, landfills, right-of-ways, and manufactured gas plant sites. In setting an example for others, as well as seeking to maximize the economic value of these sites, WE has either redeveloped or promoted the redevelopment of these sites by others. Examples include the East Wells Power Plant (now home of the Milwaukee Repertory Theater), the Lakeside Power Plant Site (now the home of Harnischfeger Corporation's headquarters), and the Commerce Street Power Plant located on the Milwaukee River near downtown Milwaukee. In each case the company evaluated the potential environmental liabilities against the unrealized asset value derived from facility location, site size, architectural uniqueness, or other characteristics. At the Commerce Street Power Plant, walking distance to the downtown Milwaukee business district combined with river frontage, were significant site values leveraged against a $5 million asbestos and lead-based paint removal project done to prepare the plant for marketing. More recently, WE has used its experience in promoting the redevelopment of the Menomonee River Valley, the original core of Milwaukee's industrial community, and in advancing a more practical regulatory approach to redeveloping older sites. Finally, the company is working with a non-profit community health clinic, community groups and local foundations in linking these redevelopment activities with the economic and physical health of inner city residents

  5. The Economic Dimension Of Environmental Risk Management in Knowledge-Based Society

    Directory of Open Access Journals (Sweden)

    Ana-Maria DINU

    2014-01-01

    Full Text Available Environmental risk for the majority of companies is the deterioration of bottom-line performance from: increased regulation on energy usage, eroded reputation, brand name and market share from an environmental incident, increased operating costs from the effects of global warming, higher fuel costs as natural resources are depleted and loss of market share to more environmentally “savvy” competitors with marketing campaigns which portray social responsibility.

  6. Economics of Managed Aquifer Recharge

    Directory of Open Access Journals (Sweden)

    Robert G. Maliva

    2014-05-01

    Full Text Available Managed aquifer recharge (MAR technologies can provide a variety of water resources management benefits by increasing the volume of stored water and improving water quality through natural aquifer treatment processes. Implementation of MAR is often hampered by the absence of a clear economic case for the investment to construct and operate the systems. Economic feasibility can be evaluated using cost benefit analysis (CBA, with the challenge of monetizing benefits. The value of water stored or treated by MAR systems can be evaluated by direct and indirect measures of willingness to pay including market price, alternative cost, value marginal product, damage cost avoided, and contingent value methods. CBAs need to incorporate potential risks and uncertainties, such as failure to meet performance objectives. MAR projects involving high value uses, such as potable supply, tend to be economically feasible provided that local hydrogeologic conditions are favorable. They need to have low construction and operational costs for lesser value uses, such as some irrigation. Such systems should therefore be financed by project beneficiaries, but dichotomies may exist between beneficiaries and payers. Hence, MAR projects in developing countries may be economically viable, but external support is often required because of limited local financial resources.

  7. Prognostic Health Management System: Component Selection Based on Risk Criteria and Economic Benefit Assessment

    International Nuclear Information System (INIS)

    Pham, B.T.; Agarwal, V.; Lybeck, N.J.; Tawfik, M.S.

    2012-01-01

    Long-term operation (LTO), i.e., beyond 60 years, of the current fleet of nuclear power plants (NPPs) is an important element in the overall energy stability of the United States in coming decades. Problem Statement and Proposed Approach: - For LTO of NPPs, early and proactive diagnosis of degradation at systems, structures, and components (SSCs) level is required; - Periodic maintenance versus Proactive maintenance; - Prognostic Health Monitoring (PHM) can be used to better manage aging and degradation mechanisms, including emerging mechanisms; - Selection of components is crucial for implementing the PHM system; - Approach is to develop a quantitative framework that aids systematic identification of plant components that are selected for cost-effective PHM.

  8. Managing risks

    International Nuclear Information System (INIS)

    Nathwani, J.S.

    1993-01-01

    The three principles to guide regulating authorities are: Risks shall be managed to maximize the total expected net benefit to society; The safety benefit to be promoted is quality-adjusted life expectancy; Decisions for the public in regard to health and safety must be open and apply across the entire range of hazards to life and health. Based on the principle that excessive spending on health and safety, or lack of necessary development, may cause poverty and thereby actually decrease (adjusted) life expectancy, the author has developed a Life Product Index which gives comparable results to the Human Development Index promoted by the United Nations Development Program. These two social indicators can be used for purposes such as project evaluation, choosing between alternative technologies, or evaluation of health and safety programs

  9. Managing Risk and Opportunity

    DEFF Research Database (Denmark)

    Andersen, Torben Juul; Garvey, Maxine; Roggi, Oliviero

    outcomes. This topic is timely and of interest both to the academic community as well as to practicing managers, executives, and directors. The volume focuses on contemporary risk leadership issues based on recent research insights but avoids excessive technical language and mathematical formulas. The book...... is framed around the challenges imposed on executives and directors in dealing with an increasingly complex and unpredictable world. This requires a new risk leadership focus that not only avoids the downside risks but also considers ways to exploit the upside potential offered by a dynamic environment....... The underlying logic is built on the principles of financial economics where benefits derive from reducing bankruptcy costs and increasing future cash inflows. This provides a stringent framework for analyzing the effect of different risk management actions and behaviors in effective risk-taking organizations...

  10. How does economic risk aversion affect biodiversity?

    Science.gov (United States)

    Mouysset, L; Doyen, L; Jiguet, F

    2013-01-01

    Significant decline of biodiversity in farmlands has been reported for several decades. To limit the negative impact of agriculture, many agro-environmental schemes have been implemented, but their effectiveness remains controversial. In this context, the study of economic drivers is helpful to understand the role played by farming on biodiversity. The present paper analyzes the impact of risk aversion on farmland biodiversity. Here "risk aversion" means a cautious behavior of farmers facing uncertainty. We develop a bio-economic model that articulates bird community dynamics and representative farmers selecting land uses within an uncertain macro-economic context. It is specialized and calibrated at a regional scale for France through national databases. The influence of risk aversion is assessed on ecological, agricultural, and economic outputs through projections at the 2050 horizon. A high enough risk aversion appears sufficient to both manage economic risk and promote ecological performance. This occurs through a diversification mechanism on regional land uses. However, economic calibration leads to a weak risk-aversion parameter, which is consistent with the current decline of farmland birds. Spatial disparities however suggest that public incentives could be necessary to reinforce the diversification and bio-economic effectiveness.

  11. Fisheries economics and fisheries management

    DEFF Research Database (Denmark)

    Andersen, Peder

    2013-01-01

    spent too much time on fundamentals in fisheries economics at the expense of the development of applicable models for fisheries managers? Of course, this question is relevant only IF fisheries economics and fisheries economists have a role to play in fisheries management.......Professor Rögnvaldur Hannesson's influence on the development and history of fisheries economics is unquestionable. Also, he has strongly pointed out the potential gains from a more active use of fisheries economics in fisheries management. In light of this, one may ask if fisheries economists have...

  12. Risk management

    International Nuclear Information System (INIS)

    Magne, L.

    1999-01-01

    There is always a risk of an accident occurring at a nuclear power plant, however small. The problem lies in estimating the probability of it occurring. The method of probabilistic safety assessment provides this estimate, and by identifying the sources of potential risk, makes it possible to prevent them from occurring. It is not, however, a substitute for other decision-making processes. (author)

  13. NASA's Risk Management System

    Science.gov (United States)

    Perera, Jeevan S.

    2011-01-01

    Leadership is key to success. Phased-approach for implementation of risk management is necessary. Risk management system will be simple, accessible and promote communication of information to all relevant stakeholders for optimal resource allocation and risk mitigation. Risk management should be used by all team members to manage risks -- risk office personnel. Each group is assigned Risk Integrators who are facilitators for effective risk management. Risks will be managed at the lowest-level feasible, elevate only those risks that require coordination or management from above. Risk reporting and communication is an essential element of risk management and will combine both qualitative and quantitative elements. Risk informed decision making should be introduced to all levels of management. Provide necessary checks and balances to insure that risks are caught/identified and dealt with in a timely manner. Many supporting tools, processes & training must be deployed for effective risk management implementation. Process improvement must be included in the risk processes.

  14. Integrated supply chain risk management

    OpenAIRE

    Riaan Bredell; Jackie Walters

    2007-01-01

    Integrated supply chain risk management (ISCRM) has become indispensable to the theory and practice of supply chain management. The economic and political realities of the modern world require not only a different approach to supply chain management, but also bold steps to secure supply chain performance and sustainable wealth creation. Integrated supply chain risk management provides supply chain organisations with a level of insight into their supply chains yet to be achieved. If correctly ...

  15. Managing nuclear waste: Social and economic impacts

    International Nuclear Information System (INIS)

    Hemphill, R.C.; Bassett, G.W. Jr.

    1993-01-01

    Recent research has focused on perceptions of risk dominant source of economic impacts due to siting a high level radioactive waste facility. This article addresses the social and economic considerations involved with the issue of risk perception and other types of negative imagery. Emphasis is placed on ways of measuring the potential for economic effects resulting from perceptions prior to construction and operation of a HLW facility. We describe the problems in arriving at defensible estimates of economic impacts. Our review has found that although legal and regulatory bases may soon allow inclusion of these impacts in EIS and for compensation purposes, credible scientific methods do not currently exist for predicting the existence or magnitude of changes in economic decision-making. Policy-makers should recognize the potential for perception-based economic impacts in determining the location and means of managing radioactive waste; but, they also need be cognizant of the current limitations of quantitative estimates of impacts in this area

  16. Companies’ management during economic crisis

    OpenAIRE

    Kumpikaitė, Vilmantė; Grybauskas, Andrius; Juodelis, Mantas; Strumyla, Dovydas

    2011-01-01

    Lots of companies faced recent economic crisis. It was generated by global markets deregulation and it triggered relevant situation to emerge other types of crisis. Many scientists all over the world analyses how crisis affected global economy and changed companies’ management actions. Scientists exclude these types of crisis: economic, informational, physical, human resource, reputational, psychopathic acts production and financial. This paper examines economic crisis generated negative effe...

  17. Economics of Water Management

    NARCIS (Netherlands)

    Zhu, X.

    2015-01-01

    Water is a scarce natural resource. It is not only used as an input to economic activity such as irrigation, household and industrial water use, and hydropower generation, but also provides ecosystem services such as the maintenance of wetlands, wildlife support, and river flows for aquatic

  18. NASA's Risk Management System

    Science.gov (United States)

    Perera, Jeevan S.

    2013-01-01

    Phased-approach for implementation of risk management is necessary. Risk management system will be simple, accessible and promote communication of information to all relevant stakeholders for optimal resource allocation and risk mitigation. Risk management should be used by all team members to manage risks - not just risk office personnel. Each group/department is assigned Risk Integrators who are facilitators for effective risk management. Risks will be managed at the lowest-level feasible, elevate only those risks that require coordination or management from above. Risk informed decision making should be introduced to all levels of management. ? Provide necessary checks and balances to insure that risks are caught/identified and dealt with in a timely manner. Many supporting tools, processes & training must be deployed for effective risk management implementation. Process improvement must be included in the risk processes.

  19. Economic inequality increases risk taking.

    Science.gov (United States)

    Payne, B Keith; Brown-Iannuzzi, Jazmin L; Hannay, Jason W

    2017-05-02

    Rising income inequality is a global trend. Increased income inequality has been associated with higher rates of crime, greater consumer debt, and poorer health outcomes. The mechanisms linking inequality to poor outcomes among individuals are poorly understood. This research tested a behavioral account linking inequality to individual decision making. In three experiments ( n = 811), we found that higher inequality in the outcomes of an economic game led participants to take greater risks to try to achieve higher outcomes. This effect of unequal distributions on risk taking was driven by upward social comparisons. Next, we estimated economic risk taking in daily life using large-scale data from internet searches. Risk taking was higher in states with greater income inequality, an effect driven by inequality at the upper end of the income distribution. Results suggest that inequality may promote poor outcomes, in part, by increasing risky behavior.

  20. Risk Management Practices by Barbadian Banks

    Directory of Open Access Journals (Sweden)

    Anthony Wood

    2013-07-01

    The main findings of the paper are: risk managers perceive risk management as critical to their banks’ performance; the types of risks causing the greatest exposures are credit risk, operational risk, country/sovereign risk, interest rate risk and market risk; there was a high level of success with current risk management practices and these practices have evolved over time in line with the changing economic environment and regulatory updates. Overall, the findings suggest strongly that in light of the current depressed economic climate, banks operating in Barbados are indeed risk-focused or might we say “risk intelligent”.

  1. INTERNAL AUDIT AND RISK MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Elena RUSE

    2014-04-01

    Full Text Available The existence of risk in economic activity can not be denied. In fact, the risk is a concept which exists in every activity, the term of risk being identified with uncertainty, respectively the (unchance to produce an undesirable event. Internal audit and risk management aim at the same goal, namely the control of risks. Internal Audit performs several roles in risk management plan. The objectives of the internal audit function varies from company to company, but in all economic entities internal audit department aims to improve performance management, enterprise performance and thus improve the internal control system. This paper aims to demonstrate, among other things, that any event that may result in failure is unquestionably classified as risk.

  2. Innovations in Quantitative Risk Management

    CERN Document Server

    Scherer, Matthias; Zagst, Rudi

    2015-01-01

    Quantitative models are omnipresent –but often controversially discussed– in todays risk management practice. New regulations, innovative financial products, and advances in valuation techniques provide a continuous flow of challenging problems for financial engineers and risk managers alike. Designing a sound stochastic model requires finding a careful balance between parsimonious model assumptions, mathematical viability, and interpretability of the output. Moreover, data requirements and the end-user training are to be considered as well. The KPMG Center of Excellence in Risk Management conference Risk Management Reloaded and this proceedings volume contribute to bridging the gap between academia –providing methodological advances– and practice –having a firm understanding of the economic conditions in which a given model is used. Discussed fields of application range from asset management, credit risk, and energy to risk management issues in insurance. Methodologically, dependence modeling...

  3. Fuel management and economics

    Energy Technology Data Exchange (ETDEWEB)

    Vendryes, G

    1972-11-01

    From international conference on nuclear solutions to world energy problems; Washington, District of Columbia, USA (12 Nov The low cost of the fuel cycle is the most attractive feature of the fast neutron breeder reactor. In order to achieve it a good fuel management is essential, with well balanced fixed investment and renewal fuel costs. In addition the designer can optimize the power station as a whole (fuel cycle and thermal characteristics). (auth)

  4. Embedding economic drivers in participative water management

    OpenAIRE

    Ast, Jacko; Bouma, Jan Jaap

    2008-01-01

    textabstractAbstract Country location influences the institutional surroundings of the infrastructures related to water systems. In the Netherlands, water management has its own particularities. Temporarily inflow of affluent water from the rivers or the sea resulted in a highly developed institutional setting based on flood risk prevention. From an economic perspective, managing water is about allocating and using water in an effective and efficient way. This article deals with the coordinat...

  5. Enterprise risk management

    Energy Technology Data Exchange (ETDEWEB)

    Eaton, C. [Enbridge, Calgary, AB (Canada)

    2015-07-01

    Enterprise risk management (ERM) is a relative new, holistic and strategic approach for managing risks in modern organizations. ERM builds on and extends traditional risk management (RM). Risk is the effect of uncertainty on objectives - positive and/or negative. Risk management is a set of practices used to understand and address risk. ERM is a form of RM that emphasizes risk aggregation and integration. Risk aggregation is combining individual risks into categories ({sup r}olled up{sup )}. risk integration is embedding RM into organizational contexts ({sup b}uilt in{sup )}.

  6. Integrated supply chain risk management

    Directory of Open Access Journals (Sweden)

    Riaan Bredell

    2007-11-01

    Full Text Available Integrated supply chain risk management (ISCRM has become indispensable to the theory and practice of supply chain management. The economic and political realities of the modern world require not only a different approach to supply chain management, but also bold steps to secure supply chain performance and sustainable wealth creation. Integrated supply chain risk management provides supply chain organisations with a level of insight into their supply chains yet to be achieved. If correctly applied, this process may optimise management decision-making and assist in the protection and enhancement of shareholder value.

  7. Project Risk Management

    Science.gov (United States)

    Jr., R. F. Miles

    1995-01-01

    Project risk management is primarily concerned with performance, reliability, cost, and schedule. Environmental risk management is primarily concerned with human health and ecological hazards and likelihoods. This paper discusses project risk management and compares it to environmental risk management, both with respect to goals and implementation. The approach of the Jet Propulsion Laboratory to risk management is presented as an example of a project risk management approach that is an extension to NASA NHB 7120.5: Management of Major System Programs and Projects.

  8. Risk management and safety

    International Nuclear Information System (INIS)

    Niehaus, F.; Novegno, A.

    1985-01-01

    Risk assessment, including probabilistic analyses, has made great progress over the past decade. In spite of the inherent uncertainties it has now become possible to utilize methods and results for decision making at various levels. This paper will, therefore, review risk management in industrial installations, risk management for energy safety policy and prospects of risk management in highly industrialized areas. (orig.) [de

  9. MANAGEMENT STRATEGIES DURING ECONOMIC CRISIS

    Directory of Open Access Journals (Sweden)

    SINTEA(ANGHEL LUCICA

    2014-05-01

    Full Text Available During the financial and economic crisis, the management of an entity must establish a plan and apply strategies needed to mitigate the negative effects due to the action of disturbing factors. Management must have a vision of business evolution, of costumer and supplier perspective, of how to develop the technological equipment in order to increase profitability and product quality. The manager must give utmost importance to all economic information he receives, to analyze it, to group it into categories depending on the effects they can produce, to establish the extent to which it influences the activity. The strategies a manager applies are also based on his flair, culture, knowledge or the human and material resources at its disposal

  10. ANALYSIS OF ECONOMIC RISK IN EUROPEAN INVESTMENT PROJECTS

    Directory of Open Access Journals (Sweden)

    Margareta Stela FLORESCU

    2012-06-01

    Full Text Available Risk is a reality of the economic environment, with consequences which cannot always be foreseen or anticipated. Risk management becomes more stringent as potential exo/endogenous vulnerability factors are rapidly increasing. Identifying risk areas, structuring risk factors and defining their probability, optimal management of resources in order to reduce risk factors, creating alternatives for each high-probability risk factor are part of project risk management. Risk is quantified through probability and incidence and is assessed using quantitative and qualitative methods.

  11. Global Drought Total Economic Loss Risk Deciles

    Data.gov (United States)

    National Aeronautics and Space Administration — Global Drought Total Economic Loss Risk Deciles is a 2.5 minute grid of global drought total economic loss risks. A process of spatially allocating Gross Domestic...

  12. Global Landslide Total Economic Loss Risk Deciles

    Data.gov (United States)

    National Aeronautics and Space Administration — Global Landslide Total Economic Loss Risk Deciles is a 2.5 minute grid of global landslide total economic loss risks. A process of spatially allocating Gross...

  13. DEFENSE PROGRAMS RISK MANAGEMENT FRAMEWORK

    Directory of Open Access Journals (Sweden)

    Constantin PREDA

    2012-01-01

    Full Text Available For the past years defense programs have faced delays in delivering defense capabilities and budget overruns. Stakeholders are looking for ways to improve program management and the decision making process given the very fluid and uncertain economic and political environment. Consequently, they have increasingly resorted to risk management as the main management tool for achieving defense programs objectives and for delivering the defense capabilities strongly needed for the soldiers on the ground on time and within limited defense budgets. Following a risk management based decision-making approach the stakeholders are expected not only to protect program objectives against a wide range of risks but, at the same time, to take advantage of the opportunities to increase the likelihood of program success. The prerequisite for making risk management the main tool for achieving defense programs objectives is the design and implementation of a strong risk management framework as a foundation providing an efficient and effective application of the best risk management practices. The aim of this paper is to examine the risk management framework for defense programs based on the ISO 31000:2009 standard, best risk management practices and the defense programs’ needs and particularities. For the purposes of this article, the term of defense programs refers to joint defense programs.

  14. Risk management at university

    OpenAIRE

    Ivanova, H.; Abramovich, S.

    2013-01-01

    This article observes the basic recommendations for the risk management system in higher education as an example Yanka Kupala State University of Grodno. Consider the risk-management standard that based in a process approach

  15. Management of business risks

    OpenAIRE

    BAZARBAY A.

    2015-01-01

    The article presents methodological ideas concerning the problem of risk management. Special attention is paid to increasing of enterprises' operating efficiency by means of risk-management system development in business organizations.

  16. Economic aspects of hydro geological risk mitigation measures management in Italy: the ReNDiS project experience

    Science.gov (United States)

    Spizzichino, D.; Campobasso, C.; Gallozzi, P. L.; Dessi', B.; Traversa, F.

    2009-04-01

    ReNDiS project is a useful tool for monitoring, analysis and management of information data on mitigation measures and restoration works of soil protection at national scale. The main scope of the project, and related monitoring activities, is to improve the knowledge about the use of national funds and efforts against floods and landslides risk and, as a consequence, to better address the preventive policies in future. Since 1999 after the disastrous mudflow event occurred in Sarno in 1998, which caused the loss of 160 human lives, an extraordinary effort was conducted by the Italian Government in order to promote preventive measures against the hydro geological risk over the entire Italian territory. The Italian Ministry for the Environment promoted several and annual soil protection programmes. The ReNDiS project (Repertory of mitigation measures for National Soil Protection) is carried out by ISPRA - Institute for Environmental protection and Research, with the aim of improving the knowledge about the results of preventive policies against floods and landslides in order to better address national funds as requested by the Minister itself. The repertory is composed by a main archive and two secondary interface, the first for direct data management (ReNDiS-ist) and the latter (ReNDiS-web) for the on-line access and public consultation. At present, ReNDiS database contains about 3000 records concerning those programmes, focused on restoration works but including also information on landslide typologies and processes. The monitoring project is developed taking into account all the information about each step of every mitigation measure from the initial funding phase until the end of the work. During present work, we have statistically analyzed the ReNDiS database in order to highlight the conformity between the characteristic and type of the hazard (identified in a specific area) and the corresponding mitigation measures adopted for risk reduction. Through specific

  17. Rethinking risk management

    International Nuclear Information System (INIS)

    Kloman, H.F.

    1992-01-01

    The purpose of this paper is to bring together the ideas of those who currently practice the many different forms of risk management on a global basis. These forms include guidance of public policy on macro risks, risk financing and insurance for many larger commercial organizations, managing credit, currency and interest rate risks for financial institutions, plus other extensions of risk management including security, quality control, and quality assurance in a health-care environment

  18. Project management for economical nuclear energy

    International Nuclear Information System (INIS)

    Majerle, P.P.

    2005-01-01

    The price of electricity is significantly influenced by the cost of the initial generation asset. The cost of the initial nuclear generation asset is significantly influenced by the design and construction duration. Negative variations in the cost and duration of actual design and construction have historically impacted the early relative economics of nuclear power generation. Successful management of plant design information will mitigate the risks of the design and construction of future nuclear plants. Information management tools that can model the integrated delivery of large complex projects enable the project owners to accurately evaluate project progress, as well as the economic impact of regulatory, political, or market activities not anticipated in the project execution plan. Significant differences exist in the electrical energy markets, project delivery models, and fuel availability between continents and countries. However, each market and project delivery model is challenged by the need to produce economical electrical energy. The information management system presented in this paper provides a means to capture in a single integrated computerized database the design information developed during plant design, procurement, and construction and to allow this information to be updated and retrieved in real time by all project participants. Utilization of the information management system described herein will enable diverse project teams to rapidly and reliably input, share, and retrieve power plant information, thereby supporting project management's goal to make good on its commitment to the economic promise of tomorrow's nuclear electrical power generation by achieving cost-effective construction. (authors)

  19. Commodity risk management

    Directory of Open Access Journals (Sweden)

    Hilary Till

    2016-09-01

    Full Text Available This article discusses the practical issues involved in applying a disciplined risk management methodology to commodity futures trading. Accordingly, the paper shows how to apply methodologies derived from both conventional asset management and hedge fund management to futures trading. The article also discusses some of the risk management issues that are unique to leveraged futures trading.

  20. Economic aspects of management of oil industry

    International Nuclear Information System (INIS)

    Purina, I.; Sipkovs, P.

    1997-01-01

    Oil industry is characterised by huge and long-term capital investments. This is one of the most specific features of the industry which has to be taken into account during the preparation of oil industry management framework by the state institutions. This article covers specific issues of cash flows and risks intrinsic in the oil industry projects as well as economic instruments to be applied. (author)

  1. Certification and risk management

    International Nuclear Information System (INIS)

    Villanueva Fernandez, M.

    2015-01-01

    Nowadays more organizations are increasingly aware of the importance of properly managing the uncertainty of its activities and build competitive advantages through the identification, assessment and management of risks that they face. Risk management is also an aspect of great importance within the new version of ISO fact it is one of the most innovative and also the most laborious, because an appropriate risk management achieves expected results and customer satisfaction. In conclusion, risk management is a new field of business and can be considered a cross-cutting component for other relevant factors of organizational change management. (Author)

  2. Managing Climate Change Risks

    Energy Technology Data Exchange (ETDEWEB)

    Jones, R. [CSIRO Atmospheric Research, PMB1 Aspendale, Victoria 3195 (Australia)

    2003-07-01

    Issues of uncertainty, scale and delay between action and response mean that 'dangerous' climate change is best managed within a risk assessment framework that evolves as new information is gathered. Risk can be broadly defined as the combination of likelihood and consequence; the latter measured as vulnerability to greenhouse-induced climate change. The most robust way to assess climate change damages in a probabilistic framework is as the likelihood of critical threshold exceedance. Because vulnerability is dominated by local factors, global vulnerability is the aggregation of many local impacts being forced beyond their coping ranges. Several case studies, generic sea level rise and temperature, coral bleaching on the Great Barrier Reef and water supply in an Australian catchment, are used to show how local risk assessments can be assessed then expressed as a function of global warming. Impacts treated thus can be aggregated to assess global risks consistent with Article 2 of the UNFCCC. A 'proof of concept' example is then used to show how the stabilisation of greenhouse gases can constrain the likelihood of exceeding critical thresholds at both the both local and global scale. This analysis suggests that even if the costs of reducing greenhouse gas emissions and the benefits of avoiding climate damages can be estimated, the likelihood of being able to meet a cost-benefit target is limited by both physical and socio-economic uncertainties. In terms of managing climate change risks, adaptation will be most effective at reducing vulnerability likely to occur at low levels of warming. Successive efforts to mitigate greenhouse gases will reduce the likelihood of reaching levels of global warming from the top down, with the highest potential temperatures being avoided first, irrespective of contributing scientific uncertainties. This implies that the first cuts in emissions will always produce the largest economic benefits in terms of avoided

  3. Managing nuclear waste: Social and economic impacts

    International Nuclear Information System (INIS)

    Hemphill, R.C.; Bassett, G.W. Jr.

    1993-01-01

    Recent research has focused on perceptions of risk as a dominant source of economic impacts due to siting a high level radioactive waste facility. This article addresses the social and economic considerations involved with the issue of risk perception and other types of negative imagery. Emphasis is placed on ways of measuring the potential for economic effects resulting from perceptions prior to construction and operation of HLW facility. We describe the problems in arriving at defensible estimates of economic impacts. Our review has found that although legal and regulatory bases may soon allow inclusion of these impacts in EIS and for compensation purposes, credible scientific methods do not currently exist for predicting the existence or magnitude of changes in economic decision-making. Policy-makers should recognize the potential for perception-based economic impacts in determining the location and means of managing radioactive waste; but, they also need be cognizant of the current limitations of quantitative estimates of impacts in this area

  4. Strategic appraisal of environmental risks: a contrast between the United Kingdom's Stern Review on the Economics of Climate Change and its Committee on Radioactive Waste Management.

    Science.gov (United States)

    Dietz, Simon; Morton, Alec

    2011-01-01

    In this article, we compare two high-profile strategic policy reviews undertaken for the U.K. government on environmental risks: radioactive waste management and climate change. These reviews took very different forms, both in terms of analytic approach and deliberation strategy. The Stern Review on the Economics of Climate Change was largely an exercise in expert modeling, building, within a cost-benefit framework, an argument for immediate reductions in carbon emissions. The Committee on Radioactive Waste Management, on the other hand, followed a much more explicitly deliberative and participative process, using multicriteria decision analysis to bring together scientific evidence and stakeholder and public values. In this article, we ask why the two reviews were different, and whether the differences are justified. We conclude that the differences were mainly due to political context, rather than the underpinning science, and as a consequence that, while in our view "fit for purpose," they would both have been stronger had they been less different. Stern's grappling with ethical issues could have been strengthened by a greater degree of public and stakeholder engagement, and the Committee on Radioactive Waste Management's handling of issues of uncertainty could have been strengthened by the explicitly probabilistic framework of Stern. © 2010 Society for Risk Analysis.

  5. Agile risk management

    CERN Document Server

    Moran, Alan

    2014-01-01

    This work is the definitive guide for IT managers and agile practitioners. It elucidates the principles of agile risk management and how these relate to individual projects. Explained in clear and concise terms, this synthesis of project risk management and agile techniques is illustrated using the major methodologies such as XP, Scrum and DSDM.Although the agile community frequently cites risk management, research suggests that risk is often narrowly defined and, at best, implicitly treated, which in turn leads to an inability to make informed decisions concerning risk and reward and a poor u

  6. Risk management in Takaful

    OpenAIRE

    Akhter, Waheed

    2010-01-01

    Risk management is of vital importance in Islam and Takāful provides a way to manage risks in business according to Sharī’ah principles. This research paper attempts to identify various types of risks involved in Takāful business that affect operational and investment functions of Takāful operators across the globe. It lays down criteria for Takāful operator to manage those risks effectively. However, Takāful operators often face difficulty in managing market and credit risks as Sharī’ah comp...

  7. Financial Risk Management

    OpenAIRE

    Catalin-Florinel Stanescu; Laurentiu Mircea Simion

    2011-01-01

    Concerns about the financial risk is increasing. In this climate, companies of all types and sizes want a robust framework for financial risk management to meet compliance requirements, contribute to better decision making and increase performance. Financial risk management professionals working with financial institutions and other corporate clients to achieve these objectives.

  8. Active Risk Management and Banking Stability

    NARCIS (Netherlands)

    Silva Buston, C.F.

    2013-01-01

    Abstract: This paper analyzes the net impact of two opposing effects of active risk management at banks on their stability: higher risk-taking incentives and better isolation of credit supply from varying economic conditions. We present a model where banks actively manage their portfolio risk by

  9. Global Drought Proportional Economic Loss Risk Deciles

    Data.gov (United States)

    National Aeronautics and Space Administration — Global Drought Proportional Economic Loss Risk Deciles is a 2.5 minute grid of drought hazard economic loss as proportions of Gross Domestic Product (GDP) per...

  10. Value of risk management

    OpenAIRE

    Vik, Marie Amdal

    2012-01-01

    Master's thesis in Risk management The overall aim of this study was to discuss the validity of the hypothesis that risk management contributes with added value to projects and the enterprise holding the projects, and consequently to the enterprise’s stakeholders. To examine this hypothesis, a case study of three projects taken from the same portfolio at Statoil was selected. The projects were said to have an active risk management. Data was collected from the project’s documentation as...

  11. Supply Cain Risk Management

    OpenAIRE

    Goodwin, Les

    2011-01-01

    “The management of supply chain risk is crucial to any business, more so to Rolls Royce who face an almost doubling of load within the next 10 years. So what is supply chain risk management and how well is it deployed within an operational business of Rolls Royce? What are the tools and techniques available and what are the key issues around implementing world class supply chain risk management with a Supply Chain Unit within Rolls Royce?”

  12. Supply chain risk management

    OpenAIRE

    Christian Hollstein; Frank Himpel

    2013-01-01

    Background: Supply chain risk management increasingly gains prominence in many international industries. In order to strengthen supply chain structures, processes, and networks, adequate potentials for risk management need to be built (focus on effective logistics) and to be utilized (focus on efficient logistics). Natural-based disasters, such as the case of Fukushima, illustrate how crucial risk management is. Method: By aligning a theoretical-conceptual framework with empirical-induct...

  13. Exchange Risk Management Policy

    CERN Document Server

    2005-01-01

    At the Finance Committee of March 2005, following a comment by the CERN Audit Committee, the Chairman invited the Management to prepare a document on exchange risk management policy. The Finance Committee is invited to take note of this document.

  14. Identifying and Managing Risk.

    Science.gov (United States)

    Abraham, Janice M.

    1999-01-01

    The role of the college or university chief financial officer in institutional risk management is (1) to identify risk (physical, casualty, fiscal, business, reputational, workplace safety, legal liability, employment practices, general liability), (2) to develop a campus plan to reduce and control risk, (3) to transfer risk, and (4) to track and…

  15. Risk management overview

    International Nuclear Information System (INIS)

    McGovern, S.

    1995-01-01

    Launching of the first natural gas contract by the New York Mercantile Exchange (NYMEX) in April 1990 was a huge success which allowed natural gas to surpass crude oil as the most successful launch of any commodity contract. Despite this unprecedented initial success it must be kept in mind that in a competitive marketplace there are risks of many kinds (market risks, price risks, basis risks, currency risks and timing risks), that parties must deal with in everyday operations. The concept of risk management was defined, techniques and issues in risk management were explained, a glossary of fully explained industry terms, and basic financial tools most often used in risk management, were provided. 11 figs

  16. The NASA risk management program

    International Nuclear Information System (INIS)

    Buchbinder, B.; Philipson, L.L.

    1989-01-01

    This paper reports that the NASA Risk Management Program has been established to ensure the appropriate application of risk-based procedures in support of the elimination, reduction, or acceptance of significant safety risks of concern in NASA. The term appropriate is emphasized, in that the particular procedures applied to each given risk are to reflect its character and prioritized importance, the technological and economic feasibility of its treatment. A number of key documents have been produced in support of this implementation. Databases, risk analysis tools, and risk communication procedures requisite to the execution of the risk management functions also are being developed or documented. Several risk management applications have been made and a comprehensive application to a major new NASA program is underway. This paper summarizes the development and current status of the NASA Risk Management Program. Some principal actions that have been carried out in NASA in consonance with the program are noted particularly, and views are presented on the program's likely future directions

  17. Economics.

    Science.gov (United States)

    Palley, Paul D; Parcero, Miriam E

    2016-10-01

    A review of literature in the calendar year 2015 dedicated to environmental policies and sustainable development, and economic policies. This review is divided into these sections: sustainable development, irrigation, ecosystems and water management, climate change and disaster risk management, economic growth, water supply policies, water consumption, water price regulation, and water price valuation.

  18. Decisionmaking under risk in invasive species management: risk management theory and applications

    Science.gov (United States)

    Shefali V. Mehta; Robert G. Haight; Frances R. Homans

    2010-01-01

    Invasive species management is closely entwined with the assessment and management of risk that arises from the inherently random nature of the invasion process. The theory and application of risk management for invasive species with an economic perspective is reviewed in this synthesis. Invasive species management can be delineated into three general categories:...

  19. Perspectives: Intellectual Risk Management

    Science.gov (United States)

    Hall, James C.

    2013-01-01

    Ask a college administrator about students and risk management, and you're likely to get a quick and agitated speech about alcohol consumption and bad behavior or a meditation on mental health and campus safety. But in colleges and universities, we manage intellectual risk-taking too. Bring that up, and you'll probably get little out of that same…

  20. Risk Management and Simulation

    DEFF Research Database (Denmark)

    Skovmand, David

    2014-01-01

    Review of: Risk Management and Simulation / Aparna Gupta. Boca Raton, FL: CRC Press, 2013, xxix + 491 pp., $99.95(H), ISBN: 978-1-4398-3594-4.......Review of: Risk Management and Simulation / Aparna Gupta. Boca Raton, FL: CRC Press, 2013, xxix + 491 pp., $99.95(H), ISBN: 978-1-4398-3594-4....

  1. Agricultural risk management

    DEFF Research Database (Denmark)

    Lund, Mogens; Oksen, Arne; Larsen, Torben U.

    2005-01-01

    A new model for risk management in agriculture is described in the paper. The risk model is constructed as a context dependent process, which includes four main phases. The model is aimed at agricultural advisors, who wish to facilitate and disseminate risk management to farmers. It is developed...... and tested by an action research approach in an attempt to make risk management more applicable on family farms. Our obtained experiences indicate that farmers don’t apply probabilistic thinking and other concepts according to formal decision theory....

  2. The management object in risk management approaches

    OpenAIRE

    Christiansen, Ulrik

    2013-01-01

    Using a systematic review of the last 55 years of research within risk management this paper explores how risk management as a management technology (methodologies, tools and frameworks to mitigate or manage risks) singles out risks as an object for management in order to make action possible. The paper synthesise by developing a framework of how different views on risk management enable and constrain the knowledge about risk and thus frame the possibilities to measure, analyse an...

  3. Individual Property Risk Management

    Directory of Open Access Journals (Sweden)

    Michael S. Finke

    2010-01-01

    Full Text Available This paper reviews household property risk management and estimates normatively optimal choice under theoretical assumptions. Although risk retention limits are common in the financial planning industry, estimates of optimal risk retention that include both financial and human wealth far exceed limits commonly recommended. Households appear to frame property losses differently from other wealth losses leading to wealth-reducing, excess risk transfer. Possible theoretical explanations for excess sensitivity to loss are reviewed. Differences between observed and optimal risk management imply a large potential gain from improved choice.

  4. Baseline development, economic risk, and schedule risk: An integrated approach

    International Nuclear Information System (INIS)

    Tonkinson, J.A.

    1994-01-01

    The economic and schedule risks of Environmental Restoration (ER) projects are commonly analyzed toward the end of the baseline development process. Risk analysis is usually performed as the final element of the scheduling or estimating processes for the purpose of establishing cost and schedule contingency. However, there is an opportunity for earlier assessment of risks, during development of the technical scope and Work Breakdown Structure (WBS). Integrating the processes of risk management and baselining provides for early incorporation of feedback regarding schedule and cost risk into the proposed scope of work. Much of the information necessary to perform risk analysis becomes available during development of the technical baseline, as the scope of work and WBS are being defined. The analysis of risk can actually be initiated early on during development of the technical baseline and continue throughout development of the complete project baseline. Indeed, best business practices suggest that information crucial to the success of a project be analyzed and incorporated into project planning as soon as it is available and usable

  5. Economic Risk Assessment Taking Into Account the Volume Oscillator Indicators

    Directory of Open Access Journals (Sweden)

    Loredana Mihaela LAPADUSI

    2016-09-01

    Full Text Available Economic risk can be assessed from many points of view, but generally speaking it means the firm's inability to match workload with cost structure. Expansion of production capacity, adaptation to new technologies, diversification of products are only a few factors influencing risk. These, along with financial risk and bankruptcy risk constitute the most important category of risk which presents a great interest for the banks, shareholders, managers, business partners, etc. The purpose of this article is to provide a brief overview of tje oscillation of your company's activity from the point of view of economic risk. The main objective of this research lies in economic risk assessment by means of the margin of safety, the safety index and critical time point.

  6. Managing flood risks in the Mekong Delta

    NARCIS (Netherlands)

    Hoang, Long Phi; Biesbroek, Robbert; Tri, Van Pham Dang; Kummu, Matti; Vliet, van Michelle T.H.; Leemans, Rik; Kabat, Pavel; Ludwig, Fulco

    2018-01-01

    Climate change and accelerating socioeconomic developments increasingly challenge flood-risk management in the Vietnamese Mekong River Delta—a typical large, economically dynamic and highly vulnerable delta. This study identifies and addresses the emerging challenges for flood-risk management.

  7. A rationale for reservoir management economics

    International Nuclear Information System (INIS)

    Hickman, T.S.

    1995-01-01

    Significant economic benefits can be derived from the application f reservoir management. The key elements in economical reservoir management are the efficient use of available resources and optimization of reservoir exploitation through a multidisciplined approach. This paper describes various aspects of and approaches to reservoir management and provides case histories that support the findings

  8. PERFORMANCE IN INTERNAL CONTROL AND RISK MANAGEMENT

    OpenAIRE

    JELER (POPA) IOANA; FOCŞAN ELEONORA IONELA; CORICI MARIAN CĂTĂLIN

    2017-01-01

    The purpose of this article is to highlight the importance of internal control and risk management. In practice, economic entities meet a variety of risks that have the origins from the internal environment or the external one. Although there are different of views on addressing the concept of risk - threats or opportunities, event or action, accordingly uncertain, proposed by specialists in risk management in this article we try to present these issues and identify techniques to ...

  9. Internal Audit and Risk Management

    OpenAIRE

    Constantin Nicolae Vasile; Alexandru Georgiana

    2011-01-01

    Internal audit and risk management have the same goal: the control of risk. There are various roles for the internal audit in respect of risk management. The main limitations of internal audit in respect of risk management regards assuming risk management tasks. One of the main issues regarding risk management is to make sure that the key risks are taken into consideration and that the management and the board of the organization take action as needed. Internal audit could give advice to mana...

  10. PERFORMANCE IN INTERNAL CONTROL AND RISK MANAGEMENT

    Directory of Open Access Journals (Sweden)

    JELER (POPA IOANA

    2017-06-01

    Full Text Available The purpose of this article is to highlight the importance of internal control and risk management. In practice, economic entities meet a variety of risks that have the origins from the internal environment or the external one. Although there are different of views on addressing the concept of risk - threats or opportunities, event or action, accordingly uncertain, proposed by specialists in risk management in this article we try to present these issues and identify techniques to counter risks occurrence. In this article we present also means managing risk and why needs to be implemented at institutional level a risk management. The paper concludes by highlight the role of efficient risk management in the company’s management and company's activities.

  11. Risk Management Plan Rule

    Science.gov (United States)

    RMP implements Section 112(r) of the 1990 Clean Air Act amendments, and requires facilities that use extremely hazardous substances to develop a Risk Management Plan and revise/resubmit every five years. Find guidance, factsheets, training, and assistance.

  12. Quantifying the economic risks of climate change

    Science.gov (United States)

    Diaz, Delavane; Moore, Frances

    2017-11-01

    Understanding the value of reducing greenhouse-gas emissions matters for policy decisions and climate risk management, but quantification is challenging because of the complex interactions and uncertainties in the Earth and human systems, as well as normative ethical considerations. Current modelling approaches use damage functions to parameterize a simplified relationship between climate variables, such as temperature change, and economic losses. Here we review and synthesize the limitations of these damage functions and describe how incorporating impacts, adaptation and vulnerability research advances and empirical findings could substantially improve damage modelling and the robustness of social cost of carbon values produced. We discuss the opportunities and challenges associated with integrating these research advances into cost-benefit integrated assessment models, with guidance for future work.

  13. Making Risk Management Strategic

    DEFF Research Database (Denmark)

    Sax, Johanna; Andersen, Torben Juul

    2018-01-01

    Enterprise risk management (ERM) is an established management practice and is increasing in prominence as more firms spend substantial resources implementing ERM frameworks, partially induced by regulatory requirements. Yet, there is a lack of knowledge as to whether such frameworks add value and...... outcomes. The study develops a new multidimensional measure of adherence to ERM practices where earlier studies typically have relied on dichotomous proxies. We discuss the implications of these findings for ERM practice and strategic management in general....

  14. Economic Efficiency or Gender Equality: Conceptualizing an Equitable “Social Framing” for Economic Evaluations to Support Gender Equality in Disaster Risk- and Environmental-Management Decision-Making

    Directory of Open Access Journals (Sweden)

    Cheney Shreve

    2016-07-01

    Full Text Available It is unlikely that cost–benefit approaches will be effective in identifying investments that support gender equality without a relevant “social framing”. Criteria for a “social framing” are lacking, yet cost–benefit approaches often guide investment decisions for disaster risk and environmental management. Mainstream approaches typically do a poor job identifying and characterizing costs and benefits, and often fail to address distributive concerns (i.e., how costs and benefits may be distributed throughout society, to whom, etc.. Gender-blind investments may project responsibility for equality “problems” onto one sex, potentially augmenting gender inequalities and disaster risk. This article examines evidence from the gender, disaster, and development literature to identify distributive concerns and criteria for an equitable “social framing” for economic evaluations. Primary distributive concerns identified regard assumptions of women’s homogeneity, agency, “active” participation, and the influence of customary practice and displacement on disaster vulnerability. The need for a “gender-responsive” “social framing” that considers the needs of men and women in relation to one another is evident. Second, cost–benefit studies focused on gender equality concerns are reviewed and the “social framing” is critiqued. Results show most studies are not “gender-responsive”. Women’s health concerns, often exacerbated by disasters, are sidelined by assumptions regarding distributive concerns and reductive outcome measures.

  15. ANALYSIS AND MANAGEMENT RISK IN INTERNATIONAL AFFAIRS

    OpenAIRE

    Lăpăduşi Mihaela Loredana,; Căruntu Constantin

    2009-01-01

    The risk is one of the most controversial issues for all persons involved both in domestic and international world economic affairs. The need to analyze, understand and effectively manage risk is growing, the ultimate aim being to obtain a higher degree of successThe risk means exposure to an uncertain future, the opportunity to face danger or suffering a loss ( "Risk - possibility of loss or injury", Webster's, 1995) or the chance that things go wrong ( "Risk is the change that something wil...

  16. Governmental management of chemical risk

    International Nuclear Information System (INIS)

    Zimmerman, R.

    1990-01-01

    This book is organized under the following headings: risk management in the government context; legal and regulatory decrees and directives for managing chemical risk; incentive-based approaches for regulating risk; risk management in the federal system; and traditional approaches and new initiatives for managing chemical risk

  17. Risk management versus incentives

    International Nuclear Information System (INIS)

    Aven, E.; Lovas, K.; Osmundsen, P.

    2006-01-01

    Portfolio theory indicates that risk management should take place at the group level. Hedging at the project level or in the individual business areas may lead to suboptimal results. However, the efficiency of a profit centre depends on its management's being able to influence factors that are crucial to the unit's financial results. Price hedging could be one such factor. In the wider perspective, this constitutes part of the balancing between centralisation and decentralisation. This article covers important elements of risk management and incentive design. It goes on to discuss the balancing of overall risk management at the group level and incentive design in profit centres and corporate units. Throughout the article, the oil industry serves as a case. (author)

  18. Risk as economic category: systematics scientific approach and refinement contents

    Directory of Open Access Journals (Sweden)

    V.G. Vygovskyy

    2015-03-01

    Full Text Available The paper studies the categorical-conceptual apparatus of risk and its refinement based on a critical analysis of existing systematic scientific approaches. Determined that in the refinement of the economic nature of the risk of a number of controversial issues: the definition of the objective or subjective nature of risk; matching of concepts such as «risk», «danger», «loss», «probability of loss»; definition of negative or positive consequences of risk; identification of risk with its consequences, or source of origin, which makes the relevance of research topics. As a result of scientific research has been refined interpretation of risk as an economic category, the characteristics of the company associated with the probability of unforeseen situations that may lead to negative and positive impacts, assessment of which requires the development of alternatives for management decisions. Clarification of the definition focuses on the possibility (probability of a favorable (unfavorable events which require certain corrective action management unit of the enterprise. The author emphasizes the mandatory features of the category of «risk», in particular: the concept of risk is always associated with the uncertainty of the future; event occurring has implications for the enterprise (both negative and positive; consequences for necessitates the development of a number of alternative solutions to the possible elimination of the negative consequences of risky events; risk – a mandatory attribute of modern management (its value is enhanced in terms of market conditions; subject to risk assessment and management by the company. Dedicated and updated features contribute to the clarification of the nature of the economic risk and categorical conceptual apparatus of risk management.

  19. Assessing economic tradeoffs in forest management.

    Science.gov (United States)

    Ernie Niemi; Ed. Whitelaw

    1999-01-01

    Method is described for assessing the competing demands for forest resources in a forest management plan by addressing economics values, economic impacts, and perceptions of fairness around each demand. Economics trends and forces that shape the dynamic ecosystem-economy relation are developed. The method is demonstrated through an illustrative analysis of a forest-...

  20. Risk management guide

    International Nuclear Information System (INIS)

    Briscoe, G.J.

    1977-06-01

    Risk management requires an assessment or a knowledge of risk. This, in turn, requires identification of hazards (sources of risk) and a determination of risk (evaluation of the hazard degree). The hazard identification and risk analysis techniques presented in this Guide are, in general, based on the MORT concept that accidents result from unwanted energy flow in the absence of adequate controls and/or barriers. This Guide presents an analytical tree designed to prevent oversight of specific energy sources in risk identification. Hazard identification by field personnel is also discussed. Quantitative risk analysis is discussed in the following section. A method for summary of the risks for each energy classification is given. This method uses a graphical log-normal projection so that low probability events, which are not adequately represented in the experience data, are included in the risk assessment. This permits a more acceptable risk assessment since catastrophes are not ignored, even though the actual risk is only approximated. In addition, a few examples of risk analysis of specific hazards are given. Rudimentary probability and fault tree theory are used in these examples. Total risk assessment and resource allocation and safety performance trend analysis are discussed

  1. FORECAST MANAGEMENT FOR THE ECONOMIC SYSTEM

    OpenAIRE

    Dragoº MICU; Cosmin LEFTER

    2011-01-01

    Existing turbulences in the economic environment assume a more responsible involvement from the manager’s behalf in the management process thus determing them to use adequate forms of managemet. In this context, this paper highlights the necessity of implementing management forecasting systems in the economic environment.

  2. Air quality risk management.

    Science.gov (United States)

    Williams, Martin L

    2008-01-01

    Rather than attempt to provide a comprehensive account of air quality risk assessment, as might be found in a textbook or manual, this article discusses some issues that are of current importance in the United Kingdom and the rest of Europe, with special emphasis on risk assessment in the context of policy formulation, and emerging scientific knowledge. There are two pollutants of particular concern and that both pose challenges for risk assessment and policy, and they are particulate matter (PM) and ozone. The article describes some issues for health risk assessment and finally some forward-looking suggestions for future approaches to air quality management.

  3. Managing power risk

    International Nuclear Information System (INIS)

    Rudd, D.C.

    1999-01-01

    Issues regarding the management of financial risks in the electric power market were discussed. The nature of the risk was defined for electricity producers, local utilities, traders/dealers, and brokers, each of which are exposed to different types of risks with the exception of credit risk, which is common to all. The main features of options, swaps, CFDs, bilateral financial contracts, futures contracts and the terms of the NYMEX electricity contract were outlined. Basic derivative strategies, the role of the broker, the elements of emissions trading, and trading strategies for consumers were also explained. 3 fig

  4. Energy price risk management

    International Nuclear Information System (INIS)

    Evans, J.W.G.

    1998-01-01

    While long term, fixed price contracts for fuel procurement and export of excess power may lock in the economics of a CHP plant, these do not necessarily give the best pricing opportunities that may exist during the life of those contracts. A more prudent approach may be to vary the length of the contracts and markets are now developing in gas and electricity to assist in the management of such a portfolio. (Author)

  5. Management of radiation risk

    International Nuclear Information System (INIS)

    Hubert, P.

    1996-01-01

    The need to control the risk from ionizing radiation can be tracked back to the eve of the twentieth century. However, as knowledge improved and practices expanded, the approaches to this control have evolved. No longer is the mere respect of some forms of exposure limits or safety related standards sufficient. Rather, it is widely admitted that there is a need for managing radiation risk, both by balancing the advantages and disadvantages of enhancing protection and by setting up a proper organization that allows handling of the risk. This paper describes the multiple aspects of radiation risk management and points out the main related issues. It critically analyzes ALARA and ICRP recommendations. 74 refs, 8 figs, 5 tabs

  6. Managing Chemical & Material Risks

    Science.gov (United States)

    2011-12-01

    Certification Program Acquisition, Technology and Logistics 9 DoD Hexavalent Chromium Risk Reduction Non- Chrome Primer II EXAVAJ ENT CHROM lrUMI...Royal Demolition eXplosive (RDX) • Cyclotrimethylenetrinitramine  Hexavalent Chromium (Cr6+) Naphthalene …pending downgrade to watch list Beryllium...T1me (secondo) 700 Acquisition, Technology and Logistics 10 Hexavalent Chromium Risk Management Actions • DoD minimization policy signed April

  7. A view on risk management

    International Nuclear Information System (INIS)

    Joksimovich, V.

    1991-01-01

    The world at large has enjoyed the benefits of industrial technology for almost two centuries. The managers of industrial facilities as well as members of the public focused on the benefits and typically ignored or underestimated the inherent risks entailed in deployment of these technologies. Two examples will be given for the sake of illustration. In the chemical industry, the impacts of various chemicals on humans are insufficiently understood. In addition, it was not even known that some hazardous chemicals could be formed in the chemical reactions taking place in various chemical reactors. This is equivalent to not knowing that Cesium-iodide compound can be formed within nuclear fuel nor the impact it might have on humans if released, which is inconceivable in the nuclear industry. In the era of risk recognition, many industrial managers proclaimed that safety is everybody's business. The basic premise behind this was that since everyone is responsible, no one can be blamed for accidents. This is, however, shifting because both economics and litigation are now compelling industrial managers to consider risk in conjunction with the benefit. The government managers in many cases interpreted their charter to reap benefits first and pay the price of risks later; e.g., the case of nuclear weapons production facilities seriously contaminated by radioactive and other hazardous materials. Cost of clean-up was estimated at more than $100 billion. Of course, the authors have similar examples in many other industries, e.g., Superfund project of chemical waste sites. The challenge for the technologists is to maximize the benefit/risk ratio, keeping the risks, real or perceived, acceptably small. This brings us to the issue of acceptable risks, the topic of this paper

  8. Is environmental management an economically sustainable business?

    Science.gov (United States)

    Gotschol, Antje; De Giovanni, Pietro; Esposito Vinzi, Vincenzo

    2014-11-01

    This paper investigates whether environmental management is an economically sustainable business. While firms invest in green production and green supply chain activities with the primary purpose of reducing their environmental impact, the reciprocal relationships with economic performance need to be clarified. Would firms and suppliers adjust their environmental strategies if the higher economic value that environmental management generates is reinvested in greening actions? We found out that environmental management positively influences economic performance as second order (long term) target, to be reached conditioned by higher environmental performance; in addition, firms can increase their performance if they reinvest the higher economic value gained through environmental management in green practices: While investing in environmental management programs is a short term strategy, economic rewards can be obtained only with some delays. Consequently, environmental management is an economically sustainable business only for patient firms. In the evaluation of these reciprocal relationships, we discovered that green supply chain initiatives are more effective and more economically sustainable than internal actions. Copyright © 2014 Elsevier Ltd. All rights reserved.

  9. Managing risk at Hanford

    International Nuclear Information System (INIS)

    Hesser, W.A.; Stillwell, W.G.; Rutherford, W.A.

    1994-01-01

    Clearly, there is sufficient motivation from Washington for the Hanford community to pay particular attention to the risks associated with the substantial volumes of radiological, hazardous, and mixed waste at Hanford. But there is also another reason for emphasizing risk: Hanford leaders have come to realize that their decisions must consider risk and risk reduction if those decisions are to be technically sound, financially affordable, and publicly acceptable. The 560-square miles of desert land is worth only a few thousand dollars an acre (if that) -- hardly enough to justify the almost two billion dollars that will be spent at Hanford this year. The benefit of cleaning up the Hanford Site is not the land but the reduction of potential risk to the public and the environment for future generations. If risk reduction is our ultimate goal, decisions about priority of effort and resource allocation must consider those risks, now and in the future. The purpose of this paper is to describe how Hanford is addressing the issues of risk assessment, risk management, and risk-based decision making and to share some of our experiences in these areas

  10. Investigation of risk management auditing

    International Nuclear Information System (INIS)

    Cao Lu

    2012-01-01

    2004, COSO published 'Enterprise Risk Management Framework', 2009, SASAC issued the 'central enterprise-wide risk management guidelines' to promote risk management within the formal state-owned enterprises in medium and large. Nuclear Group, which risk management in all branches to carry out the project homeopathic, and A Ⅱ will carry out risk management program as the first unit has accumulated more experience. This article from the perspective of internal control, based on the company's risk management practices carried out to try for the nuclear power enterprise risk management audit to describe and propose new ideas. Which expounds the significance of risk management, audit, risk management audit of the ways and means, for practical application of risk management audit of a representative summary of the issues and the ways and means to solve the problem of forward-looking recommendations. (authors)

  11. Managing Risk and Opportunity

    DEFF Research Database (Denmark)

    Andersen, Torben Juul; Garvey, Maxine; Roggi, Oliviero

    outcomes. This topic is timely and of interest both to the academic community as well as to practicing managers, executives, and directors. The volume focuses on contemporary risk leadership issues based on recent research insights but avoids excessive technical language and mathematical formulas. The book...... is framed around the challenges imposed on executives and directors in dealing with an increasingly complex and unpredictable world. This requires a new risk leadership focus that not only avoids the downside risks but also considers ways to exploit the upside potential offered by a dynamic environment...

  12. Economic instruments for waste management

    International Nuclear Information System (INIS)

    Malaman, R.

    1991-01-01

    Economic instruments for the implementation of environmental policies distinguish themselves from traditional tools (the 'command and control' type) for the reason that: they influence the costs and the benefits of the economic agents in question; they change the behaviour of the subjects in question in a way that they guarantee behaviour trends less harmful to the environment; they guarantee the assignment of adequate prices to the natural resources that traditionally don't have a price and therefore are consumed excessively by the economic subjects; normally they impose the transfer of economic resources to the disadvantage of the subjects responsible for the phenomena of pollution; certain objective pollution reduction data guarantee the minimization of the social costs of pollution abatement, that is, of the total costs on the economic system in general (economists define this characteristic as the 'static efficiency'); they guarantee what is called in economical jargon, the dynamic efficiency, i.e., in practice, they determine a continuous incentive for the reduction of the emission of the various pollutants and for the realization of the technological innovations that are able to control the pollution; they are more flexible than the instruments of direct regulation, because they leave the subjects a freedom of choice under different price conditions than in the past; they are flexible as well for the reason that the public operator can intervene rapidly to change the way of application

  13. Business, Economics, Financial Sciences, and Management

    CERN Document Server

    2011 International Conference on Business, Economics, and Financial Sciences, Management (BEFM 2011)

    2012-01-01

    A series of papers on business, economics, and financial sciences, management selected from International Conference on Business, Economics, and Financial Sciences, Management are included in this volume.   Management in all business and organizational activities is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources and natural resources.   The proceedings of BEFM2011 focuses on the various aspects of advances in Business, Economics, and Financial Sciences, Management and provides a chance for academic and industry professionals to discuss recent progress in the area of Business, Economics, and Financial Scienc...

  14. RISK MANAGEMENT PROCESSES IN SUPPLY CHAINS

    Directory of Open Access Journals (Sweden)

    Aleksandar Aleksić

    2009-06-01

    Full Text Available One of the keys of successful business last few years is effective dealing with risks in every meaning of that word. At the time when the world economic crisis largely limits business, successful Risk management is the only way of survival for a large number of business systems. This paper will present the processes of risk management in supply chains that are in accordance with the standards ISO 28000 and ISO 31000. By implementing a holistic, enterprise-wide supply chain risk management program, companies also can uphold their commitment to providing strong corporate governance on behalf of stakeholders and increase their market value.

  15. Risk management in customs control

    OpenAIRE

    Drobot, Elena; Klevleeva, Aziza

    2016-01-01

    The particularities of risk-management system implementation within customs control are discussed in the article. The authors single out the elements of risk-management system, evaluate effectiveness of risk-management in customs control. The main reasons for non-implementation of risk-management system in customs control are described, as well. Particular attention is paid to the benefits of customs risk management.

  16. Risk management in nuclear projects

    International Nuclear Information System (INIS)

    Salles, Claudio J.R.

    2002-01-01

    The risk management will be defined by different aspects: danger or loss possibility, or responsibility for damage. The risk management is one stage of project management. The risk management is a continuous process of planning, identification, quantification, answer and risk control to maximize the success potential of activity. The reduction of risk is part of priority establishment. This work will indicate how introduce this important instrument in the management of nuclear projects. (author)

  17. The Management Object in Risk Management Approaches

    DEFF Research Database (Denmark)

    Christiansen, Ulrik

    Using a systematic review of the last 55 years of research within risk management this paper explores how risk management as a management technology (methodologies, tools and frameworks to mitigate or manage risks) singles out risks as an object for management in order to make action possible....... The paper synthesise by developing a framework of how different views on risk management enable and constrain the knowledge about risk and thus frame the possibilities to measure, analyse and calculate uncertainty and risk. Inspired by social studies of finance and accounting, the paper finally develops...... three propositions that illustrate how the framing of risk establishes a boundary for how managers might understand value creation and the possible future and how this impacts the possible responses to risk....

  18. Risk assessment and management logistics chains

    Directory of Open Access Journals (Sweden)

    Vladimir Vikulov

    2014-03-01

    Full Text Available Background: In the context of economic globalization and increasing complexity of economic relations enterprises need methods and techniques to improve and sustain their position on the global market. Integration processes offer business new opportunities, but at the same time present new challenges for the management, including the key objectives of the risk management. Method: On the basis of analysis tools known from the pertinent literature (Supply Chain Management and Supply Chain Risk Management methods, methods of probability theory, methods of risk management, methods of statistics the authors of this paper proposed their own risk assessment method and the method of management of logistics chains. The proposed tool is a specific hybrid of solutions known from the literature. Results: The presented method has been successfully used within the frames of economic-mathematical model of industrial enterprises. Indicators of supply chain risks, including risks caused by supplier are considered in this paper. Authors formed a method of optimizing the level of supply chain risk in the integration with suppliers and customers. Conclusion: Every organization, which starting the process of integration with supplier and customers, needs to use tools, methodologies and techniques for identification of "weak links" in the supply chain. The proposed method allows to fix risk origin places in various links of the supply chain and to identify "weak links" of a logistic chain that may occur in the future. The method is a useful tool for managing not only risks and risk situations, but also to improve the efficiency of current assets management by providing the ability to optimize the level of risk in the current assets management of the industrial enterprise.

  19. PROJECT MANAGER SKILLS, RISK MANAGEMENT TOOLS

    Directory of Open Access Journals (Sweden)

    Vladut Iacob

    2013-12-01

    Full Text Available Although the projects are different from each other there are many common things that contribute to their success. Looked overall, the success of a project is the result of a multitude of factors. This person is considered the "engine" of the project. The man who makes the action set for the achievement of project objectives to be brought to an end. The project manager must have the technical knowledge and economic diverse. He should be able to choose a team and lead. You must be tenacious, combative, to know how to communicate both within the team and beyond. In a word, the project manager must have an impressive stock of knowledge, skills and abilities and appreciate as Peter Drucker, to "exist for the organization. To be its servant. Any management who forget this will only cause damage to the organization. "This study will focus on highlighting the skills of the project manager and their role in managing difficult situations or risk.

  20. Smart Grid Risk Management

    Science.gov (United States)

    Abad Lopez, Carlos Adrian

    , dynamic learning methods for scheduling the maintenance of direct load control switches whose operating state is not directly observable and can only be inferred from the metered electricity consumption, and machine learning methods for accurately forecasting the load of hundreds of thousands of residential, commercial and industrial customers. These algorithms have been implemented in the software system provided by AutoGrid, Inc., and this system has helped several utilities in the Pacific Northwest, Oklahoma, California and Texas, provide more reliable power to their customers at significantly reduced prices. Providing power to widely spread out communities in developing countries using the conventional power grid is not economically feasible. The most attractive alternative source of affordable energy for these communities is solar micro-grids. We discuss risk-aware robust methods to optimally size and operate solar micro-grids in the presence of uncertain demand and uncertain renewable generation. These algorithms help system operators to increase their revenue while making their systems more resilient to inclement weather conditions.

  1. Effects of economic interactions on credit risk

    International Nuclear Information System (INIS)

    Hatchett, J P L; Kuehn, R

    2006-01-01

    We study a credit-risk model which captures effects of economic interactions on a firm's default probability. Economic interactions are represented as a functionally defined graph, and the existence of both cooperative and competitive business relations is taken into account. We provide an analytic solution of the model in a limit where the number of business relations of each company is large, but the overall fraction of the economy with which a given company interacts may be small. While the effects of economic interactions are relatively weak in typical (most probable) scenarios, they are pronounced in situations of economic stress, and thus lead to a substantial fattening of the tails of loss distributions in large loan portfolios. This manifests itself in a pronounced enhancement of the value at risk computed for interacting economies in comparison with their non-interacting counterparts

  2. Sustainable Groundwater Management Using Economic Incentive Approach

    Science.gov (United States)

    Yan, T.; Shih, J.; Sanchirico, J. N.

    2006-12-01

    Although groundwater accounts for about 20% of the water consumption in the US, recent urban development, land use changes and agricultural activities in many regions (for example, Chesapeake Bay and eastern shore of Maryland) have resulted in deleterious impacts on groundwater quality. These impacts have dramatically increased potential human health and ecological system risks. One example is nitrogen pollution delivered to local waterways from septic systems via groundwater. Conventional approaches for nitrogen removal, such as pumping and treatment (nitrification-denitrification) process, tend to be expensive. On the other hand, economic incentive approaches (such as marketable permits) have the potential to increase the efficiency of environmental policy by reducing compliance costs for regulated entities and individuals and/or achieving otherwise uneconomical pollution reduction. The success of the sulfur dioxide trading market has led to the creation of trading markets for other pollutants, especially at the regional, state, and smaller (e.g. watershed) scales. In this paper, we develop an integrated framework, which includes a groundwater flow and transport model, and a conceptual management model. We apply this framework to a synthetic set up which includes one farm and two development areas in order to investigate the potential of using economic incentive approaches for groundwater quality management. The policy analysis is carried out by setting up the objective of the modeling framework to minimize the total cost of achieving groundwater quality goals at specific observation point using either a transferable development right (TDR) system between development areas and/or using a tax for fertilizer usage in the farm area. The TDR system consists of a planning agency delineating a region into restricted-use (e.g., agriculture, open space) and high intensity zones (e.g., residential, commercial uses). The agency then endows landowners in the restricted area

  3. Continuous Risk Management: An Overview

    Science.gov (United States)

    Rosenberg, Linda; Hammer, Theodore F.

    1999-01-01

    Software risk management is important because it helps avoid disasters, rework, and overkill, but more importantly because it stimulates win-win situations. The objectives of software risk management are to identify, address, and eliminate software risk items before they become threats to success or major sources of rework. In general, good project managers are also good managers of risk. It makes good business sense for all software development projects to incorporate risk management as part of project management. The Software Assurance Technology Center (SATC) at NASA GSFC has been tasked with the responsibility for developing and teaching a systems level course for risk management that provides information on how to implement risk management. The course was developed in conjunction with the Software Engineering Institute at Carnegie Mellon University, then tailored to the NASA systems community. This is an introductory tutorial to continuous risk management based on this course. The rational for continuous risk management and how it is incorporated into project management are discussed. The risk management structure of six functions is discussed in sufficient depth for managers to understand what is involved in risk management and how it is implemented. These functions include: (1) Identify the risks in a specific format; (2) Analyze the risk probability, impact/severity, and timeframe; (3) Plan the approach; (4) Track the risk through data compilation and analysis; (5) Control and monitor the risk; (6) Communicate and document the process and decisions.

  4. Research Frontiers of Agricultural Economics and Management

    Institute of Scientific and Technical Information of China (English)

    Yang L.X.

    2004-01-01

    @@ Introduction The focus of research on Agricultural Economics and Management (AEM) has been switching from developed countries to developing countries. In important international journals on AEM such as "American Journal of Agricultural Economics" and "Agricultural Economics", the research objectives mainly focus on AEM problems in developing countries, e.g. the effects of globalization and liberalization on agricultural production in developing countries, and problems in agricultural resources and environmental protections in developing countries.

  5. Economic optimization of nuclear waste management

    International Nuclear Information System (INIS)

    DeWames, R.E.; Grantham, L.F.; Guon, J.; McKisson, R.L.

    1984-01-01

    The paper presented here addresses the impact of waste management system operating parameters on overall system economics. The conclusion reached by this study is that currently available technology and proposed operating conditions do not lead to optimum economics. The decision to utilize the current reference waste package and non-optimum operating conditions will cause added expenditures of 7 billion dollars over the next several decades. Further, this paper points out that optimum economics is not necessarily incompatible with improved system safety

  6. The economics of fertilizer management

    NARCIS (Netherlands)

    Hardy, D.H.; Osmond, D.L.; Wossink, G.A.A.

    2002-01-01

    Growers who practice nutrient management apply the proper rate and type of nutrients, and they place these nutrients correctly and at the right time based on their crop needs. Correctly applied nutrients can protect the environment and save money. Part of nutrient management is selecting the correct

  7. Economic considerations of managing stands

    Science.gov (United States)

    Gary W. Miller

    1989-01-01

    Managing central hardwood stands involves making choices. Each year landowners face at least three alternatives for managing a stand: (1) allow it to grow undisturbed, (2) undertake a partial or complete commercial harvest, or (3) culture the timber crop through a precommercial investment. Each activity affects long-term monetary returns. The "best" choice in...

  8. Hybrid Risk Management Methodology: A Case Study

    Directory of Open Access Journals (Sweden)

    Jacky Siu-Lun Ting

    2009-10-01

    Full Text Available Risk management is a decision-making process involving considerations of political, social, economic and engineering factors with relevant risk assessments relating to a potential hazard. In the last decade, a number of risk management tools are introduced and employed to manage and minimize the uncertainty and threats realization to the organizations. However, the focus of these methodologies are different; in which companies need to adopt various risk management principles to visualize a full picture of the organizational risk level. Regarding to this, this paper presents a new approach of risk management that integrates Hierarchical Holographic Modeling (HHM, Enterprise Risk Management (ERM and Business Recovery Planning (BCP for identifying and assessing risks as well as managing the consequences of realized residual risks. To illustrate the procedures of the proposed methodology, a logistic company ABC Limited is chosen to serve as a case study Through applying HHM and ERM to investigate and assess the risk, ABC Limited can be better evaluated the potential risks and then took the responsive actions (e.g. BCP to handle the risks and crisis in near future.

  9. Decision support for utility environmental risk management

    International Nuclear Information System (INIS)

    Balson, W.E.; Wilson, D.S.

    1991-01-01

    This paper reviews a number of decision support methods developed and applied by Decision Focus Incorporated to help utility personnel manage current environmental problems. This work has been performed for the Environmental Risk Analysis Program of EPRI's Environment Division, and also for a number of electric utilities across the country. These are two distinct types of decision support software tools that have been created: economic risk management and environmental risk analysis. These types differ primarily in the identification of who will make a decision. Economic risk management tools are directed primarily at decisions made by electric utilities. Environmental risk analysis tools are directed primarily at decisions made by legislative or regulatory agencies, about which a utility may wish to comment

  10. Wildfire Risk Management: Challenges and Opportunities

    Science.gov (United States)

    Thompson, M.; Calkin, D. E.; Hand, M. S.; Kreitler, J.

    2014-12-01

    In this presentation we address federal wildfire risk management largely through the lens of economics, targeting questions related to costs, effectiveness, efficiency, and tradeoffs. Beyond risks to resources and assets such as wildlife habitat, watersheds, and homes, wildfires present financial risk and budgetary instability for federal wildfire management agencies due to highly variable annual suppression costs. Despite its variability, the costs of wildfire management have continued to escalate and account for an ever-growing share of overall agency budgets, compromising abilities to attain other objectives related to forest health, recreation, timber management, etc. Trends associated with a changing climate and human expansion into fire-prone areas could lead to additional suppression costs in the future, only further highlighting the need for an ability to evaluate economic tradeoffs in investments across the wildfire management spectrum. Critically, these economic analyses need to accurately capture the complex spatial and stochastic aspects of wildfire, the inherent uncertainty associated with monetizing environmental impacts of wildfire, the costs and effectiveness of alternative management policies, and linkages between pre-fire investments and active incident management. Investing in hazardous fuels reduction and forest restoration in particular is a major policy lever for pre-fire risk mitigation, and will be a primary focus of our presentation. Evaluating alternative fuel management and suppression policies could provide opportunities for significant efficiency improvements in the development of risk-informed management fire management strategies. Better understanding tradeoffs of fire impacts and costs can help inform policy questions such as how much of the landscape to treat and how to balance investments in treating new areas versus maintaining previous investments. We will summarize current data needs, knowledge gaps, and other factors

  11. Radiobioassay economics and laboratory management

    International Nuclear Information System (INIS)

    Gilchrist, J.

    1983-01-01

    The economic situation faced by laboratories in the US is less than ideal. Inflation/interest rates are in the area of 10 to 20% per year, reimbursement policies are putting pressures on the laboratories, hospitals are in a cost-containment mode in the best of cases, and in the worst, are closing for a lack of funds. In the past six years, there has been a national net loss of 186 hospitals, according to American Hospital Association figures. The pressure is acute on community hospitals; 135 have failed. Many hospitals (160) have applied for federal grants as financially distressed hospitals. Since the community hospitals account for 85% of all admissions in the US, it is obvious that the pressure has been greatest on the hospitals that account for the greatest number of admissions. To put the general economic scene in perspective, according to 1977 Medicare data, 24% of all community hospitals had total expenses that exceeded their total revenues. Many social and economic factors contribute to this picture, but the rapidly rising operating expenses due to inflation, new high cost medical technology, surplus of hospital beds, and inadequate planning, purchasing, accounting, and hiring practices play a noticeable part in contributing to this problem

  12. Information Risk Management and Resilience

    Science.gov (United States)

    Dynes, Scott

    Are the levels of information risk management efforts within and between firms correlated with the resilience of the firms to information disruptions? This paper examines the question by considering the results of field studies of information risk management practices at organizations and in supply chains. The organizations investigated differ greatly in the degree of coupling from a general and information risk management standpoint, as well as in the levels of internal awareness and activity regarding information risk management. The comparison of the levels of information risk management in the firms and their actual or inferred resilience indicates that a formal information risk management approach is not necessary for resilience in certain sectors.

  13. Nuclear risk management

    International Nuclear Information System (INIS)

    2001-01-01

    This paper gives the list of contributions to Eurosafe 2001 which was organised around two round tables on the first day and five seminars on the second day. The first round table dealt with the technical, organisational and societal aspects of risk management aimed at the prevention of accidents in nuclear power plants. The second round table focused on radiological risks from the normal operation of nuclear installations. Special consideration has been given to the involvement of stakeholders. The five seminars were held in order to provide opportunities for comparing experiences and learning about recent activities of IRSN, GRS and their partners in the European Union and Eastern Europe: - Safety assessment and analysis of nuclear installations; -Nuclear safety research; -Environment and radiation protection; - Waste management; - Nuclear material security. (author)

  14. Nuclear risk management

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2001-07-01

    This paper gives the list of contributions to Eurosafe 2001 which was organised around two round tables on the first day and five seminars on the second day. The first round table dealt with the technical, organisational and societal aspects of risk management aimed at the prevention of accidents in nuclear power plants. The second round table focused on radiological risks from the normal operation of nuclear installations. Special consideration has been given to the involvement of stakeholders. The five seminars were held in order to provide opportunities for comparing experiences and learning about recent activities of IRSN, GRS and their partners in the European Union and Eastern Europe: - Safety assessment and analysis of nuclear installations; -Nuclear safety research; -Environment and radiation protection; - Waste management; - Nuclear material security. (author)

  15. Economic value evaluation in disease management programs.

    Science.gov (United States)

    Magnezi, Racheli; Reicher, Sima; Shani, Mordechai

    2008-05-01

    Chronic disease management has been a rapidly growing entity in the 21st century as a strategy for managing chronic illnesses in large populations. However, experience has shown that disease management programs have not been able to demonstrate their financial value. The objectives of disease management programs are to create quality benchmarks, such as principles and guidelines, and to establish a uniform set of metrics and a standardized methodology for evaluating them. In order to illuminate the essence of disease management and its components, as well as the complexity and the problematic nature of performing economic calculations of their profitability and value, we collected data from several reports that dealt with the economic intervention of disease management programs. The disease management economic evaluation is composed of a series of steps, including the following major categories: data/information technology, information generation, assessment/recommendations, actionable customer plans, and program assessment/reassessment. We demonstrate the elements necessary for economic analysis. Disease management is one of the most innovative tools in the managed care environment and is still in the process of being defined. Therefore, objectives should include the creation of quality measures, such as principles and guidelines, and the establishment of a uniform set of metrics and a standardized methodology for evaluating them.

  16. Credit risk management in banks

    OpenAIRE

    Pětníková, Tereza

    2014-01-01

    The subject of this diploma thesis is managing credit risk in banks, as the most significant risk faced by banks. The aim of this work is to define the basic techniques, tools and methods that are used by banks to manage credit risk. The first part of this work focuses on defining these procedures and describes the entire process of credit risk management, from the definition of credit risk, describing credit strategy and policy, organizational structure, defining the most used credit risk mi...

  17. Strategic raw materials. Risk management

    International Nuclear Information System (INIS)

    Bertau, Martin; Matschullat, Joerg; Kausch, Peter

    2014-01-01

    This volume is divided into four chapters: (1) Raw material management, (2) Primary raw materials, (3) Secondary raw materials and recycling, (4). Processing and products. The topics for the chapter ''Raw material management'' are: Substitution of raw materials - framework conditions and implementation; Thales: Strategic raw materials; Time for cooperation between the EU and China in raw materials policy; Availability of elements for the semiconductor industry; Market price risks of raw material-intensive companies - identification and management. The topics on the second item ''Primary raw materials'' are: The supply of economic-critical raw materials - A search and analysis for causes; Lithium extraction from primary raw materials - state and perspectives; The global market of rare earths - A balancing act; Rare earth deposits in Namibia; New technologies in exploration and discovery - Focus on activities in Europe. The third chapter, ''Secondary Raw Materials and Recycling'', covered the topics: Technology metals - Systemic Requirements along the recycling chain; Integrated re-use of high-tech and greentech wastes; From the sewage sludge ash to the phosphorus fertilizer RecoPhos P38 in the stress field of waste, fertilizer and soil protection. In chapter 4. ''Processing and products'' are the topics: Treatment and processing of rare earth metals; Processing of mineral resources - opportunities and challenges; Consequences of modern germanium chemistry; Strategic resources - Risk management. A review and outlook with a pinch of fantasy.. [de

  18. Current Chemical Risk Management Activities

    Science.gov (United States)

    EPA's existing chemicals programs address pollution prevention, risk assessment, hazard and exposure assessment and/or characterization, and risk management for chemicals substances in commercial use.

  19. THE ECONOMIC RISK IN TRADING COMPANIES’ VALUATION

    Directory of Open Access Journals (Sweden)

    Mircea Muntean

    2014-12-01

    Full Text Available The negative influence of internal and external factors on the enterprise’s operating activity may lead to the realization of losses and economic-financial imbalance of the enterprise. Such situation leads to the economic risk, which can be avoided by diagnosis analysis. The manifestation of the economic risk has repercussions in: obtaining profit from operating activities, the maximization of the enterprise’s value and the increase of the market share. The operational risk can be detected by the method of forecast analysis “cost-volume-profit” or via coefficient of lever exploitation. This paper aims, on the basis of the information of a commerce company, to reveal the influence of risk in assessing the enterprise, as well as the possibilities to maximize its value and the increase in economic and financial performance in a competitive environment. The results of the research demonstrate the impact of the circulating expenditure structure on the enterprise’s financial results, as well as on equity.

  20. Economic impact assessment in pest risk analysis

    NARCIS (Netherlands)

    Soliman, T.A.A.; Mourits, M.C.M.; Oude Lansink, A.G.J.M.; Werf, van der W.

    2010-01-01

    According to international treaties, phytosanitary measures against introduction and spread of invasive plant pests must be justified by a science-based pest risk analysis (PRA). Part of the PRA consists of an assessment of potential economic consequences. This paper evaluates the main available

  1. Managing Complex Environmental Risks

    Energy Technology Data Exchange (ETDEWEB)

    Karlsson, Mikael [Karlstad Univ. (Sweden). Dept. of Environmental Sciences

    2006-09-15

    Environmental and public health risks are often handled in a process in which experts, and sometimes policy makers, try their best to quantitatively assess, evaluate and manage risks. This approach harmonises with mainstream interpretations of sustainable development, which aim at defining a desirable relationship between human and natural systems, for instance by policies that define limit values of different forms of disturbances. However, under conditions of high scientific incertitude, diverging values and distrust, this approach is far from satisfactory. The use of cell phones, hazardous chemicals, nuclear or fossil energy systems, and modern biotechnology are examples of activities causing such risks with high complexity. Against this background, a complementary interpretation of the concept of sustainable development is suggested. This interpretation is operationalised through new formulations of three common principles for public risk management; the precautionary principle, the polluter pays principle and the principle of public participation. Implementation of these reformulated principles would challenge some foundations of present mainstream views on environmental decision-making, but would on the other hand contribute to improved practices for long-term human welfare and planetary survival (full text of contribution)

  2. Managing Complex Environmental Risks

    International Nuclear Information System (INIS)

    Karlsson, Mikael

    2006-01-01

    Environmental and public health risks are often handled in a process in which experts, and sometimes policy makers, try their best to quantitatively assess, evaluate and manage risks. This approach harmonises with mainstream interpretations of sustainable development, which aim at defining a desirable relationship between human and natural systems, for instance by policies that define limit values of different forms of disturbances. However, under conditions of high scientific incertitude, diverging values and distrust, this approach is far from satisfactory. The use of cell phones, hazardous chemicals, nuclear or fossil energy systems, and modern biotechnology are examples of activities causing such risks with high complexity. Against this background, a complementary interpretation of the concept of sustainable development is suggested. This interpretation is operationalised through new formulations of three common principles for public risk management; the precautionary principle, the polluter pays principle and the principle of public participation. Implementation of these reformulated principles would challenge some foundations of present mainstream views on environmental decision-making, but would on the other hand contribute to improved practices for long-term human welfare and planetary survival (full text of contribution)

  3. CALCULATING ECONOMIC RISK AFTER HANFORD CLEANUP

    International Nuclear Information System (INIS)

    Scott, Michael J.

    2003-01-01

    Since late 1997, researchers at the Hanford Site have been engaged in the Groundwater Protection Project (formerly, the Groundwater/Vadose Zone Project), developing a suite of integrated physical and environmental models and supporting data to trace the complex path of Hanford legacy contaminants through the environment for the next thousand years, and to estimate corresponding environmental, human health, economic, and cultural risks. The linked set of models and data is called the System Assessment Capability (SAC). The risk mechanism for economics consists of ''impact triggers'' (sequences of physical and human behavior changes in response to, or resulting from, human health or ecological risks), and processes by which particular trigger mechanisms induce impacts. Economic impacts stimulated by the trigger mechanisms may take a variety of forms, including changes in either costs or revenues for economic sectors associated with the affected resource or activity. An existing local economic impact model was adapted to calculate the resulting impacts on output, employment, and labor income in the local economy (the Tri-Cities Economic Risk Model or TCERM). The SAC researchers ran a test suite of 25 realization scenarios for future contamination of the Columbia River after site closure for a small subset of the radionuclides and hazardous chemicals known to be present in the environment at the Hanford Site. These scenarios of potential future river contamination were analyzed in TCERM. Although the TCERM model is sensitive to river contamination under a reasonable set of assumptions concerning reactions of the authorities and the public, the scenarios show low enough future contamination that the impacts on the local economy are small

  4. CALCULATING ECONOMIC RISK AFTER HANFORD CLEANUP

    Energy Technology Data Exchange (ETDEWEB)

    Scott, M.J.

    2003-02-27

    Since late 1997, researchers at the Hanford Site have been engaged in the Groundwater Protection Project (formerly, the Groundwater/Vadose Zone Project), developing a suite of integrated physical and environmental models and supporting data to trace the complex path of Hanford legacy contaminants through the environment for the next thousand years, and to estimate corresponding environmental, human health, economic, and cultural risks. The linked set of models and data is called the System Assessment Capability (SAC). The risk mechanism for economics consists of ''impact triggers'' (sequences of physical and human behavior changes in response to, or resulting from, human health or ecological risks), and processes by which particular trigger mechanisms induce impacts. Economic impacts stimulated by the trigger mechanisms may take a variety of forms, including changes in either costs or revenues for economic sectors associated with the affected resource or activity. An existing local economic impact model was adapted to calculate the resulting impacts on output, employment, and labor income in the local economy (the Tri-Cities Economic Risk Model or TCERM). The SAC researchers ran a test suite of 25 realization scenarios for future contamination of the Columbia River after site closure for a small subset of the radionuclides and hazardous chemicals known to be present in the environment at the Hanford Site. These scenarios of potential future river contamination were analyzed in TCERM. Although the TCERM model is sensitive to river contamination under a reasonable set of assumptions concerning reactions of the authorities and the public, the scenarios show low enough future contamination that the impacts on the local economy are small.

  5. Nuclear generation cost management and economic benefits

    International Nuclear Information System (INIS)

    Horton, E.P.; Sepa, T.R.

    1989-01-01

    The CANDU-Pressurized Heavy Water (CANDU-PHW) type of nuclear generating station has been developed jointly by Atomic Energy of Canada Limited and Ontario Hydro. This report discusses the cost management principles used for Ontario Hydro's CANDU-PHW program, current cost management initiatives, and the economic benefits of nuclear power to the provinces of Ontario and New Brunswick, in Canada

  6. ECONOMIC CIRCUMSTANCES AND PERSONAL FINANCE MANAGEMENT

    OpenAIRE

    Branko Matic; Hrvoje Serdarusic; Maja Vretenar Cobovic

    2014-01-01

    The authors examine the impact of changed economic circumstances to manage personal finances. Analyze financial involvement, level of education and the management of personal finances population in Croatia. The paper used the method of analysis, synthesis, induction, deduction, and a survey poll.

  7. Risk Management and Risk Psychology in Romanian Sme’s

    Directory of Open Access Journals (Sweden)

    Irina Dănciulescu

    2015-12-01

    Full Text Available Risk is one of the biggest and most fascinating challenges of all times for humanity, because of its presence in all fields. Risk management as a component of modern management, has become a main concern for the modern world and one of the “key mechanisms” of economic development, a complex processn that includes a series of activities meant to alleviate the impact of risk over business and planed or foreseen results. This paper wants to bring to attention the importance of risks and their management in today’s economic crisis. The sector presented is the IT& C, especially software, because Romania had a growth in this area for a few years but beginning the crisis this segment in economy had known a serious decrease. This paper tries to connect risk management and risk psychology to Romanian economy, culture and mentality. The paper presents in short some of risk management characteristics, definitions and few opinions; why in Romania this subject is not treated with the appropriate attention. The paper at hand focuses on the psychology of risk and how it affects the life of individuals and the existence of companies, the importance it should have on day to day basis, especially in Romania

  8. Risk Management in the Agri-food Sector

    Directory of Open Access Journals (Sweden)

    Hrabrin Bachev

    2013-03-01

    Full Text Available This paper incorporates the interdisciplinary New Institutional Economics in a comprehensive framework for analyzing risk management in the agri-food sector. First, it specifies the diverse types of agri-food risks (natural, technical, behavioral, economic, policy, etc. and the modes of their management (market, private, public, and hybrid. Second, it defines the efficiency of risk management and identifies the factors (personal, institutional, dimensional, technological, and natural of governance choice. Next, it presents stages in the analysis of risk management and the improvement of public intervention in the governance of risk. Finally, it identifies the contemporary opportunities and challenges for risk governance in the agri-food chain.

  9. CEA - 2014 risk management assessment

    International Nuclear Information System (INIS)

    Bonnevie, Edwige; Verwaerde, Daniel; Maillot, Bernard

    2015-06-01

    After introducing presentations of CEA managers in charge of risk management and controls, this document presents and comments the actions undertaken by the CEA and the obtained results in terms of risk management in different fields: protection and control of the environment, installation safety, health, safety and radiation protection, transport of hazardous materials, waste management, protection of sites, installations and heritage, management of emergency situations, management of legal risks, internal audits and controls. Other topics are addressed like the presentation of the risk management department, and the role of the CEA in the relationship between research and industry

  10. CEA: risk management assessment 2011

    International Nuclear Information System (INIS)

    Bigot, Bernard; Bonnevie, Edwige; Maillot, Bernard

    2012-01-01

    This report proposes a qualitative and quantitative overview of CEA activities in the field of risk management during 2011. These activities concerned the impact on the environment, the safety of installations, the management of professional risks (safety and health at work), the radiological protection of workers, the transports of hazardous materials, waste management, protection of sites, installations and heritage, the management of emergency situations, the management of law risks, controls and audits

  11. Crowdfunding our health: Economic risks and benefits.

    Science.gov (United States)

    Renwick, Matthew J; Mossialos, Elias

    2017-10-01

    Crowdfunding is an expanding form of alternative financing that is gaining traction in the health sector. This article presents a typology for crowdfunded health projects and a review of the main economic benefits and risks of crowdfunding in the health market. We use evidence from a literature review, complimented by expert interviews, to extend the fundamental principles and established theories of crowdfunding to a health market context. Crowdfunded health projects can be classified into four types according to the venture's purpose and funding method. These are projects covering health expenses, fundraising health initiatives, supporting health research, or financing commercial health innovation. Crowdfunding could economically benefit the health sector by expanding market participation, drawing money and awareness to neglected health issues, improving access to funding, and fostering project accountability and social engagement. However, the economic risks of health-related crowdfunding include inefficient priority setting, heightened financial risk, inconsistent regulatory policies, intellectual property rights concerns, and fraud. Theorized crowdfunding behaviours such as signalling and herding can be observed in the market for health-related crowdfunding. Broader threats of market failure stemming from adverse selection and moral hazard also apply. Many of the discussed economic benefits and risks of crowdfunding health campaigns are shared more broadly with those of crowdfunding projects in other sectors. Where crowdfunding health care appears to diverge from theory is the negative externality inefficient priority setting may have towards achieving broader public health goals. Therefore, the market for crowdfunding health care must be economically stable, as well as designed to optimally and equitably improve public health. Copyright © 2017 The Authors. Published by Elsevier Ltd.. All rights reserved.

  12. Economic considerations in psoriasis management.

    Science.gov (United States)

    Radtke, Marc Alexander; Augustin, Matthias

    2008-01-01

    With a prevalence of 2% to 3%, psoriasis is a very common chronic disease worldwide and generates therapy costs and continuing cost for health insurance and patients and their families. Cost-political changes in health care and the ever increasing health-economic demands in all areas of the health system make it necessary to differentiate between the two when recording the expenses for a disease. The main characteristics of the pharmacoeconomic evaluation are the record of costs, the cost-benefit and cost-effectiveness ratio, and efficiency of various treatment forms. Numerous publications discuss the cost of individual forms of therapy in the treatment of psoriasis, but there are fewer studies on the total cost of psoriasis therapy, especially studies that take both direct and indirect costs into account. The scientific articles on pharmacoeconomy and quality of life in psoriasis have proven (without a doubt) that, despite the lack of a vital threat, psoriasis is highly important to the national economy and to those who have the disease. This justifies appropriate monetary expenditure for treatment. Studies that address the cost of therapies (especially for chronic diseases) will be necessary in the future and will create the required transparency to guarantee reasonable medical care that takes the cost-benefit ratio and the best outcome for the patient's quality of life into account.

  13. Risk Management in Cocurricular Activities.

    Science.gov (United States)

    Webb, Edward M.

    1988-01-01

    Discusses risk management for colleges' cocurricular activities. Discusses tort liability, contributory negligence, and assumption of risk. Provides six concrete steps for managing risks responsibly and professionally: adopting an educational mission statement, assigning risk to others, establishing safety standards, training club advisors,…

  14. Managing Corruption Risks

    DEFF Research Database (Denmark)

    Krause Hansen, Hans

    2011-01-01

    This article investigates the emerging engagement of private actors and specifically Western corporations in international anti-corruption, drawing on Foucauldian studies of governmentality. It explores this engagement as governing practices that have emanated quite independently from the inter......-state system commonly understood to be at the core of the anti-corruption regime. It demonstrates how corporate anti-corruption ties in with a relatively new way of perceiving corruption. In this framing, anti-corruption comes out as risk management, which is latched on to notions of corporate social...... responsibility and business ethics. Moreover, the constitution of corruption risk relates to the rise of new actors and networks engaged in a wider business of anti-corruption, including commercial and hybrid actors that supply corporations with managerial instruments, benchmarks for best practice, rankings...

  15. Risk preferences in strategic wildfire decision making: A choice experiment with U.S. wildfire managers

    Science.gov (United States)

    Matthew J. Wibbenmeyer; Michael S. Hand; David E. Calkin; Tyron J. Venn; Matthew P. Thompson

    2013-01-01

    Federal policy has embraced risk management as an appropriate paradigm for wildfire management. Economic theory suggests that over repeated wildfire events, potential economic costs and risks of ecological damage are optimally balanced when management decisions are free from biases, risk aversion, and risk seeking. Of primary concern in this article is how managers...

  16. Real Estate Economics, Management and Investments: New Perspectives and Frontiers

    Directory of Open Access Journals (Sweden)

    Vincenzo Del Giudice

    2018-03-01

    Full Text Available New perspectives and frontiers were highlighted in a Special Issue on “Real Estate Economics, Finance and Investments”. The twenty-eight papers that were selected and published emanated from scholars from universities all over the world with the aim to represent more recent advances in building management, mass appraisal methods, real estate risk management, economic evaluation of real estate investment projects, real estate market, property, social housing, real estate economics, real estate finance, building transformation and economic effects on environment. These papers helped to determine a unique and valuable opportunity to experiment with multiple approaches to these ever more crucial topics. This note proposes a brief review of the twenty-eight papers, concluding with some reflections about policy, practice and research on real estate issues.

  17. Communicating Risk to Program Managers

    Science.gov (United States)

    Shivers, C. Herbert

    2005-01-01

    Program Managers (PM) can protect program resources and improve chances of success by anticipating, understanding and managing risks. Understanding the range of potential risks helps one to avoid or manage the risks. A PM must choose which risks to accept to reduce fire fighting, must meet the expectations of stakeholders consistently, and avoid falling into costly "black holes" that may open. A good risk management process provides the PM more confidence to seize opportunities save money, meet schedule, even improve relationships with people important to the program. Evidence of managing risk and sound internal controls can mean better support from superiors for the program by building a trust and reputation from being on top of issues. Risk managers have an obligation to provide the PM with the best information possible to allow the benefits to be realized (Small Business Consortium, 2004). The Institute for Chartered Accountants in England and Wales sees very important benefits for companies in providing better information about what they do to assess and manage key business risks. Such information will: a) provide practical forward-looking information; b) reduce the cost of capital; c) encourage better risk management; and d) improve accountability for stewardship, investor protection and the usefulness of financial reporting. We are particularly convinced that enhanced risk reporting will help listed companies obtain capital at the lowest possible cost (The Institute of Chartered Accountants in England &Wales, June 2002). Risk managers can take a significant role in quantifying the success of their department and communicating those figures to executive (program) management levels while pushing for a broader risk management role. Overall, risk managers must show that risk management work matters in the most crucial place-the bottom line- as they prove risk management can be a profit center (Sullivan, 2004).

  18. Integrated economic management. Principal aspects and future

    International Nuclear Information System (INIS)

    2004-01-01

    Now that five years have passed (1999-2003) since the Owner Companies decided to merge the Asco and Vandellos-II nuclear power plants, we believe that, for Integrated Management through a single AIE, it is timely and advisable to describe the key issues of the process implemented to optimize economic results, always in accordance with the Policies of Nuclear Safety, Quality and Environment, Prevention, Human Factors and Availability, and we emphasize the following as essential elements: The Corporate Model; strategic/Operating Plans; integrated Economic Management Model SIE; Rationalization of the organizational structure, Continuous Training; Analysis of Processes and Procedures. (Author)

  19. Managing information technology security risk

    Science.gov (United States)

    Gilliam, David

    2003-01-01

    Information Technology (IT) Security Risk Management is a critical task for the organization to protect against the loss of confidentiality, integrity and availability of IT resources. As systems bgecome more complex and diverse and and attacks from intrusions and malicious content increase, it is becoming increasingly difficult to manage IT security risk. This paper describes a two-pronged approach in addressing IT security risk and risk management in the organization: 1) an institutional enterprise appraoch, and 2) a project life cycle approach.

  20. Credit derivatives and risk management

    OpenAIRE

    Michael S. Gibson

    2007-01-01

    The striking growth of credit derivatives suggests that market participants find them to be useful tools for risk management. I illustrate the value of credit derivatives with three examples. A commercial bank can use credit derivatives to manage the risk of its loan portfolio. An investment bank can use credit derivatives to manage the risks it incurs when underwriting securities. An investor, such as an insurance company, asset manager, or hedge fund, can use credit derivatives to align its...

  1. COORDINATES OF A RISK MANAGEMENT PROJECT

    OpenAIRE

    ALEXANDRU OLTEANU; MĂDĂLINA ANTOANETA RĂDOI

    2013-01-01

    High risk – high benefit: a well-known correlation both in the economic field and in the day-to-day life. Another correlation, on which this article is based: large project – numerous participants – increased risks and other malfunctions. The risk management concept is challenged by those projects and is forced to find the most adequate “customized” ways for each project at its turn. In this respect, the assessment of management has followed the trend of the last three decades, marked by movi...

  2. Risks in hospitals. Assessment and Management

    Directory of Open Access Journals (Sweden)

    Bradea Ioana-Alexandra

    2014-12-01

    Full Text Available In a complex world, characterized by a multitude of risks, managers need to manage the risks they encounter, in an efficient way and in the shortest time possible. In the current economic crisis, the concept of hospital risk management, as the process in which is identified, analyzed, reduced, or avoided a risk that may affect the hospital, gained great importance. The Romanian health system, distinguished by: lack of transparency, poor funding, the loss of the valuable medical staff, lack of hospitals in villages and small towns, inability to engage patients due to the old and poor equipment, lack of research and problems in information privacy and cyber-security, requires an appropriate management, enabling risk managers to take decisions in order to avoid the occurrence of risks. Important for the functioning of every hospital is the perception of patients and their degree of satisfaction, regarding the quality of services, which depend largely on the quality of human resources. But what are the human resources weaknesses and risks from the patient point of view? What are the risk indicators which must be monitored to avoid risks? And also, which is the most useful method for measurement and assessment of risk?

  3. On the ALARP approach to risk management

    International Nuclear Information System (INIS)

    Melchers, R.E.

    2001-01-01

    There is an increasing trend by regulatory authorities for the introduction of the as low as reasonably practicable (ALARP) approach in dealing with risk management of proposed or existing complex hazardous systems. For these, decisions about acceptability or tolerability of risks and consequences can have very significant financial, economic and other consequences for the proponents. Conversely, there may be very significant social and socio-economic implications. ALARP as a guide to achieving a satisfactory outcome has a certain intuitive appeal for the practical management of industrial and other risks. However, as suggested herein, there are a number of areas of concern about the validity of this approach. These include representativeness, morality, philosophy, political reality and practicality. An important, and in some respects fundamental, difficulty is that the risk acceptance criteria are not fully open to public scrutiny and can appear to be settled by negotiation

  4. The Key to Risk Management: Management

    OpenAIRE

    Adrian E. Tschoegl

    2000-01-01

    The Barings, Daiwa Bank and Sumitomo Corp. financial debacles in the mid-1990s suggest that management failures rather than misfortune, errors, or complexity are a major source of the risk of financial debacles. These errors are systematic and are a concommittant of the structure of trading and of human nature. Risk management systems must take these facts into account.

  5. Risk Management in Insurance Companies

    OpenAIRE

    Yang, Xufeng

    2006-01-01

    Insurance is the uncertain business in uncertain society. Today, insures face more complex and difficult risks. Efficient risk management mechanisms are essential for the insurers. The paper is set out initially to explore UK insurance companies risk management and risk disclosure by examining companies annual report after all the listed insurance companies are required to disclose risk information in their annual report, which seeks to reflect the recent development in UK insurance companies...

  6. Information systems for risk management

    OpenAIRE

    Michael S. Gibson

    1997-01-01

    Risk management information systems are designed to overcome the problem of aggregating data across diverse trading units. The design of an information system depends on the risk measurement methodology that a firm chooses. Inherent in the design of both a risk management information system and a risk measurement methodology is a tradeoff between the accuracy of the resulting measures of risk and the burden of computing them. Technical progress will make this tradeoff more favorable over time...

  7. Framework for systematic risk management

    International Nuclear Information System (INIS)

    Knief, R.A.; Mahn, J.A.; Briant, V.S.; Lee, R.B.; Long, R.L.

    1991-01-01

    The first paper of the Symposium described GPU Nuclear's Risk Management Group (RMG) and the use of literature search and interviews in a extensive study of risk management. One of the most important goals of the study was to identify comprehensive approaches to managing risk in the nuclear and major high-technology industries. This paper discusses RMG's multi-step generic risk-management process consisting of the following steps to: identify hazards; screen hazards and identify preventive actions, including costs; evaluate hazards for severity, probable frequency, and cost of preventive actions; prioritize preventive actions (preference to high risk and low cost); implement preventive actions; monitor and provide feedback

  8. Trends in risk management in nuclear industry

    International Nuclear Information System (INIS)

    Kim, Inn Seock

    1996-01-01

    Safety management may be classified into three dimensions: risk management, accident management, and emergency management. This paper addresses the recent trends of safety management in nuclear industry, focussing on risk management and accident management

  9. Management Science, Economics and Finance: A Connection

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael); W.-K. Wong (Wing-Keung)

    2016-01-01

    textabstractThis paper provides a brief review of the connecting literature in management science, economics and finance, and discusses some research that is related to the three disciplines. Academics could develop theoretical models and subsequent econometric models to estimate the parameters in

  10. Risk assessment and risk management in managed aquifer recharge

    CSIR Research Space (South Africa)

    Page, D

    2012-06-01

    Full Text Available This chapter presents the methodologies used for risk assessment and risk management in MAR in Australia and the European Union, qualitative and quantitative approaches adopted within the RECLAIM Water project and case studies where the outcomes...

  11. Understanding and managing risk attitude

    National Research Council Canada - National Science Library

    Hillson, David; Murray-Webster, Ruth

    2007-01-01

    ... This book highlights how risk attitude factors influence the human psyche, and carefully explains the impacts. Organisations seeking to dramatically improve the effectiveness of their risk management process will want to use this book's insights. Craig Peterson, President, PMI Risk Management SIG This book has prompted me to think more deeply as a change d...

  12. Methods of Financial Risk Management

    Directory of Open Access Journals (Sweden)

    Korzh Natalia

    2016-10-01

    Full Text Available The essence and nature of financial risks are investigated. Their classification is conducted. The features of financial risk management and the main methods of management are considered. The ways of risk compensation are identified. It is proved that the objective external risk basis is such market imperfections as externalities of enterprises and incomplete information about the operation of the business environment and internal objective basis risk – the objective function to maximise profits in a competitive environment. It is revealed that to compensate market imperfections business entities should develop a strategy that combines fill in missing information and neutralise or minimise externalities that tactically implemented in financial risk management programs.

  13. Nuclear power investment risk economic model

    International Nuclear Information System (INIS)

    Houghton, W.J.; Postula, F.D.

    1985-12-01

    This paper describes an economic model which was developed to evaluate the net costs incurred by a utility due to an accident induced outage at a nuclear power plant. During such an outage the portion of the plant operating costs associated with power production are saved; however, the owning utility faces a sizable expense as fossil fuels are burned as a substitute for the incapacitated nuclear power. Additional expenses are incurred by the utility for plant repair and if necessary, decontamination costs. The model makes provision for mitigating these costs by sales of power, property damage insurance payments, tax write-offs and increased rates. Over 60 economic variables contribute to the net cost uncertainty. The values of these variables are treated as uncertainty distributions and are used in a Monte carlo computer program to evaluate the cost uncertainty (investment risk) associated with damage which could occur from various categories of initiating accidents. As an example, results of computations for various levels of damage associated with a loss of coolant accident are shown as a range of consequential plant downtime and unrecovered cost. A typical investment risk profile is shown for these types of accidents. Cost/revenue values for each economic factor are presented for a Three Mile Island - II type accident, e.g., uncontrolled core heatup. 4 refs., 6 figs., 3 tabs

  14. Management of risks in the public interest

    International Nuclear Information System (INIS)

    Nathwani, J.S.; Lind, N.C.; Siddall, E.

    1990-01-01

    The study is a model framework for making decisions about risks and benefits and how the basis for such decisions can be improved through a more rational and scientific approach. An aim is to establish a general approach to the management of risks in society. The original impetus was to prepare for a study of the full socio-economic impact of nuclear energy. However, as the study progressed, it became clear that the total social and economic impacts of a single energy technology cannot be satisfactorily addressed in isolation. (orig./DG)

  15. The Strategic-Renovation Banks’ Risks Management

    Directory of Open Access Journals (Sweden)

    Yeremeychuk Raisa A.

    2017-04-01

    Full Text Available The article is aimed at developing approaches to implementation of the strategic-renovation risk management. Essence of risk theories was researched, the concept of «risk» in the bank’s management system were analyzed. On the basis of a theoretical generalization of scientific literature and the carried out analysis of existing risk management strategies to ensure the security of banking business, the strategy of renovation management has been selected. Because bank risks are part of the economic risk system, they are complex in their nature. However, given the importance of bank risks, the interpretation of their essence is still a debating matter. In a certain number of cases, their essence is replaced by the cause of occurrence, that is, all the different circumstances, factors that lead to the losses. So today, banks are considering risks, in particular, not only as a source of possible losses, but also as an opportunity to generate additional profits. An algorithm for taking a strategic-renovation decision on the banks’ risks management system has been proposed.

  16. Economic environmental management of drilling operations

    International Nuclear Information System (INIS)

    Longwell, H.J.; Akers, T.J.

    1992-01-01

    This paper presents significant environmental and regulatory initiatives developed by Exxon's New Orleans Drilling Organization. Specifically, the paper will cover drilling waste minimization techniques and disposal options, recycling of drilling waste streams, and environmentally managed drilling location design considerations. The implementation of some of these initiatives at Exxon's Chalkley field land locations have resulted in a fifty percent reduction in drilling location waste management costs. Some of these same initiatives have been successfully applied to Exxon's barge drilling locations. For operations at the environmentally sensitive Mobile Bay, Exxon contracted with a local company and assisted in the development of an economically and environmentally superior drilling waste disposal and treatment system. In summary, it is possible for drilling operators to pro-actively manage escalating environmental and regulatory challenges through the implementation of economic and practical initiatives

  17. IMPLEMENTING A RISK MANAGEMENT STANDARD

    Directory of Open Access Journals (Sweden)

    Constantin PREDA

    2013-01-01

    Full Text Available After risk management “conquered” more and more project managers’ minds and showed its benefits for business and programs, the need to have a global risk management standard has become a crucial issue in the world of risk management. But having a global risk management standard has been a big challenge, starting from the decision of developing the standard (March-June 2005, to the moment of publishing it, November 2009. So, developing the ISO 31000:2009 standard has been more or less like a bumpy ride. Apparently, the people involved in developing the global risk management standard understood from the very beginning that no challenges are too big, nor any tasks too small and that the task of having a new, comprehensive global risk management standard should be completed with excellence: defining the principles and the framework guiding the risk management process applicable for all type of organizations and for a wide range of activities. Coming up with a global standard should always be based on the real organizations’ needs and should fulfill real risk management requirements. The article is trying to present the pros and cons of risk management standard implementation, challenging the implementation process itself and the added value of implementing the standard due to the lack of implementation enablers, like risk culture, a real problem especially in an international environment.

  18. RISK MANAGEMENT: AN INTEGRATED APPROACH TO RISK MANAGEMENT AND ASSESSMENT

    Directory of Open Access Journals (Sweden)

    Szabo Alina

    2012-12-01

    Full Text Available Purpose: The objective of this paper is to offer an overview over risk management cycle by focusing on prioritization and treatment, in order to ensure an integrated approach to risk management and assessment, and establish the ‘top 8-12’ risks report within the organization. The interface with Internal Audit is ensured by the implementation of the scoring method to prioritize risks collected from previous generated risk report. Methodology/approach: Using evidence from other research in the area and the professional expertise, this article outlines an integrated approach to risk assessment and risk management reporting processes, by separating the risk in two main categories: strategic and operational risks. The focus is on risk prioritization and scoring; the final output will comprise a mix of strategic and operational (‘top 8-12’ risks, which should be used to establish the annual Internal Audit plan. Originality/value: By using an integrated approach to risk assessment and risk management will eliminate the need for a separate Internal Audit risk assessment over prevailing risks. It will reduce the level of risk assessment overlap by different functions (Tax, Treasury, Information System over the same risk categories as a single methodology, is used and will align timings of risk assessment exercises. The risk prioritization by usage of risk and control scoring criteria highlights the combination between financial and non-financial impact criteria allowing risks that do not naturally lend themselves to a financial amount to be also assessed consistently. It is emphasized the usage of score method to prioritize the risks included in the annual audit plan in order to increase accuracy and timelines.

  19. A model for the optimal risk management of farm firms

    DEFF Research Database (Denmark)

    Rasmussen, Svend

    2012-01-01

    Risk management is an integrated part of business or firm management and deals with the problem of how to avoid the risk of economic losses when the objective is to maximize expected profit. This paper will focus on the identification, assessment, and prioritization of risks in agriculture followed...... by a description of procedures for coordinated and economical application of resources to control the probability and/or impact of unfortunate events. Besides identifying the major risk factors and tools for risk management in agricultural production, the paper will look critically into the current methods...... for risk management Risk management is typically based on numerical analysis and the concept of efficiency. None of the methods developed so far actually solve the basic question of how the individual manager should behave so as to optimise the balance between expected profit/income and risk. In the paper...

  20. RISK MANAGEMENT IN CUSTOMS CONTROL

    Directory of Open Access Journals (Sweden)

    Elena Valerievna Drobot

    2017-06-01

    Full Text Available Customs administrations operating in the modern global economy are faced with a complex range of challenges. The prime responsibilities remain the collection of revenues and the protection of the society, but these demanding tasks must be performed effectively and efficiently, whilst at the same time facilitating the flow of legitimate goods. Risk management is a logical and systematic method of identifying, analyzing and managing risks. Risk management can be associated with any activity, function or process within the organization and will enable the organization to take advantage of opportunities and minimize potential losses. Minimization of the human factor in customs control through the implementation of non-intrusive inspection equipment can be very useful. The particularities of risk-management system (RMS implementation within customs control are discussed in the article. The authors single out the elements of the risk-management system, evaluate the effectiveness of risk-management in customs control. The main reasons for non-implementation of the risk-management system in customs control are described as well. The particular attention is paid to the benefits of customs risk management. The authors’ hypothesis is that risk management in customs control must find a balance between costs and benefits to address all risks equally. Criteria are needed to decide what constitutes an acceptable or unacceptable risk. Thus, system analysis and risk management system are the effective mechanisms for acceleration of customs clearance and improve the quality of customs control. As a conclusion, the authors give recommendations for the improvement of the effectiveness of risk management system in customs control.

  1. Risk management and corporate value

    Directory of Open Access Journals (Sweden)

    Milan Cupic

    2015-12-01

    Full Text Available The paper presents a theoretical framework for assessing the impact of risk management on corporate value. As the relevant factors that determine this impact, the paper analyzes market imperfections and investors’ risk aversion. The results of the present research indicate that risk management contributes to an increase in corporate value if, under the influence of market imperfections, corporate risk exposure is concave. As an expression of market imperfections, the paper analyzes the costs of financial distress, agency costs, and taxation. The results of the research also indicate that the risk management policy should not aim to minimize, but rather optimize risk exposure, by taking into account the costs of risk management, investors’ risk aversion and the competitive advantage a corporation has on the relevant market.

  2. Risk management of precious metals

    NARCIS (Netherlands)

    S.M. Hammoudeh (Shawkat); F. Malik (Farooq); M.J. McAleer (Michael)

    2010-01-01

    textabstractThis paper examines volatility and correlation dynamics in price returns of gold, silver, platinum and palladium, and explores the corresponding risk management implications for market risk and hedging. Value-at-Risk (VaR) is used to analyze the downside market risk associated with

  3. Risk Management in Logystics Chains

    OpenAIRE

    Butrin, Andrey; Vikulov, Vladimir

    2013-01-01

    Article is devoted to risk management of supply chain. The authors considered indicators of supply chain risks, including risks caused by supplier. Authors formed a method of optimizing the level of supply chain risk in the integration with suppliers and customers.

  4. Improving Information Security Risk Management

    Science.gov (United States)

    Singh, Anand

    2009-01-01

    manaOptimizing risk to information to protect the enterprise as well as to satisfy government and industry mandates is a core function of most information security departments. Risk management is the discipline that is focused on assessing, mitigating, monitoring and optimizing risks to information. Risk assessments and analyses are critical…

  5. An economic evaluation of solar radiation management

    Energy Technology Data Exchange (ETDEWEB)

    Aaheim, Asbjørn; Romstad, Bård; Wei, Taoyuan [CICERO — Center for International Climate and Environmental Research Oslo (Norway); Kristjánsson, Jón Egill; Muri, Helene [Department of Geosciences, University of Oslo (Norway); Niemeier, Ulrike; Schmidt, Hauke [Max Planck Institute for Meteorology, Hamburg (Germany)

    2015-11-01

    Economic evaluations of solar radiation management (SRM) usually assume that the temperature will be stabilized, with no economic impacts of climate change, but with possible side-effects. We know from experiments with climate models, however, that unlike emission control the spatial and temporal distributions of temperature, precipitation and wind conditions will change. Hence, SRM may have economic consequences under a stabilization of global mean temperature even if side-effects other than those related to the climatic responses are disregarded. This paper addresses the economic impacts of implementing two SRM technologies; stratospheric sulfur injection and marine cloud brightening. By the use of a computable general equilibrium model, we estimate the economic impacts of climatic responses based on the results from two earth system models, MPI-ESM and NorESM. We find that under a moderately increasing greenhouse-gas concentration path, RCP4.5, the economic benefits of implementing climate engineering are small, and may become negative. Global GDP increases in three of the four experiments and all experiments include regions where the benefits from climate engineering are negative.

  6. An economic evaluation of solar radiation management

    International Nuclear Information System (INIS)

    Aaheim, Asbjørn; Romstad, Bård; Wei, Taoyuan; Kristjánsson, Jón Egill; Muri, Helene; Niemeier, Ulrike; Schmidt, Hauke

    2015-01-01

    Economic evaluations of solar radiation management (SRM) usually assume that the temperature will be stabilized, with no economic impacts of climate change, but with possible side-effects. We know from experiments with climate models, however, that unlike emission control the spatial and temporal distributions of temperature, precipitation and wind conditions will change. Hence, SRM may have economic consequences under a stabilization of global mean temperature even if side-effects other than those related to the climatic responses are disregarded. This paper addresses the economic impacts of implementing two SRM technologies; stratospheric sulfur injection and marine cloud brightening. By the use of a computable general equilibrium model, we estimate the economic impacts of climatic responses based on the results from two earth system models, MPI-ESM and NorESM. We find that under a moderately increasing greenhouse-gas concentration path, RCP4.5, the economic benefits of implementing climate engineering are small, and may become negative. Global GDP increases in three of the four experiments and all experiments include regions where the benefits from climate engineering are negative

  7. RISKS MANAGEMENT: NEW LITERATURE REVIEW

    OpenAIRE

    Ennouri Wissem

    2013-01-01

    The complexity of the industrial activities and the important mass of flows crossing the supply chain promotes the emergence of risks that must be considered in the decision process. For this reason, we have developed this paper to clarify the basics of risk management through a short new suggestion of literature review for risk management. Our justification of this attempt is that this area is the most discussed in our days and it is impossible to present all definition of the risk concept, ...

  8. Adaptive engineering management tools of enterprise economic security

    Directory of Open Access Journals (Sweden)

    G.E. Krokhicheva

    2018-06-01

    Full Text Available This paper discusses the organizational and methodological foundations and methods exploited to forecast, analyze and scale down threats and risks in the sphere of economic security, to solve the adaptation problems, to implement and to evaluate of the potency of protective measures. The object of the conducted research is associated with various economic activities of the commercial enterprises affiliated in Rostov region. A suggested model of the formation and functioning of adaptive engineering tools for managing economic security in the form of derivative balance of the enterprise resources and the sources of their formation will allow the proprietors, executive board and mana-gerial staff to obtain necessary information within the requested context regarding the enterprise vital economic interests. In addition, the paper pays attention to the methodological aspects of accounting description and estimation of the iterative achievements to meet the desired adaptation results, implemented within the framework of the described iterative algorithm aimed at ensuring strategic prediction.

  9. Knowledge Management in Economic Downturn: Indian Scenario

    Directory of Open Access Journals (Sweden)

    D. Mehta

    2011-10-01

    Full Text Available Knowledge management is becoming an indispensable aspect of most of the modern business organizations. It is considered as a corporate cost savings process to augment performance capabilities with broader availability and utilization of major corporate knowledge assets. Knowledge management is the basis of all planning, all development and all progress ofan organization. It is one of the significant ingredients, which makes the accessibility of acceptance with understanding of learning. With recession encompassing the globe, theorganizations are passionately engaged in cost cutting practices to maintain profitability and competitiveness. When enterprises realize that developing and sharing knowledge is pivotal tosustain a cutting edge, the management can decide to place knowledge management high on their agenda- especially during economic turmoil. The Indian organizations have exceedingly done well during the economic turmoil. The present paper is an attempt to study knowledge management during recession in Indian scenario. Major challenges faced by the organizations are highlighted along with strategies to overcome such challenges are presented by the authors.Keywords: knowledge, knowledge management, recession, innovation, Indian scenario.

  10. Managing the risks of risk management on large fires

    Science.gov (United States)

    Donald G. MacGregor; Armando González-Cabán

    2013-01-01

    Large fires pose risks to a number of important values, including the ecology, property and the lives of incident responders. A relatively unstudied aspect of fire management is the risks to which incident managers are exposed due to organizational and sociopolitical factors that put them in a position of, for example, potential liability or degradation of their image...

  11. The Uncertainties of Risk Management

    DEFF Research Database (Denmark)

    Vinnari, Eija; Skærbæk, Peter

    2014-01-01

    for expanding risk management. More generally, such uncertainties relate to the professional identities and responsibilities of operational managers as defined by the framing devices. Originality/value – The paper offers three contributions to the extant literature: first, it shows how risk management itself......Purpose – The purpose of this paper is to analyse the implementation of risk management as a tool for internal audit activities, focusing on unexpected effects or uncertainties generated during its application. Design/methodology/approach – Public and confidential documents as well as semi......-structured interviews are analysed through the lens of actor-network theory to identify the effects of risk management devices in a Finnish municipality. Findings – The authors found that risk management, rather than reducing uncertainty, itself created unexpected uncertainties that would otherwise not have emerged...

  12. Economic risks of nuclear power reactor accidents

    International Nuclear Information System (INIS)

    Burke, R.P.; Aldrich, D.C.

    1984-04-01

    Models to be used for analyses of economic risks from events which occur during US LWR plant operation are developed in this study. The models include capabilities to estimate both onsite and offsite costs of LWR events ranging from routine plant forced outages to severe core-melt accidents resulting in large releases of radioactive material to the environment. The models have been developed for potential use by both the nuclear power industry and regulatory agencies in cost/benefit analyses for decision-making purposes. The new onsite cost models estimate societal losses from power production cost increases, plant capital losses, plant decontamination costs, and plant repair costs which may be incurred after LWR operational events. Early decommissioning costs, plant worker health impact costs, electric utility business costs, nuclear power industry costs, and litigation costs are also addressed. The newly developed offsite economic consequence models estimate The costs of post-accident population protective measures and public health impacts. The costs of population evacuation and temporary relocation, agricultural product disposal, land and property decontamination, and land interdiction are included in the economic models for population protective measures. Costs of health impacts and medical care costs are also included in the models

  13. Continuous Risk Management at NASA

    Science.gov (United States)

    Hammer, Theodore F.; Rosenberg, Linda

    1999-01-01

    NPG 7120.5A, "NASA Program and Project Management Processes and Requirements" enacted in April, 1998, requires that "The program or project manager shall apply risk management principles..." The Software Assurance Technology Center (SATC) at NASA GSFC has been tasked with the responsibility for developing and teaching a systems level course for risk management that provides information on how to comply with this edict. The course was developed in conjunction with the Software Engineering Institute at Carnegie Mellon University, then tailored to the NASA systems community. This presentation will briefly discuss the six functions for risk management: (1) Identify the risks in a specific format; (2) Analyze the risk probability, impact/severity, and timeframe; (3) Plan the approach; (4) Track the risk through data compilation and analysis; (5) Control and monitor the risk; (6) Communicate and document the process and decisions. This risk management structure of functions has been taught to projects at all NASA Centers and is being successfully implemented on many projects. This presentation will give project managers the information they need to understand if risk management is to be effectively implemented on their projects at a cost they can afford.

  14. Influence of flood risk management measures on socio-economic and ecological vulnerabilities in a large water system - A case study of Lake Vänern and the Göta älv River, Sweden

    Science.gov (United States)

    Nyberg, L.; Blumenthal, B.; Johansson, M.

    2009-04-01

    An important feature of flood risk management is to integrate ecological, economical and social aspects on prevention and mitigation measures. Protective measures could potentially be in conflict with sound functions of ecosystems or cause conflicts in upstream/downstream relations. A case study of a large water system in south-western Sweden - Lake Vänern and the Göta älv River - was used to analyse the relation between socio-economic and ecological vulnerabilities and to identify opposing interests regarding water level fluctuations and high-water-level situations in the lake. Lake Vänern with its area of 5,500 km2 is the largest lake in Sweden and within the European Union. The Göta älv River runs from the lake outlet 90 km down to the sea at Gothenburg. The total catchment area upstream of the river mouth is 51,000 km2. Vänern and Göta älv are used for hydropower production, shipping, tourism, fishing, drinking water supply, as waste water recipient, etc. The risk system is complex with flood risks in the lake and in Gothenburg which are connected to landslide risks and industrial risks in the river valley, and where the drinking water supply for 700,000 persons in the Gothenburg region is at stake. Because of the landslide risks along the downstream river, the water discharge from Lake Vänern is limited. During periods of high inflow to the lake, situations of high water-levels last at least for six months. Substantial increases in precipitation during the 21st century, according to IPCC, will give a corresponding increase in flood risks.

  15. Economic resilience through "One-Water" management

    Science.gov (United States)

    Hanson, Randall T.; Schmid, Wolfgang

    2013-01-01

    Disruption of water availability leads to food scarcity and loss of economic opportunity. Development of effective water-resource policies and management strategies could provide resiliance to local economies in the face of water disruptions such as drought, flood, and climate change. To accomplish this, a detailed understanding of human water use and natural water resource availability is needed. A hydrologic model is a computer software system that simulates the movement and use of water in a geographic area. It takes into account all components of the water cycle--“One Water”--and helps estimate water budgets for groundwater, surface water, and landscape features. The U.S. Geological Survey MODFLOW One-Water Integrated Hydrologic Model (MODFLOWOWHM) software and scientific methods can provide water managers and political leaders with hydrologic information they need to help ensure water security and economic resilience.

  16. RISK MANAGEMENT: AN INTEGRATED APPROACH TO RISK MANAGEMENT AND ASSESSMENT

    OpenAIRE

    Szabo Alina

    2012-01-01

    Purpose: The objective of this paper is to offer an overview over risk management cycle by focusing on prioritization and treatment, in order to ensure an integrated approach to risk management and assessment, and establish the ‘top 8-12’ risks report within the organization. The interface with Internal Audit is ensured by the implementation of the scoring method to prioritize risks collected from previous generated risk report. Methodology/approach: Using evidence from other research in ...

  17. NGNP Risk Management Database: A Model for Managing Risk

    International Nuclear Information System (INIS)

    Collins, John

    2009-01-01

    To facilitate the implementation of the Risk Management Plan, the Next Generation Nuclear Plant (NGNP) Project has developed and employed an analytical software tool called the NGNP Risk Management System (RMS). A relational database developed in Microsoft(reg s ign) Access, the RMS provides conventional database utility including data maintenance, archiving, configuration control, and query ability. Additionally, the tool's design provides a number of unique capabilities specifically designed to facilitate the development and execution of activities outlined in the Risk Management Plan. Specifically, the RMS provides the capability to establish the risk baseline, document and analyze the risk reduction plan, track the current risk reduction status, organize risks by reference configuration system, subsystem, and component (SSC) and Area, and increase the level of NGNP decision making.

  18. NGNP Risk Management Database: A Model for Managing Risk

    Energy Technology Data Exchange (ETDEWEB)

    John Collins

    2009-09-01

    To facilitate the implementation of the Risk Management Plan, the Next Generation Nuclear Plant (NGNP) Project has developed and employed an analytical software tool called the NGNP Risk Management System (RMS). A relational database developed in Microsoft® Access, the RMS provides conventional database utility including data maintenance, archiving, configuration control, and query ability. Additionally, the tool’s design provides a number of unique capabilities specifically designed to facilitate the development and execution of activities outlined in the Risk Management Plan. Specifically, the RMS provides the capability to establish the risk baseline, document and analyze the risk reduction plan, track the current risk reduction status, organize risks by reference configuration system, subsystem, and component (SSC) and Area, and increase the level of NGNP decision making.

  19. Commercializing fuel cells: managing risks

    Science.gov (United States)

    Bos, Peter B.

    Commercialization of fuel cells, like any other product, entails both financial and technical risks. Most of the fuel cell literature has focussed upon technical risks, however, the most significant risks during commercialization may well be associated with the financial funding requirements of this process. Successful commercialization requires an integrated management of these risks. Like any developing technology, fuel cells face the typical 'Catch-22' of commercialization: "to enter the market, the production costs must come down, however, to lower these costs, the cumulative production must be greatly increased, i.e. significant market penetration must occur". Unless explicit steps are taken to address this dilemma, fuel cell commercialization will remain slow and require large subsidies for market entry. To successfully address this commercialization dilemma, it is necessary to follow a market-driven commercialization strategy that identifies high-value entry markets while minimizing the financial and technical risks of market entry. The financial and technical risks of fuel cell commercialization are minimized, both for vendors and end-users, with the initial market entry of small-scale systems into high-value stationary applications. Small-scale systems, in the order of 1-40 kW, benefit from economies of production — as opposed to economies to scale — to attain rapid cost reductions from production learning and continuous technological innovation. These capital costs reductions will accelerate their commercialization through market pull as the fuel cell systems become progressively more viable, starting with various high-value stationary and, eventually, for high-volume mobile applications. To facilitate market penetration via market pull, fuel cell systems must meet market-derived economic and technical specifications and be compatible with existing market and fuels infrastructures. Compatibility with the fuels infrastructure is facilitated by a

  20. Economic challenges of radioactive waste management

    International Nuclear Information System (INIS)

    Soderberg, O.

    1996-01-01

    The management of long lived waste, and the decommissioning of nuclear power plants represent major economic challenges. Power production is an activity that produces benefits now, but considerable costs will appear up to one or two generations later. Who should pay for such inevitable costs? How do you guarantee a lifetime ahead that money will be available when needed? The issues of inter-generational equity and management of the uncertainties involved in estimating future costs decommissioning and waste management, the development of the concept of trust funds and the overseeing of long-term financial liabilities in this field are discussed. The paper contains an overview of how such challenges are met in different countries. Information for the general public about economics in connection with nuclear waste management needs to combine the conflicting demands of accuracy and simplification. Systems for financing future costs are discussed, together with proposed guarantees and suggestions for the efficient organisation of such funding. The present Swedish system is explained. This basically requires license holders to pay a yearly fee to cover the costs of the safe handling and final disposal of nuclear fuel used in the reactor, the safe decommissioning and dismantling of the reactor, and the R and D activities required to achieve this. With recent suggestions for improving the reliability of the 1981 Swedish nuclear waste management funding system as a basis, five information messages rom the Government and responsible authorities are discussed. (author)

  1. CONSIDERATIONS ON RISK MANAGEMENT APPLIED TO FOREST FIRES

    Directory of Open Access Journals (Sweden)

    Ioan Valentin Marcel Posea

    2016-07-01

    Full Text Available Forest risk and management are ubiquitous in any socio-economic activity. Forestry, more than any other field, is at risk from fire. Consequently, it appears the necessity to implement a fire risk management that could resolve, at least partially, the specific problems. This study attempts to identify the specific stages and processes of forest fire risk management and their content. At the same time, I will try to highlight how a forest fire risk management process planning can be achieved and to present a way of achieving the Plan. I also deem necessary a forest fire risk monitoring and control system that I have built using the Deming cycle.

  2. Selecting Copulas for Risk Management

    NARCIS (Netherlands)

    H.J.W.G. Kole (Erik); C.G. Koedijk (Kees); M.J.C.M. Verbeek (Marno)

    2006-01-01

    textabstractCopulas offer financial risk managers a powerful tool to model the dependence between the different elements of a portfolio and are preferable to the traditional, correlation-based approach. In this paper we show the importance of selecting an accurate copula for risk management. We

  3. Corporate risk management : an overview

    NARCIS (Netherlands)

    Oosterhof, Casper M.

    2001-01-01

    Corporate risk management and hedging are important activities within financial as well as non-financial corporations. Under the assumptions of Modigliani and Miller [1958], corporate risk management is a redundant activity. However, the existence of market imperfections can explain the corporate

  4. The Supply Chain Risk Management

    OpenAIRE

    Skitsko Volodymyr I.; Voynikov Mykola Yu.

    2018-01-01

    The article considers current approaches of risk-management in supply chains, the main steps of the risk management process are analyzed and detailed both for a separate enterprise – participant of supply chain, for the supply chain in general, and for the Beer game, based on the international risk management standards. The article provides a way to assess the risks of the «producer» in the Beer game according to the three strategies of its behavior, which presumably can correspond to differe...

  5. Risk management for whales

    OpenAIRE

    Cont, R; Wagalath, L

    2016-01-01

    We propose framework for modeling portfolio risk which integrates market risk with liquidation costs which may arise in stress scenarios. Our model provides a systematic method for computing liquidation-adjusted risk measures for a portfolio. Calculation of Liquidation-adjusted VaR (LVaR) for sample portfolios reveals a substantial impact of liquidation costs on portfolio risk for portfolios with large concentrated positions.

  6. Risk management model in road transport systems

    Science.gov (United States)

    Sakhapov, R. L.; Nikolaeva, R. V.; Gatiyatullin, M. H.; Makhmutov, M. M.

    2016-08-01

    The article presents the results of a study of road safety indicators that influence the development and operation of the transport system. Road safety is considered as a continuous process of risk management. Authors constructed a model that relates the social risks of a major road safety indicator - the level of motorization. The model gives a fairly accurate assessment of the level of social risk for any given level of motorization. Authors calculated the dependence of the level of socio-economic costs of accidents and injured people in them. The applicability of the concept of socio-economic damage is caused by the presence of a linear relationship between the natural and economic indicators damage from accidents. The optimization of social risk is reduced to finding the extremum of the objective function that characterizes the economic effect of the implementation of measures to improve safety. The calculations make it possible to maximize the net present value, depending on the costs of improving road safety, taking into account socio-economic damage caused by accidents. The proposed econometric models make it possible to quantify the efficiency of the transportation system, allow to simulate the change in road safety indicators.

  7. Business risk management

    International Nuclear Information System (INIS)

    Cosby, C.

    2015-01-01

    Bruce Power's definition: an emerging and demonstrable event or change in business plan assumptions that could impact Bruce Power's achievement of its business plan objectives and results. Risks can be either negative (threats) or positive (opportunities). Risks against the 5 year business plan Net Risk = impact * probability.

  8. Business risk management

    Energy Technology Data Exchange (ETDEWEB)

    Cosby, C., E-mail: Christine.cosby@brucepower.com [Bruce Power, Tiverton, ON (Canada)

    2015-07-01

    Bruce Power's definition: an emerging and demonstrable event or change in business plan assumptions that could impact Bruce Power's achievement of its business plan objectives and results. Risks can be either negative (threats) or positive (opportunities). Risks against the 5 year business plan Net Risk = impact * probability.

  9. Managing Air Quality - Human Health, Environmental and Economic Assessments

    Science.gov (United States)

    Human health and environmental assessments characterize health and environmental risks associated with exposure to pollution. Economic assessments evaluate the cost and economic impact of a policy or regulation & can estimate economic benefits.

  10. TRManager – Technical Risk Manager

    Directory of Open Access Journals (Sweden)

    Mark A. Gregory

    2009-06-01

    Full Text Available This paper presents research into the development of a new information management technique called Technical Risk Manager. Project management involves the use of processes and information management techniques to aid decision making in the pursuit of project success. Project success may be achieved by meeting time, cost or performance criteria. Current project management practices focus on achieving time and cost project success criteria by using three information management techniques developed in the 1950s: Gantt, PERT and Critical Path Method. Technical Risk Manager has been developed to provide an information management technique that may be used to aid project management decision making in the pursuit of achieving the performance project success criteria.

  11. Biopolitical management, economic calculation and "trafficked women".

    Science.gov (United States)

    Berman, Jacqueline

    2010-01-01

    Narratives surrounding human trafficking, especially trafficking in women for sex work, employ gendered and racialized tropes that have among their effects, a shrouding of women's economic decision-making and state collusion in benefiting from their labour. This paper explores the operation of these narratives in order to understand the ways in which they mask the economics of trafficking by sensationalizing the sexual and criminal aspects of it, which in turn allows the state to pursue political projects under the guise of a benevolent concern for trafficked women and/or protection of its own citizens. This paper will explore one national example: Article 18 of Italian Law 40 (1998). I argue that its passage has led to an increase in cooperation with criminal prosecution of traffickers largely because it approaches trafficked women as capable of making decisions about how and what they themselves want to do. This paper will also consider a more global approach to trafficking embedded in the concept of "migration management", an International Organization for Migration (IOM) framework that is now shaping EU, US and other national immigration laws and policies that impact trafficking. It will also examine the inherent limitations of both the national and global approach as an occasion to unpack how Article 18 and Migration Management function as forms of biopolitical management that participate in the production of "trafficking victims" into a massified population to be managed, rather than engender a more engaged discussion of what constitutes trafficking and how to redress it.

  12. Economic hardship associated with managing chronic illness: a qualitative inquiry

    Directory of Open Access Journals (Sweden)

    Jan Stephen

    2009-10-01

    Full Text Available Abstract Background Chronic illness and disability can have damaging, even catastrophic, socioeconomic effects on individuals and their households. We examined the experiences of people affected by chronic heart failure, complicated diabetes and chronic obstructive pulmonary disease to inform patient centred policy development. This paper provides a first level, qualitative understanding of the economic impact of chronic illness. Methods Interviews were conducted with patients aged between 45 and 85 years who had one or more of the index conditions and family carers from the Australian Capital Territory and Western Sydney, Australia (n = 66. Content analysis guided the interpretation of data. Results The affordability of medical treatments and care required to manage illness were identified as the key aspects of economic hardship, which compromised patients' capacity to proactively engage in self-management and risk reduction behaviours. Factors exacerbating hardship included ineligibility for government support, co-morbidity, health service flexibility, and health literacy. Participants who were on multiple medications, from culturally and linguistically diverse or Indigenous backgrounds, and/or not in paid employment, experienced economic hardship more harshly and their management of chronic illness was jeopardised as a consequence. Economic hardship was felt among not only those ineligible for government financial supports but also those receiving subsidies that were insufficient to meet the costs of managing long-term illness over and above necessary daily living expenses. Conclusion This research provides insights into the economic stressors associated with managing chronic illness, demonstrating that economic hardship requires households to make difficult decisions between care and basic living expenses. These decisions may cause less than optimal health outcomes and increased costs to the health system. The findings support the necessity

  13. Integrated, regional approach to risk management of industrial systems

    International Nuclear Information System (INIS)

    Chakraborty, S.

    1992-01-01

    This paper focuses on the following four main issues: (1) necessity for an integrated, regional approach to risk management of industrial systems; (2) principles of risk management; (3) integrated approach and overall methodology; and (4) implementation of risk management strategies on a regional basis. The U.N. Interagency project on risk management for large industrial areas, which is a pioneer type of international initiative for an integrated approach to risk management, is discussed in this context. Another encouraging activity for further development of overall methodologies for risk management is the ongoing project on the risk and safety of technical systems at the Swiss Federal Institute of Technology in Aurich. The concept of integral risk management takes into account multidimensional factors including technical, economic, political, social, and ethical considerations to allow a well-balanced decision-making process

  14. Environmental risk management

    International Nuclear Information System (INIS)

    Parris, P.A.

    1994-01-01

    A professional, audit able environmental approach is the only path a responsible government, institution or company can take. Such an approach can be applied to a small petrol station, an oil refinery or a multi-million dollar mining development. Environmental issues cannot be divorced from socio-economic criteria; each impacts on the other. Twenty years ago, financial criteria ruled decision making and the environment tagged along a poor third to social and safety issues. Today, financial issued are still dominant, but decision makers realised that environmental issues hold the same weight as socio-economic criteria and the three are inexorably intertwined. (author)

  15. Remarks on Interest Rate Risk Management

    Directory of Open Access Journals (Sweden)

    Elena-Violeta DRAGOI

    2016-12-01

    Full Text Available Bank interest and interest rate risk management is a contemporary subject and for socio-economic environment of Romania cause serious consequences in the level of economic development. The purpose of this research is to highlight the main indicator that measures the total cost of a loan, namely the annual percentage rate (APR, because if we refer to an interest rate lower, at first glance that loan seems more advantageous, but at a closer look, taking into account the commissions charged by the bank, we see that the loan is more expensive compared to another, whose interest rate is higher.

  16. Enterprise risk management and disclosure

    Directory of Open Access Journals (Sweden)

    Nicoleta Farcane

    2008-01-01

    Full Text Available Our paper deals with aspects regarding risk and uncertainty. Many risk management methods are today implemented in organizations. This perspective reveals that managers are linked in different forms to the activities they are managing, depending on the conditions and levels of uncertainty they are in. Actually, these multiple levels of uncertainty lead to the conclusion that any situation in an organizational system can be classified in two different models of organizational phenomena: the organizational phenomena that are putting managers and stakeholders in conditions of risk and the organizational phenomena that are putting them in condition of uncertainty. Using content analyze in this paper we survey the disclosure level of risk management information in the annual report of top Romanian listed companies.

  17. Risk management of hydropower development in China

    International Nuclear Information System (INIS)

    Tang, Wenzhe; Li, Zhuoyu; Qiang, Maoshan; Wang, Shuli; Lu, Youmei

    2013-01-01

    There is a rapidly increasing demand for hydropower in China. However, little research has been conducted to systematically investigate the overall aspects of hydropower development risks. With support of the data collected from a fieldwork survey, this study reports the multiple facets of hydropower development risks in China as perceived by main project participants. All groups have a common view on the criticality of safety, and the groups also have their own priorities, i.e., resettlement of migrants, incompetence of subcontractors, project delay, inadequate or incorrect design, premature failure of facilities and ecological and environmental impacts are the key risks to clients, whereas quality of work, financial related risks, reputation, and claims and disputes are the main concerns to contractors. A case study of Three Gorges Project further demonstrates that, hydropower development risks can be effectively managed by encouraging joint efforts of all participants to achieve the goals on producing renewable energy, reducing emissions of CO 2 , and providing important social/economical benefits. Future hydropower development should emphasize the interactions between project delivery, environmental, and economical processes to reach appropriate trade-offs among involving stakeholders, by adequately considering the inter-relations between project participants' risks as well as hydropower project's externalities on a broad view. - Highlights: • Largely attributed to unforeseen geology conditions, safety is critical in hydropower development. • Resettlement of migrants is the principal risk to clients, whereas quality of works is the first concern to contractors. • One group's risks are typically related to others', needing collaborative risk management by participants. • Three Gorges Project plays a key role on producing renewable energy, and providing social/economical benefits. • Hydropower development should emphasize the interactions between

  18. RISKS IN INVESTMENT AND MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Ms. Tatiana A. Ykovleva

    2016-12-01

    Full Text Available The article discusses the features of investment risks and their causes, as well as provides a detailed classification of investment risks. The authors reveal the essence and content of the investment process, risk management, providing material for presentation in the form of a diagram. In conclusion, the article explains the use of the system of specialized institutions as a way to exclude the basic, or primary investment risk.

  19. Research in Institutional Economics in Management Science

    DEFF Research Database (Denmark)

    Foss, Kirsten; Foss, Nicolai Juul

    This report maps research in institutional economics in management science in the European Union for the 1995 to 2002 period. The reports applies Internet search based on a university listing, search on journal databases, key informants and an internet-based survey. 195 researchers are identified....... In (sub-)disciplinary terms, organization, strategy, corporate governance, and international business are the major areas of application of institutional economics ideas. In terms of countries, the EU strongholds are Holland, Denmark, UK, and Germany. There is apparently no or very little relevant...... research in Ireland, Portugal, Luxembourg and Greece. Based on the findings of the report, it seems warranted to characterize the EU research effort in the field as being rather dispersed and uncoordinated. Thus, there are no specialized journals, associations or PhD courses. This state of affairs...

  20. COORDINATES OF A RISK MANAGEMENT PROJECT

    Directory of Open Access Journals (Sweden)

    ALEXANDRU OLTEANU

    2013-05-01

    Full Text Available High risk – high benefit: a well-known correlation both in the economic field and in the day-to-day life. Another correlation, on which this article is based: large project – numerous participants – increased risks and other malfunctions. The risk management concept is challenged by those projects and is forced to find the most adequate “customized” ways for each project at its turn. In this respect, the assessment of management has followed the trend of the last three decades, marked by moving of management profit analysis by risk intermediation, respectively the transition from managing profit to risk-return relationship management. Such trend assumes the obligation of participants to identify objectives and expected benefits of the project on the basis of the strategies laid-down, the elements of risk management policies, in conjunction with the indication of the most negative scenarios which they may provide. This activity must take into consideration the process of obtaining and combining human, financial, physical and information resources in order to accomplish the primary goal of the proposed and wanted project by a certain segment of population. Project participants are directed to evaluate their own activities in terms of revenues and risks from the business access, opportunity, operating mode, as well as the limitations and boundaries on certain sides of activity. The paper focuses on the analysis and evaluation of incomes and risks, on simulations to streamline the activities and the determination of the optimal model of project choice. Also, the paper treats the risks that can be taken over by the sponsors, especially those related to implied guaranties, even implied guaranties.

  1. [Economic rehabilitation management among patients with chronic low back pain].

    Science.gov (United States)

    Seitz, R; Schweikert, B; Jacobi, E; Tschirdewahn, B; Leidl, R

    2001-12-01

    are related to the effectiveness of rehabilitation, i.e. gains in HRQL. Common features of the three management components are a long-term perspective (e.g., from admission to a rehabilitation clinic until six months after discharge) and risk-adjustment of the three management targets (i.e., direct and indirect costs and gains in HRQL) in order to avoid selection and to limit the financial risk for providers. The EuroQol instrument shows acceptable psychometric properties in the rehabilitation setting for back pain patients. This instrument may yield two kinds of preference-based index values, one reflecting the preferences of the general population and one those of the patient. The Pearson correlation of these two approaches is fair, but there is a systematic difference. Empirical investigation shows that the distribution of both direct and indirect costs is skewed to the right. Statistically relevant predictors of the management targets are incapacity to work and HRQL at admission. Economic rehabilitation management might help to save money and to improve health outcomes, thus increasing the efficiency of care. The results of our empirical studies show the feasibility of tools for the economic management of rehabilitation. Risk adjustment of the management components is of paramount importance.

  2. Managing IT-related operational risks

    Directory of Open Access Journals (Sweden)

    Savić Ana

    2008-01-01

    Full Text Available Not so long ago, information technology (IT risk occupied a small corner of operational risk - the opportunity loss from a missed IT development deadline. Today, the success of an entire financial institution may lay on managing a broad landscape of IT risks. IT risk is a potential damage to an organization's value, resulting from inadequate managing of processes and technologies. IT risk includes the failure to respond to security and privacy requirements, as well as many other issues such as: human error, internal fraud through software manipulation, external fraud by intruders, obsolesce in applications and machines, reliability issues or mismanagement. The World Economic Forum provides best information about this problem. They rank a breakdown of critical information infrastructure among the most likely core global risks, with 10-20 % likelihood over the next 10 years and potential worldwide impact of $250 billion. Sustained investment in IT - almost $1.2 trillion or 29% of 2006 private-sector capital investment in the U.S. alone fuels growing exposure to IT risk. Greg Hughes, chief strategy officer in Symantec Corp. recently claimed "IT risk management is more than using technology to solve security problems. With proper planning and broad support, it can give an organization the confidence to innovate, using IT to outdistance competitors".

  3. Risk Management Standards: Towards a contemporary, organisation-wide management approach

    OpenAIRE

    Koutsoukis, Nikitas-Spiros

    2010-01-01

    Risk management has been progressively evolving into a systemic approach for organisational decision making in today’s dynamic economic environment of the global era. In this context, risk management is reaching beyond its traditional finance and insurance application context and is entering the sphere of generic, organisation-wide management approaches. In support of this argument we consider four generic risk management standards issued at the institutional, national or international level...

  4. National Economic Burden Associated with Management of Periodontitis in Malaysia.

    Science.gov (United States)

    Mohd Dom, Tuti Ningseh; Ayob, Rasidah; Abd Muttalib, Khairiyah; Aljunid, Syed Mohamed

    2016-01-01

    Objectives. The aim of this study is to estimate the economic burden associated with the management of periodontitis in Malaysia from the societal perspective. Methods. We estimated the economic burden of periodontitis by combining the disease prevalence with its treatment costs. We estimated treatment costs (with 2012 value of Malaysian Ringgit) using the cost-of-illness approach and included both direct and indirect costs. We used the National Oral Health Survey for Adults (2010) data to estimate the prevalence of periodontitis and 2010 national census data to estimate the adult population at risk for periodontitis. Results. The economic burden of managing all cases of periodontitis at the national level from the societal perspective was approximately MYR 32.5 billion, accounting for 3.83% of the 2012 Gross Domestic Product of the country. It would cost the nation MYR 18.3 billion to treat patients with moderate periodontitis and MYR 13.7 billion to treat patients with severe periodontitis. Conclusion. The economic burden of periodontitis in Malaysia is substantial and comparable with that of other chronic diseases in the country. This is attributable to its high prevalence and high cost of treatment. Judicious application of promotive, preventive, and curative approaches to periodontitis management is decidedly warranted.

  5. National Economic Burden Associated with Management of Periodontitis in Malaysia

    Directory of Open Access Journals (Sweden)

    Tuti Ningseh Mohd Dom

    2016-01-01

    Full Text Available Objectives. The aim of this study is to estimate the economic burden associated with the management of periodontitis in Malaysia from the societal perspective. Methods. We estimated the economic burden of periodontitis by combining the disease prevalence with its treatment costs. We estimated treatment costs (with 2012 value of Malaysian Ringgit using the cost-of-illness approach and included both direct and indirect costs. We used the National Oral Health Survey for Adults (2010 data to estimate the prevalence of periodontitis and 2010 national census data to estimate the adult population at risk for periodontitis. Results. The economic burden of managing all cases of periodontitis at the national level from the societal perspective was approximately MYR 32.5 billion, accounting for 3.83% of the 2012 Gross Domestic Product of the country. It would cost the nation MYR 18.3 billion to treat patients with moderate periodontitis and MYR 13.7 billion to treat patients with severe periodontitis. Conclusion. The economic burden of periodontitis in Malaysia is substantial and comparable with that of other chronic diseases in the country. This is attributable to its high prevalence and high cost of treatment. Judicious application of promotive, preventive, and curative approaches to periodontitis management is decidedly warranted.

  6. Risk Management Issues - An Aerospace Perspective

    Science.gov (United States)

    Perera, Jeevan S.

    2011-01-01

    Phased-approach for implementation of risk management is necessary. Risk management system will be simple, accessible and promote communication of information to all relevant stakeholders for optimal resource allocation and risk mitigation. Risk management should be used by all team members to manage risks--risk office personnel. Each group is assigned Risk Integrators who are facilitators for effective risk management. Risks will be managed at the lowest-level feasible, elevate only those risks that require coordination or management from above. Risk reporting and communication is an essential element of risk management and will combine both qualitative and quantitative elements.. Risk informed decision making should be introduced to all levels of management. Provide necessary checks and balances to insure that risks are caught/identified and dealt with in a timely manner, Many supporting tools, processes & training must be deployed for effective risk management implementation. Process improvement must be included in the risk processes.

  7. Improving Operational Risk Management Using Business Performance Management Technologies

    OpenAIRE

    Bram Pieket Weeserik; Marco Spruit

    2018-01-01

    Operational Risk Management (ORM) comprises the continuous management of risks resulting from: human actions, internal processes, systems, and external events. With increasing requirements, complexity and a growing volume of risks, information systems provide benefits for integrating risk management activities and optimizing performance. Business Performance Management (BPM) technologies are believed to provide a solution for effective Operational Risk Management by offering several combined ...

  8. Scope of environmental risk management

    Energy Technology Data Exchange (ETDEWEB)

    O' Riordan, T

    1979-01-01

    Environmental risk management embraces three techniques for project appraisal: cost/benefit analysis, environmental impact analysis and risk assessment. It also explicitly relates scientific investigations to political judgments, sometimes so closely that the two cannot be separated. Indeed it is now apparent that environmental risk management encompasses procedures both to review the relative merits and priorities of policies as well as to appraise the environmental risks of particular schemes. Until recently this relationship has not been fully appreciated, so much imagination and innovation is still required to develop the most-suitable mechanisms for review.

  9. The Theme of Risk Management

    Directory of Open Access Journals (Sweden)

    Chua, D. K. H.

    2014-07-01

    Full Text Available The papers in this issue of the Journal come from different industry sectors, yet there can be a common theme that ties them together. Two of the papers address explicitly the issue of risk management, while the other three may be related to it in different degrees. One of the critical factors for project success is risk identification, as determined by Chua et al. (1999. The importance of risk management cannot be overemphasized. Failure to identify crucial risk elements in a project can lead to significant project failures in terms of cost and schedule.

  10. Tailoring Risk Management in Design

    DEFF Research Database (Denmark)

    Tegeltija, M.; Oehmen, J.; McMahon, C. A.

    2018-01-01

    While risk quantification research has grown over the last few decades, only a limited number of studies have addressed the overall process integration of these approaches in design risk management. This paper argues that the choice of risk quantification method has strong implications for several...... process aspects. We investigate current risk management maturity models and suggest an expansion to accommodate requirements originating from the choice of quantification method, and to inform the choice of quantification method, based on other process parameters, validated through 3 case companies....

  11. Gestalteconomy: The economic bases of knowledge management

    International Nuclear Information System (INIS)

    Maisseu, A.

    2006-01-01

    Conventional economic analyses are based on dogmas that are frequently out of phase with reality. It is thus very difficult to introduce technology, technological innovation and technical progress correctly into all the theoretical constructions derived from the application of these principles. The same applies to the consideration of pollution and the depletion of natural resources. These difficult problems, which bedevil the definition of a sustainable development, find no satisfactory answer in these theoretical considerations. The consideration of Gestalteconomy helps to resolve these difficulties, in opening the door to the entrepreneurial practical management of knowledge. (author)

  12. Quantitative methods for management and economics

    CERN Document Server

    Chakravarty, Pulak

    2009-01-01

    ""Quantitative Methods for Management and Economics"" is specially prepared for the MBA students in India and all over the world. It starts from the basics, such that even a beginner with out much mathematical sophistication can grasp the ideas and then comes forward to more complex and professional problems. Thus, both the ordinary students as well as ""above average: i.e., ""bright and sincere"" students would be benefited equally through this book.Since, most of the problems are solved or hints are given, students can do well within the short duration of the semesters of their busy course.

  13. Economic Valuation of Contamination Risks and its Effect on Site Investigations

    International Nuclear Information System (INIS)

    Back, Paer-Erik; Rosen, Lars

    2006-01-01

    Risk management is an important part of contaminated land projects and different types of risks must be considered both during investigation and remediation phases, e.g. human health risks, ecological risks, risks for workers during remediation, and project risks. The latter can be risks associated with e.g. time delays due to technical or juridical problems, or failure of remediation techniques. To provide cost-efficient management of remediation projects, there is an incentive for economic valuation of the risk reduction provided by further investigation or remedial actions. The purpose of this paper is (1) to describe problems and possibilities with economic valuation of risk reductions, and (2) to illustrate how different valuation perspectives affect the extent of investigations. A decision analysis model is presented for integrating the valuation of health, ecological, and project risks

  14. Economic Valuation of Contamination Risks and its Effect on Site Investigations

    Energy Technology Data Exchange (ETDEWEB)

    Back, Paer-Erik; Rosen, Lars [Chalmers Univ. of Technology, Goeteborg (Sweden). Dept. of Civil Engineering

    2006-09-15

    Risk management is an important part of contaminated land projects and different types of risks must be considered both during investigation and remediation phases, e.g. human health risks, ecological risks, risks for workers during remediation, and project risks. The latter can be risks associated with e.g. time delays due to technical or juridical problems, or failure of remediation techniques. To provide cost-efficient management of remediation projects, there is an incentive for economic valuation of the risk reduction provided by further investigation or remedial actions. The purpose of this paper is (1) to describe problems and possibilities with economic valuation of risk reductions, and (2) to illustrate how different valuation perspectives affect the extent of investigations. A decision analysis model is presented for integrating the valuation of health, ecological, and project risks.

  15. Applied software risk management a guide for software project managers

    CERN Document Server

    Pandian, C Ravindranath

    2006-01-01

    Few software projects are completed on time, on budget, and to their original specifications. Focusing on what practitioners need to know about risk in the pursuit of delivering software projects, Applied Software Risk Management: A Guide for Software Project Managers covers key components of the risk management process and the software development process, as well as best practices for software risk identification, risk planning, and risk analysis. Written in a clear and concise manner, this resource presents concepts and practical insight into managing risk. It first covers risk-driven project management, risk management processes, risk attributes, risk identification, and risk analysis. The book continues by examining responses to risk, the tracking and modeling of risks, intelligence gathering, and integrated risk management. It concludes with details on drafting and implementing procedures. A diary of a risk manager provides insight in implementing risk management processes.Bringing together concepts ...

  16. Natural-technological risk assessment and management

    Science.gov (United States)

    Burova, Valentina; Frolova, Nina

    2016-04-01

    EM-DAT statistical data on human impact and economic damages in the 1st semester 2015 are the highest since 2011: 41% of disasters were floods, responsible for 39% of economic damage and 7% of events were earthquakes responsible for 59% of total death toll. This suggests that disaster risk assessment and management still need to be improved and stay the principle issue in national and international related programs. The paper investigates the risk assessment and management practice in the Russian Federation at different levels. The method is proposed to identify the territories characterized by integrated natural-technological hazard. The maps of the Russian Federation zoning according to the integrated natural-technological hazard level are presented, as well as the procedure of updating the integrated hazard level taking into account the activity of separate processes. Special attention is paid to data bases on past natural and technological processes consequences, which are used for verification of current hazard estimation. The examples of natural-technological risk zoning for the country and some regions territory are presented. Different output risk indexes: both social and economic, are estimated taking into account requirements of end-users. In order to increase the safety of population of the Russian Federation the trans-boundaries hazards are also taken into account.

  17. Managing Multiple Risk Factors

    National Research Council Canada - National Science Library

    Lollis, Charlie

    1998-01-01

    ...) contribute to the racial differences in cardiovascular risk and events among women. High levels of socioeconomic stress, higher dietary fat intake and sedentary lifestyle are more prevalent among black than white women...

  18. Knowledge management in support of enterprise risk management

    OpenAIRE

    Rodriguez, Eduardo; Edwards, John S.

    2014-01-01

    Risk management and knowledge management have so far been studied almost independently. The evolution of risk management to the holistic view of Enterprise Risk Management requires the destruction of barriers between organizational silos and the exchange and application of knowledge from different risk management areas. However, knowledge management has received little or no attention in risk management. This paper examines possible relationships between knowledge management constructs relate...

  19. Economics, modeling, planning and management of energy

    International Nuclear Information System (INIS)

    Rogner, H.H.; Khan, A.M.; Furlan, G.

    1989-01-01

    The Workshop attended by 89 participants from 40 countries aimed to provide participants with an overview of global and regional issues and to familiarize them with analytical tools and modeling techniques appropriate for the analysis and planning of national energy systems. Emphasis was placed on energy-economy-interaction, modelling for balancing energy demand and supply, technical-economic evaluation of energy supply alternatives and energy demand management. This volume presents some of the lectures delivered at the Workshop. The material has been organized in five parts under the headings General Review of Current Energy Trends, Energy and Technology Menu, Basic Analytical Approaches, Energy Modeling and Planning, and Energy Management and Policy. A separate abstract was prepared for each of the lectures presented. Refs, figs and tabs

  20. How to manage risk better

    CSIR Research Space (South Africa)

    Walwyn, DR

    2002-09-01

    Full Text Available Risk management practices in the R&D departments of many chemical and pharmaceutical companies lack much of the rigor and sophistication of the equivalent corporation in the financial sector. For instance investment decisions on research projects...

  1. Risk Management and Value Creation

    DEFF Research Database (Denmark)

    Andersen, Torben Juul; Roggi, Oliviero

    Corporate failures, periodic recessions, regional debt crises and volatile financial markets have intensified the focus on risk management as the means to deal with turbulent conditions. The ability to respond effectively to abrupt environmental impacts is considered an important source...... of competitive advantage. Yet, surprisingly little research has analyzed whether the presumed advantages of effective risk management are associated with superior outcomes. Here we present a comprehensive study of risk management effectiveness and the relationship to corporate performance based on more than 33......,500 observations in 3,400 firms over the turbulent 20-year period 1991-2010. Determining effective risk management as the ability to reduce earnings and cash flow volatility, we find that both have significant positive relationships to lagged performance measures after controlling for industry effects, company...

  2. Risk assessment and risk management of mycotoxins.

    Science.gov (United States)

    2012-01-01

    Risk assessment is the process of quantifying the magnitude and exposure, or probability, of a harmful effect to individuals or populations from certain agents or activities. Here, we summarize the four steps of risk assessment: hazard identification, dose-response assessment, exposure assessment, and risk characterization. Risk assessments using these principles have been conducted on the major mycotoxins (aflatoxins, fumonisins, ochratoxin A, deoxynivalenol, and zearalenone) by various regulatory agencies for the purpose of setting food safety guidelines. We critically evaluate the impact of these risk assessment parameters on the estimated global burden of the associated diseases as well as the impact of regulatory measures on food supply and international trade. Apart from the well-established risk posed by aflatoxins, many uncertainties still exist about risk assessments for the other major mycotoxins, often reflecting a lack of epidemiological data. Differences exist in the risk management strategies and in the ways different governments impose regulations and technologies to reduce levels of mycotoxins in the food-chain. Regulatory measures have very little impact on remote rural and subsistence farming communities in developing countries, in contrast to developed countries, where regulations are strictly enforced to reduce and/or remove mycotoxin contamination. However, in the absence of the relevant technologies or the necessary infrastructure, we highlight simple intervention practices to reduce mycotoxin contamination in the field and/or prevent mycotoxin formation during storage.

  3. Stability of risk attitudes and media coverage of economic news

    OpenAIRE

    Tausch, Franziska; Zumbuehl, Maria

    2016-01-01

    This paper investigates the impact of exogenous changes in individuals' perceived economic environment on their self-stated risk attitudes by exploiting changes in media coverage of economic news. We use information on risk attitudes from the German Socioeconomic Panel and combine it with data on the average daily frequency of economic news reports during the year and the month preceding the date of the risk attitude elicitation. Using fixed effects regressions we observe effects of both long...

  4. Interplanetary Supply Chain Risk Management

    Science.gov (United States)

    Galluzzi, Michael C.

    2018-01-01

    Emphasis on KSC ground processing operations, reduced spares up-mass lift requirements and campaign-level flexible path perspective for space systems support as Regolith-based ISM is achieved by; Network modeling for sequencing space logistics and in-space logistics nodal positioning to include feedstock. Economic modeling to assess ISM 3D printing adaption and supply chain risk.

  5. Managing to reduce nuclear financial risks

    International Nuclear Information System (INIS)

    Sillin, J.O.

    1984-01-01

    Nuclear power plant projects have weathered volatile economic conditions and uncertain regulatory climates with varying degrees of success. Some electric utilities can point to excellent construction and operating records, while others have suffered continuous difficulties. Are the success stories the result of good luck or effective management. This article identifies the potential sources of financial risk in a nuclear project and describes several methods available to management for controlling financial liability. A commitment to the highest level of technical and managerial skills is cited as a necessary component of all successful nuclear undertakings. 4 references, 3 figures, 2 tables

  6. 76 FR 45724 - Clearing Member Risk Management

    Science.gov (United States)

    2011-08-01

    ... proposed rules address risk management for cleared trades by futures commission merchants, swap dealers... Commission has proposed extensive regulations addressing open access and risk management at the derivatives..., 2011) (Risk Management Requirements for Derivatives Clearing Organizations). These proposed regulations...

  7. Producers' Complex Risk Management Choices

    NARCIS (Netherlands)

    Pennings, J.M.E.; Isengildina, O.; Irwin, S.H.; Garcia, P.; Good, D.L.

    2008-01-01

    Producers have a wide variety of risk management instruments available, making their choice(s) complex. The way producers deal with this complexity can vary and may influence the impact that the determinants, such as risk aversion, have on their choices. A recently developed choice bracketing

  8. Legal risk management in shipping

    DEFF Research Database (Denmark)

    Siig, Kristina

    The book discusses the most typical legal challenges met in the chartering, broker, agent or port management part of the shipping industry. It discusses these issues in both English and Scandinavian law and gives indications on how to best ensure your legal risk management in these parts...

  9. RISK MANAGEMENT FROM THE INFORMATION SECURITY PERSPECTIVE

    Directory of Open Access Journals (Sweden)

    Riza Ionuț

    2017-11-01

    Full Text Available Risk management has emerged ever since the appearance of human communities and it has developed at a slow rate. Over time, a significant improvement was made, from accepting hazards to the identification, evaluation and control of unwanted events, threat prevention and exploitation of opportunities through scientific risk management actions. The fundamental role of research in cyber security is to concentrate the efforts on those contexts and conditions which determine the way in which key players reach a common understanding of the way to conceive and eventually answer to certain challenges in cyber security. In order to build a clear perception of these effects, this work presents the main elements which define cyber space, to come to the aid of turning the management process into an efficient one, especially when talking about cyber space as a space for conflicts, both economic and political.

  10. Risk management at the level of agricultural organizations

    Directory of Open Access Journals (Sweden)

    Genoveva Buzamat

    2014-10-01

    Full Text Available In agriculture, as in other production branches of the economy, there businesses which have two main objectives: on short term – achieve profit and on long term – the viability of the company (economic growth and stability. Even if the risk management practice can vary from one company to another, some elements are common for the risk management programs. These are: mission identification, risk assessment and of the risk control uncertainty, risk financing, risk administration. In this study we identify the risk categories and we establish methods to prevent them. The studied organization has as activity object the cereals and technical plants culture.

  11. EFFICIENCY OF CREDIT PORTFOLIO MANAGEMENT IN CONDITIONS OF ECONOMIC INSTABILITY

    Directory of Open Access Journals (Sweden)

    Koshel H.

    2018-01-01

    Full Text Available Introduction. The active development of integration processes causes the necessity of applying high-level approaches to management of the banking system, which is an essential part of the financial sector. Due to the importance of credit operations in the portfolio of banking assets, development of efficient and flexible credit management system is the basis for financial and market stability of banks. Purpose. Analyze the condition of the credit portfolio of banking institutions under the influence of economic processes and make conclusions and recommendations about the effectiveness of managing the bank’s credit portfolio and generalize ways of improving the structure and quality of the bank’s credit portfolio. Results. Over the last six years, the quality of the credit portfolio has become worse because of the bad debts growing and, as a result, decreasing in revenues. The calculated coefficient of management efficiency of a credit portfolio shows the dependence of this indicator on the value of risk and yield. In order to confirm the dependence and determine the degree of influence of these indicators on the efficiency of management of a loan portfolio, an economic-mathematical model was constructed on the example of both individual banks and the banking system as a whole. Detected dependence of factors is quite logical, therefore, the model can be recommended for practical use. Conclusion. Using this method of determining the management efficiency of a credit portfolio will allow the management of the bank to make reasonable decisions. It will allow the possibility of forming a more justified credit portfolio, taking into account not only the profitability, but also the real level of risk of credit operations.

  12. Enterprise risk management implementation : perceptions of risk practitioners in the South African mining industry

    OpenAIRE

    2013-01-01

    M.Comm. (Financial Economics) Enterprise risk management (ERM) is emerging as a risk management methodology that is seemingly superior to that of traditional, silo-based risk management. Although ERM implementation is on the increase, research into ERM is still limited. There is, for instance, a lack of clarity within the literature regarding which factors lead to companies embracing ERM, as well as a lack of consensus on ERM’s benefits. The purpose of this study was therefore to explore t...

  13. Price Risk and Risk Management in Agriculture

    Directory of Open Access Journals (Sweden)

    Udo Broll

    2013-06-01

    Full Text Available This note studies the risk-management decisions of a risk-averse farmer. The farmer faces multiple sources of price uncertainty. He sells commodities to two markets at two prices, but only one of these markets has a futures market. We show that the farmer’s optimal commodity futures market position, i.e., a cross-hedge strategy, is actually an over-hedge, a full-hedge, or an under-hedge strategy, depending on whether the two prices are strongly positively correlated, uncorrelated, or negatively correlated, respectively.

  14. Methods of assessment and management of enterprise risks

    Directory of Open Access Journals (Sweden)

    I. A. Kiseleva

    2017-01-01

    Full Text Available The article is devoted to the actual topic of our time – the management of business risks. An integral part of professional risk management is to identify the nature of the object of management in the sphere of economy. Since the domestic theory of risk management is under development, the problem of a clear comprehensive definition of risk becomes now of particular relevance. The article discusses the basic concepts of risk management; studied its components in the business activities; reflected system and risk management principles; The basic types of risks in business. A organizational and economic mechanism of enterprise risk assessment. Practical advice on risk management. Entrepreneurship without risk does not exist. With the development of market economy the specific entrepreneur determines the methods that will work, and they all lead to entrepreneurial risks. The level of threats on the market today, above the level of potential profits. It is concluded that it is impossible to increase revenue without increasing the risk or reduce risk without reducing income. The lower range of the probability distribution of expected returns relative to its mean value, the lower the risk associated with this operation. Avoid risk in business is almost impossible, but you can reduce this risk. And it depends on how professionally and correctly operates the entrepreneur, what kind of strategy he will choose to reduce the appearance of risk.

  15. Managing Supplier Sustainability Risk

    OpenAIRE

    Harilainen, Hanna-Riitta

    2014-01-01

    Supply chains are increasingly global, often reaching to developing regions. The media pressure brand owners to be responsible, but a product is only as sustainable as the practices of all the companies involved in manufacturing it are. It’s not enough that the brand owner acts responsibly; sustainable practices have to reach component and raw material suppliers upstream. Image risk has often been recognized as reason for investing in sustainability. In the supply chain context, supplier m...

  16. A Strategic Risk Management Framework for Multinational Enterprise

    DEFF Research Database (Denmark)

    Juul Andersen, Torben

    2005-01-01

    and economic risks that can be monitored within conventional reporting systems and managed through use of various derivative instruments. All the while, a dispersed multinational structure can be vulnerable to disruptions caused by changing economic conditions, competitive moves, and geopolitical developments......-frequency high-impact disaster events based on scenario analyses. Hence, there is a need to consider risk management approaches that integrate relatively transparent financial exposures with the consequences of uncertain and hard-to-quantify event risks. This paper outlines the contours of such a strategic risk...

  17. Underground risk management information systems

    Energy Technology Data Exchange (ETDEWEB)

    Matsuyama, S.; Inoue, M.; Sakai, T.

    2006-03-15

    JCOAL has conducted Joint Research on an Underground Communication and Risk Management Information System with CSIRO of Australia under a commissioned study project for the promotion of coal use starting in fiscal 2002. The goal of this research project is the establishment of a new Safety System focusing on the comprehensive risk management information system by the name of Nexsys. The main components of the system are the Ethernet type underground communication system that represents the data communication base, and the risk management information system that permits risk analysis in real-time and provides decision support based on the collected data. The Nexsys is an open system and is a core element of the underground monitoring system. Using a vast amount of underground data, it is capable of accommodating a wide range of functions that were not available in the past. Because of it, it is possible to construct an advanced underground safety system. 14 figs., 4 tabs.

  18. Methodology of Economic Assessment of Corporate Finance Management Effectiveness

    OpenAIRE

    Juscu Nicolae Cristian

    2011-01-01

    “The methodology of economic assessment of corporate finance management effectiveness” deals with the analysis of the basic issues of economic aspects of corporate finance management effectiveness; the paper presents the essential issues of the existing methods for establishing the economic effectiveness of corporate finance management and control; it also proposes the improvement of the approach regarding the assessment of finance management effectiveness of a company.

  19. The peculiar economics of federal energy management

    International Nuclear Information System (INIS)

    Canes, Michael E.

    2016-01-01

    US federal agency energy managers face different constraints than do comparable private sector managers. They are faced with energy consumption goals mandated via legislation or directed via Presidential Executive Order that encourage if not compel them to invest more in energy efficiency or renewables than would be cost effective from a private sector perspective. To make such investments, they also are provided access to private capital that is additional to their agency budgets. The encouragement to invest beyond what is cost effective may be a source of waste in some instances, and the financing mechanisms appear more expensive than necessary. A rough estimate of the magnitude of the waste is offered, as well as a mechanism to reduce the costs of agency access to capital. - Highlights: •Legislative and regulatory initiatives that constrain federal agency energy investments. •Economic calculus facing a federal agency energy manager. •Magnitude of federal energy investments and of possible waste. •Financing mechanisms and how their costs might be reduced.

  20. Feedback on flood risk management

    Science.gov (United States)

    Moreau, K.; Roumagnac, A.

    2009-09-01

    For several years, as floods were increasing in South of France, local communities felt deprive to assume their mission of protection and information of citizens, and were looking for assistance in flood management. In term of flood disaster, the fact is that physical protection is necessary but inevitably limited. Tools and structures of assistance to anticipation remain slightly developed. To manage repeated crisis, local authorities need to be able to base their policy against flood on prevention, warnings, post-crisis analysis and feedback from former experience. In this objective, after 3 years of test and improvement since 2003, the initiative Predict-Services was developped in South of France: it aims at helping communities and companies to face repeated flood crisis. The principle is to prepare emergency plans, to organize crisis management and reduce risks; to help and assist communities and companies during crisis to activate and adapt their emergency plans with enough of anticipation; and to analyse floods effects and improve emergency plans afterwards. In order to reduce risks, and to keep the benefits of such an initiative, local communities and companies have to maintain the awareness of risk of the citizens and employees. They also have to maintain their safety plans to keep them constantly operational. This is a part of the message relayed. Companies, Local communities, local government authorities and basin stakeholders are the decision makers. Companies and local communities have to involve themselves in the elaboration of safety plans. They are also completely involved in their activation that is their own responsability. This applies to other local government authorities, like districts one's and basin stakeholders, which participle in the financing community safety plans and adminitrative district which are responsible of the transmission of meteorological alert and of rescue actions. In the crossing of the géo-information stemming from the

  1. Risk management for noncombustion wastes

    International Nuclear Information System (INIS)

    Connor, K.K.; Rice, J.S.

    1991-01-01

    The Noncombustion Waste Risk Management Project is designed to incorporate the insights and information developed in these projects into tools that will help utilities make better noncombustion waste management decisions. Specific project goals are to synthesize information useful to utilities on noncombustion wastes, emphasize waste reduction as a priority over end-of-pipe management, develop methods to manage the costs and risks associated with noncombustion wastes (e.g., direct costs, permitting costs, liability costs, public relations costs), develop software and documentation to deliver the information and analysis methods to the industry. This project was initiated EPRI's Environment Division in late 1988. The early phases of the project involved gathering information on current noncombustion waste management practices, specific utility problems and concerns with respect to these wastes, current and potential future regulations, and current and emerging management options. Recent efforts have focused on characterizing the direct and indirect (e.g., lawsuits, remedial action) costs of managing these wastes and on developing and implementing risk management methods for a subset of wastes. The remainder of this paper describes the specific issues addressed by and the results and insights from the three completed waste-specific studies

  2. Economically oriented process optimization in waste management.

    Science.gov (United States)

    Maroušek, Josef

    2014-06-01

    A brief report on the development of novel apparatus is presented. It was verified in a commercial scale that a new concept of anaerobic fermentation followed by continuous pyrolysis is technically and economically feasible to manage previously enzymatically hydrolyzed waste haylage in huge volumes. The design of the concept is thoroughly described, documented in figures, and biochemically analyzed in detail. Assessment of the concept shows that subsequent pyrolysis of the anaerobically fermented residue allows among biogas to produce also high-quality biochar. This significantly improves the overall economy. In addition, it may be assumed that this applied research is consistent with previous theoretical assumptions stating that any kind of aerobic or anaerobic fermentation increases the microporosity of the biochar obtained.

  3. Overcoming barriers to integrating economic analysis into risk assessment.

    Science.gov (United States)

    Hoffmann, Sandra

    2011-09-01

    Regulatory risk analysis is designed to provide decisionmakers with a clearer understanding of how policies are likely to affect risk. The systems that produce risk are biological, physical, and social and economic. As a result, risk analysis is an inherently interdisciplinary task. Yet in practice, risk analysis has been interdisciplinary in only limited ways. Risk analysis could provide more accurate assessments of risk if there were better integration of economics and other social sciences into risk assessment itself. This essay examines how discussions about risk analysis policy have influenced the roles of various disciplines in risk analysis. It explores ways in which integrated bio/physical-economic modeling could contribute to more accurate assessments of risk. It reviews examples of the kind of integrated economics-bio/physical modeling that could be used to enhance risk assessment. The essay ends with a discussion of institutional barriers to greater integration of economic modeling into risk assessment and provides suggestions on how these might be overcome. © 2011 Society for Risk Analysis.

  4. Risk Management in the Exchange Fund Account

    OpenAIRE

    Michel Rochette

    2002-01-01

    In this article, author Michel Rochette of the Bank's Risk-Management Unit briefly describes the initiatives undertaken to identify, analyze, model, and manage the principal risks inherent in the transactions of the Exchange Fund Account (EFA), where the international reserves of the federal government are held. The author focuses on five types of risk: credit risk, market risk, liquidity risk, operational risk, and legal risk. In addition, the author presents the risk-management principles u...

  5. Is ALARP applicable to the management of terrorist risks?

    International Nuclear Information System (INIS)

    Guikema, S.D.; Aven, T.

    2010-01-01

    In this paper, we discuss the applicability of the as low as reasonable practicable (ALARP) principle to terrorist risk management. ALARP is a commonly used framework for managing risk due to non-intelligent threats, but terrorism introduces difficult issues, both technically and socially. In particular, the probability of a terrorist attack is difficult to define, terrorist threats are adaptive, and some terrorist risk management actions raise issues of loss of civil liberties not raised by risk management measures for other types of risk. We discuss these issues and their implications for risk management. After showing how ALARP is used to manage the risk from other hazards in different economic sectors, we discuss both the benefits and difficulties associated with extending the ALARP framework for terrorist risk analysis. We conclude that the ALARP framework can be modified to make it appropriate for risk management for adaptive risks, provided that care is taken to explicitly consider adaptive reallocation of risk in response to risk management actions, to account for perceived or actual loss of civil liberties resulting from risk management actions, and to consider the difficulties associated with using probability to measure uncertainty in adversary actions.

  6. The Economic Risks Arising from the Analysis of the Balance Sheet of an Economic Entity

    Directory of Open Access Journals (Sweden)

    Andreea Mihaela Marin

    2016-01-01

    Full Text Available Any economic entity operates under probability and risk. In a general acceptation, risk means the validity of the result obtained under pressure of the economic environment; in other words, the risk is the potential damage posed to heritage, interests and affect the entity. In this paper we want to capture, the calculation in terms of the balance sheet analysis of the three risks, which can be measured on the basis of the balance sheet data and indicators, namely: the operational risk, financial risk, and the risk of bankruptcy.

  7. Comparison of Country Risk, Sustainability and Economic Safety Indices

    Directory of Open Access Journals (Sweden)

    Jelena Stankeviciene

    2014-03-01

    Full Text Available Country risk, sustainability an economic safety are becoming more important in the contemporary economic world. The aim of this paper is to present the importance of comparison formalisation of country risk, sustainability, and economic safety indices for strategic alignment. The work provides an analysis on the relationship between country risk, sustainability an economic safety in EU countries, based on statistical data. Investigations and calculations of rankings provided by Euromoney Country Risk Index, European Economic Sustainability Index as well as for Economic Security Index were made and the results of EU country ranking based on three criteria were provided. Furthermore, the data for the Baltic States was summarised and the corresponding index of consistency for random judgments was evaluated.

  8. Managing nuclear supplier risks

    International Nuclear Information System (INIS)

    Ramberg, B.

    1990-01-01

    This paper reports that with the appearance of such third-tier suppliers as Argentina, Brazil, South Korea, Taiwan, China, and others capable of producing nuclear components and sensitive nuclear materials, assurance that importers are using nuclear energy benignly and safely may become more uncertain. It is therefore important to integrate emerging exporters and importers into a regime of norms designed to minimize nuclear risks. The experience of the London Nuclear Suppliers Group (NSG) to arrive at a code of conduct is encouraging. Placed in the context of the larger evolving nuclear energy regime that seeks to address nuclear safety, proliferation, terrorism, and military attacks on reactors, the international community has made substantial progress. Still, there is much that remains to be done

  9. Risk management through concurrency

    International Nuclear Information System (INIS)

    Childress, J.R.; Briant, V.B.

    1991-01-01

    More than ever before, management and technical professionals are concerned with the subtle and dynamic relationships between safety and performance in complex and hazardous industries. This is certainly true in the nuclear power industry. With the US electric energy industry on the verge of deregulation and increased competition, and with a virtual stoppage on building new nuclear power plants, the increasing demand for reliable sources of efficient electric energy is pressing the nuclear utilities to increase production. At the same time, public sentiment and regulatory pressures are increasing their focus on safety at all costs. The purpose of this paper is to present a proven approach to creating a new work culture for improved nuclear safety and performance. The concepts and material which make up this paper have been taken from both authors experience, research, and consulting in the nuclear industry for several years, as well as from over 20 years of consulting work on the relationships between organizational behavior, culture, and productivity

  10. The Review of Public Risk Management: Tome 1: Perspective of Theory and Practice, edited by Piotr Tworek and Józef Myrczek, Publishing House of the University of Economics in Katowice, Katowice 2016, pp. 258.

    Directory of Open Access Journals (Sweden)

    Peter C. Young

    2017-10-01

    Full Text Available This book consists of twelve contributions (plus an introductory contribution by one of the book's editors, with those contributions separated into three Parts: 1. A risk management process in the public sector - theoretical and practical issues. 2. Different areas of risk management in the public sector - methodical approach. 3. Managing risk in the public sector in selected countries - results of empirical work.

  11. Perspectives on the economic risks of LWR accidents

    International Nuclear Information System (INIS)

    Ritchie, L.T.; Burke, R.P.

    1986-01-01

    Models which can be used for the analysis of the economic risks from events which may occur during LWR operation have been developed. The models include capabilities to estimate both onsite and offsite costs of LWR events ranging from routine plant forced outages to severe core-melt accidents resulting in large releases of radioactive material to the environment. The economic consequence models have been applied in studies of the economic risks from the operation of US LWR plants. The results of the analyses provide some important perspectives regarding the economic risks of LWR accidents. The analyses indicate that economic risks, in contrast to public health risks, are dominated by the onsite costs of relatively high-frequency forced outage events. Even for severe (e.g., core-melt) accidents, expected offsite costs are less than expected onsite costs for a typical US plant

  12. Risk Management in the Age of Turbulence - Failures and Challenges

    Directory of Open Access Journals (Sweden)

    Alexandru CAPATINA

    2012-08-01

    Full Text Available Today’s business, being affected by the continuous changes in economic environment, must reinvent the “prudent risk taking” concept to strike an appropriate balance between risk, return and growth, in order to create lasting value. This paper is focused on describing the nature of risk and the objectives of risk management. In the context of more attractive risk conceptual simplifications which often lead to significant errors, the paper explains the failures in risk management, the way of their occurrence and the methods of reducing their occurrence.

  13. Branding and the Risk Management Imperative

    Directory of Open Access Journals (Sweden)

    Fournier Susan

    2018-05-01

    Full Text Available In an increasingly risky socioeconomic environment, management needs to proactively consider brand-related risks. To understand brands as tools for risk management, they need to understand four types of brand risk: brand reputation risk, brand dilution risk, brand cannibalization risk and brand stretch risk.

  14. Branding and the Risk Management Imperative

    OpenAIRE

    Fournier Susan; Srinivasan Shuba

    2018-01-01

    In an increasingly risky socioeconomic environment, management needs to proactively consider brand-related risks. To understand brands as tools for risk management, they need to understand four types of brand risk: brand reputation risk, brand dilution risk, brand cannibalization risk and brand stretch risk.

  15. Supply Chain Risk Management

    OpenAIRE

    Babková, Ivana

    2008-01-01

    Práce se zabývá problematikou řízení rizika v logistických řetězcích se zaměřením na jeden konkrétní článek řetězce. Definuje základní oblasti risk managementu, jeho hlavní aspekty a systém spojitého plánování. Zabývá se bezpečností práce v pojetí EU, České republiky a Velké Británie. V aplikační části uvádí řízení rizika v jednom článku logistického řetězce, skladu poskytovatele logistických služeb ve Velké Británii.

  16. Risk management for industrial safety

    International Nuclear Information System (INIS)

    Novogno, A.

    1989-01-01

    The catastrophic accidents which have occurred in the last decade, in both developed and developing countries, have drawn the attention of decision-makers in the safety area to the urgent necessity to assess and manage risks from hazardous industrial activities which are concentrated in large industrialized areas. The aim of this paper is to review experience gained in conducting studies in the area of 'comparisons of risks in energy systems' and on the practical application of 'cost effectiveness of risk reduction analysis among different energy systems' (case studies). It is also the aim of the paper to discuss and propose a general framework for defining an 'integrated approach' to risk assessment and management in highly industrialized regions within a country. (author)

  17. Manager's effort and endogenous economic discrimination

    Directory of Open Access Journals (Sweden)

    Jaime Orrillo

    2004-09-01

    Full Text Available Assume a labor supply consisting of two types of workers, 1 and 2. Both workers are equally productive and exhibit supply functions with the same elasticity. We consider a firm (entrepreneur or shareholders that is competitive in the output market and monopsonistic in input markets. The firm uses the services of a manager who has a high human capital and whose wage is given by the market. It is supposed that the manager does not like to work with one type of worker, say type 1. If we allow the manager's effort to be an additional input without any extra (in addition to his salary cost for the firm, then the firm's pricing decision will be different for both workers. That is, there will be a wage differential and therefore endogenous economic discrimination2 in the labor markets.Vamos assumir que a oferta de trabalho consiste de dois tipos de trabalhadores, 1 e 2. Ambos os trabalhadores são igualmente produtivos e exibem funções de oferta com a mesma elasticidade. Consideramos uma firma (empresário ou acionistas, a qual é competitiva no mercado de produtos e monopsonista nos mercados de insumos. A firma usa os serviços de um gerente quem tem um alto capital humano e cujo salário é dado pelo mercado. Suponhamos que o gerente não gosta de trabalhar com um tipo de trabalhador, digamos o tipo 1. Se permitirmos que o esforço do gerente seja um insumo adicional sem nenhum custo extra (além de seu salário, a decisão de salários será diferente para ambos os trabalhadores. Isto é, haverá um diferencial de salários e, em conseqüência, uma discriminação econômica1 endógena nos mercados de trabalho.

  18. Managing Macroeconomic Risks by Using Statistical Simulation

    Directory of Open Access Journals (Sweden)

    Merkaš Zvonko

    2017-06-01

    Full Text Available The paper analyzes the possibilities of using statistical simulation in the macroeconomic risks measurement. At the level of the whole world, macroeconomic risks are, due to the excessive imbalance, significantly increased. Using analytical statistical methods and Monte Carlo simulation, the authors interpret the collected data sets, compare and analyze them in order to mitigate potential risks. The empirical part of the study is a qualitative case study that uses statistical methods and Monte Carlo simulation for managing macroeconomic risks, which is the central theme of this work. Application of statistical simulation is necessary because the system, for which it is necessary to specify the model, is too complex for an analytical approach. The objective of the paper is to point out the previous need for consideration of significant macroeconomic risks, particularly in terms of the number of the unemployed in the society, the movement of gross domestic product and the country’s credit rating, and the use of data previously processed by statistical methods, through statistical simulation, to analyze the existing model of managing the macroeconomic risks and suggest elements for a management model development that will allow, with the lowest possible probability and consequences, the emergence of the recent macroeconomic risks. The stochastic characteristics of the system, defined by random variables as input values defined by probability distributions, require the performance of a large number of iterations on which to record the output of the model and calculate the mathematical expectations. The paper expounds the basic procedures and techniques of discrete statistical simulation applied to systems that can be characterized by a number of events which represent a set of circumstances that have caused a change in the system’s state and the possibility of its application in the field of assessment of macroeconomic risks. The method has no

  19. THE MANAGEMENT OF RISKS IN BUSINESS AND IN THE MANAGEMENT OF HUMAN RESOURCES

    OpenAIRE

    Reta CONDEI; Ioana NICULAE; Georgiana Melania COSTAICHE; Agatha POPESCU

    2014-01-01

    The characteristics of market economy and coordinates of modern life have determinate both individual level and organizations increase of number of risk who can affect us, of their dimensions and of the consequences which induce them, but at the same time a highest need of firm security. In economic and financial department was develop an entire area –management risk and many financial instruments to reduce or diminish risk. The behaviour of economical agents respectively of the entrepreneurs...

  20. Atmospheric natural disasters in Serbia: Management experience and economic effects

    Directory of Open Access Journals (Sweden)

    Nikolić Jugoslav

    2013-01-01

    Full Text Available Natural disasters occur as a result of an action of natural forces and represent limitations in spatial planning and efficient spatial development, with different consequences in terms of scope on humans, living things and tangible property. Consequences can be ecological, economic, in terms of health, demographic, social, psychological, etc. Weather modification management involves policies, methods, techniques and technologies that affect atmospheric features in order to make atmospheric water useful for humans, while eliminating its negative effects. Highly significant risk of natural disasters in Serbia is related to hailstorm disasters and droughts as atmospheric elementary disasters. The goal of this paper is to present certain methodologies and experience in Serbia in the weather modification management, mainly in the hailstorm processes. This paper provides analysis and critical review of the methodology of an action, with the analysis of the economic benefits. Cost-benefit analysis of a hail suppression project in Serbia was performed. The results point to the economic justification of some aspects of artificial influence on weather disasters.

  1. 12 CFR 917.3 - Risk management.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Risk management. 917.3 Section 917.3 Banks and Banking FEDERAL HOUSING FINANCE BOARD GOVERNANCE AND MANAGEMENT OF THE FEDERAL HOME LOAN BANKS POWERS AND RESPONSIBILITIES OF BANK BOARDS OF DIRECTORS AND SENIOR MANAGEMENT § 917.3 Risk management. (a) Risk management...

  2. [Risk Assessment and Risk Management of Chemicals in China].

    Science.gov (United States)

    Wang, Tie-yu; Zhou, Yun-qiao; Li, Qi-feng; Lü, Yong-long

    2016-02-15

    Risk assessment and risk management have been increasingly approved as an effective approach for appropriate disposal and scientific management of chemicals. This study systematically analyzed the risk assessment methods of chemicals from three aspects including health risk, ecological risk and regional risk. Based on the current situation of classification and management towards chemicals in China, a specific framework of risk management on chemicals was proposed by selecting target chemicals, predominant industries and related stakeholders as the objects. The results of the present study will provide scientific support for improving risk assessment and reasonable management of chemicals in China.

  3. RISK MANAGEMENT FROM THE PERSPECTIVE OF INTERNAL AUDIT

    Directory of Open Access Journals (Sweden)

    Florin-Constantin, DIMA

    2013-12-01

    Full Text Available The existence of a wide range of risks with actual or potential impact on business entities is a certainty, as well as their influence on company results. In this context, the increase of the economic performance and the implementation of effective activities is strictly related to implementing a risk management system, allowing to define the principal risks of the entity, to identify and assess the risks it faces, and the creation of effective strategies to reduce them.

  4. RISK MANAGEMENT FROM THE PERSPECTIVE OF INTERNAL AUDIT

    OpenAIRE

    Florin-Constantin, DIMA

    2013-01-01

    The existence of a wide range of risks with actual or potential impact on business entities is a certainty, as well as their influence on company results. In this context, the increase of the economic performance and the implementation of effective activities is strictly related to implementing a risk management system, allowing to define the principal risks of the entity, to identify and assess the risks it faces, and the creation of effective strategies to reduce them.

  5. Developing Risk Management as a Competitive Capability

    OpenAIRE

    Silva, E.; Wu, Y.; Ojiako, U.

    2013-01-01

    At the level of the firm, three major parameters are found to influence the ability of SMEs to develop risk management competencies; these are enterprise risk management, internal control, and risk culture.

  6. Risk management at GPU Nuclear

    International Nuclear Information System (INIS)

    Long, R.L.

    1991-01-01

    This paper reports on GPU Nuclear. Among other goals, it established the independence of key safety functions as highlighted by the lessons learned from the accident. In particular, an independent Nuclear Assurance Division was established which include Quality Assurance, Training and Education, Emergency Preparedness, and Nuclear Safety Assessment. The latter consisted of corporate and site independent-safety-review groups. As the GPU Nuclear organization matured, a mid-1987 reorganization created an even more focused Planning and Nuclear Safety Division bringing together Nuclear Safety Assessment with Licensing and Regulatory Affairs and Risk Management. The Risk Management Group (RMG), which began its work in fall 1987, was formed to develop a framework for proactive identification, evaluation, and cost-effective reduction and management of risks of all types. The RMG set out to learn as much as possible about risks and their management in nuclear and other high-technology industries. This began with a thorough literature search. It progressed to interviews with individuals and organizations which have demonstrated innovative ideas, experience, and reputations for safe and reliable operation

  7. RISK MANAGEMENT USING PROJECT RECON

    Science.gov (United States)

    2016-11-28

    centralized database . • Project Recon (formerly Risk Recon) is designed to be used by all Program Management Offices, Integrated Project Teams and any...Create growth plans to proactively capture benefits • Customize reports to group opportunities by programmatic, technical, business, contracting, and

  8. Integrated Foreign Exchange Risk Management

    DEFF Research Database (Denmark)

    Aabo, Tom; Høg, Esben; Kuhn, Jochen

    Empirical research has focused on export as a proxy for the exchange rate exposure and the use of foreign exchange derivatives as the instrument to deal with this exposure. This empirical study applies an integrated foreign exchange risk management approach with a particular focus on the role...

  9. CEA: assessment of risk management 2011

    International Nuclear Information System (INIS)

    2012-06-01

    This report proposes an overview of CEA activities in the field of risk management in different areas: impact on the environment, installation safety, management of occupational risks (occupational health and safety), radiological protection of workers, transportation of hazardous materials, waste management, protection of sites, installations and heritage, management of emergency situations, management of law risks, controls and audits. It finally presents the risk management department

  10. Evaluation of forest management systems under risk of wildfire

    Science.gov (United States)

    Kari Hyytiainen; Robert G. Haight

    2010-01-01

    We evaluate the economic efficiency of even- and uneven-aged management systems under risk of wildfire. The management problems are formulated for a mixed-conifer stand and approximations of the optimal solutions are obtained using simulation optimization. The Northern Idaho variant of the Forest Vegetation Simulator and its Fire and Fuels Extension is used to predict...

  11. THE METHODOLOGICAL ISSUES OF ECONOMIC MANAGEMENT DECISIONS

    Directory of Open Access Journals (Sweden)

    R. I. Solopenko

    2007-09-01

    Full Text Available The necessity of economic ground of administrative decisions related to the operation, staff, financial, investment, information & telecommunication, innovative, marketing and international economic activities of an aviation enterprise is determined foe such an enterprise, and the procedure of economic substantiation of administrative decisions with use of economico-mathematical modelling in automated control system (ACS for an aviation enterprise is implemented.

  12. Tank waste remediation system risk management plan

    International Nuclear Information System (INIS)

    Zimmerman, B.D.

    1998-01-01

    The purpose of the Tank Waste Remediation System (TWRS) Risk Management Plan is to describe a consistent approach to risk management such that TWRS Project risks are identified and managed to achieve TWRS Project success. The Risk Management Plan implements the requirements of the Tank Waste Remediation System Systems Engineering Management Plan in the area of risk management. Figure ES-1 shows the relationship of the TWRS Risk Management Plan to other major TWRS Project documents. As the figure indicates, the Risk Management Plan is a tool used to develop and control TWRS Project work. It provides guidance on how TWRS Project risks will be assessed, analyzed, and handled, and it specifies format and content for the risk management lists, which are a primary product of the risk management process. In many instances, the Risk Management Plan references the TWRS Risk Management Procedure, which provides more detailed discussion of many risk management activities. The TWRS Risk Management Plan describes an ongoing program within the TWRS Project. The Risk Management Plan also provides guidance in support of the TWRS Readiness To-Proceed (RTP) assessment package

  13. Risk Management in Banking:The Tendency of Risk Management Development and Changes in Financial Crisis.

    OpenAIRE

    Zhang, Lan

    2011-01-01

    As the market instability and uncertainty that economic and business environment become more complex than any time before. In real condition, there are significant financial volatility and distress that exist in financial institutions, particularly in those with large debt and commodity price exposures. Therefore risk management in recent decade has been largely required and improved to financial sectors. In this paper, we conduct content analysis through annual reports of four leading banks ...

  14. Reducing the risk, managing safety.

    Science.gov (United States)

    Aldridge, Peter

    2016-02-01

    Fire safety in healthcare premises has always been a challenge to those that discharge this duty. Statutory compliance should be a matter of course, but in an ever increasingly challenged NHS, even this is not a given. While the NHS is driven by managing very complex risk to deliver cutting edge healthcare, providers cannot be risk averse. Which risk, however, takes priority? Here Peter Aldridge, fire and corporate services manager at Leeds Teaching Hospitals NHS Trust, and Secretary to the National Association of Healthcare Fire Officers (NAHFO)--which will this month and next jointly stage fire safety seminars with IHEEM; see page 8--considers the key issues, with input from a fire officer at a leading mental health and community Trust.

  15. Risk Management Practices: The Ghanaian Firms' Perspective ...

    African Journals Online (AJOL)

    Using a quantitative approach the findings of the study are that Ghanaian firms understand risk and risk management. Additionally, operational, liquidity and credit risk are the most dominant risks experienced while risk identification and selection jointly determine risk management practices in Ghana. Based on the findings ...

  16. Risk Management of NASA Projects

    Science.gov (United States)

    Sarper, Hueseyin

    1997-01-01

    Various NASA Langley Research Center and other center projects were attempted for analysis to obtain historical data comparing pre-phase A study and the final outcome for each project. This attempt, however, was abandoned once it became clear that very little documentation was available. Next, extensive literature search was conducted on the role of risk and reliability concepts in project management. Probabilistic risk assessment (PRA) techniques are being used with increasing regularity both in and outside of NASA. The value and the usage of PRA techniques were reviewed for large projects. It was found that both civilian and military branches of the space industry have traditionally refrained from using PRA, which was developed and expanded by nuclear industry. Although much has changed with the end of the cold war and the Challenger disaster, it was found that ingrained anti-PRA culture is hard to stop. Examples of skepticism against the use of risk management and assessment techniques were found both in the literature and in conversations with some technical staff. Program and project managers need to be convinced that the applicability and use of risk management and risk assessment techniques is much broader than just in the traditional safety-related areas of application. The time has come to begin to uniformly apply these techniques. The whole idea of risk-based system can maximize the 'return on investment' that the public demands. Also, it would be very useful if all project documents of NASA Langley Research Center, pre-phase A through final report, are carefully stored in a central repository preferably in electronic format.

  17. Pressure ulcers management: an economic evaluation.

    Science.gov (United States)

    Foglia, E; Restelli, U; Napoletano, A M; Coclite, D; Porazzi, E; Bonfanti, M; Croce, D

    2012-03-01

    Pressure ulcer management represents a growing problem for medical and social health care systems all over the world, particularly in European Union countries where the incidence of pressure ulcers in older persons (> 60 years of age) is predicted to rise. The aim of this study was to provide evidence for the lower impact on economic resources of using advanced dressings for the treatment of pressure ulcers with respect to conventional simple dressings. Two different models of analysis, derived from Activity Based Costing and Health Technology Assessment, were used to measure, over a 30-day period, the direct costs incurred by pressure ulcer treatment for community-residing patients receiving integrated home care. Although the mean cost per home care visit was higher in the advanced dressings patient group than in the simple dressings patient one (E 22.31 versus E 16.03), analysis of the data revealed that the cost of using advanced dressings was lower due to fewer home care visits (22 versus 11). The results underline the fact that decision-makers need to improve their understanding of the advantages of taking a long-term view with regards to the purchase and use of materials. This could produce considerable savings of resources in addition to improving treatment efficacy for the benefit of patients and the health care system.

  18. Comparative Risk Analysis for Metropolitan Solid Waste Management Systems

    Science.gov (United States)

    Chang, Ni-Bin; Wang, S. F.

    1996-01-01

    Conventional solid waste management planning usually focuses on economic optimization, in which the related environmental impacts or risks are rarely considered. The purpose of this paper is to illustrate the methodology of how optimization concepts and techniques can be applied to structure and solve risk management problems such that the impacts of air pollution, leachate, traffic congestion, and noise increments can be regulated in the iong-term planning of metropolitan solid waste management systems. Management alternatives are sequentially evaluated by adding several environmental risk control constraints stepwise in an attempt to improve the management strategies and reduce the risk impacts in the long run. Statistics associated with those risk control mechanisms are presented as well. Siting, routing, and financial decision making in such solid waste management systems can also be achieved with respect to various resource limitations and disposal requirements.

  19. Multiple challenges of risk management in EU credit institutions

    Directory of Open Access Journals (Sweden)

    Constantinescu, A.

    2011-01-01

    Full Text Available This paper is intended to be a significant insight into risk management issues by describing the main types of such risks and by providing management and evaluation procedures of significant risks into some active banking companies in Romania. In times of crisis, risk management in the banking system has a greater importance than in the normal economic times. The 2011 was a year in which Romania has been hit by the repercussions of the international economic crisis. Using strategies against risks, implementing procedures to monitor and control risks, risk assessment and quantification can substantially reduce the financial losses of a company or those of a financial institution. Risk management is an integral part of all decision making and business processes from credit institutions, its purpose being to protect their sustainable development. The innovations on the financial market, the internationalization of the specific operations, and the pressure of the competition are just a few arguments that impose a permanent supervision of the general and specific risks. This is the main reason why is compulsory to find new methods of managing risks, to keep in consideration the identification, evaluation of the management and the control of the banking system and of each bank.

  20. Economic Techniques of Occupational Health and Safety Management

    Science.gov (United States)

    Sidorov, Aleksandr I.; Beregovaya, Irina B.; Khanzhina, Olga A.

    2016-10-01

    The article deals with the issues on economic techniques of occupational health and safety management. Authors’ definition of safety management is given. It is represented as a task-oriented process to identify, establish and maintain such a state of work environment in which there are no possible effects of hazardous and harmful factors, or their influence does not go beyond certain limits. It was noted that management techniques that are the part of the control mechanism, are divided into administrative, organizational and administrative, social and psychological and economic. The economic management techniques are proposed to be classified depending on the management subject, management object, in relation to an enterprise environment, depending on a control action. Technoeconomic study, feasibility study, planning, financial incentives, preferential crediting of enterprises, pricing, profit sharing and equity, preferential tax treatment for enterprises, economic regulations and standards setting have been distinguished as economic techniques.

  1. Economic risks of the system of state and municipal procurement

    Directory of Open Access Journals (Sweden)

    Belokrylova Olga, S.

    2015-12-01

    Full Text Available In the paper the audit of economic risks at all stages of procurement for state and municipal needs from both customers and bidders is carried out on the basis of the implementation of the integrated approach . Stages in the procurement under a single contract system, which is characterized by the high economic risks are planning, supplier selection, conclusion and execution of the contract. A number of the measures according to the localization of economic risks are offered, in particular the implementation of compliance programs, which institutionalize the compliance by the organization, anti-corruption legislation; increasing qualification of specialists in public procurement and increased control through centralization of procurement.

  2. Overview of the Hanford risk management plan

    International Nuclear Information System (INIS)

    Halverson, T.G.

    1998-01-01

    The Project Hanford Management Contract called for the enhancement of site-wide decision processes, and development of a Hanford Risk Management Plan to adopt or develop a risk management system for the Hanford Site. This Plan provides a consistent foundation for Site issues and addresses site-wide management of risks of all types. It supports the Department of Energy planning and sitewide decision making policy. Added to this requirement is a risk performance report to characterize the risk management accomplishments. This paper presents the development of risk management within the context of work planning and performance. Also discussed are four risk elements which add value to the context

  3. Risk and Management Control: A Partial Least Square Modelling Approach

    DEFF Research Database (Denmark)

    Nielsen, Steen; Pontoppidan, Iens Christian

    Risk and economic theory goes many year back (e.g. to Keynes & Knight 1921) and risk/uncertainty belong to one of the explanations for the existence of the firm (Coarse, 1937). The present financial crisis going on in the past years have re-accentuated risk and the need of coherence...... and interrelations between risk and areas within management accounting. The idea is that management accounting should be able to conduct a valid feed forward but also predictions for decision making including risk. This study reports the test of a theoretical model using partial least squares (PLS) on survey data...... and a external attitude dimension. The results have important implications for both management control research and for the management control systems design for the way accountants consider the element of risk in their different tasks, both operational and strategic. Specifically, it seems that different risk...

  4. Risk Management for e-Business

    Directory of Open Access Journals (Sweden)

    2007-01-01

    Full Text Available In the new Internet economy, risk management plays a critical role to protect the organization and its ability to perform their business mission, not just its IT assets. Risk management is the process of identifying risk, assessing risk, and taking steps to reduce risk to an acceptable level. The risk management is an important component of a IT security program. Information and communications technology management and IT security are responsible for ensuring that technology risks are managed appropriately. These risks originate from the deployment and use of IT assets in various ways, such as configuring systems incorrectly or gaining access to restricted software.

  5. Tank waste remediation system risk management list

    International Nuclear Information System (INIS)

    Collard, L.B.

    1995-01-01

    The Tank Waste Remedation System (TWRS) Risk Management List and it's subset of critical risks, the Critical Risk Management List, provide a tool to senior RL and WHC management (Level-1 and -2) to manage programmatic risks that may significantly impact the TWRS program. The programmatic risks include cost, schedule, and performance risks. Performance risk includes technical risk, supportability risk (such as maintainability and availability), and external risk (i.e., beyond program control, for example, changes in regulations). The risk information includes a description, its impacts, as evaluation of the likelihood, consequences and risk value, possible mitigating actions, and responsible RL and WHC managers. The issues that typically form the basis for the risks are presented in a separate table and the affected functions are provided on the management lists

  6. Risk Management for Food Allergy

    DEFF Research Database (Denmark)

    Risk Management for Food Allergy is developed by a team of scientists and industry professionals who understand the importance of allergen risk assessment and presents practical, real-world guidance for food manufacturers. With more than 12 million Americans suffering from food allergies and little...... appropriate "safe" thresholds of ingredients, the food industry must take increasingly proactive steps to avoid direct or cross-contamination as well as ensuring that their products are appropriately labeled and identified for those at risk. This book covers a range of critical topics in this area, including...... indication of what is causing that number to continue to grow, food producers, packagers and distributors need to appropriately process, label and deliver their products to ensure the safety of customers with allergic conditions. By identifying risk factors during processing as well as determining...

  7. Conceptual model of management steadfast economic development production-economic systems

    OpenAIRE

    Prokhorova, V.

    2010-01-01

    The article is devoted developments of conceptual model of management proof economic development of the industrialeconomy systems. Features are certain, the algorithm of impulse is offered and intercommunication of contours of management proof economic development of the industrialeconomy systems is investigational

  8. The Economic Value of Predicting Bond Risk Premia

    DEFF Research Database (Denmark)

    Sarno, Lucio; Schneider, Paul; Wagner, Christian

    the expectations hypothesis (EH) out-ofsample: the forecasts do not add economic value compared to using the average historical excess return as an EH-consistent estimate of constant risk premia. We show that in general statistical signicance does not necessarily translate into economic signicance because EH...... deviations mainly matter at short horizons and standard predictability metrics are not compatible with common measures of economic value. Overall, the EH remains the benchmark for investment decisions and should be considered an economic prior in models of bond risk premia.......This paper studies whether the evident statistical predictability of bond risk premia translates into economic gains for bond investors. We show that ane term structure models (ATSMs) estimated by jointly tting yields and bond excess returns capture this predictive information otherwise hidden...

  9. Environmental and social risk evaluation of overseas investment under the China-Pakistan Economic Corridor.

    Science.gov (United States)

    Zhang, Ruilian; Andam, Francis; Shi, Guoqing

    2017-06-01

    Along with the further implementation of the "One Belt, One Road" initiative and the promotion of the China-Pakistan Economic Corridor (CPEC), the construction of the CPEC will likely face challenges owing to differences between China and Pakistan in politics, economics, culture, religion, language, customs, environmental management systems, environmental protection laws, social management systems, and social management regulations. To address potential environmental and social risks associated with Chinese enterprises as they invest in the CPEC region, this paper examines previous studies addressing topics such as the environmental and social safeguards of international institutions and Pakistan's domestic environmental and social management requirements. We then systematically identify the environmental and social risk factors involved in CPEC construction, which cover risks regarding water, air, soil, noise, biodiversity, politics, economics, culture, technology, and individuals. By establishing and calculating these risks and using a multi-fuzzy comprehensive evaluation model, we found that noise and individual risks belong to a medium risk category, while others belong to a higher risk category. In view of these risks, the Chinese government must create a friendly and peaceful environment for Chinese enterprises to invest in the CPEC region, and Chinese enterprises must adopt a development strategy of strength and capacity building and establish enterprises capable of addressing environmental and social issues during the investment process. All stakeholders must understand that if no determined and diligent steps are taken, CPEC construction might be doomed for failure from the start.

  10. 42 CFR 441.476 - Risk management.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 4 2010-10-01 2010-10-01 false Risk management. 441.476 Section 441.476 Public... Self-Directed Personal Assistance Services Program § 441.476 Risk management. (a) The State must... plan for how identified risks will be mitigated. (d) The State must ensure that the risk management...

  11. THE MANAGEMENT OF RISKS IN BUSINESS AND IN THE MANAGEMENT OF HUMAN RESOURCES

    Directory of Open Access Journals (Sweden)

    Reta CONDEI

    2014-10-01

    Full Text Available The characteristics of market economy and coordinates of modern life have determinate both individual level and organizations increase of number of risk who can affect us, of their dimensions and of the consequences which induce them, but at the same time a highest need of firm security. In economic and financial department was develop an entire area –management risk and many financial instruments to reduce or diminish risk. The behaviour of economical agents respectively of the entrepreneurs and managers is different according to the risk in many respects: risk adversaries unaffected to risk and risk belovers who leave mark on decisions take it. Management risk is an cyclical process with distinct stages: risk identification, risk analyses and risk reactions. The management of this phenomenon goes from this context and the firm objectives, analyse the risk factors into a security conception having the purpose to minimize the risks and the cost. The policies of occupational safety and health at the level of the organization must include information regarding: the general security and health policy at work; the specific risks and the way of dealing with them; the responsibility of the managers in this field; the measures of implementation of these policies and must be based on: Employee safety is very important; Safety is prior to efficiency; Employee safety leads to advantages and efficiency; Respecting the regulations

  12. Fire in longleaf pine stand management: an economic analysis

    Science.gov (United States)

    Rodney L. Busby; Donald G. Hodges

    1999-01-01

    A simulation analysis of the economics of using prescribed fire as a forest management tool in the management of longleaf pine (Pinus palustris Mill.) plantations was conducted. A management regime using frequent prescribed fire was compared to management regimes involving fertilization and chemical release, chemical control, and mechanical control. Determining the...

  13. Social influences on risk attitudes : Applications in economics

    NARCIS (Netherlands)

    Trautmann, S.T.; Vieider, F.M.; Roeser, S.; Hillerbrand, R.; Sandin, P.; Peterson, M.

    2012-01-01

    Economic research on risk attitudes has traditionally focused on individual decision-making issues, without any consideration for potential social influences on preferences. This has been changing rapidly over the last years, with economists often taking inspiration from earlier psychological

  14. Probabilistic risk assessment as an aid to risk management

    International Nuclear Information System (INIS)

    Garrick, B.J.

    1982-01-01

    Probabilistic risk assessments are providing important insights into nuclear power plant safety. Their value is two-fold: first as a means of quantifying nuclear plant risk including contributors to risk, and second as an aid to risk management. A risk assessment provides an analytical plant model that can be the basis for performing meaningful decision analyses for controlling safety. It is the aspect of quantitative risk management that makes probabilistic risk assessment an important technical discipline of the future

  15. Economic Requirements of Water Resources Management

    Directory of Open Access Journals (Sweden)

    Nasser Khiabani

    2017-03-01

    Full Text Available Indicators of water resources status and water consumption in Iran reveal an imbalance between supply and demand. This is compounded by the current unrealistic water price that signals the inefficiency of the water market in Iran. In economics parlance, the most important factors responsible for the low efficiency of water market are inaccurate valuation and failure to define the ownership rights of water. Low prices, low sensitivity of water demand to prices, and the lack of proper inputs as substitutes for water resources have collectively contributed to excessive pressures on the available water resources for domestic, industrial, and agricultural uses. A brief glance reveals that water resources in Iran are merely priced based on cost accounting. This is while study has shown that developed countries adopt approaches to water pricing that not only consider the final cost of water but also take into account such other parameters that are affected by intrinsic value of water including its bequest and existence values. The present paper draws upon the concepts of value, expenses, and pricing of water in an attempt to explore the marketing and pricing of water resources as the two major tools economists employ in the management of these resources. It is the objective of the study to arrive at an accurate definition of ownership rights of water resources to improve upon the present water marketing. In doing so, the more important components of modern pricing strategies adopted by developed nations will also be investigated. Results indicate that the present cost accounting method used in pricing water in Iran will in the long-run lead to the wastage of water resources and that it should, therefore, be given up in favor modern and more realistic policies to avoid such waste of resources.

  16. Considerations on Integrating Risk and Quality Management

    Directory of Open Access Journals (Sweden)

    Maria POPESCU

    2011-03-01

    Full Text Available This paper aims to highlight the links between risk management and quality management and to study the possibility of their integrated approach. The study reviews the evolution of risk approach within organizations and stresses the need to increase the effectiveness of this approach by incorporating risk management methodology in the quality management system. Starting from this idea, the authors present the current state of risk approach into quality management, basic rules of integrated quality-risk management and major difficulties which may arise in the implementation of integrated quality–risk systems.

  17. Managing risks and hazardous in industrial operations

    Energy Technology Data Exchange (ETDEWEB)

    Almaula, S.C. [Woodward-Clyde International, Oakland, CA (United States)

    1996-12-31

    The main objective of this paper is to demonstrate that it makes good business sense to identify risks and hazards of an operation and take appropriate steps to manage them effectively. Developing and implementing an effective risk and hazard management plan also contibutes to other industry requirements and standards. Development of a risk management system, key elements of a risk management plan, and hazards and risk analysis methods are outlined. Comparing potential risk to the cost of prevention is also discussed. It is estimated that the cost of developing and preparing the first risk management plan varies between $50,000 to $200,000. 3 refs., 2 figs., 1 tab.

  18. Hanford Tanks Initiative risk management guide

    International Nuclear Information System (INIS)

    Schaus, P.S.

    1997-01-01

    This project-specific Risk Management Guide describes the general approach and process being used by the HTI Project to manage risk associated with execution of the HTI mission. It includes the initial identification of risk and the quantification of its likelihood and severity of its consequences. It further addresses the formulation of risk mitigation plans, periodic statusing of the Risk Management List, and risk closure

  19. Managing IT Integration Risk in Acquisitions

    DEFF Research Database (Denmark)

    Henningsson, Stefan; Kettinger, William J.

    2016-01-01

    The article discusses a framework for evaluating risk of information technology (IT) integration in acquisitions. Topics include the use of the experience of serial acquirer Trelleborg AB to show the merits of the framework for managing the risk and to determine low-risk acquisitions......, the importance of managing IT integration risk, and various risk areas for acquisition IT integration....

  20. Risk management in microfinance institutions

    OpenAIRE

    Batin, Artyom

    2014-01-01

    In the following paper I have tried to find the correlation between type of ownership and effective risk management in the operations of microfinance institutions in India. The results found are consistent with the current findings of how the type of ownership does not impact both the financial or social performance of MFIs. Dataset of 72 MFIs was acquired from the Microfinance Information Exchange on MFIs and evaluated using an OLS regression. The results show that the type of ownership insi...

  1. Risk aversion affects economic values of blue fox breeding scheme.

    Science.gov (United States)

    Peura, J; Kempe, R; Strandén, I; Rydhmer, L

    2016-12-01

    The profit and production of an average Finnish blue fox farm was simulated using a deterministic bio-economic farm model. Risk was included using Arrow-Prat absolute risk aversion coefficient and profit variance. Risk-rated economic values were calculated for pregnancy rate, litter loss, litter size, pelt size, pelt quality, pelt colour clarity, feed efficiency and eye infection. With high absolute risk aversion, economic values were lower than with low absolute risk aversion. Economic values were highest for litter loss (18.16 and 26.42 EUR), litter size (13.27 and 19.40 EUR), pregnancy (11.99 and 18.39 EUR) and eye infection (12.39 and 13.81 EUR). Sensitivity analysis showed that selection pressure for improved eye health depended strongly on proportion of culled animals among infected animals and much less on the proportion of infected animals. The economic value of feed efficiency was lower than expected (6.06 and 8.03 EUR). However, it was almost the same magnitude as pelt quality (7.30 and 7.30 EUR) and higher than the economic value of pelt size (3.37 and 5.26 EUR). Risk factors should be considered in blue fox breeding scheme because they change the relative importance of traits. © 2016 Blackwell Verlag GmbH.

  2. Assessing social and economic effects of perceived risk: Workshop summary: Draft: BWIP Repository Project

    International Nuclear Information System (INIS)

    Nealey, S.M.; Liebow, E.B.

    1988-03-01

    The US Department of Energy sponsored a one-day workshop to discuss the complex dimensions of risk judgment formation and the assessment of social and economic effects of risk perceptions related to the permanent underground storage of highly radioactive waste from commercial nuclear power plants. Affected parties have publicly expressed concerns about potentially significant risk-related effects of this approach to waste management. A selective review of relevant literature in psychology, decision analysis, economics, sociology, and anthropology was completed, along with an examination of decision analysis techniques that might assist in developing suitable responses to public risk-related concerns. The workshop was organized as a forum in which a set of distinguished experts could exchange ideas and observations about the problems of characterizing the effects of risk judgments. Out of the exchange emerged the issues or themes of problems with probabilistic risk assessment techniques are evident; differences exist in the way experts and laypersons view risk, and this leads to higher levels of public concern than experts feel are justified; experts, risk managers, and decision-makers sometimes err in assessing risk and in dealing with the public; credibility and trust are important contributing factors in the formation of risk judgments; social and economic consequences of perceived risk should be properly anticipated; improvements can be made in informing the public about risk; the role of the public in risk assessment, risk management and decisions about risk should be reconsidered; and mitigation and compensation are central to resolving conflicts arising from divergent risk judgments. 1 tab

  3. Management Strategies and Economic Development in Ghana

    DEFF Research Database (Denmark)

    Kuada, John

    2014-01-01

    as number 2 on the World Bank’s world economic growth list. It has also scored high on measures of civil liberty, political rights and political stability among other nations on the West African sub-continent. But Ghana still faces serious economic and social challenges and is, therefore, in search of new......Ghana has experienced a tumultuous political and economic history since its independence in 1957. But today it is among the handful of African nations that showcase the dreams and aspirations of Sub-Sahara Africa. In 2011 it achieved an impressive economic growth rate of 14.6 per cent and ranked...... to provides illustrations of the usefulness of the human capability development framework presented in volume one as a foundation for sustainable and inclusive economic development in SSA. It also highlights the challenges that the country continues to grapple with and provides some directions for further...

  4. RESILIENCE AS A CRITICAL SUCCESS FACTOR OF RISK MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Angela BELOBROV

    2014-06-01

    Full Text Available All the economical entities operate in a complex economic environment marked by economic crisis and stressed the growing dynamism in terms of intensifying competition. In our opinion, changing the environment and enhancing the uncertainty is due to the existence of a number of factors that act as "mutagen" that have the ability to produce mutations environment with a higher frequency of spontaneous mutations. Analysis allows outlining the main factors influencing management approach necessary to increase efficiency and competitiveness of all of this. A proposed solution is to recognize the resilience as a Critical Success Factors for improve risk management.

  5. Management economics in a large retail company

    NARCIS (Netherlands)

    W.S. Siebert (W. Stanley); N.V. Zubanov (Nick)

    2010-01-01

    textabstractWe use unique data from 245 stores of a UK retailer to study links among middle (store) manager skills, sales, and manager pay. We find that, of the six management practice areas surveyed, the most important is "commercial awareness," where abler managers achieve up to 13.9% higher sales

  6. Risk management: A tool for improving nuclear power plant performance

    International Nuclear Information System (INIS)

    2001-04-01

    This technical document on risk management as a tool for improving nuclear power plant (NPP) operations is part of an ongoing project on management of NPP operations in a competitive environment. The overall objective of this project is to assist the management of operating organizations and NPPs in identifying and implementing appropriate measures to remain competitive in a rapidly changing business environment. Other reports developed through this project have identified overall strategies and techniques that NPP operating organization managers can use to succeed in more competitive energy markets. For example, in IAEA-TECDOC-1123, Strategies for Competitive Nuclear Power Plants, one of the most important strategies identified was integrated risk management. This publication provides a recommended structure for risk management along with examples of how NPP operating organizations are using this tool to help them integrate safety, operational and economic related risks in a changing business environment

  7. Risk management in nuclear power social aspects

    International Nuclear Information System (INIS)

    Sappa, N.N.

    1996-01-01

    Problems connected with safety evaluation and risk management during operation of nuclear power installations are considered. Social aspects of risk assessment of enterprises with increased danger are discussed

  8. Nuclear power investment risk economic model

    International Nuclear Information System (INIS)

    Postula, F.D.; Houghton, W.J.

    1986-01-01

    This paper describes the economic model which was developed to evaluate the net costs incurred by an owner due to an accident induced outage at a nuclear power plant. During such an outage, the portion of the plant operating costs associated with power production are saved; however the owner faces a sizable expense as fossil fuels are burned as a substitute for power from the incapacitated nuclear plant. Additional expenses are incurred by the owner for plant repair and, if necessary, decontamination cost. The model makes provision for mitigating these costs by sales of power, property damage insurance payments, tax write-offs and increased rates

  9. Modelling management process of key drivers for economic sustainability in the modern conditions of economic development

    Directory of Open Access Journals (Sweden)

    Pishchulina E.S.

    2017-01-01

    Full Text Available The text is about issues concerning the management of driver for manufacturing enterprise economic sustainability and manufacturing enterprise sustainability assessment as the key aspect of the management of enterprise economic sustainability. The given issues become topical as new requirements for the methods of manufacturing enterprise management in the modern conditions of market economy occur. An economic sustainability model that is considered in the article is an integration of enterprise economic growth, economic balance of external and internal environment and economic sustainability. The method of assessment of economic sustainability of a manufacturing enterprise proposed in the study allows to reveal some weaknesses in the enterprise performance, and untapped reserves, which can be further used to improve the economic sustainability and efficiency of the enterprise. The management of manufacturing enterprise economic sustainability is one of the most important factors of business functioning and development in modern market economy. The relevance of this trend is increasing in accordance with the objective requirements of the growing volumes of production and sale, the increasing complexity of economic relations, changing external environment of an enterprise.

  10. Using financial futures in trading and risk management

    OpenAIRE

    Mas, Ignacio; Saa-Requejo, Jesus

    1995-01-01

    The authors explain the features of an array of futures contracts and their basic pricing relationships and describe a few applications to show how investors and risk managers can use these contracts. Futures - and derivatives generally - allow economic agents to fine-tune the structure of their assets and liabilities to suit their risk preferences and market expectations. Futures are not a financing or investment vehicle per se, but a tool for transferring price risks associated with fluctua...

  11. Risk as economic category: systematics scientific approach and refinement contents

    OpenAIRE

    V.G. Vygovskyy

    2015-01-01

    The paper studies the categorical-conceptual apparatus of risk and its refinement based on a critical analysis of existing systematic scientific approaches. Determined that in the refinement of the economic nature of the risk of a number of controversial issues: the definition of the objective or subjective nature of risk; matching of concepts such as «risk», «danger», «loss», «probability of loss»; definition of negative or positive consequences of risk; identification of risk with its conse...

  12. Value at Risk models for Energy Risk Management

    OpenAIRE

    Novák, Martin

    2010-01-01

    The main focus of this thesis lies on description of Risk Management in context of Energy Trading. The paper will predominantly discuss Value at Risk and its modifications as a main overall indicator of Energy Risk.

  13. Management system of organizational and economic changes in health services

    Directory of Open Access Journals (Sweden)

    Natalya Vasilyevna Krivenko

    2013-03-01

    Full Text Available In the article, the definitions of the concept organizational and economic changes in institution problems of changes in public health service, the purpose and issues of the management system of organizational and economic changes in the field are considered. The combined strategy of development and innovative changes in management is offered. The need of resource-saving technologies implementation is shown. Expediency of use of marketing tools in a management system of organizational and economic changes is considered the mechanism of improvement of planning and pricing in public health service is offered. The author’s model of management of organizational and economic changes in health services supporting achievement of medical, social, economic efficiency in Yekaterinburg's trauma care is presented. Strategy of traumatism prevention is determined on the basis of interdepartmental approach and territorial segmentation of health care market

  14. Risk management in product innovation projects

    NARCIS (Netherlands)

    Halman, J.I.M.; Keizer, J.A.

    1993-01-01

    In product innovation projects risk management has become increasingly important. Technological and commercial developments ask for effective and efficient product innovation. Systematic diagnosing and management of risks can help to make product innovation projects successful. In this paper a

  15. Drug utilization research and risk management

    NARCIS (Netherlands)

    Mazzaglia, Giampiero; Mol, Peter G. M.; Elseviers, Monique; Wettermark, Björn; Almarsdóttir, Anna Birna; Andersen, Morten; Benko, Ria; Bennie, Marion; Eriksson, Irene; Godman, Brian; Krska, Janet; Poluzzi, Elisabetta; Taxis, Katja; Vlahovic-Palcevski, Vera; Stichele, Robert Vander

    2016-01-01

    Good risk management requires continuous evaluation and improvement of planned activities. The evaluation impact of risk management activities requires robust study designs and carefully selected outcome measures. Key learnings and caveats from drug utilization research should be applied to the

  16. Operational Risk Management and Military Aviation Safety

    National Research Council Canada - National Science Library

    Ashley, Park

    1999-01-01

    .... The Army's Class A aviation mishap rate declined after it implemented risk management (RM) principles in 1987. This reduction caught the attention of Air Force leadership who have since stated that the application of operational risk management...

  17. Economic system and management by labor

    Energy Technology Data Exchange (ETDEWEB)

    Krikorov, Y M

    1981-01-01

    Current problems in improving systematic leadership using the economic structure of the gas industry are touched upon, as are further development of democratic processes in the control of industry and increasing the creative activity of labor collectives.

  18. Economic management model of nuclear power plant research institute

    International Nuclear Information System (INIS)

    Schultz, O.

    1993-01-01

    Brief information about the development of economic management and processing of economic information in the Nuclear Power Plants Research Institute Trnava is given in the paper. The existing economic management model of the Institute impacts positively the fulfillment of economic indicators. When applying this model, activities of individual divisions are emphasized and presentation of the Institute as a global professional capacity is suppressed. With regards to this influence, it will be necessary to look for such system elements that will impact the integrity of the Institute in the future period positively

  19. Economic aspects of risk assessment in chemical safety

    Energy Technology Data Exchange (ETDEWEB)

    Drummond, M F; Shannon, H S

    1986-05-01

    This paper considers how the economic aspects of risk assessment in chemical safety can be strengthened. Its main focus is on how economic appraisal techniques, such as cost-benefit and cost-effectiveness analysis, can be adapted to the requirements of the risk-assessment process. Following a discussion of the main methodological issues raised by the use of economic appraisal, illustrated by examples from the health and safety field, a number of practical issues are discussed. These include the consideration of the distribution of costs, effects and benefits, taking account of uncertainty, risk probabilities and public perception, making the appraisal techniques useful to the early stages of the risk-assessment process and structuring the appraisal to permit continuous feedback to the participants in the risk-assessment process. It is concluded that while the way of thinking embodied in economic appraisal is highly relevant to the consideration of choices in chemical safety, the application of these principles in formal analysis of risk reduction procedures presents a more mixed picture. The main suggestions for improvement in the analyses performed are the undertaking of sensitivity analyses of study results to changes in the key assumptions, the presentation of the distribution of costs and benefits by viewpoint, the comparison of health and safety measures in terms of their incremental cost per life-year (or quality-adjusted life-year) gained and the more frequent retrospective review and revision of the economic analyses that are undertaken.

  20. MAINSTREAMING RISK MANAGEMENT IN THE SERVICES SECTOR (on the example of restaurant and hotel business

    Directory of Open Access Journals (Sweden)

    E. Sh. Kachalova

    2012-01-01

    Full Text Available The article examines the vital issues of and regulation risk in restraurants and hotels of Russia. The author reveals the economic essence of the concept of «risk» in relation to the restaurant and hospitality industry and with the problems of risk management in the RSL. Methodologicalapproaches for the efficient management of risk in restaurant and hotel business.

  1. THEORETICAL BASIS FOR MANAGEMENT OF PERSONNEL RISKS

    OpenAIRE

    Haliashova, Katsiaryna

    2017-01-01

    Necessity of personnel risks management is based on research results. The authors' approaches to the determination of personnel risks and to their management have been explored. The author's definition of the concept of "personnel risks" is proposed. A classification of personnel risks is developed depending on the stage of origin and the tasks of the personnel policy, as well as the methods of management personnel risks in the organization. The article presents a methodical approach to perso...

  2. Risk management with regard to the effect of human factors

    Directory of Open Access Journals (Sweden)

    I. A. Kiseleva

    2016-01-01

    Full Text Available One of the most important components in today's market is a party decision-making under risk and uncertainty. The first step in making such decisions - to adequately process the information for estimating the future value of assets and the interests of investors probabilities of each particular scenario. The next step is to choose the alternative that has the greatest utility for the investor. Each of these steps is associated with numerous difficulties, the roots of which stem from the specificity of human psychology. The article notes that an integral part of professional risk management is to identify the nature of the object of management in the sphere of economy. Since the domestic theory of risk management is being formed-tion, the problem of a clear comprehensive definition of “risk” becomes now particularly relevant-ness. The article deals with along with economic forecasts of the risks and the human factor in decision-tions solutions. Along with economic forecasts, the report focuses on psychological problems and attempts to take into account the human factor in decision-making at the forecast of risks arising in the company. The important parameters are the status and position of the person in the society, as well as its social well-being. Analysis Meto-ing risk assessment concluded that the need to develop new models and methods of risk management, taking into account the four-lovecheskogo factor. Economic psychology and its applications have developed into a special branch of economic knowledge - the so-called behavioral economics, which surely develops a wide range of economic issues - from the actual theory of individual behavior to the problems of public choice and the financial economy. The most interesting item is the fact that the concept of “risk” is considered from different points of view - as the economist-mathematician with the position, and a psychologist.

  3. Subthalamic Neural Activity Patterns Anticipate Economic Risk Decisions in Gambling

    Science.gov (United States)

    Rosa, M.; Carpaneto, J.; Priori, A.

    2018-01-01

    Abstract Economic decision-making is disrupted in individuals with gambling disorder, an addictive behavior observed in Parkinson’s disease (PD) patients receiving dopaminergic therapy. The subthalamic nucleus (STN) is involved in the inhibition of impulsive behaviors; however, its role in impulse control disorders and addiction is still unclear. Here, we recorded STN local field potentials (LFPs) in PD patients with and without gambling disorder during an economic decision-making task. Reaction times analysis showed that for all patients, the decision whether to risk preceded task onset. We compared then for both groups the STN LFP preceding high- and low-risk economic decisions. We found that risk avoidance in gamblers correlated with larger STN LFP low-frequency (gambling disorder were instead not correlated with pretask STN LFP. Our results suggest that STN activity preceding task onset affects risk decisions by preemptively inhibiting attraction to high but unlikely rewards in favor of a long-term payoff. PMID:29445770

  4. Subthalamic Neural Activity Patterns Anticipate Economic Risk Decisions in Gambling.

    Science.gov (United States)

    Mazzoni, A; Rosa, M; Carpaneto, J; Romito, L M; Priori, A; Micera, S

    2018-01-01

    Economic decision-making is disrupted in individuals with gambling disorder, an addictive behavior observed in Parkinson's disease (PD) patients receiving dopaminergic therapy. The subthalamic nucleus (STN) is involved in the inhibition of impulsive behaviors; however, its role in impulse control disorders and addiction is still unclear. Here, we recorded STN local field potentials (LFPs) in PD patients with and without gambling disorder during an economic decision-making task. Reaction times analysis showed that for all patients, the decision whether to risk preceded task onset. We compared then for both groups the STN LFP preceding high- and low-risk economic decisions. We found that risk avoidance in gamblers correlated with larger STN LFP low-frequency (gambling disorder were instead not correlated with pretask STN LFP. Our results suggest that STN activity preceding task onset affects risk decisions by preemptively inhibiting attraction to high but unlikely rewards in favor of a long-term payoff.

  5. 12 CFR 932.1 - Risk management.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Risk management. 932.1 Section 932.1 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL REQUIREMENTS § 932.1 Risk management. Before its new capital plan may take...

  6. Study of International Standards of Risk Management

    Directory of Open Access Journals (Sweden)

    Dykan Volodymyr L.

    2014-01-01

    Full Text Available The goal of the article lies in the study of existing international standards of risk management, an important factor of improvement of risk management in domestic corporations and enterprises and development of recommendations on application of international standards in Ukraine, in particular, within the framework of building corporate systems of risk management. The conducted study shows that approaches on organisation of the process of risk management, used in standards of risk management, are of general character and differ with the degree of detailing. Their undoubted value in development of risk management in Ukraine is identification of a general direction of building corporate systems of risk management in practice. The said approaches at the national and corporate levels of standardisation in Ukraine within the framework of building corporate systems of risk management would allow improvement of risk management in corporations and enterprises. The prospect of further studies of domestic specialists in the field of risk management is development of the domestic standard of risk management with consideration of modern domestic specific features of development of risk management in Ukraine and leading foreign experience.

  7. Construction Management Risk System (CMRS for Construction Management (CM Firms

    Directory of Open Access Journals (Sweden)

    Kyungmo Park

    2017-02-01

    Full Text Available After the global financial crisis of 2008, the need for risk management arose because it was necessary to minimize the losses in construction management (CM firms. This was caused by a decreased amount of orders in the Korean CM market, which intensified order competition between companies. However, research results revealed that risks were not being systematically managed owing to the absence of risk management systems. Thus, it was concluded that it was necessary to develop standard operating systems and implement risk management systems in order to manage risks effectively. Therefore, the purpose of this study was to develop a construction risk management system (CRMS for systematically managing risks. For this purpose, the field operation managers of CM firms were interviewed and surveyed in order to define risk factors. Upon this, a risk assessment priority analysis was performed. Finally, a risk management system that comprised seven modules and 20 sub-modules and was capable of responding systematically to risks was proposed. Furthermore, the effectiveness of this system was verified through on-site inspection. This system allows early response to risks, accountability verification and immediate response to legal disputes with clients by managing risk records.

  8. State of the art in benefit-risk analysis: economics and marketing-finance.

    Science.gov (United States)

    Kalogeras, N; Odekerken-Schröder, G; Pennings, J M E; Gunnlaugsdóttir, H; Holm, F; Leino, O; Luteijn, J M; Magnússon, S H; Pohjola, M V; Tijhuis, M J; Tuomisto, J T; Ueland, Ø; White, B C; Verhagen, H

    2012-01-01

    All market participants (e.g., investors, producers, consumers) accept a certain level of risk as necessary to achieve certain benefits. There are many types of risk including price, production, financial, institutional, and individual human risks. All these risks should be effectively managed in order to derive the utmost of benefits and avoid disruption and/or catastrophic economic consequences for the food industry. The identification, analysis, determination, and understanding of the benefit-risk trade-offs of market participants in the food markets may help policy makers, financial analysts and marketers to make well-informed and effective corporate investment strategies in order to deal with highly uncertain and risky situations. In this paper, we discuss the role that benefits and risks play in the formation of the decision-making process of market-participants, who are engaged in the upstream and downstream stages of the food supply chain. In addition, we review the most common approaches (expected utility model and psychometrics) for measuring benefit-risk trade-offs in the economics and marketing-finance literature, and different factors that may affect the economic behaviour in the light of benefit-risk analyses. Building on the findings of our review, we introduce a conceptual framework to study the benefit-risk behaviour of market participants. Specifically, we suggest the decoupling of benefits and risks into the separate components of utilitarian benefits, hedonic benefits, and risk attitude and risk perception, respectively. Predicting and explaining how market participants in the food industry form their overall attitude in light of benefit-risk trade-offs may be critical for policy-makers and managers who need to understand the drivers of the economic behaviour of market participants with respect to production, marketing and consumption of food products. Copyright © 2011 Elsevier Ltd. All rights reserved.

  9. Development of funding project risk management tools.

    Science.gov (United States)

    2013-11-01

    Funding project risk management is a process for identifying, assessing, and prioritizing project funding risks. To plan to : minimize or eliminate the impact of negative events, one must identify what projects have higher risk to respond to potentia...

  10. Risk management and audit | IDRC - International Development ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    ... a well defined strategic and program framework and sound management processes; and ... A Risk Management Committee supports and monitors the Centre's ... placed on our highly qualified staff in our management of human resources.

  11. Managing risk with renewable resources

    International Nuclear Information System (INIS)

    Brower, M.C.; Bernow, S.; Duckworth, M.; Spinney, P.; Bell, K.

    1997-01-01

    One approach to managing risk is for a utility company to invest in diverse power sources such as wind power plants. Since wind plants consume no fuel, can be built in relatively small increments with short construction lead times, and generate no pollutants, it is often said that they offer significant protection from risks associated with conventional fossil-fuel power plants. With assistance from Convergence Research, Charles River Associates, and the Tellus Institute, the authors tested this hypothesis by conducting an in-depth analysis of the risk implications of a decision to build a 1,600 MW wind power plant instead of a 400 MW gas-fired combined cycle plant. (The two plants were assumed to have equal firm capacity.) The case study utility was Texas Utilities Electric, a very large investor-owned company serving an area with substantial, high-quality wind resources. The uncertain inputs included fuel prices, environmental regulations (specifically, CO 2 and air pollution controls), wind plant output, conventional plant availability, and load growth. Two different market scenarios were examined: traditional regulation and an unregulated wholesale market characterized either by a power pool or fixed-price contracts of varying duration. Conclusions are striking: under traditional regulation, wind energy provides a net present-value risk-reduction benefit of $3.4 to $7.8/MWh

  12. Managing risks: Seveso and Harrisburg

    International Nuclear Information System (INIS)

    Conrads-Herzog, A.; Krebsbach-Gnath, C.

    1980-01-01

    The publications dealing with the technical, organisation-relevant, and social preconditions for risk strategies rely on second-hand information, i.e. the conclusions which are drawn from the production accident in Seveso and the TMI-accident. A comparison results in common facts as well as in fundamental differences. In contrast to the authorities in Italy the authorities in the United States intervened more rapidly; the management of necessary measures was taken over by the authorities and very good information was given. (DG) [de

  13. PARTICULARITIES OF MANAGEMENT'S FUNCTIONS IN ECONOMIC CRISIS CONDITIONS

    Directory of Open Access Journals (Sweden)

    Amalia Venera Todoruţ

    2009-05-01

    Full Text Available In this paper I have proposed to address/approach new dimensions of management in the economic crisis at the strategic and tactical levels, and in particular at the operational level. I have presented aspects/issues of the economic crisis in our country, by characterize the impact of crisis on the main sectors of national economy. Globalization, high flexibility, continuous improvement, tolerance for uncertainty is the general attributes of the new organizations that require a new managerial process. The organizational environments uncertain, turbulent, specific to economic crisis involve new accents of management instruments in order to achieve managerial effectiveness and efficiency and to this sense we scale new management by objective and management by exception. We also put emphasis on total quality management method and the need for change management by reengineering

  14. Collective management societies against free economic competition

    Directory of Open Access Journals (Sweden)

    Felipe Abello Monsalvo

    2017-08-01

    Full Text Available The collective management of copyright is presented as a mechanism for the administration of the collection for the use of the patrimonial rights of copyright holders. The Collective Management Companies (SGC act as the appointed representative of the holders of the mentioned rights. The management of copyright through the SGC generates certain efficiencies and, in some cases, it is indispensable. Nonetheless, benchmarking for each case may identify the existence of dominance position of the sgc. It is necessary to propose minimum guidelines so that the SGC in the execution of its management do not incur in anti-competitive practices.

  15. System of economics' security management in economic activity of meat processing enterprises formation

    OpenAIRE

    Iryna Sosnovska

    2015-01-01

    This article is devoted to creation of economics' security management system production and economic activity of meat current processing enterprises. The article reflects research results of various scientists scientific works regarding interpretation of economic security system and shows the lack of this concept single interpretation. There are summarized observation of current activities of meat processing plants specifics as a conclusion there are a large number of different programs and c...

  16. Planning, Management, and Economics of Airport Operation

    Science.gov (United States)

    Wiley, J.

    1972-01-01

    An overview of the role of the airport in the transportation complex and in the community is presented. The establishment of the airport including its requirements in regional planning and the operation of the airport as a social and economic force are discussed.

  17. Management Information, Decision Sciences, and Financial Economics : a connection

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael); W.-K. Wong (Wing-Keung)

    2018-01-01

    markdownabstractThe paper provides a brief review of the connecting literature in management information, decision sciences, and financial economics, and discusses some research that is related to the three cognate disciplines. Academics could develop theoretical models and subsequent

  18. An economic assessment of population health risk in region

    Directory of Open Access Journals (Sweden)

    Nina Vladimirovna Zaytseva

    2012-06-01

    Full Text Available This paper proposes a method of economic assessment of population health risk as a tool of life qualitymanagement and qualityof labor resources in the region (as factors of a region’s economic security. The technique is based on the cost of reducing the period of disability in the implementation of population health risk and takes into account the effects of risk prevention on levels of the budgetary system of the Russian Federation. The method intends to support making decisions on planning measures to reduce population health risk at the level of regions, territories and separate objects to assess their cost-performance, optimization of investment and operating costs to reduce the population health risk and sustainable development of the territory

  19. Economic effects of bovine mastitis and mastitis management: A review.

    NARCIS (Netherlands)

    Halasa, T.; Huijps, K.; Osterás, O.; Hogeveen, H.

    2007-01-01

    Several studies have been published since 1990 on the economics of mastitis and mastitis management. However, hardly any of these studies has discussed the consistency of results with other studies. In the present paper, the economic factors associated with mastitis are explained, providing a

  20. Managing project risks and uncertainties

    Directory of Open Access Journals (Sweden)

    Mike Mentis

    2015-01-01

    Full Text Available This article considers threats to a project slipping on budget, schedule and fit-for-purpose. Threat is used here as the collective for risks (quantifiable bad things that can happen and uncertainties (poorly or not quantifiable bad possible events. Based on experience with projects in developing countries this review considers that (a project slippage is due to uncertainties rather than risks, (b while eventuation of some bad things is beyond control, managed execution and oversight are still the primary means to keeping within budget, on time and fit-for-purpose, (c improving project delivery is less about bigger and more complex and more about coordinated focus, effectiveness and developing thought-out heuristics, and (d projects take longer and cost more partly because threat identification is inaccurate, the scope of identified threats is too narrow, and the threat assessment product is not integrated into overall project decision-making and execution. Almost by definition, what is poorly known is likely to cause problems. Yet it is not just the unquantifiability and intangibility of uncertainties causing project slippage, but that they are insufficiently taken into account in project planning and execution that cause budget and time overruns. Improving project performance requires purpose-driven and managed deployment of scarce seasoned professionals. This can be aided with independent oversight by deeply experienced panelists who contribute technical insights and can potentially show that diligence is seen to be done.

  1. ENTREPRENEURSHIP AS STRATEGIC RESOURSE: ECONOMIC ESSENCE, MANAGEMENT PROCESSES

    Directory of Open Access Journals (Sweden)

    P. D. Polovinkin

    2012-01-01

    Full Text Available At current society development stage, efficient use of entrepreneurship provides for stable production and high living standards. Entrepreneurship is a specific type of economic activities, entrepreneur is a special subject of management. Entrepreneurship’s objective prerequisites and possibilities to get efficiently adapted to postindustrial economic conditions lay in its very essence. Personal and professional qualities of a successful entrepreneur make him effective both as capital owner and manager. The state must create favorable conditions for Russian entrepreneurship.

  2. Economic Tools for Managing Nitrogen in Coastal Watersheds ...

    Science.gov (United States)

    Watershed managers are interested in using economics to communicate the value of estuarine resources to the wider community, determine the most cost-effective means to reduce nitrogen pollution, and evaluate the benefits of taking action to improve coastal ecosystems. We spoke to coastal watershed managers who had commissioned economic studies and found that they were largely satisfied with the information and their ability to communicate the importance of coastal ecosystems. However, while managers were able to use these studies as communication tools, methods used in some studies were inconsistent with what some economists consider best practices. In addition, many watershed managers are grappling with how to implement nitrogen management activities in a way that is both cost-effective and achieves environmental goals, while maintaining public support. These and other issues led to this project. Our intent is to provide information to watershed managers and others interested in watershed management – such as National Estuary Programs, local governments, or nongovernmental organizations – on economic tools for managing nitrogen in coastal watersheds, and to economists and other analysts who are interested in assisting them in meeting their needs. Watershed management requires balancing scientific, political, and social issues to solve environmental problems. This document summarizes questions that watershed managers have about using economic analysis, and g

  3. Enterprise Content Management Implementation and Risk

    Directory of Open Access Journals (Sweden)

    Jaroslava Klegová

    2015-01-01

    Full Text Available Enterprise Content Management (ECM solutions are commonly used in many areas such as document management, record management, digital asset management, etc. Key features of ECM systems are capturing, indexing, preserving and retrieving of digital information. The state-of-the- art ECM solution can help revolutionize document management and further automated business processes which can lead to better decisions and competitive advantage. Risk management can reduce project failure and that is why controlling risk in ECM implementation projects is considered to be a major contributor to project success. To manage software risk, the first step is to identify a list of ECM projects’ risks. The present paper provides an overview of ECM implementation risks and contains findings from a small survey on experience of ECM implementation and risk in Czech enterprises. Risk of implementation in the public sector is discussed more deeply with case study examples.

  4. Risk management and energy systems

    International Nuclear Information System (INIS)

    Carlevaro, F.; Romerio, F.

    1992-01-01

    In five sessions the following topics were dealt with: risk problems, risk analysis and evaluation tools, risks in industrial societies, risks of energy production, technological risks, ethics and political-social consensus. figs., tabs., refs

  5. Calysto: Risk Management for Commercial Manned Spaceflight

    Science.gov (United States)

    Dillaman, Gary

    2012-01-01

    The Calysto: Risk Management for Commercial Manned Spaceflight study analyzes risk management in large enterprises and how to effectively communicate risks across organizations. The Calysto Risk Management tool developed by NASA's Kennedy Space Center's SharePoint team is used and referenced throughout the study. Calysto is a web-base tool built on Microsoft's SharePoint platform. The risk management process at NASA is examined and incorporated in the study. Using risk management standards from industry and specific organizations at the Kennedy Space Center, three methods of communicating and elevating risk are examined. Each method describes details of the effectiveness and plausibility of using the method in the Calysto Risk Management Tool. At the end of the study suggestions are made for future renditions of Calysto.

  6. Risks and benefits in health care: the view from economics.

    Science.gov (United States)

    Pauly, Mark V

    2007-01-01

    This paper discusses the meaning of the term risk from the economic perspective. It argues that some consumer decisions about insurance and the use of medical care are consistent with the economic model, but many are not. When decisions are inconsistent, real-world democratic governments' ability to intervene is limited by politicians' desire to please voters. The choice of incomplete insurance coverage in private markets is often said to present a case for governmental intervention, but the choice of insurance design in the Medicare drug benefit shows that the political process also may fail to select insurance that is optimal from an economic viewpoint.

  7. Choice of corporate risk management tools under moral hazard

    Czech Academy of Sciences Publication Activity Database

    Bena, Jan

    -, č. 298 (2006), s. 1-43 ISSN 1211-3298 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : risk management * corporate insurance * moral hazard Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp298.pdf

  8. Choice of corporate risk management tools under moral hazard

    Czech Academy of Sciences Publication Activity Database

    Bena, Jan

    -, č. 566 (2006), s. 1-41 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : risk management * corporate insurance * moral hazard Subject RIV: AH - Economics http://fmg.lse.ac.uk/publications/searchdetail.php?pubid=1&wsid=1&wpdid=800

  9. Managing Risks in Dry Port Operations

    OpenAIRE

    Ciortescu Cezar-Gabriel; Pãvãla?cu Narcis Sebastian

    2012-01-01

    The purpose of this paper is to have an in-depth look into the phenomenon of risk assessment and risk management strategies in managing dry port operations as an integrated part into international containerized freight trade. The fact that world crises take the form of disruptions, bankruptcies, breakdowns, macroeconomic and political changes, and disasters leads to higher risks and makes risk management more and more difficult. This paper aims to discuss the theory behind the dry port concep...

  10. BEHAVIOURAL INSIGHTS INTO SUPPLY CHAIN RISK MANAGEMENT

    OpenAIRE

    Alexandra-Codruta Popescu (Bîzoi); Cristian-Gabriel Bîzoi

    2015-01-01

    Literature has focused largely on the field of supply chain risk management. Numerous risks occur within supply chain management. Until lately, behavioural risks (implying large amount of losses) have been neglected and considered not relevant. In this paper we provide an analysis of the importance of including behavioural research in logistics and supply chain risk management, what has been written so far and potential future research directions. Until now, literature on logistics and supply...

  11. Regulatory Risk Management of Advanced Nuclear Power Plants

    International Nuclear Information System (INIS)

    George, Glenn R.

    2002-01-01

    Regulatory risk reflects both the likelihood of adverse outcomes during regulatory interactions and the severity of those outcomes. In the arena of advanced nuclear power plant licensing and construction, such adverse outcomes may include, for example, required design changes and construction delays. These, in turn, could significantly affect the economics of the plant and the generation portfolio in which it will operate. In this paper, the author addresses these issues through the lens of risk management. The paper considers various tools and techniques of regulatory risk management, including design diversity and hedging strategies. The effectiveness of alternate approaches is weighed and recommendations are made in several regulatory contexts. (author)

  12. Probability concepts in quality risk management.

    Science.gov (United States)

    Claycamp, H Gregg

    2012-01-01

    Essentially any concept of risk is built on fundamental concepts of chance, likelihood, or probability. Although risk is generally a probability of loss of something of value, given that a risk-generating event will occur or has occurred, it is ironic that the quality risk management literature and guidelines on quality risk management tools are relatively silent on the meaning and uses of "probability." The probability concept is typically applied by risk managers as a combination of frequency-based calculation and a "degree of belief" meaning of probability. Probability as a concept that is crucial for understanding and managing risk is discussed through examples from the most general, scenario-defining and ranking tools that use probability implicitly to more specific probabilistic tools in risk management. A rich history of probability in risk management applied to other fields suggests that high-quality risk management decisions benefit from the implementation of more thoughtful probability concepts in both risk modeling and risk management. Essentially any concept of risk is built on fundamental concepts of chance, likelihood, or probability. Although "risk" generally describes a probability of loss of something of value, given that a risk-generating event will occur or has occurred, it is ironic that the quality risk management literature and guidelines on quality risk management methodologies and respective tools focus on managing severity but are relatively silent on the in-depth meaning and uses of "probability." Pharmaceutical manufacturers are expanding their use of quality risk management to identify and manage risks to the patient that might occur in phases of the pharmaceutical life cycle from drug development to manufacture, marketing to product discontinuation. A probability concept is typically applied by risk managers as a combination of data-based measures of probability and a subjective "degree of belief" meaning of probability. Probability as

  13. Economic Constraints in Managing Complicated Cataracts

    African Journals Online (AJOL)

    role in the access to Healthcare Service and Resources ... Patients face financial ... environment presents unusual challenges with the management of even the simplest conditions ... in association with a cataract has been described in.

  14. Risk management frameworks for human health and environmental risks.

    Science.gov (United States)

    Jardine, Cindy; Hrudey, Steve; Shortreed, John; Craig, Lorraine; Krewski, Daniel; Furgal, Chris; McColl, Stephen

    2003-01-01

    A comprehensive analytical review of the risk assessment, risk management, and risk communication approaches currently being undertaken by key national, provincial/state, territorial, and international agencies was conducted. The information acquired for review was used to identify the differences, commonalities, strengths, and weaknesses among the various approaches, and to identify elements that should be included in an effective, current, and comprehensive approach applicable to environmental, human health and occupational health risks. More than 80 agencies, organizations, and advisory councils, encompassing more than 100 risk documents, were examined during the period from February 2000 until November 2002. An overview was made of the most important general frameworks for risk assessment, risk management, and risk communication for human health and ecological risk, and for occupational health risk. In addition, frameworks for specific applications were reviewed and summarized, including those for (1)contaminated sites; (2) northern contaminants; (3) priority substances; (4) standards development; (5) food safety; (6) medical devices; (7) prescription drug use; (8) emergency response; (9) transportation; (10) risk communication. Twelve frameworks were selected for more extensive review on the basis of representation of the areas of human health, ecological, and occupational health risk; relevance to Canadian risk management needs; representation of comprehensive and well-defined approaches; generalizability with their risk areas; representation of "state of the art" in Canada, the United States, and/or internationally; and extent of usage of potential usage within Canada. These 12 frameworks were: 1. Framework for Environmental Health Risk Management (US Presidential/Congressional Commission on Risk Assessment and Risk Management, 1997). 2. Health Risk Determination: The Challenge of Health Protection (Health and Welfare Canada, 1990). 3. Health Canada Decision

  15. Conditional economic incentives for reducing HIV risk behaviors: integration of psychology and behavioral economics.

    Science.gov (United States)

    Operario, Don; Kuo, Caroline; Sosa-Rubí, Sandra G; Gálarraga, Omar

    2013-09-01

    This article reviews psychology and behavioral economic approaches to HIV prevention, and examines the integration and application of these approaches in conditional economic incentive (CEI) programs for reducing HIV risk behavior. We discuss the history of HIV prevention approaches, highlighting the important insights and limitations of psychological theories. We provide an overview of the theoretical tenets of behavioral economics that are relevant to HIV prevention, and utilize CEIs as an illustrative example of how traditional psychological theories and behavioral economics can be combined into new approaches for HIV prevention. Behavioral economic interventions can complement psychological frameworks for reducing HIV risk by introducing unique theoretical understandings about the conditions under which risky decisions are amenable to intervention. Findings from illustrative CEI programs show mixed but generally promising effects of economic interventions on HIV and sexually transmitted infection (STI) prevalence, HIV testing, HIV medication adherence, and drug use. CEI programs can complement psychological interventions for HIV prevention and behavioral risk reduction. To maximize program effectiveness, CEI programs must be designed according to contextual and population-specific factors that may determine intervention applicability and success. PsycINFO Database Record (c) 2013 APA, all rights reserved.

  16. Conditional Economic Incentives for Reducing HIV Risk Behaviors: Integration of Psychology and Behavioral Economics

    Science.gov (United States)

    Operario, Don; Kuo, Caroline C.; Sosa-Rubí, Sandra G.; Gálarraga, Omar

    2014-01-01

    Objective This paper reviews psychology and behavioral economic approaches to HIV prevention, and examines the integration and application of these approaches in conditional economic incentive (CEI) programs for reducing HIV risk behavior. Methods We discuss the history of HIV prevention approaches, highlighting the important insights and limitations of psychological theories. We provide an overview of the theoretical tenets of behavioral economics that are relevant to HIV prevention, and utilize CEIs as an illustrative example of how traditional psychological theories end behavioral economics can be combined into new approaches for HIV prevention. Results Behavioral economic interventions can complement psychological frameworks for reducing HIV risk by introducing unique theoretical understandings about the conditions under which risky decisions are amenable to intervention. Findings from illustrative CEI programs show mixed but generally promising effects of economic interventions on HIV and STI prevalence, HIV testing, HIV medication adherence, and drug use. Conclusion CEI programs can complement psychological interventions for HIV prevention and behavioral risk reduction. To maximize program effectiveness, CEI programs must be designed according to contextual and population-specific factors that may determine intervention applicability and success. PMID:24001243

  17. Credit Risk Evaluation : Modeling - Analysis - Management

    OpenAIRE

    Wehrspohn, Uwe

    2002-01-01

    An analysis and further development of the building blocks of modern credit risk management: -Definitions of default -Estimation of default probabilities -Exposures -Recovery Rates -Pricing -Concepts of portfolio dependence -Time horizons for risk calculations -Quantification of portfolio risk -Estimation of risk measures -Portfolio analysis and portfolio improvement -Evaluation and comparison of credit risk models -Analytic portfolio loss distributions The thesis contributes to the evaluatio...

  18. Internal risks of factoring business: identification, cause-effect relationships, accounting and management aspects

    Directory of Open Access Journals (Sweden)

    I.M. Vygivska

    2017-12-01

    Full Text Available The article identifies the risks of the economic activity of a factoring company. The identified risks are divided into internal (fraud risk, credit risk, liquidity, nonpayment, staff, supplier's failure to meet the terms of the supply / factoring contract and external (legal, inflation, currency, interest, industry risks, country risk. The cause-effect relationships of the identified risks have been established. The content of information requests of the leading part of the factoring company, as well as the management subsystems (accounting, economic analysis, control and planning, and the direction of information flows between them (to manage the company's internal risks is determined. These proposals contribute to the improvement of accounting and analytical support for risk management of the factoring business, the choice of alternative risk management methods, the impact on their possible consequences, minimizing the negative impact of risks on the financial condition of the company, and establishing the effectiveness of factoring operations under risk.

  19. FORMING MANAGEMENT IMPACTS IN AVIATION COMPANIES ECONOMIC DEVELOPMENT ADMINISTRATION SYSTEM

    Directory of Open Access Journals (Sweden)

    Victoria Prokhorova

    2016-06-01

    Full Text Available Purpose: Oriented reflective approach to management involves restructuring of goal, ideal and pragmatic, creating a program of action, organizing, correcting, control the definition of the new strategy. This process is only possible with multidimensional analysis and reflection of all the administrative restructuring process and its elements in determining and planning activities, creating conditions of restructuring, predicting outcomes and consequences of making a choice of ways to solve problems means to achieve the goal of information called ' bonds with participants restructuring process and correction flow management process based on continuous reflection. Methods: Development of the system of economic development now requires the use of mechanisms for continuous monitoring of internal and external environment to identify factors that threaten businesses. Rest of this is possible through the use of diagnostic tests: static analysis, expert diagnosis, linear and dynamic programming. Results: Built as part of the study economic and mathematical models can determine the status and level of economic development potential of aerospace companies that were investigated, confirming the need for action to manage economic development. To develop the mechanism of competition in the aircraft building sector must: implementation in practice of management motivation mechanisms to ensure the appropriate level of interest in the functioning of airlines on the basis of private property; formation of economic market institutions in the field of aircraft construction, affecting the creation of a competitive environment. Discussion: Stipulates that in difficult economic crisis positive results can be achieved managers who are constantly looking for original approaches to inclusion in the development process by aligning internal external opportunities generated by market. It is concluded that aviation business management in times of economic instability or

  20. Flood risk management in Flanders: from flood risk objectives to appropriate measures through state assessment

    Directory of Open Access Journals (Sweden)

    Verbeke Sven

    2016-01-01

    Full Text Available In compliance with the EU Flood Directive to reduce flood risk, flood risk management objectives are indispensable for the delineation of necessary measures. In Flanders, flood risk management objectives are part of the environmental objectives which are judicially integrated by the Decree on Integrated Water Policy. Appropriate objectives were derived by supporting studies and extensive consultation on a local, regional and policy level. Under a general flood risk objective sub-objectives are formulated for different aspects: water management and safety, shipping, ecology, and water supply. By developing a risk matrix, it is possible to assess the current state of flood risk and to judge where action is needed to decrease the risk. Three different states of flood risk are distinguished: a acceptable risk, where no action is needed, b intermediate risk where the risk should be reduced by cost efficient actions, and c unacceptable risk, where action is necessary. For each particular aspect, the severity of the consequences of flooding is assessed by quantifiable indicators, such as economic risk, people at risk and ecological flood tolerance. The framework also allows evaluating the effects of the implemented measures and the autonomous development such as climate change and land use change. This approach gives a quantifiable assessment of state, and enables a prioritization of flood risk measures for the reduction of flood risk in a cost efficient and sustainable way.

  1. RISK MANAGEMENT OF GERMAN FRUIT PRODUCERS

    Directory of Open Access Journals (Sweden)

    Annkatrin PORSCH

    2018-03-01

    Full Text Available Horticultural farms in Germany face substantial business risks. However, fruit farms often struggle to implement appropriate risk management processes, and the risk management literature widely has ignored this farm type. The aim of the study was to improve the assessment of risks by farmers and the choice of suitable risk management instruments. Therefore, a risk management process based on subjective probabilities and suitable for small and medium-sized farms was developed, considering the specific needs of family run businesses. An online survey was conducted to achieve a comprehensive view of the risk perception and risk management practices of German fruit producers. Price and production risks are the most relevant risk categories for fruit farmers. However, among single risk sources, those in the people risk category were seen as the most important. Results show significant interactions among risk categories and a significant correlation between loss experience and the rating of risk categories. The assumption that risk averse farmers generally rate risks higher than risk neutral or risk seeking farmers cannot be confirmed. Diversification seems to be the most important risk management instrument for many fruit producers, especially diversification of marketing channels, farm income, and production activities. Further research should focus on the apparent inconsistency between the satisfaction with instruments reported by farmers and the actual implementation of many of them (e.g., hail insurance and anti-hail net. Furthermore, there is a need for research, to develop decision models considering the interactions of risks and risk management instruments, loss experience and risk seeking attitudes.

  2. IMPLEMENTATION OF RISK-MANAGEMENT SYSTEM IN ENTERPRISE IN CONDITIONS OF INNOVATION ACTIVITY

    Directory of Open Access Journals (Sweden)

    Vereshchagina Ganna

    2018-03-01

    Full Text Available Introduction. Search approaches to assessment and risk management was one of the priority directions of development of modern enterprises. That is why the study of the formation of enterprise risk management in terms of innovation and development of risk management systems in the enterprise is becoming increasingly relevant. Purpose. The aim of this research is to identify the essence of the concept of «risk» and «risk management», to analyze of risk management functions and existing models of risk management, to generalize of risk management process for further minimization of negative consequences and reduce the probability of occurrence of risks in the process of economic activity of enterprises in terms of innovation. Results. In the article the authors analyzed the main approaches to the definition of the concepts «risk» and «risk management». The main functions of risk management, namely forecasting (planning, organization, control, coordination and motivation, are analyzed, and their main characteristics are given. The combination of the performance of all risk management functions in the context of innovation activity allows us to characterize risk management from the viewpoint of a process management approach as a series of consistent management actions characterized by the following stages of the risk management process: analysis and identification, qualitative risk assessment, quantitative risk assessment, risk control, choice of optimization / avoidance or risk prevention methods, development of a management decision, decision-making, impact on risk, evaluation of results and their correcting. Features of existing risk management models and their distinctive features, as well as the main directions and methods of risk management are considered. Conclusions. It is revealed that the process of risk management includes not only the methods for reducing the risk factors of innovation risk, but also the methods for using the

  3. CEA - Assessment of risk management 2013

    International Nuclear Information System (INIS)

    Bigot, Bernard; Bonnevie, Edwige; Maillot, Bernard

    2014-06-01

    After some introducing texts by CEA managers, this report proposes a rather detailed overview and presentation of CEA activities, objectives and obtained results in different fields: protection and control of the environment, installation safety, health, safety and radiation protection, transports of hazardous materials, waste management, protection of sites, installations and heritage, management of emergency situations, management of legal risks, internal controls and audits, activity of the risk management department, CEA activities from research to industry

  4. [The relevance of clinical risk management].

    Science.gov (United States)

    Gulino, Matteo; Vergallo, Gianluca Montanari; Frati, Paola

    2011-01-01

    Medical activity includes a risk of possible injury or complications for the patients, that should drive the Health Care Institutions to introduce and/ or improve clinical Risk management instruments. Although Italy is still lacking a National project of Clinical Risk Management, a number of efforts have been made by different Italian Regions to introduce instruments of risk management. In addition, most of National Health Care Institutions include actually a Department specifically in charge to manage the clinical risk. Despite the practical difficulties, the results obtained until now suggest that the risk management may represent a useful instrument to contribute to the reduction of errors in clinical conduct. Indeed, the introduction of adequate instruments of prevention and management of clinical risk may help to ameliorate the quality of health care Institution services.

  5. Developing a national programme of flood risk management measures: Moldova

    Directory of Open Access Journals (Sweden)

    Ramsbottom David

    2016-01-01

    Full Text Available A Technical Assistance project funded by the European Investment Bank has been undertaken to develop a programme of flood risk management measures for Moldova that will address the main shortcomings in the present flood management system, and provide the basis for long-term improvement. Areas of significant flood risk were identified using national hydraulic and flood risk modelling, and flood hazard and flood risk maps were then prepared for these high risk areas. The flood risk was calculated using 12 indicators representing social, economic and environmental impacts of flooding. Indicator values were combined to provide overall estimates of flood risk. Strategic approaches to flood risk management were identified for each river basin using a multi-criteria analysis. Measures were then identified to achieve the strategic approaches. A programme of measures covering a 20-year period was developed together with a more detailed Short-Term Investment Plan covering the first seven years of the programme. Arrangements are now being made to implement the programme. The technical achievements of the project included national hydrological and hydraulic modelling covering 12,000 km of river, the development of 2-dimensional channel and floodplain hydraulic models from a range of topographic and bathymetric data, and an integrated flood risk assessment that takes account of both economic and non-monetary impacts.

  6. Liquidity Risk and its Management in Lithuanian Banking System

    Directory of Open Access Journals (Sweden)

    Erika Bareikaitė

    2014-04-01

    Full Text Available Banks are the main part of financial sector in each economy and strength of banking system becomes vital for ensuringfavourable economic stability and growth. Recent failure of two commercial banks in Lithuania showed that managershaven’t evaluated liquidity risk or haven’t dealt with it properly. The tasks of the paper are to investigate Lithuanian banksposition towards liquidity risk, analyse what kind of management tools banks use for ensuring favourable position towardsliquidity and to explore the liquidity influence to profitability in Lithuanian banking sector. The article examines liquidity andits management processes in Lithuanian banking sector. Description of liquidity importance is presented. Liquidity risk and itsmeasurement as well as the ways of managing the above mentioned risk is analysed in the article. In order to analyse the relationshipbetween liquidity risk and profitability of banks, analysis of scientific literature, research synthesis and generalizationshave been made.

  7. Contradictions Between Risk Management and Sustainable Development

    Energy Technology Data Exchange (ETDEWEB)

    Olsen, Odd Einar; Langhelle, Oluf; Engen, Ole A. [Univ. of Stavanger (Norway). Dept. of Media, Culture and Social Science

    2006-09-15

    The aim of this paper is to discuss how risk management as a methodology and mindset influence on priorities and decisions concerning sustainable development. Management of risks and hazards often rely on partial analysis with a limited time frame. This may lead to a paradoxical situation where risk management and extended use of risk analysis could hamper long term sustainable development. The question is: Does the use of risk and vulnerability analysis (RaV-analysis) hamper or contribute to sustainable development? Because risk management and assessment has a more narrow scope and a limited time perspective based on well established methodologies, the tangible impacts of risk reducing measures in a project is easier to calculate than long-term and intangible impacts on global development. Empirical evidence is still scarce, but our preliminary conclusion is that mainstream risk management and assessments is counterproductive to sustainable development.

  8. Contradictions Between Risk Management and Sustainable Development

    International Nuclear Information System (INIS)

    Olsen, Odd Einar; Langhelle, Oluf; Engen, Ole A.

    2006-01-01

    The aim of this paper is to discuss how risk management as a methodology and mindset influence on priorities and decisions concerning sustainable development. Management of risks and hazards often rely on partial analysis with a limited time frame. This may lead to a paradoxical situation where risk management and extended use of risk analysis could hamper long term sustainable development. The question is: Does the use of risk and vulnerability analysis (RaV-analysis) hamper or contribute to sustainable development? Because risk management and assessment has a more narrow scope and a limited time perspective based on well established methodologies, the tangible impacts of risk reducing measures in a project is easier to calculate than long-term and intangible impacts on global development. Empirical evidence is still scarce, but our preliminary conclusion is that mainstream risk management and assessments is counterproductive to sustainable development

  9. Contributions for territorial management of risks associated with oil activity

    Directory of Open Access Journals (Sweden)

    Felipe Pinto Gonçalves

    2013-06-01

    Full Text Available Whereas that the growing complexity of technical and spatial organization of the oil activity in Espírito Santo state gives new demands for land use management to the local governments, this article addresses the issue of economic and technological risks associated with such activities. Based on the evaluation of legal instruments such as the classification of land uses and the zoning, are discussed the possibilities of insertion the risks in municipal policies for land use planning

  10. Risk management with options and futures under liquidity risk

    OpenAIRE

    Adam-Müller, A F A; Panaretou, A

    2009-01-01

    Futures hedging creates liquidity risk through marking to market. Liquidity risk matters if interim losses on a futures position have to be financed at a markup over the risk-free rate. This study analyzes the optimal risk management and production decisions of a firm facing joint price and liquidity risk. It provides a rationale for the use of options on futures in imperfect capital markets. If liquidity risk materializes, the firm sells options on futures in order to partly cover this liqui...

  11. Cattle farmers’ perceptions of risk and risk management strategies

    DEFF Research Database (Denmark)

    Bishu, Kinfe G.; O'Reilly, Seamus; Lahiff, Edward

    2018-01-01

    This study analyzes cattle farmers’ perceptions of risk and risk management strategies in Tigray, Northern Ethiopia. We use survey data from a sample of 356 farmers based on multistage random sampling. Factor analysis is employed to classify scores of risk and management strategies, and multiple...... utilization were perceived as the most important strategies for managing risks. Livestock disease and labor shortage were perceived as less of a risk by farmers who adopted the practice of zero grazing compared to other farmers, pointing to the potential of this practice for risk reduction. We find strong...... evidence that farmers engage in multiple risk management practices in order to reduce losses from cattle morbidity and mortality. The results suggest that government strategies that aim at reducing farmers’ risk need to be tailored to specific farm and farmer characteristics. Findings from this study have...

  12. Hazard evaluation and risk management

    International Nuclear Information System (INIS)

    Fritzsche, A.F.

    1986-01-01

    The eigth chapter deals with the actual handling of hazards. The principal issue concerns man's behaviour towards hazards as an individual formerly and today; the evaluation of expected results of both a positive and a negative kind as determined by the individual's values which may differ and vary greatly from one individual to the next. The evaluation of benefit and hazard as well as the risk management resulting from decision-taking are political processes in the democratic state. Formal decision-taking tools play a major role in this process which concerns such central issues like who will participate; how the decision is arrived at; the participation of citizens; specialist knowledge and participation of the general public. (HSCH) [de

  13. LIQUIDITY MANAGEMENT AND CORPORATE RISK

    Directory of Open Access Journals (Sweden)

    Fenyves Veronika

    2011-07-01

    Full Text Available The consequence of the economic crisis, the access of the external financing resources was narrowed significantly and lenders had became more cautious. This meant that the external source providers analyze more thoroughly the source claimants, and they also need to be more aware of their situation, to submit well founded loan applications to financial institutions. The other aspect is why the indicators presented in the study, the firms should be addressed much more thoroughly than ever before to have a much better understanding their situation, to recognize the sources of internal funding opportunities, and to use more efficiently the available internal resources. However, analysts should be aware of which are the ratios which should be paid a special attention and which ones are essential to assess a given situation, knowing them they can properly inform the leaders as well as to give an appropriate help to the decision makers. To ensure the appropriate level of internal resources the company's activity is continuous financing closely related to the working capital management. The other reason is why the working capital management coming into view - which is linked to the previous one - that longer and longer payment periods have emerged in the corporate sales, in point of fact there is a significant increase in commercial lending period, the companies must be able to finance this period. The working capital is essential for companies to determine their short-term financial positions. A significant change in working capital provides an important information to the company's various stakeholders, and this is especially true for the net working capital. The working capital analysis is one way the company's creditability evaluation, and helps also to better understand the company's normal business cycle.

  14. Benchmarking Outdoor Expeditionary Program Risk Management Strategies

    Science.gov (United States)

    Meerts-Brandsma, Lisa; Furman, Nate; Sibthorp, Jim

    2017-01-01

    In 2003, the University of Utah and the National Outdoor Leadership School (NOLS) completed a study that developed a risk management taxonomy in the outdoor adventure industry and assessed how different outdoor expeditionary programs (OEPs) managed risk (Szolosi, Sibthorp, Paisley, & Gookin, 2003). By unifying the language around risk, the…

  15. Information risk management a practitioner's guide

    CERN Document Server

    Sutton, David

    2014-01-01

    Information risk management (IRM) is about identifying, assessing and prioritising risks to keep information secure and available. This accessible book provides practical guidance to the principles and development of a strategic approach to an IRM programme. The only textbook for the BCS Practitioner Certificate in Information Risk Management.

  16. Risk Management and Financial Derivatives: An Overview

    NARCIS (Netherlands)

    S.M. Hammoudeh (Shawkat); M.J. McAleer (Michael)

    2012-01-01

    textabstractRisk management is crucial for optimal portfolio management. One of the fastest growing areas in empirical finance is the expansion of financial derivatives. The purpose of this special issue on “Risk Management and Financial Derivatives” is to highlight some areas in which novel

  17. Conceptual Features of Value Management of Socio-Economic Systems

    Science.gov (United States)

    Serebryakova, Galina V.; Musayelyan, Igor K.

    2016-01-01

    The article highlights the need to establish and apply organizational and economic mechanisms that contribute to strengthening moral and ethical components in management. Emphasis is put on the issue of interactions within a company which lays a foundation for value management of socioeconomic systems. It is shown that present-day business…

  18. The economic and social viability of Tanzanian Wildlife Management Areas

    DEFF Research Database (Denmark)

    Homewood, Katherine; Bluwstein, Jevgeniy; Lund, Jens Friis

    This policy brief contributes to assessing the economic and social viability of Tanzania’s Wildlife Management Areas (WMAs) through preliminary findings by the ‘Poverty and ecosystem Impacts of Tanzania’s Wildlife Management Areas’ (PIMA) project, focusing on benefits, costs, and their distribution...

  19. Risk management at Lawrence Livermore National Laboratory

    International Nuclear Information System (INIS)

    Cummings, G.E.; Strait, R.S.

    1993-10-01

    Managing risks at a large national laboratory presents a unique set of challenges. These challenges include the management of a broad diversity of activities, the need to balance research flexibility against management control, and a plethora of requirements flowing from regulatory and oversight bodies. This paper will present the experiences of Lawrence Livermore National Laboratory (LLNL) in risk management and in dealing with these challenges. While general risk management has been practiced successfully by all levels of Laboratory management, this paper will focus on the Laboratory's use of probabilistic safety assessment and prioritization techniques and the integration of these techniques into Laboratory operations

  20. Economic versus technical approaches to frequency management

    DEFF Research Database (Denmark)

    Falch, Morten; Tadayoni, Reza

    2004-01-01

    to demonstrate how regulators could incorporate an econmic dimension into frequency allocation. The paper concludes that a free market approach is still not possible for some parts of the frequency management process; in short term, regulators must therefore continue to prioritize between applications....

  1. Airport Economics: Management Control Financial Reporting Systems

    Science.gov (United States)

    Buchbinder, A.

    1972-01-01

    The development of management control financial reporting systems for airport operation is discussed. The operation of the system to provide the reports required for determining the specific revenue producing facilities of airports is described. The organization of the cost reporting centers to show the types of information provided by the system is analyzed.

  2. Economic evaluations in pain management: principles and methods.

    Science.gov (United States)

    Asche, Carl V; Seal, Brian; Jackson, Kenneth C; Oderda, Gary M

    2006-01-01

    This paper describes how investigators may design, conduct, and report economic evaluations of pharmacotherapy for pain and symptom management. Because economic evaluation of therapeutic interventions is becoming increasingly important, there is a need for guidance on how economic evaluations can be optimally conducted. The steps required to conduct an economic evaluation are described to provide this guidance. Economic evaluations require two or more therapeutic interventions to be compared in relation to costs and effects. There are five types of economic evaluations, based on analysis of: (1) cost-effectiveness, (2) cost-utility, (3) cost-minimization, (4) cost-consequence, and (5) cost-benefit analyses. The six required steps are: identify the perspective of the study; identify the alternatives that will be compared; identify the relevant costs and effects; determine how to collect the cost and effect data; determine how to perform calculation for cost and effects data; and determine the manner in which to depict the results and draw comparisons.

  3. Theory of social organisations as the methodological basis of economic management of an enterprise

    Directory of Open Access Journals (Sweden)

    Ligonenko Larysa O.

    2013-03-01

    Full Text Available The article provides the author’s interpretation of the “economic management of an enterprise” notion, which is offered to be considered as an integrating and co-ordinating type of management, the main goal of which is ensuring long-term viability of an enterprise. The article considers genesis of organisational theories with respect to necessity, principles, rules, recommendations and procedures of managerial activity. It justifies expediency of formation of the methodological base of economic management of an enterprise on the basis of use of the problem theory of social organisations of V. I. Franchuk. The article describes the author’s concept of the essential characteristics and the process of organisation of economic management of an enterprise. It justifies a necessity of replenishment of classical management functions with three new functions: problem management, development and economic security (risk tolerance. It characterises principles and organisation of functioning of the “social mechanism”, which should be envisaged in the system of economic management of an enterprise.

  4. Liability for Unknown Risks: A Law and Economics Perspective

    NARCIS (Netherlands)

    M.G. Faure (Michael); L.T. Visscher (Louis); F. Weber (Franziska)

    2017-01-01

    textabstractIn the law and economics literature liability is generally regarded as an instrument which provides potential tortfeasors with incentives for optimal care taking. The question, however, arises whether liability can still provide those incentives when risks are unknown. That is the

  5. Incorporating risk in the economic evaluation of road infrastructure projects

    CSIR Research Space (South Africa)

    Schutte, IC

    2009-05-26

    Full Text Available credibility to the process and ensure strategic decisions that are more defendable. In this study, a prosedure for incorporating risk is suggested. It involves the identification of inputs critical to the economic success of the project, the quantification...

  6. Socio-economic status, risk factors and coronary heart disease ...

    African Journals Online (AJOL)

    The relationship of socio-economic status (SES) indicators and coronary risk factors (RFs) with coronary heart disease (CHD) prevalence was examined in 5620 subjects aged 20 ... The SES indicators had Iitlle or no independent effect on CHD prevalence in multivariate logistic analyses after, inclusion of the standard RFs.

  7. Risk factor management: antiatherogenic therapies.

    Science.gov (United States)

    Gielen, Stephan; Sandri, Marcus; Schuler, Gerhard; Teupser, Daniel

    2009-08-01

    Despite the advances in interventional techniques, the management of stable atherosclerosis remains the domain of optimal guideline-oriented therapy. Recent studies on the effects of aggressive lipid lowering on atheroma volume changes using intravascular ultrasound indicate that it is possible to achieve atherosclerosis regression by reaching low-density lipoprotein (LDL) levels less than 75 mg/dl. The pleiotropic anti-inflammatory effects of statins contribute to the reduction of cardiovascular (CV) event observed with aggressive lipid lowering. As a second important strategy to prevent disease progression, lifestyle changes with regular physical exercise are capable of halting the atherosclerotic process and reducing angina symptoms and CV events. Optimal medical therapy, a healthy lifestyle with regular physical exercise, and coronary interventions are not mutually exclusive treatment strategies. Over the last few decades, both have proved to be effective in significantly reducing the CV mortality in the Western world. However, risk factor modification contributed to at least half the effect in the reduction of CV mortality. This figure provides an estimate of what could be achieved if we were to take risk factor modification more seriously - especially in the acute care setting. The knowledge is there: today we have a better understanding on how to stop progression and even induce regression of atherosclerosis. Much research still needs to be done and will be done. In the meantime, however, our primary focus should lie in implementing what is already known. In addition, it is essential not just to treat CV risk factors, but also to treat them to achieve the target values as set by the guidelines of European Society of Cardiology.

  8. Strategies for successful software development risk management

    Directory of Open Access Journals (Sweden)

    Marija Boban

    2003-01-01

    Full Text Available Nowadays, software is becoming a major part of enterprise business. Software development is activity connected with advanced technology and high level of knowledge. Risks on software development projects must be successfully mitigated to produce successful software systems. Lack of a defined approach to risk management is one of the common causes for project failures. To improve project chances for success, this work investigates common risk impact areas to perceive a foundation that can be used to define a common approach to software risk management. Based on typical risk impact areas on software development projects, we propose three risk management strategies suitable for a broad area of enterprises and software development projects with different amounts of connected risks. Proposed strategies define activities that should be performed for successful risk management, the one that will enable software development projects to perceive risks as soon as possible and to solve problems connected with risk materialization. We also propose a risk-based approach to software development planning and risk management as attempts to address and retire the highest impact risks as early as possible in the development process. Proposed strategies should improve risk management on software development projects and help create a successful software solution.

  9. MANAGING THE TRANSLATION OF ECONOMIC TEXTS

    Directory of Open Access Journals (Sweden)

    Pop Anamaria Mirabela

    2012-12-01

    Full Text Available Theoretically, translation may pass as science; practically, it seems closer to art. Translation is a challenging activity requiring a set of abilities and posing few difficulties that appear during the translation process. This paper investigates the extent to which sub-technical vocabulary can constitute a problem to Romanian students of economics reading in English, by looking at the translations produced as independent or pair work during English classes and analyzing the various errors which may appeared. The exigencies required by the efficient business communication have increased in the past few decades because of rising international trade, increased migration, globalization, the recognition of linguistic minorities, and the expansion of the mass media and technology. All these led us to approach the topic of translation which is actually a job that requires skills, stages of research necessary for disclosure of transfer characteristic into the target language, training, experience and a good sense of languages. The paper defines the theoretical issues and terminology: translation, types of translation, economic texts and then focuses on the presentation of the practical work carried out throughout the academic year of second year students. Considering that only 28% of the entire European population can read English, and even less people in South America and Asia can, it is obvious that an effective communication of business matters relies on an accurate understanding of terminology. Economics is a field of knowledge in accelerated scientific and technological development. As there is a permanent and ever increasing need to quickly update their knowledge, economists read and learn directly in the original language of the publication and stick to it in daily usage, including conferences, scientific events and articles written in Romanian. Besides researching properly the markets, finding distribution channels, and dealing with legal

  10. Economic risk analysis and critical comparison of optimal biorefinery concepts

    DEFF Research Database (Denmark)

    Cheali, Peam; Posada, John A.; Gernaey, Krist

    2016-01-01

    In this paper, eight optimal biorefinery concepts for biofuels and biochemicals production are critically analyzed and compared in terms of their techno-economic performance and associated economic risks against historical market fluctuations. The investigated biorefinery concepts consider...... different combinations of biomass feedstock (lignocellulosic versus algal) and conversion technologies (biochemical versus thermochemical). In addition, the economic performance of each biorefinery concept is tested assuming a sudden drop in oil prices in order to compare the fitness/survival of each...... concept under extreme market disturbances. The analyses reveal amongst others that: (i) lignocellulosic bioethanol production is not economically feasible considering a drop in oil prices (a negative internal rate of return); (ii) a multi-product biorefinery concept, where bioethanol is upgraded to higher...

  11. The Economic Value of Predicting Bond Risk Premia

    DEFF Research Database (Denmark)

    Sarno, Lucio; Schneider, Paul; Wagner, Christian

    2016-01-01

    evaluation. More specifically, the model mostly generates positive (negative) economic value during times of high (low) macroeconomic uncertainty. Overall, the expectations hypothesis remains a useful benchmark for investment decisions in bond markets, especially in low uncertainty states.......This paper studies whether the evident statistical predictability of bond risk premia translates into economic gains for investors. We propose a novel estimation strategy for affine term structure models that jointly fits yields and bond excess returns, thereby capturing predictive information...... otherwise hidden to standard estimations. The model predicts excess returns with high regression R2s and high forecast accuracy but cannot outperform the expectations hypothesis out-of-sample in terms of economic value, showing a general contrast between statistical and economic metrics of forecast...

  12. Risk and/or resilience management

    Directory of Open Access Journals (Sweden)

    Jean-Paul Louisot

    2015-06-01

    Full Text Available Risk management aims at managing all the uncertainties that may interfere with the objectives and missions of the organization. Resilience engineering aims at building its capacity to get over disturbances or stress while keeping the functionalities needed to survive, and possibly thrive. A recently open debate on an Internet blog launched by the risk managers of the Scottish Widows Bank seems to arise from what some professionals see as two competing branches of the management sciences. Whereas through the development of ERM – Enterprise-wide Risk Managementrisk management is emerging at last to become a science, as well as an art and a practice, the mentioned above centered on the role of a newly forged name “resilience management”. This opens a new front of the many debates that could derail the path to maturity of Risk Management as a science and reopen new silos much as Business Impact Analysis, BIA, or continuity management, might do if a clear distinction is not made between science, objectives and tools. However, because organizations are so interconnected today in the supply cloud that it is inevitable that they will face catastrophic risk and this is why resilience needs to be a core objective of any risk management plan? Whereas traditional risk management techniques alone may not be adequate to deal with such pervasive and insipient risk scenarios, resilience is ingrained into ERM

  13. Economic impact of land finance and subsequent risk response

    Institute of Scientific and Technical Information of China (English)

    Lü Wei; Xu Hongwei

    2014-01-01

    In China,land finance is actually an endogenous factor in economic growth.As a kind of nontraditional,informal government revenue in China's economic transition process,land finance is unstable,non-standard and unsustainable,and it simultaneously makes the current land-finance dependent growth mode difficult to maintain.The paper firstly analyzes the impact of the land finance on China's economic growth and economic structure change followed by discussing the possible risks in post-"land finance" period.It then put forward some suggestions to deal with the problem.The analysis shows that land finance exacerbates the economic fluctuation,bringing in the increase of government public expenditure and economic growth in the short term.Nonetheless,in the long term there is no significant effect,and it could gradually lead to a more unreasonable economic structure.In the post-"land finance" period,if we do not take precautions in advance,it will restrain the sustainable development of China's economy and society.

  14. Risk Management in Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Dmitry O. Verdiev

    2015-01-01

    Full Text Available M&A statistics show that less than a third of newly merged companies has realized their planned synergistic effects and increased shareholder value. According to the author, such disgusting situation is due to improper planning and failure of corporate management to understand the importance of risk management in M&A. Lack of practice in identification, evaluation, mitigation and regular monitoring of risks leads to the situation when many companies merge despite the fact that the merger bears substantial risks. Corporate management fails to include risk mitigation expenses in merger costs. In many cases, risk mitigation expenses may be so substantive that the merger loses its attractiveness. Only few companies implement risk management methodology while planning M&A activity. This methodology may anticipate and minimize the consequences of various risk factors that negatively influence integration process. The article suggests an implementation of risk management best practice. This risk management best practice may act as an effective tool of successful realization of synergistic effects in M&A and may be helpful in increasing shareholder value in post-merger period. Risk management is conducted throughout the stages of merger and includes identification, analysis, assessment, management and monitoring of risks. Implementation of risk management at early stages of merger planning significantly decreases uncertainty in relation to achievement of financial and operational goals of newly merged company. The article provides with typical M&A risk matrix that may be adapted for specific M&A project. Risk matrix includes a register of risks sorted by stages of M&A deal, quality assessment of their probability, influence and impact on merger as well as risk mitigation methods.

  15. TRAINING ON PERSONNEL MANAGEMENT AND LABOR ECONOMICS

    Directory of Open Access Journals (Sweden)

    Marina V. Polevaya

    2016-01-01

    Full Text Available The article deals with the training of spe-cialists in the eld of labor and the house-keeper personnel management within the federal state educational standards of higher education. The analysis of the possibility of training in these specialties in the various educational standards. The necessity of focusing on the prepara-tion of these destinations within certain standards.

  16. 77 FR 13585 - Electricity Subsector Cybersecurity Risk Management Process Guideline

    Science.gov (United States)

    2012-03-07

    ... DEPARTMENT OF ENERGY Electricity Subsector Cybersecurity Risk Management Process Guideline AGENCY... Electricity Subsector Cybersecurity Risk Management Process guideline. The guideline describes a risk... Cybersecurity Risk Management Process Guideline. The primary goal of this guideline is to describe a risk...

  17. Continuous Risk Management: A NASA Program Initiative

    Science.gov (United States)

    Hammer, Theodore F.; Rosenberg, Linda

    1999-01-01

    NPG 7120.5A, "NASA Program and Project Management Processes and Requirements" enacted in April, 1998, requires that "The program or project manager shall apply risk management principles..." The Software Assurance Technology Center (SATC) at NASA GSFC has been tasked with the responsibility for developing and teaching a systems level course for risk management that provides information on how to comply with this edict. The course was developed in conjunction with the Software Engineering Institute at Carnegie Mellon University, then tailored to the NASA systems community. This presentation will briefly discuss the six functions for risk management: (1) Identify the risks in a specific format; (2) Analyze the risk probability, impact/severity, and timeframe; (3) Plan the approach; (4) Track the risk through data compilation and analysis; (5) Control and monitor the risk; (6) Communicate and document the process and decisions.

  18. Methodical Approaches to Risk Management in a Regional Commercial Bank

    Directory of Open Access Journals (Sweden)

    Elena Vladimirovna Altukhova

    2016-03-01

    Full Text Available The article presents the results of the research of the methodological and information infrastructure of the integrated risk management in a regional commercial bank. Within the study of the general development tendencies of the regional banking services market, the most significant risks for a regional bank are revealed. The analysis is carried out on the basis of the stress testing technique developed at the Plekhanov Russian University of Economics. It is based on a technique of dynamic economic and mathematical modeling with the application of information technologies. The created combination of the methodological and instrumental tools allows to carry out the dynamic scenario analysis of the activity of a commercial bank for the identification of potential risks and for the development of the strategy of financial management reducing the potential risks and leveling the consequences of their realization. The received tool allows during the computer test to watch the predicted dynamics of the condition of the key indicators of the activity of a regional commercial bank changing under the influence of the exogenous regulatory measures and instruments of bank management applied to decrease risk and at the same time to introduce adjustments in the perspective strategy of management. As the result of the analysis, the universal management model of the main bank risks in a regional commercial bank within three alternative scenarios is created. The software product allowing to develop and acquire the practical skills of the students in banking is developed. It also may help to develop the methodological support for the regulation of the organizational procedures of risk management in a regional commercial bank. The received software product may be used in a system of the improving the professional skills, and also for obtaining the expected data in a risk management system in a regional commercial bank.

  19. Software And Systems Engineering Risk Management

    Science.gov (United States)

    2010-04-01

    RSKM 2004 COSO Enterprise RSKM Framework 2006 ISO/IEC 16085 Risk Management Process 2008 ISO/IEC 12207 Software Lifecycle Processes 2009 ISO/IEC...1 Software And Systems Engineering Risk Management John Walz VP Technical and Conferences Activities, IEEE Computer Society Vice-Chair Planning...Software & Systems Engineering Standards Committee, IEEE Computer Society US TAG to ISO TMB Risk Management Working Group Systems and Software

  20. Implications of Risk Management Practices on Financial ...

    African Journals Online (AJOL)

    Implications of Risk Management Practices on Financial Performance of Sugar ... The respondents were functional heads of the companies under the survey. ... of downside losses in order to minimize the negative impact of risk on returns.

  1. RISK MANAGEMENT MECHANISM OF GRAIN PROCESSING ENTERPRISES

    Directory of Open Access Journals (Sweden)

    I. P. Bogomolova

    2013-01-01

    Full Text Available In article the main characteristics of a control system by risks (the purpose, properties, the principles, requirements are defined, and also the possible mechanism of risk management of the flour-grinding enterprises is considered.

  2. Business managers turn to risk assessment

    International Nuclear Information System (INIS)

    Allen, Frank

    1993-01-01

    Risk assessments have evolved to help technical managers in nuclear and other industries to design and operate plant with safety in mind. However, they are now developing into the area of business management. (author)

  3. Highly Enhanced Risk Management Emergency Satellite

    DEFF Research Database (Denmark)

    Dalmeir, Michael; Gataullin, Yunir; Indrajit, Agung

    HERMES (Highly Enhanced Risk Management Emergency Satellite) is potential European satellite mission for global flood management, being implemented by Technical University Munich and European Space Agency. With its main instrument - a reliable and precise Synthetic Aperture Radar (SAR) antenna...

  4. Integrating and Prioritizing Environmental Risks in China's Risk Management Discourse

    NARCIS (Netherlands)

    Zhang, L.; Zhong, L.

    2010-01-01

    Human society faces a growing number of risks, including both natural disasters and risks that stem from human behavior. This is particularly true in China, which is experiencing rapid social, economic and political transitions. Since the 1970s, China's modernization process has been accompanied by

  5. Business resilience: Reframing healthcare risk management.

    Science.gov (United States)

    Simeone, Cynthia L

    2015-09-01

    The responsibility of risk management in healthcare is fractured, with multiple stakeholders. Most hospitals and healthcare systems do not have a fully integrated risk management system that spans the entire organizational and operational structure for the delivery of key services. This article provides insight toward utilizing a comprehensive Business Resilience program and associated methodology to understand and manage organizational risk leading to organizational effectiveness and operational efficiencies, with the fringe benefit of realizing sustainable operational capability during adverse conditions. © 2015 American Society for Healthcare Risk Management of the American Hospital Association.

  6. Probabilistic risk assessment methodology for risk management and regulatory applications

    International Nuclear Information System (INIS)

    See Meng Wong; Kelly, D.L.; Riley, J.E.

    1997-01-01

    This paper discusses the development and potential applications of PRA methodology for risk management and regulatory applications in the U.S. nuclear industry. The new PRA methodology centers on the development of This paper discusses the time-dependent configuration risk profile for evaluating the effectiveness of operational risk management programs at U.S. nuclear power plants. Configuration-risk profiles have been used as risk-information tools for (1) a better understanding of the impact of daily operational activities on plant safety, and (2) proactive planning of operational activities to manage risk. Trial applications of the methodology were undertaken to demonstrate that configuration-risk profiles can be developed routinely, and can be useful for various industry and regulatory applications. Lessons learned include a better understanding of the issues and characteristics of PRA models available to industry, and identifying the attributes and pitfalls in the developement of risk profiles

  7. Metabolic state alters economic decision making under risk in humans.

    Directory of Open Access Journals (Sweden)

    Mkael Symmonds

    2010-06-01

    Full Text Available Animals' attitudes to risk are profoundly influenced by metabolic state (hunger and baseline energy stores. Specifically, animals often express a preference for risky (more variable food sources when below a metabolic reference point (hungry, and safe (less variable food sources when sated. Circulating hormones report the status of energy reserves and acute nutrient intake to widespread targets in the central nervous system that regulate feeding behaviour, including brain regions strongly implicated in risk and reward based decision-making in humans. Despite this, physiological influences per se have not been considered previously to influence economic decisions in humans. We hypothesised that baseline metabolic reserves and alterations in metabolic state would systematically modulate decision-making and financial risk-taking in humans.We used a controlled feeding manipulation and assayed decision-making preferences across different metabolic states following a meal. To elicit risk-preference, we presented a sequence of 200 paired lotteries, subjects' task being to select their preferred option from each pair. We also measured prandial suppression of circulating acyl-ghrelin (a centrally-acting orexigenic hormone signalling acute nutrient intake, and circulating leptin levels (providing an assay of energy reserves. We show both immediate and delayed effects on risky decision-making following a meal, and that these changes correlate with an individual's baseline leptin and changes in acyl-ghrelin levels respectively.We show that human risk preferences are exquisitely sensitive to current metabolic state, in a direction consistent with ecological models of feeding behaviour but not predicted by normative economic theory. These substantive effects of state changes on economic decisions perhaps reflect shared evolutionarily conserved neurobiological mechanisms. We suggest that this sensitivity in human risk-preference to current metabolic state has

  8. THE ANALYSIS OF RISK MANAGEMENT PROCESS WITHIN MANAGEMENT

    Directory of Open Access Journals (Sweden)

    ROMANESCU MARCEL LAURENTIU

    2016-10-01

    Full Text Available This article highlights the risk analysis within management, focusing on how a company could practicaly integrate the risks management in the existing leading process. Subsequently, it is exemplified the way of manage risk effectively, which gives numerous advantages to all firms, including improving their decision-making process. All these lead to the conclusion that the degree of risk specific to companies is very high, but if managers make the best decisions then it can diminish it and all business activitiy and its income are not influenced by factors that could disturb in a negative way .

  9. APPLIED ISSUES ABOUT BANKING RISK MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Elena Geanina Clipici

    2017-09-01

    Full Text Available The following paper emphasizes the need to deepen the understanding of the notion of banking risk management by explaining the significant risks the bank encounters during financial exercises as well as their additional entries. The study of the paper will focus on UniCredit Bank during the years 2014 and  2015 on all types of risks, in which we will provide comprehensive data on how the UniCredit Bank management applies its risk policies.

  10. Childhood Cataract: Magnitude, Management, Economics and Impact

    Directory of Open Access Journals (Sweden)

    BR Shamanna

    2004-01-01

    Full Text Available The prevalence of blindness among children in different regions varies from 0.2/1000 children to over 1.5/1000 children with a global figure estimated at 0.7/1000. This means that there are an estimated 1.4 million blind children worldwide.1 The proportion of blindness in children due to cataract varies considerably between regions from 10%-30% with a global average estimated at 14%, giving 190,000 children blind from cataract. 2 While the magnitude of childhood cataracts varies from place to place, it is a priority within all blindness control programmes for children. Children who are blind have to overcome a lifetime of emotional, social and economic difficulties which affect the child, the family and society.3 Loss of vision in children influences their education, employment and social life. The numbers blind with cataract do not reflect the years of disability and lost quality of life. Childhood blindness is second only to adult cataract as a cause of blind-person years. Approximately 70 million blind-person years are caused by childhood blindness of which about 10 million blind-person years (14% is due to childhood cataract. Timely recognition and intervention can eliminate blind-years due to childhood cataract, as the condition is treatable.

  11. CEA - Assessment of risk management for 2012

    International Nuclear Information System (INIS)

    Bonnevie, Edwige

    2013-06-01

    This report proposes an overview of the main events, actions performed by the CEA, and facts for 2012 regarding protection and monitoring of the environment, installation safety, occupational health and safety, radiological protection of workers, transportation of hazardous materials, waste management, protection of sites, installations and heritage, emergency situation management, legal risk management, internal controls and audits. It also presents the organisation and action of the risk management department within the CEA

  12. Management Ownership and Risk-Shifting Investment

    OpenAIRE

    Nobuyuki Teshima

    2012-01-01

    This study analyzes the relationship between management ownership and its risk-shifting incentive. We first present a simple model showing that the risk-shifting incentive of management of financially distressed firms increases as the management ownership of the firm increases. Empirically, we test the hypothesis that under the former Japanese Corporate Reorganization Law, firms with higher management ownership are more likely to use legal rather than private reorganization. Since the reorgan...

  13. Risk Management for the International Space Station

    Science.gov (United States)

    Sebastian, J.; Brezovic, Philip

    2002-01-01

    The International Space Station (ISS) is an extremely complex system, both technically and programmatically. The Space Station must support a wide range of payloads and missions. It must be launched in numerous launch packages and be safely assembled and operated in the harsh environment of space. It is being designed and manufactured by many organizations, including the prime contractor, Boeing, the NASA institutions, and international partners and their contractors. Finally, the ISS has multiple customers, (e.g., the Administration, Congress, users, public, international partners, etc.) with contrasting needs and constraints. It is the ISS Risk Management Office strategy to proactively and systematically manages risks to help ensure ISS Program success. ISS program follows integrated risk management process (both quantitative and qualitative) and is integrated into ISS project management. The process and tools are simple and seamless and permeate to the lowest levels (at a level where effective management can be realized) and follows the continuous risk management methodology. The risk process assesses continually what could go wrong (risks), determine which risks need to be managed, implement strategies to deal with those risks, and measure effectiveness of the implemented strategies. The process integrates all facets of risk including cost, schedule and technical aspects. Support analysis risk tools like PRA are used to support programatic decisions and assist in analyzing risks.

  14. COMPARATIVE STUDY BETWEEN TRADITIONAL AND ENTERPRISE RISK MANAGEMENT -A THEORETICAL APPROACH

    Directory of Open Access Journals (Sweden)

    Cican Simona-Iulia

    2014-07-01

    Full Text Available The complexity, volatility and unpredictability of the current economic environment are a daily reminder that organizations face many risks. The traditional approach, according to which risk is a necessary evil which must be removed, is no longer sufficient and that is why companies nowadays are forced to spend significant resources to manage risks. Risk transparency is what one looks for; therefore, identification and management of risks within an organization become increasingly necessary for success and longevity. Risk approach has a major role in a company’s ability to avoid, reduce and turn risks into opportunities. Enterprise risk management is a new concept that revolutionizes the traditional approach and summarizes risk management in an integrated, comprehensive and strategic system. Studies use several synonyms for enterprise risk management such as integrated risk management, holistic risk management, global risk management and strategic risk management. Enterprise risk management implements at the end of the last century a new way to deal with risks: the holistic approach. This risks approach – i.e. interaction of several types of risks which become increasingly threatening and varied and may cause more damage than individual risk – brings forward the need of risk management and raises issues at the highest level of company management. For a proper view on company risks, each individual risk and the possibility of risk interaction must be understood. This is essential to establish a risk classification according to their impact on the company. Traditional approach on risk management, as a management function, is limited to only threats and losses, so relatively few organizations see risks as potential earning-generated opportunities. However, risk management process is not radically changed. Enterprise risk management is an improved version of the traditional risk management, created by expanding its scope. The new risk

  15. Social Risk and the Management of MNCs

    DEFF Research Database (Denmark)

    Taarup Esbensen, Jacob

    2015-01-01

    Multinational companies (MNCs) are increasing being exposed to risk that originate from local communities in the business environment where they operate. The response has been to implement systems for stakeholder engagement by including social issues into their risk management systems. However......” systems, which are based on the capability to identify frames and sensemaking processes. This paper show how social risk management can be conventionalised using distinct theoretical domains taking its outset in a sociological perspective on risk, linking International Business (IB) risk management...

  16. Risks management in project planning

    OpenAIRE

    Stankevičiūtė, Roberta

    2017-01-01

    Project management consists of two very important aspects – managing the right project and managing the project right. To know that you are managing the right project you need to ensure that your project is based on an actual requirement and that your project goal is relevant and beneficial. And professional project planning assists in managing project the right way. The project planning process is very time consuming and is one of the most important parts of the project management process. T...

  17. The total theory about risk management

    International Nuclear Information System (INIS)

    Furuya, Shunsuke

    2003-01-01

    A general working procedure of risk management, some example of other countries, topics and problems in the future are described. A definition of risk, risk assessment, risk management process, setting of aim and definite policy are explained. As a fundamental way of thinking, risk is controlled by ALARP (As Low As Reasonably Practicable). The upper and lower limit of risk level is called as Quantitative Safety Goal and Target Level of Safety, respectively. These limits in the atomic power and airplane are decided. Evaluation of risk, countermeasure and practice are explained. For example, a permissible range of risk and practical use in England, U.S.A, Holland and Japan are stated. Recently, accountability risk, missing demand risk and control risk are important. (S.Y.)

  18. Development of computerized risk management tool

    International Nuclear Information System (INIS)

    Kil Yoo Kim; Mee Jung Hwang; Seung Cheol Jang; Sang Hoon Han; Tae Woon Kim

    1997-01-01

    The author describes the kinds of efforts for the development of computerized risk management tool; (1) development of a risk monitor, Risk Monster, (2) improvement of McFarm (Missing Cutsets Finding Algorithm for Risk Monitor) and finally (3) development of reliability database management system, KwDBMan. Risk Monster supports for plant operators and maintenance schedulers to monitor plant risk and to avoid high peak risk by rearranging maintenance work schedule. Improved McFarm significantly improved calculation speed of Risk Monster for the cases of supporting system OOS (Out Of Service). KwDBMan manages event data, generic data and CCF (Common Cause Failure) data to support Risk Monster as well as PSA tool, KIRAP (KAERI Integrated Reliability Analysis Package)

  19. Organizational provision of management of bank financial and economic activities

    Directory of Open Access Journals (Sweden)

    O.V. Lysenok

    2018-04-01

    Full Text Available The article deals with the organizational support of the process of management of financial and economic activities of banking institutions. In particular, the activity of one of the main divisions of the Treasury Bank, which is created and acts as an independent unit, justifies the decision to make certain financial transactions on the relevant financial markets and manages cash flows through interaction with branches, departments and offices of the banking institution. The article also focuses on the problem of the lack of accurate and up-to-date information between the structural units that take part in the management of the finances of the banking institution. In connection with this, it is necessary to create an information and management field of the bank, which is a collection of organized information input and output flows on the financial and economic activities of the bank, forming a unified management information about the financial activities of the banking institution. The article also focuses on the concept of the creation of an informational and managerial tree, according to which, in the structure of management of financial and economic activity of a banking institution, it is necessary to allocate five levels, based on which the principle of obligatory passage of necessary information at all levels with a gradual systematization and generalization. The concept considered in the article gives an idea of the logic and methodology of creating the process of forming general managerial decisions regarding the financial and economic activity of the bank in the future.

  20. Risk management for companies focused on innovation processes

    Directory of Open Access Journals (Sweden)

    Ana Paula Beck da Silva Etges

    Full Text Available Abstract Risk is inherent to the activities of technology and innovation companies and to manage them represent an opportunity to improve the company capability to achieve its goals. The use of ERM models has been studied since the Committee of Sponsoring Organizations of the Treadway Commission guides. This article adapted the MIGGRI model for the context of an innovation company from a TSP in Brazil. Using a case study and a review from previous ERM literature, the article show that is possible to measure the risks that an innovation company faces, and that they may be managed with a view to supporting a company’s strategy. Were applied an economic analysis based on a MCS and an indicator of CFaR were applied to measure innovation risks. A strategic performance model for innovation companies are proposed and the benefit to implement Risk Management practices in innovation organizations was validated.

  1. Application of Risk Management for Control and Monitoring Systems

    CERN Document Server

    Grau, S; Balda, F; Chouvelon, A

    2001-01-01

    This paper presents an application of the state of the art and new trends for risk management of safety-related control and monitoring systems, currently applied in the industry. These techniques not only enable to manage safety and reliability issues but they also help in the control of quality and economic factors affected by the availability and maintenance of the system. The method includes an unambiguous definition of the system in terms of functions and a systematic analysis of hazardous situations, undesired events and possible malfunctions. It also includes the identification and quantification of the risk associated to the system. The required risk reduction is specified in terms of safety integrity levels. The safety integrity level results in requirements, preventive measures, possible improvements and recommendations to assure the satisfactory management of the risk.

  2. Governance of environmental risk: new approaches to managing stakeholder involvement.

    Science.gov (United States)

    Benn, Suzanne; Dunphy, Dexter; Martin, Andrew

    2009-04-01

    Disputes concerning industrial legacies such as the disposal of toxic wastes illustrate changing pressures on corporations and governments. Business and governments are now confronted with managing the expectations of a society increasingly aware of the social and environmental impacts and risks associated with economic development and demanding more equitable distribution and democratic management of such risks. The closed managerialist decision-making of the powerful bureaucracies and corporations of the industrial era is informed by traditional management theory which cannot provide a framework for the adequate governance of these risks. Recent socio-political theories have conceptualised some key themes that must be addressed in a more fitting approach to governance. We identify more recent management and governance theory which addresses these themes and develop a process-based approach to governance of environmental disputes that allows for the evolving nature of stakeholder relations in a highly complex multiple stakeholder arena.

  3. Human resource management and economic success: An Australian perspective

    OpenAIRE

    Dowling, Peter J.

    2005-01-01

    In this paper we examine the case for a link at the national and firm level between human resource management (HRM) and economic success in Australia. A brief history of the industrial development of Australia (and New Zealand) is presented and some differentiating factors noted (Dowling/Boxall 1994). A key factor with regard to Australia is the relatively small size of the population and economy and the disproportionate impact of globalisation and global political and economic events upon th...

  4. Uncertainty assessment of climate change adaptation using an economic pluvial flood risk framework

    DEFF Research Database (Denmark)

    Zhou, Qianqian; Arnbjerg-Nielsen, Karsten

    2012-01-01

    It is anticipated that climate change is likely to lead to an increasing risk level of flooding in cities in northern Europe. One challenging question is how to best address the increasing flood risk and assess the costs and benefits of adapting to such changes. We established an integrated...... approach for identification and assessment of climate change adaptation options by incorporating climate change impacts, flood inundation modelling, economic tool and risk assessment and management. The framework is further extended and adapted by embedding a Monte Carlo simulation to estimate the total...

  5. Economic effectiveness of disease management programs: a meta-analysis.

    Science.gov (United States)

    Krause, David S

    2005-04-01

    The economic effectiveness of disease management programs, which are designed to improve the clinical and economic outcomes for chronically ill individuals, has been evaluated extensively. A literature search was performed with MEDLINE and other published sources for the period covering January 1995 to September 2003. The search was limited to empirical articles that measured the direct economic outcomes for asthma, diabetes, and heart disease management programs. Of the 360 articles and presentations evaluated, only 67 met the selection criteria for meta-analysis, which included 32,041 subjects. Although some studies contained multiple measurements of direct economic outcomes, only one average effect size per study was included in the meta-analysis. Based on the studies included in the research, a meta-analysis provided a statistically significant answer to the question of whether disease management programs are economically effective. The magnitude of the observed average effect size for equally weighted studies was 0.311 (95% CI = 0.272-0.350). Statistically significant differences of effect sizes by study design, disease type and intensity of disease management program interventions were not found after a moderating variable, disease severity, was taken into consideration. The results suggest that disease management programs are more effective economically with severely ill enrollees and that chronic disease program interventions are most effective when coordinated with the overall level of disease severity. The findings can be generalized, which may assist health care policy makers and practitioners in addressing the issue of providing economically effective care for the growing number of individuals with chronic illness.

  6. Process management - critical safety issues with focus on risk management

    International Nuclear Information System (INIS)

    Sanne, Johan M.

    2005-12-01

    Organizational changes focused on process orientation are taking place among Swedish nuclear power plants, aiming at improving the operation. The Swedish Nuclear Power Inspectorate has identified a need for increased knowledge within the area for its regulatory activities. In order to analyze what process orientation imply for nuclear power plant safety a number of questions must be asked: 1. How is safety in nuclear power production created currently? What significance does the functional organization play? 2. How can organizational forms be analysed? What consequences does quality management have for work and for the enterprise? 3. Why should nuclear power plants be process oriented? Who are the customers and what are their customer values? Which customers are expected to contribute from process orientation? 4. What can one learn from process orientation in other safety critical systems? What is the effect on those features that currently create safety? 5. Could customer values increase for one customer without decreasing for other customers? What is the relationship between economic and safety interests from an increased process orientation? The deregulation of the electricity market have caused an interest in increased economic efficiency, which is the motivation for the interest in process orientation. among other means. It is the nuclear power plants' owners and the distributors (often the same corporations) that have the strongest interest in process orientation. If the functional organization and associated practices are decomposed, the prerequisites of the risk management regime changes, perhaps deteriorating its functionality. When nuclear power operators consider the introduction of process orientation, the Nuclear Power Inspectorate should require that 1. The operators perform a risk analysis beforehand concerning the potential consequences that process orientation might convey: the analysis should contain a model specifying how safety is currently

  7. Risk management method for small photovoltaic plants

    Directory of Open Access Journals (Sweden)

    Kirova Milena

    2016-09-01

    Full Text Available Risk management is necessary for achieving the goals of the organization. There are many methods, approaches, and instruments in the literature concerning risk management. However, these are often highly specialized and transferring them to a different field can prove difficult. Therefore, managers often face situations where they have no tools to use for risk management. This is the case with small photovoltaic plants (according to a definition by the Bulgarian State Energy and Water Regulatory Commission small applies to systems with a total installed power of 200 kWp. There are some good practices in the energy field for minimizing risks, but they offer only partial risk prevention and are not sufficient. Therefore a new risk management method needs to be introduced. Small photovoltaic plants offer plenty of advantages in comparison to the other renewable energy sources which makes risk management in their case more important. There is no classification of risks for the exploitation of small photovoltaic systems in the available literature as well as to what degree the damages from those risks could spread. This makes risk analysis and evaluation necessary for obtaining information which could aid taking decisions for improving risk management. The owner of the invested capital takes a decision regarding the degree of acceptable risk for his organization and it must be protected depending on the goals set. Investors in small photovoltaic systems need to decide to what degree the existing risks can influence the goals previously set, the payback of the investment, and what is the acceptable level of damages for the investor. The purpose of this work is to present a risk management method, which currently does not exist in the Bulgaria, so that the risks and the damages that could occur during the exploitation of small photovoltaic plants could be identified and the investment in such technology – justified.

  8. Flood risk management in the Souss watershed

    Science.gov (United States)

    Bouaakkaz, Brahim; El Abidine El Morjani, Zine; Bouchaou, Lhoussaine; Elhimri, Hamza

    2018-05-01

    Flooding is the most devasting natural hazards that causes more damage throughout the world. In 2016, for the fourth year in a row, it was the most costly natural disaster, in terms of global economic losses: 62 billion, according to a Benfield's 2016 annual report on climate and natural disasters [1]. The semi-arid to arid Souss watershed is vulnerable to floods, whose the intensity is becoming increasingly alarming and this area does not escape to the effects of this extreme event.. Indeed, the susceptibility of this region to this type of hazard is accentuated by its rapid evolution in terms of demography, uncontrolled land use, anthropogenic actions (uncontrolled urbanization, encroachment of the hydraulic public domain, overgrazing, clearing and deforestation).), and physical behavior of the environment (higher slope, impermeable rocks, etc.). It is in this context, that we have developed a strategic plan of action to manage this risk in the Souss basin in order to reduce the human, economic and environmental losses, after the modeling of the flood hazard in the study area, using georeferenced information systems (GIS), satellite remote sensing space and multi-criteria analysis techniques, as well as the history of major floods. This study, which generated the high resolution 30m flood hazard spatial distribution map of with accuracy of 85%, represents a decision tool to identify and prioririze area with high probability of hazard occurrence. It can also serve as a basis for urban evacuation plans for anticipating and preventing flood risk in the region, in order to ovoid any dramatic disaster.

  9. Technological economics: innovation, project management, and technology transfer

    Energy Technology Data Exchange (ETDEWEB)

    Bradbury, F R

    1981-06-01

    The relationship between economics and technology, as well as their interaction in production, productivity, project management, and in technology transfer processes are reviewed. Over the last two decades there has been an increasing interest by economists in the technologist's view of technical change and its mechanisms. The author looks at the zone between technology and economics, the technological economics, and discusses the theory of innovation recently sketched out by Nelson and Winter. The relevance to project management and technology transfer of contemporary writing by economists leads to the view that there are welcome signs of a convergence of the conceptual models now emerging and the practical problems of technology management and movement. Economists now seem more willing to come to terms with technology than technologists with economics. The economic significance of the multitudes of technically unglamorous activities in development work is seriously neglected as a result of over-emphasis on the spectacular technological break. If economic elegance were to be admitted to the criteria of success, one might get a significant improvement in the engineering of technological change. 29 references, 4 figure.

  10. Role of NDT in risk management

    International Nuclear Information System (INIS)

    Porter, Jr. James F.

    2009-01-01

    Risk management is identifying and then managing threats that could severely affect or bring down a company. This involves reviewing the operations of the company to include the process, equipment, procedures and personnel. Potential threats are then identified including their probability of occurrence, and then taking appropriate actions to address the most likely threats. Traditionally, risk management was thought of as mostly getting the right insurance. However, this impression of risk management has changed dramatically. With the recent increase in rules and regulations and optimizing utilization of key resources, risk management is becoming a management practice that is as important as financial or facilities management. In ideal risk management, a prioritization process is followed whereby the risks with the greatest loss and greatest probability of occurring are handled first, and risks with lower probability of occurrence and lower loss are handled in descending order. In practice the process can be very difficult, and balancing between risks with a high probability of occurrence but lower loss versus a risk with high but lower probability of occurrence can often be mishandled. (author)

  11. Financial risk management of pharmacy benefits.

    Science.gov (United States)

    Saikami, D

    1997-10-01

    Financial risk management of pharmacy benefits in integrated health systems is explained. A managed care organization should assume financial risk for pharmacy benefits only if it can manage the risk. Horizontally integrated organizations often do not have much control over the management of drug utilization and costs. Vertically integrated organizations have the greatest ability to manage pharmacy financial risk; virtual integration may also be compatible. Contracts can be established in which the provider is incentivized or placed at partial or full risk. The main concerns that health plans have with respect to pharmacy capitation are formulary management and the question of who should receive rebates from manufacturers. The components needed to managed pharmacy financial risk depend on the type of contract negotiated. Health-system pharmacists are uniquely positioned to take advantage of opportunities opening up through pharmacy risk contracting. Functions most organizations must provide when assuming pharmacy financial risk can be divided into internal and external categories. Internally performed functions include formulary management, clinical pharmacy services and utilization management, and utilization reports for physicians. Functions that can be outsourced include claims processing and administration, provider- and customer support services, and rebates. Organizations that integrate the pharmacy benefit across the health care continuum will be more effective in controlling costs and improving outcomes than organizations that handle this benefit as separate from others. Patient care should not focus on payment mechanisms and unit costs but on developing superior processes and systems that improve health care.

  12. Spatially dynamic forest management to sustain biodiversity and economic returns.

    Science.gov (United States)

    Mönkkönen, Mikko; Juutinen, Artti; Mazziotta, Adriano; Miettinen, Kaisa; Podkopaev, Dmitry; Reunanen, Pasi; Salminen, Hannu; Tikkanen, Olli-Pekka

    2014-02-15

    Production of marketed commodities and protection of biodiversity in natural systems often conflict and thus the continuously expanding human needs for more goods and benefits from global ecosystems urgently calls for strategies to resolve this conflict. In this paper, we addressed what is the potential of a forest landscape to simultaneously produce habitats for species and economic returns, and how the conflict between habitat availability and timber production varies among taxa. Secondly, we aimed at revealing an optimal combination of management regimes that maximizes habitat availability for given levels of economic returns. We used multi-objective optimization tools to analyze data from a boreal forest landscape consisting of about 30,000 forest stands simulated 50 years into future. We included seven alternative management regimes, spanning from the recommended intensive forest management regime to complete set-aside of stands (protection), and ten different taxa representing a wide variety of habitat associations and social values. Our results demonstrate it is possible to achieve large improvements in habitat availability with little loss in economic returns. In general, providing dead-wood associated species with more habitats tended to be more expensive than providing requirements for other species. No management regime alone maximized habitat availability for the species, and systematic use of any single management regime resulted in considerable reductions in economic returns. Compared with an optimal combination of management regimes, a consistent application of the recommended management regime would result in 5% reduction in economic returns and up to 270% reduction in habitat availability. Thus, for all taxa a combination of management regimes was required to achieve the optimum. Refraining from silvicultural thinnings on a proportion of stands should be considered as a cost-effective management in commercial forests to reconcile the conflict

  13. Risk Management and Uncertainty in Infrastructure Projects

    DEFF Research Database (Denmark)

    Harty, Chris; Neerup Themsen, Tim; Tryggestad, Kjell

    2014-01-01

    The assumption that large complex projects should be managed in order to reduce uncertainty and increase predictability is not new. What is relatively new, however, is that uncertainty reduction can and should be obtained through formal risk management approaches. We question both assumptions...... by addressing a more fundamental question about the role of knowledge in current risk management practices. Inquiries into the predominant approaches to risk management in large infrastructure and construction projects reveal their assumptions about knowledge and we discuss the ramifications these have...... for project and construction management. Our argument and claim is that predominant risk management approaches tends to reinforce conventional ideas of project control whilst undermining other notions of value and relevance of built assets and project management process. These approaches fail to consider...

  14. Risk management in a competitive electricity market

    International Nuclear Information System (INIS)

    Liu, Min; Wu, Felix F.

    2007-01-01

    In a competitive electricity market, it is necessary and important to develop an appropriate risk management scheme for trade with full utilization of the multi-market environment in order to maximize participants' benefits and minimize the corresponding risks. Based on the analyses to trading environments and risks in the electricity market, a layered framework of risk management for electric energy trading is proposed in this paper. Simulation results confirmed that trading among multiple markets is helpful to reduce the complete risk, and VaR provides a useful approach to judge whether the formed risk-control scheme is acceptable. (author)

  15. Water security, risk, and economic growth: Insights from a dynamical systems model

    Science.gov (United States)

    Dadson, Simon; Hall, Jim W.; Garrick, Dustin; Sadoff, Claudia; Grey, David; Whittington, Dale

    2017-08-01

    Investments in the physical infrastructure, human capital, and institutions needed for water resources management have been noteworthy in the development of most civilizations. These investments affect the economy in two distinct ways: (i) by improving the factor productivity of water in multiple economic sectors, especially those that are water intensive such as agriculture and energy and (ii) by reducing acute and chronic harmful effects of water-related hazards like floods, droughts, and water-related diseases. The need for capital investment to mitigate risks and promote economic growth is widely acknowledged, but prior conceptual work on the relationship between water-related investments and economic growth has focused on the productive and harmful roles of water in the economy independently. Here the two influences are combined using a simple, dynamical systems model of water-related investment, risk, and growth. In cases where initial water security is low, initial investment in water-related assets enables growth. Without such investment, losses due to water-related hazards exert a drag on economic growth and may create a poverty trap. The presence and location of the poverty trap is context-specific and depends on the exposure of productive water-related assets to water-related risk. Exogenous changes in water-related risk can potentially push an economy away from a growth path toward a poverty trap. Our investigation shows that an inverted-U-shaped investment relation between the level of investment in water security and the current level of water security leads to faster rates of growth than the alternatives that we consider here, and that this relation is responsible for the "S"-curve that is posited in the literature. These results illustrate the importance of accounting for environmental and health risks in economic models and offer insights for the design of robust policies for investment in water-related productive assets to manage risk, in the face

  16. INVENTORY AND RISK MANAGEMENT: DECREASING DELIVERY RISK OF PURCHASERS

    Directory of Open Access Journals (Sweden)

    Grzegorz MICHALSKI

    2008-12-01

    Full Text Available The basic financial purpose of an enterprise is maximization of its value. Inventory management should also contribute to realization of this fundamental aim. The enterprise value maximization strategy is executed with a focus on risk and uncertainty. This article presents the consequences for the recipients firm that can result from operating risk that is related to delivery risk generated by the suppliers. The present article offers a method that uses portfolio management theory to choose the suppliers.

  17. Liquidity Risk meets Economic Capital and RAROC. A framework for measuring liquidity risk in banks.

    OpenAIRE

    Loebnitz, K.

    2011-01-01

    Liquidity risk is a crucial and inherent feature of the business model of banks. While banks and regulators use sophisticated mathematical methods to measure a bank's solvency risk, they use relatively simple tools for a bank's liquidity risk such as coverage ratios, sensitivity analyses, and scenario analyses. In this thesis we present a more rigorous framework that allows us to measure a bank's liquidity risk within the standard economic capital and RAROC setting. In particular, we introduc...

  18. Data Management in Metagenomics: A Risk Management Approach

    Directory of Open Access Journals (Sweden)

    Filipe Ferreira

    2014-07-01

    Full Text Available In eScience, where vast data collections are processed in scientific workflows, new risks and challenges are emerging. Those challenges are changing the eScience paradigm, mainly regarding digital preservation and scientific workflows. To address specific concerns with data management in these scenarios, the concept of the Data Management Plan was established, serving as a tool for enabling digital preservation in eScience research projects. We claim risk management can be jointly used with a Data Management Plan, so new risks and challenges can be easily tackled. Therefore, we propose an analysis process for eScience projects using a Data Management Plan and ISO 31000 in order to create a Risk Management Plan that can complement the Data Management Plan. The motivation, requirements and validation of this proposal are explored in the MetaGen-FRAME project, focused in Metagenomics.

  19. Overview of Risk Management for Engineered Nanomaterials

    International Nuclear Information System (INIS)

    Schulte, P A; Geraci, C L; Hodson, L L; Zumwalde, R D; Kuempel, E D; Murashov, V; Martinez, K F; Heidel, D S

    2013-01-01

    Occupational exposure to engineered nanomaterials (ENMs) is considered a new and challenging occurrence. Preliminary information from laboratory studies indicates that workers exposed to some kinds of ENMs could be at risk of adverse health effects. To protect the nanomaterial workforce, a precautionary risk management approach is warranted and given the newness of ENMs and emergence of nanotechnology, a naturalistic view of risk management is useful. Employers have the primary responsibility for providing a safe and healthy workplace. This is achieved by identifying and managing risks which include recognition of hazards, assessing exposures, characterizing actual risk, and implementing measures to control those risks. Following traditional risk management models for nanomaterials is challenging because of uncertainties about the nature of hazards, issues in exposure assessment, questions about appropriate control methods, and lack of occupational exposure limits (OELs) or nano-specific regulations. In the absence of OELs specific for nanomaterials, a precautionary approach has been recommended in many countries. The precautionary approach entails minimizing exposures by using engineering controls and personal protective equipment (PPE). Generally, risk management utilizes the hierarchy of controls. Ideally, risk management for nanomaterials should be part of an enterprise-wide risk management program or system and this should include both risk control and a medical surveillance program that assesses the frequency of adverse effects among groups of workers exposed to nanomaterials. In some cases, the medical surveillance could include medical screening of individual workers to detect early signs of work-related illnesses. All medical surveillance should be used to assess the effectiveness of risk management; however, medical surveillance should be considered as a second line of defense to ensure that implemented risk management practices are effective.

  20. Overview of Risk Management for Engineered Nanomaterials

    Science.gov (United States)

    Schulte, P. A.; Geraci, C. L.; Hodson, L. L.; Zumwalde, R. D.; Kuempel, E. D.; Murashov, V.; Martinez, K. F.; Heidel, D. S.

    2013-04-01

    Occupational exposure to engineered nanomaterials (ENMs) is considered a new and challenging occurrence. Preliminary information from laboratory studies indicates that workers exposed to some kinds of ENMs could be at risk of adverse health effects. To protect the nanomaterial workforce, a precautionary risk management approach is warranted and given the newness of ENMs and emergence of nanotechnology, a naturalistic view of risk management is useful. Employers have the primary responsibility for providing a safe and healthy workplace. This is achieved by identifying and managing risks which include recognition of hazards, assessing exposures, characterizing actual risk, and implementing measures to control those risks. Following traditional risk management models for nanomaterials is challenging because of uncertainties about the nature of hazards, issues in exposure assessment, questions about appropriate control methods, and lack of occupational exposure limits (OELs) or nano-specific regulations. In the absence of OELs specific for nanomaterials, a precautionary approach has been recommended in many countries. The precautionary approach entails minimizing exposures by using engineering controls and personal protective equipment (PPE). Generally, risk management utilizes the hierarchy of controls. Ideally, risk management for nanomaterials should be part of an enterprise-wide risk management program or system and this should include both risk control and a medical surveillance program that assesses the frequency of adverse effects among groups of workers exposed to nanomaterials. In some cases, the medical surveillance could include medical screening of individual workers to detect early signs of work-related illnesses. All medical surveillance should be used to assess the effectiveness of risk management; however, medical surveillance should be considered as a second line of defense to ensure that implemented risk management practices are effective.

  1. Risk assessment and management in IOR projects

    International Nuclear Information System (INIS)

    Goodyear, S.G.; Gregory, A.T.

    1994-01-01

    The application of IOR techniques is one of the investment opportunities open to Exploration and Production companies. A project will only go forward if the perceived balance between the rewards and the risks is acceptable. IOR projects may be ruled out because they are considered to involve significantly higher risks than conventional developments. Therefore, some means of evaluating the actual level of risk may be required if the full economic benefits from IOR techniques are to be realized. Risk assessment is a key element in safety cases, where a well-established methodology for quantifying risk exists. This paper discusses the extension of these methods to IOR project risk assessment. Combining reservoir and IOR technique uncertainties with their impact on project performance allows project risk to be better quantified. The results of the risk assessment are presented in terms of a risk-reward diagram that plots the probability surface for possible project outcomes as a function of NPV (reward) and exposure (risk)

  2. Model risk analysis for risk management and option pricing

    NARCIS (Netherlands)

    Kerkhof, F.L.J.

    2003-01-01

    Due to the growing complexity of products in financial markets, market participants rely more and more on quantitative models for trading and risk management decisions. This introduces a fairly new type of risk, namely, model risk. In the first part of this thesis we investigate the quantitative

  3. Combining hazard, exposure and social vulnerability to provide lessons for flood risk management

    NARCIS (Netherlands)

    Koks, E.E.; Jongman, B.; Husby, T.G.; Botzen, W.J.W.

    2015-01-01

    Flood risk assessments provide inputs for the evaluation of flood risk management (FRM) strategies. Traditionally, such risk assessments provide estimates of loss of life and economic damage. However, the effect of policy measures aimed at reducing risk also depends on the capacity of households to

  4. [Does clinical risk management require a structured conflict management?].

    Science.gov (United States)

    Neumann, Stefan

    2015-01-01

    A key element of clinical risk management is the analysis of errors causing near misses or patient damage. After analyzing the causes and circumstances, measures for process improvement have to be taken. Process management, human resource development and other established methods are used. If an interpersonal conflict is a contributory factor to the error, there is usually no structured conflict management available which includes selection criteria for various methods of conflict processing. The European University Viadrina in Frankfurt (Oder) has created a process model for introducing a structured conflict management system which is suitable for hospitals and could fill the gap in the methodological spectrum of clinical risk management. There is initial evidence that a structured conflict management reduces staff fluctuation and hidden conflict costs. This article should be understood as an impulse for discussion on to what extent the range of methods of clinical risk management should be complemented by conflict management.

  5. Analysis of Risks Generated by Suppliers During the Period of Economic Fluctuations

    Directory of Open Access Journals (Sweden)

    Karla Jurásková

    2013-02-01

    Full Text Available The purpose of this article is to examine one group of supply chain risks, namely the current risks generated by the suppliers and their relations to the position of companies in the supply chain and the current economic fluctuations, as well as to gain the knowledge on how to mitigate these risks, including the cooperation between the partners. The research was conducted in two stages by means of a questionnaire analysis and follow-up of multiple case studies. The surveys used have registered certain signals showing increasing dependence on the suppliers, deepening imbalances in the supply chains and decreasing opportunities of reducing the presence of risks. The surveys have also detected tendencies leading to structural measures strengthening resilience of the supply chain. The areas for further research of supply chains risks and risks management are formulated based on the acquired findings.

  6. Scenario logic and probabilistic management of risk in business and engineering

    CERN Document Server

    Solojentsev, Evgueni D

    2009-01-01

    The book proposes a uniform logic and probabilistic (LP) approach to risk estimation and analysis in engineering and economics. It covers the methodological and theoretical basis of risk management at the design, test, and operation stages of economic, banking, and engineering systems with groups of incompatible events (GIE). It considers the risk LP-models in classification, investment, management of companies, bribes and corruption, analysis of risk and efficiency of social and economical processes, and management of development. Key features of this Second Edition: -Five new chapters -Treatment of the basic principles of the modern risk LP theory (the LP-calculus, the LP-methods and the risk LP-theory with GIE) using uniform methodology and terminology with a practical orientation towards both engineering and economics, for the first time in book form -Clear definitions and notations, revised sections and chapters, an extended list of references, and a new subject index -More than a hundred illustrations a...

  7. Supply Chain-Wide Consequences of Transaction Risks and Their Contractual Solutions: Towards an Extended Transaction Cost Economics Framework

    NARCIS (Netherlands)

    Wever, M.; Wognum, P.M.; Trienekens, J.H.; Omta, S.W.F.

    2012-01-01

    How supply chain actors manage their exposure to both supply- and demand-side risks is a topic that has been insufficiently examined within the transaction cost economics (TCE) literature. TCE studies often only examine transaction risks in the context of bilateral exchanges. This study aims to

  8. Issues of the economic risks theory under direct taxation

    Directory of Open Access Journals (Sweden)

    Vyacheslav Aleksandrovich Slavin

    2015-09-01

    Full Text Available Objective to calculate and justify the probabilistic characteristics of the economic risks of the company selling goods with profit and suffering from the burden of direct taxation. The economic nature and mechanisms of tax risks are described. Methods probabilisticdynamic method based on a few mathematically formulated principles ndash probability principle the principle of measurement etc. The method allows to find the optimal distributions of the phase variables components of the decisions vector of the production system numerical characteristics of which mathematical expectation variance covariance etc. bear the necessary information about the optimal properties of the economic actorsrsquobehavior. Results the basic equation of probabilisticdynamic method ndash the SchrodingerBellman equation ndash was integratedthe function of state was found the normal distribution was obtained of the vector of economic decisions in the phase space of the firm. The phase trajectories and the effective areas of the variables dispersion phase were researched. It is shown that at the intersection of the variation areas of normal distributions corresponding to two different production conditions there is a possibility of spontaneous transitions between these states accompanied by losses of capital assets of the company. The transition probabilities and the expression for average losses of working capital were calculated. It is shown that the inclusion of weak field tax perturbation leads to the modulation of the probability curves and average losses obtained earlier in the work by V.A. Slavin and I.N. Urusova quotMarket dynamics of productioneconomic system. 2. Transitions between production conditions. Elements of risks theoryquot for the company in the absence of taxation. The author outlines the nature of modulation of the main characteristics of tax risks related to the fact that the tax field influences the production system by phase trajectories

  9. Hog Producers' Risk Management Attitudes and Desire for Additional Risk Management Education

    OpenAIRE

    Patrick, George F.; Peiter, Amy J.; Knight, Thomas O.; Coble, Keith H.; Baquet, Alan E.

    2007-01-01

    Hog producers in Indiana and Nebraska were surveyed about sources of risk, effectiveness of risk management strategies, and prior participation in and desire for additional risk management education. Ownership of hogs by the producer, size of the operation, and age did have significant effects on ratings of both sources of risk and effectiveness of risk management strategies. Probit analysis found age, prior attendance, knowledge and prior use of the tool, level of integration, and concern ab...

  10. The system of management of innovative potential of economic systems

    Directory of Open Access Journals (Sweden)

    Kostyshak Mikhail

    2018-01-01

    Full Text Available The purpose of the research is to develop a mechanism for managing the innovative potential of a development organization, which is capable to ensure the transformation of real estate objects due to the changes in market needs. The main approaches to the development of innovative potential of economic systems are presented. Efficiency criteria of management of innovation potential of development organizations are formed. A model based on joint use of system and resource and potential approaches to the management of innovative potential of a development organization is formed. The analysis of modern tendencies of development of innovative potential of economic systems, based on rationalization of management of innovative potential of a development organization is conducted.

  11. Large dams and risk management

    International Nuclear Information System (INIS)

    Cazelais, N.

    2003-01-01

    In July 1996, Quebec's Saguenay region was subjected to intensive rainfall which caused severe floods and uncontrolled release of several reservoirs, resulting in extensive damage to dam structures and reservoirs. The probability of occurrence for that disaster was 1:10,000. Following the disaster, the Quebec government established a dam management body entitled the Commission scientifique et technique sur la gestion des barrages, which pointed out several safety shortcomings of existing dams. Many were either very old or had undergone significant function change without being subsequently re-evaluated. A report by the Commission stated that damage following the floods could have been limited if the design and operating standards of the dams had been more stringent. A Dam Safety Act was adopted by the Quebec National Assembly on May 30, 2000 following recommendations to retain safer structures. The Act demands regular reporting of operating procedures. Seismic activity was noted as being a topic that requires in-depth examination since Quebec's St. Lawrence Valley, particularly the Charlevoix region, is one of Canada's largest seismic zones. The other is on the west coast in British Columbia. Earthquakes in Quebec are less intense than the ones in British Columbia, but they have higher frequency content which exerts a quasi-resonance wave effect which impacts roads, bridges, buildings and hydroelectric generating facilities. Hydro-Quebec is a public utility which owns 563 retaining structures, of which 228 are ranked as large dams that measure more than 15 metres high, 400 metres long and with a reservoir capacity of more than 1 million cubic metres of water. Hydro-Quebec addresses hydrological, seismic, technological and human risks through a dam safety procedure that includes structured plans for choosing best alternatives through staged exercises. Hazard levels are minimized through the adoption of emergency, prevention and alleviation measures. The utility

  12. Environmental asset management: Risk management systems

    CSIR Research Space (South Africa)

    Naudé, Brian

    2017-07-01

    Full Text Available bnaude@csir.co.za Charl Petzer Council for Scientific and Industrial Research PO Box 395 Pretoria 0001 South Africa +2712 841 4292 CPetzer1@csir.co.za Copyright © 2017 by B Naudé, C Petzer. Published and used by INCOSE with permission.... Charl Petzer is registered professional engineer with 30 years of programme/project management as well as systems engineering experience in military and other environments. He has been the lead systems engineer, as well as programme manager on several...

  13. Strategic Risk Management and Corporate Value Creation

    DEFF Research Database (Denmark)

    Andersen, Torben Juul; Roggi, Oliviero

    Major corporate failures, periodic recessions, regional debt crises and volatile markets have intensified the focus on corporate risk management as the means to deal better with turbulent business conditions. Hence, the ability to respond effectively to the often dramatic environmental changes...... is considered an important source of competitive advantage. However, surprisingly little research has analyzed if the presumed advantages of effective risk management lead to superior performance or assessed important antecedents of effective risk management capabilities. Here we present a comprehensive study...... of risk management effectiveness and the relationship to corporate performance based on panel data for more than 3,400 firms accounting for over 33,500 annual observations during the turbulent period 1991-2010. Determining effective risk management as the ability to reduce earnings and cash flow...

  14. Risk, innovation and change : design propositions for implementing risk management in organizations

    NARCIS (Netherlands)

    van Staveren, Martinus Theodorus

    2009-01-01

    This Ph.D. research generated unique design propositions for implementing existing risk management methodologies in organizations. The resulting design propositions incorporate a synthesis of risk management, innovation management and change management. True implementation of risk management is

  15. A challenge for land and risk managers: differents stakeholders, differents definitions of the risks

    Science.gov (United States)

    Fernandez, M.; Ruegg, J.

    2012-04-01

    In developing countries, mountain populations and territories are subject to multiple risks and vulnerabilities. In addition, they face even greater challenges than developed countries due to lack of knowledge, resources and technology. There are many different types of actors in society that manage risk at various scales and levels (i.e. engineers, geologists, administrators, land use planners, merchants and local indigenous and non-indigenous people). Because of limited resources and possibilities to reduce all types of risk, these different actors, or 'risk managers' have to choose and compete to prioritize which types of risks to address. This paper addresses a case study from San Cristobal Altaverapaz, Guatemala where a large landslide "Los Chorros", a catastrophic collapse of 6 millions cubic meters of rock, is affecting several communities and one of the country's main west-east access highways. In this case, the government established that the "primary" risk is the landslide, whereas other local stakeholders consider the primary risks to be economic This paper, situated at the cross section between political science, geography and disaster risk management, addresses the social conflict and competition for priorities and solutions for risk management, depending on the group of actors based on the on-going Los Chorros, Guatemala landslide mitigation process. This work is based on the analysis of practices, (Practical Science), policies and institutions in order to understand how the inclusion of multiple stakeholders in determining risk priorities can lead to more sustainable risk management in a given territory. The main objective of this investigation is first to identify and understand the juxtaposition of different readings of the risk equation, usually considered the interface between vulnerability, exposure and hazards. Secondly, it is to analyze the mechanisms of actions taken by various stakeholders, or risk managers. The analysis focuses on the

  16. Methods of currency risk management in foreign trade

    Directory of Open Access Journals (Sweden)

    V.V. Ksendzuk

    2016-03-01

    Full Text Available Development of the country’s market national economy is closely connected with international economic relations. Therefore national business entities are actively involved in foreign trade, and their positive results influence not only on the status and income of owners, but form the economic potential of the country. The survey describes the main indicators of foreign trade and the impact of export and import transactions on economic development of Ukraine, particularly on the gross domestic income of the country. Taking into account also the negative trends in foreign currency exchange rates, the article considers the types of currency risks that accompany international transactions and identifies the limits of the usefulness of currency risk management methods. The methods of currency risk management are also systematized, the benefits of their use for the enterprise are considered and the status and readiness of Ukraine’s financial market to ensure appropriate conditions for the functioning of the currency risk management in domestic enterprises are analyzed.

  17. 78 FR 4848 - Social Media: Consumer Compliance Risk Management Guidance

    Science.gov (United States)

    2013-01-23

    ...: Consumer Compliance Risk Management Guidance AGENCY: Federal Financial Institutions Examination Council... Media: Consumer Compliance Risk Management Guidance'' (guidance). Upon completion of the guidance, and... management practices adequately address the consumer compliance and legal risks, as well as related risks...

  18. Internal audit risk management in metropolitan municipalities

    Directory of Open Access Journals (Sweden)

    Christo Ackermann

    2016-07-01

    Full Text Available Internal audit functions (IAFs of organisations are regarded as crucial components of the combined assurance model, alongside the audit committee, management and external auditors. The combined assurance model aims at having integrated and aligned assurance in organisations with the overall aim of maximising risk and governance oversight and control efficiencies. In this regard, internal audit plays a crucial role, insofar as it consists of experts in risk, governance and control consultancy who provide assurance to senior management and the audit committee. Audit committees are dependent on internal audit for information and their effectiveness revolves around a strong and well-resourced internal audit function which is able to aid audit committees to meet their oversight responsibilities. There is thus a growing demand for managing risk through the process of risk management and internal audit is in a perfect position to assist with the improvement of such processes. If internal auditors wish to continue being an important aspect of the combined assurance model, they need to address the critical area, amongst others, of risk management as part of their work. If not, it follows that the board, audit committees and other levels of management will remain uninformed on the status of these matters which, in turn, will negatively impact the ability of these stakeholders to discharge their responsibilities. This study therefore focuses on analysing the functioning of IAFs, with specific reference to their risk management mandate. The study followed a mixed method approach to describe internal audits risk management functioning in the big eight metropolitan municipalities in South Africa. The results show that internal audit provide a broad scope of risk management work which assist senior management in the discharge of their responsibilities. However, in the public eye, internal audits risk management functioning is scant

  19. Economic analysis of emerald ash borer (Coleoptera: Buprestidae) management options.

    Science.gov (United States)

    Vannatta, A R; Hauer, R H; Schuettpelz, N M

    2012-02-01

    Emerald ash borer, Agrilus planipennis (Fairmaire) (Coleoptera: Buprestidae), plays a significant role in the health and extent of management of native North American ash species in urban forests. An economic analysis of management options was performed to aid decision makers in preparing for likely future infestations. Separate ash tree population valuations were derived from the i-Tree Streets program and the Council of Tree and Landscape Appraisers (CTLA) methodology. A relative economic analysis was used to compare a control option (do-nothing approach, only removing ash trees as they die) to three distinct management options: 1) preemptive removal of all ash trees over a 5 yr period, 2) preemptive removal of all ash trees and replacement with comparable nonash trees, or 3) treating the entire population of ash trees with insecticides to minimize mortality. For each valuation and management option, an annual analysis was performed for both the remaining ash tree population and those lost to emerald ash borer. Retention of ash trees using insecticide treatments typically retained greater urban forest value, followed by doing nothing (control), which was better than preemptive removal and replacement. Preemptive removal without tree replacement, which was the least expensive management option, also provided the lowest net urban forest value over the 20-yr simulation. A "no emerald ash borer" scenario was modeled to further serve as a benchmark for each management option and provide a level of economic justification for regulatory programs aimed at slowing the movement of emerald ash borer.

  20. Examining the realities of risk management

    International Nuclear Information System (INIS)

    Garrick, B.J.

    1985-01-01

    Sufficient experience now exists, especially in the nuclear industry, to consider the progress that has been made toward meaningful tools or aids for the control and, hence, management of risk. The considerable activity in the field of probabilistic risk assessment (PRA) suggests a high level of interest and application. It is the purpose of this paper to examine our own experience in this regard and to offer some observations and opinions about current practices in risk management and the requirements for success