Using real options analysis to support strategic management decisions

Science.gov (United States)

Kabaivanov, Stanimir; Markovska, Veneta; Milev, Mariyan

2013-12-01

Decision making is a complex process that requires taking into consideration multiple heterogeneous sources of uncertainty. Standard valuation and financial analysis techniques often fail to properly account for all these sources of risk as well as for all sources of additional flexibility. In this paper we explore applications of a modified binomial tree method for real options analysis (ROA) in an effort to improve decision making process. Usual cases of use of real options are analyzed with elaborate study on the applications and advantages that company management can derive from their application. A numeric results based on extending simple binomial tree approach for multiple sources of uncertainty are provided to demonstrate the improvement effects on management decisions.

Energy options

International Nuclear Information System (INIS)

Hampton, Michael

1999-01-01

This chapter focuses on energy options as a means of managing exposure to energy prices. An intuitive approach to energy options is presented, and traditional definitions of call and put options are given. The relationship between options and swaps, option value and option exercises, commodity options, and option pricing are described. An end-user's guide to energy option strategy is outlined, and straight options, collars, participating swaps and collars, bull and bear spreads, and swaption are examined. Panels explaining the defining of basis risk, and discussing option pricing and the Greeks, delta hedging, managing oil options using the Black-Scholes model, caps, floors and collars, and guidelines on hedging versus speculation with options are included in the paper

Scope Complexity Options Risks Excursions (SCORE) Factor Mathematical Description.

Energy Technology Data Exchange (ETDEWEB)

Gearhart, Jared Lee [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Samberson, Jonell Nicole [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Shettigar, Subhasini [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Jungels, John [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Welch, Kimberly M. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Jones, Dean A. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

2017-03-01

The purpose of the Scope, Complexity, Options, Risks, Excursions (SCORE) model is to estimate the relative complexity of design variants of future warhead options, resulting in scores. SCORE factors extend this capability by providing estimates of complexity relative to a base system (i.e., all design options are normalized to one weapon system). First, a clearly defined set of scope elements for a warhead option is established. The complexity of each scope element is estimated by Subject Matter Experts (SMEs), including a level of uncertainty, relative to a specific reference system. When determining factors, complexity estimates for a scope element can be directly tied to the base system or chained together via comparable scope elements in a string of reference systems that ends with the base system. The SCORE analysis process is a growing multi-organizational Nuclear Security Enterprise (NSE) effort, under the management of the NA-12 led Enterprise Modeling and Analysis Consortium (EMAC). Historically, it has provided the data elicitation, integration, and computation needed to support the out-year Life Extension Program (LEP) cost estimates included in the Stockpile Stewardship Management Plan (SSMP).

Risk perception of various technical options in the field of radioactive waste management

International Nuclear Information System (INIS)

Cameron, F.X.

1996-01-01

The author's group had a wide ranging discussion of risk and, at the very end of the discussion got to the question that was posed to them, which is that of risk perception of various technical options in the field of radioactive waste management. Some of the points that were made in this discussion is a reality that the group, as decision-makers, have to deal with, and it has to be treated as a reality. Secondly, the scientist looks at risk from the classic definition of ''probability times consequences'', but the public only looks at the consequences side of the equation, and too often the probability of something happening is treated as a probability of one that it will actually happen. A third problem that was identified in this area is that often the efforts to make the disposal of waste safer may contribute, in the public mind, to the fact that the risk is even more hazardous. And the last problem is that people do not trust what a decision maker is saying when he talks about the fact that there is little probability of something happening. The group then went on to a discussion of how he should try to treat risk perception. One point that was made is that voluntary acceptance of a risk is important. A second point that was made on how to deal with risk perception problems is that the group could try to put the risk of radioactive waste disposal in the perspective of other risks to society, from the chemical industry for instance. The group also talked about the possibility of putting the benefits in perspective for people. Another point was that the group should have different communications strategies for different audiences. But, the more the public is involved in the decision making process, the more comfortable they are going to be with the risk, and the more consistent the perception of risk may be with the scientific definition thereof. In terms of new technologies, new innovations on the generation and management of waste, although these may actually

Short-Term Market Risks Implied by Weekly Options

DEFF Research Database (Denmark)

Andersen, Torben Gustav; Fusari, Nicola; Todorov, Viktor

a direct way to study volatility and jump risks. Unlike longer-dated options, they are largely insensitive to the risk of intertemporal shifts in the economic environment. Adopting a novel semi-nonparametric approach, we uncover variation in the negative jump tail risk which is not spanned by market......We study short-term market risks implied by weekly S&P 500 index options. The introduction of weekly options has dramatically shifted the maturity profile of traded options over the last five years, with a substantial proportion now having expiry within one week. Such short-dated options provide......" by the level of market volatility and elude standard asset pricing models....

Bisphenol A and risk management ethics.

Science.gov (United States)

Resnik, David B; Elliott, Kevin C

2015-03-01

It is widely recognized that endocrine disrupting compounds, such as Bisphenol A, pose challenges for traditional paradigms in toxicology, insofar as these substances appear to have a wider range of low-dose effects than previously recognized. These compounds also pose challenges for ethics and policymaking. When a chemical does not have significant low-dose effects, regulators can allow it to be introduced into commerce or the environment, provided that procedures and rules are in place to keep exposures below an acceptable level. This option allows society to maximize the benefits from the use of the chemical while minimizing risks to human health or the environment, and it represents a compromise between competing values. When it is not possible to establish acceptable exposure levels for chemicals that pose significant health or environmental risks, the most reasonable options for risk management may be to enact either partial or complete bans on their use. These options create greater moral conflict than other risk management strategies, leaving policymakers difficult choices between competing values. © 2014 John Wiley & Sons Ltd.

Forward, Forward Option and No Hedging Which One is the Best for Managing Currency Risk?

Directory of Open Access Journals (Sweden)

Riko Hendrawan

2017-07-01

Full Text Available Bank Indonesia Regulation No.18/18/PBI/2016 concerning foreign exchange transactions against rupiah between banks and domestic parties, indicates that the importance of hedging for business actors in Indonesia. Based on the data of the rupiah exchange rate movement against the dollar from January 2006 to December 2016 shows that the fluctuation of the rupiah against the US dollar tends to weaken, although at some point the observation shows the strengthening of the rupiah against the US dollar. The purpose of this research is to assess impact of Forward, Forward Option and No Hedging Strategy for managing currency exposure between IDR to USD. Using data from January 2006–December 2016 taken from website of Bank Indonesia and Federal Reserve. Total 396 simulations,consists of 132 using Forward simulations, 132 using Forward Option simulations and 132 using No Hedging simulations. Findings from this research show that Forward Option was has no positive contribution in managing currency exposure, No Hedging Strategy has 36,36 percent positive contribution and forward contract has 72,73 percent positive contribution in managing currency exposure. Its means Forward Contract was better than Forward Option and No Hedging Strategies in managing currency exposure.

Mixed waste management options

International Nuclear Information System (INIS)

Owens, C.B.; Kirner, N.P.

1992-01-01

Currently, limited storage and treatment capacity exists for commercial mixed waste streams. No commercial mixed waste disposal is available, and it has been estimated that if and when commercial mixed waste disposal becomes available, the costs will be high. If high disposal fees are imposed, generators may be willing to apply extraordinary treatment or regulatory approaches to properly dispose of their mixed waste. This paper explores the feasibility of several waste management scenarios and management options. Existing data on commercially generated mixed waste streams are used to identify the realm of mixed waste known to be generated. Each waste stream is evaluated from both a regulatory and technical perspective in order to convert the waste into a strictly low-level radioactive or a hazardous waste. Alternative regulatory approaches evaluated in this paper include a delisting petition) no migration petition) and a treatability variance. For each waste stream, potentially available treatment options are identified that could lead to these variances. Waste minimization methodology and storage for decay are also considered. Economic feasibility of each option is discussed broadly. Another option for mixed waste management that is being explored is the feasibility of Department of Energy (DOE) accepting commercial mixed waste for treatment, storage, and disposal. A study has been completed that analyzes DOE treatment capacity in comparison with commercial mixed waste streams. (author)

Managing hydroclimatological risk to water supply with option contracts and reservoir index insurance

Science.gov (United States)

Brown, Casey; Carriquiry, Miguel

2007-11-01

This paper explores the performance of a system of economic instruments designed to facilitate the reduction of hydroclimatologic variability-induced impacts on stakeholders of shared water supply. The system is composed of bulk water option contracts between urban water suppliers and agricultural users and insurance indexed on reservoir inflows. The insurance is designed to cover the financial needs of the water supplier in situations where the option is likely to be exercised. Insurance provides the irregularly needed funds for exercising the water options. The combined option contract - reservoir index insurance system creates risk sharing between sectors that is currently lacking in many shared water situations. Contracts are designed for a shared agriculture - urban water system in Metro Manila, Philippines, using optimization and Monte Carlo analysis. Observed reservoir inflows are used to simulate contract performance. Results indicate the option - insurance design effectively smooths water supply costs of hydrologic variability for both agriculture and urban water.

Use of the Generating Options for Active Risk Control (GO-ARC) Technique can lead to more robust risk control options.

Science.gov (United States)

Card, Alan J; Simsekler, Mecit Can Emre; Clark, Michael; Ward, James R; Clarkson, P John

2014-01-01

Risk assessment is widely used to improve patient safety, but healthcare workers are not trained to design robust solutions to the risks they uncover. This leads to an overreliance on the weakest category of risk control recommendations: administrative controls. Increasing the proportion of non-administrative risk control options (NARCOs) generated would enable (though not ensure) the adoption of more robust solutions. Experimentally assess a method for generating stronger risk controls: The Generating Options for Active Risk Control (GO-ARC) Technique. Participants generated risk control options in response to two patient safety scenarios. Scenario 1 (baseline): All participants used current practice (unstructured brainstorming). Scenario 2: Control group used current practice; intervention group used the GO-ARC Technique. To control for individual differences between participants, analysis focused on the change in the proportion of NARCOs for each group. Proportion of NARCOs decreased from 0.18 at baseline to 0.12. Intervention group: Proportion increased from 0.10 at baseline to 0.29 using the GO-ARC Technique. Results were statistically significant. There was no decrease in the number of administrative controls generated by the intervention group. The Generating Options for Active Risk Control (GO-ARC) Technique appears to lead to more robust risk control options.

Contract Design: Financial Options and Risk.

Science.gov (United States)

Mühlbacher, Axel C; Amelung, Volker E; Juhnke, Christin

2018-01-12

Integrated care systems as well as accountable care organisations (ACOs) in the US and similar concepts in other countries are advocated as an effective method of improving the performance of healthcare systems. These systems outline a payment and care delivery model that intends to tie provider reimbursements to predefined quality metrics. By this the total costs of care shall be reduced. When designing healthcare options contractors are faced with a variety of financial options. The costs of market utilisation are highly relevant for the conception of healthcare contracts; furthermore contract-specific investments are an obstacle to the efficient operation of ACOs. A comprehensive literature review on methods of designing contracts in Integrated Care was conducted. This article is the second in a row of three that are all published in this issue and contribute to a specific issue in designing healthcare contracts. The first dealt with the organisation of contracts and information asymmetries, while part 3 concludes with the question of risk management and evaluation. The specific research question of this second article focusses on the financial options and reimbursement schemes that are available to define healthcare contracts. A healthcare contract is a relational contract, which determines the level of reimbursement, the scope of services and the quality between service providers and payers, taking account of the risks relating to population and performance. A relational contract is an agreement based upon assumption of a longer timeframe. A major obstacle to the practical implementation of healthcare contracts is the prognosis of the inflows and outflows due to the actuarial risks of the insured population. Financing conditions and reimbursement arrangements that are based on a prospectively determined fixed price, have a significant drawback: it is very difficult to take the differences in health status and the utilisation of distinct insured clientele

Papers of a Canadian Institute conference : Managing energy price risk

International Nuclear Information System (INIS)

2003-01-01

During this conference, participants were offered an opportunity to broaden their knowledge on fundamentals and technical risk management. In particular, the presentations addressed topics such as: the assessment and evaluation of risk tolerance and risk management options within an organization; the tightening of risk management procedures and policies; the measurement and monitoring of risk portfolio and value at risk; the efficient trading of structured energy products; and the use of call and put options, collars and straddles, swaps and other energy related derivatives. The participants also benefited from the use of case studies, panels and tutorials conducted by energy buyers, sellers and risk management experts. The conference represented a forum where participants discussed strategies and tactics for pricing, hedging and trading energy risk in deregulated markets. Of the thirteen presentations included in this document, four were included in this database. refs., tabs., figs

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

Polish Toxic Currency Options

Directory of Open Access Journals (Sweden)

Waldemar Gontarski

2009-06-01

Full Text Available Toxic currency options are defined on the basis of the opposition to the nature (essence of an option contract, which is justified in terms of norms founded on the general law clause of characteristics (nature of a relation (which represents an independent premise for imposing restrictions on the freedom of contracts. So-understood toxic currency options are unlawful. Indeed they contravene iuris cogentis regulations. These include for instance option contracts, which are concluded with a bank, if the bank has not informed about option risk before concluding the contract; or the barrier options, which focus only on the protection of bank’s interests. Therefore, such options may appear to be invalid. Therefore, performing contracts for toxic currency options may be qualified as a criminal mismanagement. For the sake of security, the manager should then take into consideration filing a claim for stating invalidity (which can be made in a court verdict. At the same time, if the supervisory board member in a commercial company, who can also be a subject to mismanagement offences, commits an omission involving lack of reaction (for example, if he/she fails to notify of the suspected offence committed by the management board members acting to the company’s detriment when the management board makes the company conclude option contracts which are charged with absolute invalidity the supervisory board member so acting may be considered to act to the company’s detriment. In the most recent Polish jurisprudence and judicature the standard of a “good host” is treated to be the last resort for determining whether the manager’s powers resulting from criminal regulations were performed. The manager of the exporter should not, as a rule, issue any options. Issuing options always means assuming an obligation. In the case of currency put options it is an absolute obligation to purchase a given amount in euro at exchange rate set in advance. On the

Option-implied measures of equity risk

DEFF Research Database (Denmark)

Chang, Bo-Young; Christoffersen, Peter; Vainberg, Gregory

2012-01-01

Equity risk measured by beta is of great interest to both academics and practitioners. Existing estimates of beta use historical returns. Many studies have found option-implied volatility to be a strong predictor of future realized volatility. We find that option-implied volatility and skewness...... are also good predictors of future realized beta. Motivated by this finding, we establish a set of assumptions needed to construct a beta estimate from option-implied return moments using equity and index options. This beta can be computed using only option data on a single day. It is therefore potentially...

Strategies for risk management using the paper markets [to minimize oil price risks

International Nuclear Information System (INIS)

Annesley, M.

1993-01-01

The severe price movement experienced within energy markets during the last few years have awakened significant interest in hedging, and other uses of the futures, options, forward and derivative markets, to minimise price risk. There are two basic strands of structure of the markets now available for risk mangement. The first of these is the Exchange markets (IPE, NYMEX, and SIMEX) providing various futures and options alternatives; the second is the forward cargo contracts. The liquidity in these forward cargo markets, is variable but the contracts do provide some hedging and price risk management opportunities, which supplement and complement the Exchange markets, particularly for the professional risk managers and market makers. A range of forward markets is potentially available serving all regions. The more recent development of widely used derivative contracts, notably the swaps and price triggering in physical sale contracts, gives further alternatives from which interested companies may choose. The derivative market, although by definition off-exchange' may use either the Exchanges, forward markets or various oil publications for establishing their prices. Therefore, Exchange futures and options, forward markets and either standard or individually tailored derivatives all provide possible solutions to the risk management needs of coping with today's volatile prices. (author)

Levelized cost-risk reduction prioritization of waste disposal options

International Nuclear Information System (INIS)

Wilkinson, V.K.; Young, J.M.

1992-01-01

The prioritization of solid waste disposal options in terms of reduced risk to workers, the public, and the environment has recently generated considerable governmental and public interest. In this paper we address the development of a methodology to establish priorities for waste disposal options, such as incineration, landfills, long-term storage, waste minimization, etc. The study is one result of an overall project to develop methodologies for Probabilistic Risk Assessments (PRAs) of non-reactor nuclear facilities for the US Department of Energy. Option preferences are based on a levelized cost-risk reduction analysis. Option rankings are developed as functions of disposal option cost and timing, relative long- and short-term risks, and possible accident scenarios. We examine the annual costs and risks for each option over a large number of years. Risk, in this paper, is defined in terms of annual fatalities (both prompt and long-term) and environmental restoration costs that might result from either an accidental release or long-term exposure to both plant workers and the public near the site or facility. We use event timing to weigh both costs and risks; near-term costs and risks are discounted less than future expenditures and fatalities. This technique levels the timing of cash flows and benefits by converting future costs and benefits to present value costs and benefits. We give an example Levelized Cost-Benefit Analysis of incinerator location options to demonstrate the methodology and required data

Benefits and Limitations of Real Options Analysis for the Practice of River Flood Risk Management

Science.gov (United States)

Kind, Jarl M.; Baayen, Jorn H.; Botzen, W. J. Wouter

2018-04-01

Decisions on long-lived flood risk management (FRM) investments are complex because the future is uncertain. Flexibility and robustness can be used to deal with future uncertainty. Real options analysis (ROA) provides a welfare-economics framework to design and evaluate robust and flexible FRM strategies under risk or uncertainty. Although its potential benefits are large, ROA is hardly used in todays' FRM practice. In this paper, we investigate benefits and limitations of a ROA, by applying it to a realistic FRM case study for an entire river branch. We illustrate how ROA identifies optimal short-term investments and values future options. We develop robust dike investment strategies and value the flexibility offered by additional room for the river measures. We benchmark the results of ROA against those of a standard cost-benefit analysis and show ROA's potential policy implications. The ROA for a realistic case requires a high level of geographical detail, a large ensemble of scenarios, and the inclusion of stakeholders' preferences. We found several limitations of applying the ROA. It is complex. In particular, relevant sources of uncertainty need to be recognized, quantified, integrated, and discretized in scenarios, requiring subjective choices and expert judgment. Decision trees have to be generated and stakeholders' preferences have to be translated into decision rules. On basis of this study, we give general recommendations to use high discharge scenarios for the design of measures with high fixed costs and few alternatives. Lower scenarios may be used when alternatives offer future flexibility.

An Optimization of the Risk Management using Derivatives

Directory of Open Access Journals (Sweden)

Ovidiu ŞONTEA

2011-07-01

Full Text Available This article aims to provide a process that can be used in financial risk management by resolving problems of minimizing the risk measure (VaR using derivatives products, bonds and options. This optimization problem was formulated in the hedging situation of a portfolio formed by an active and a put option on this active, respectively a bond and an option on this bond. In the first optimization problem we will obtain the coverage ratio of the optimal price for the excertion of the option which is in fact the relative cost of the option’s value. In the second optimization problem we obtained optimal exercise price for a put option which is to support a bond.

Westinghouse Owners Group Risk-Informed Regulation Efforts: Options 2 and 3

International Nuclear Information System (INIS)

Brown, Jason A.; Osterrieder, Robert A.; Lutz, Robert J.; Dingler, Maurice; Ward, Lewis A.

2002-01-01

replacement activities of pressure-retaining items per Code Cases under development within ASME. Therefore, feedback is provided on the consideration of passive components for extending both the WOG and Electric Power Research Institute (EPRI) RI-ISI methodologies for piping to all pressure-retaining items. In the Option 3 area, the WOG Large Break Loss-of-Coolant Accident (LBLOCA) Redefinition program is a risk-informed approach to improve select regulations (10 CFR 50.46, Appendix A, and Appendix K) such that the plant licensing basis is focused on LOCA break sizes up to a new maximum size. The new maximum break size will replace the existing requirement to consider break sizes up to and including double ended breaks of the largest primary system piping. Plants will retain the capability to mitigate a break of the largest primary system piping as evaluated using realistic success criteria and assumptions. The WOG is also providing input to the development of a risk-informed 10 CFR 50.44 based on insights from the WOG Severe Accident Management Guidance and plant-specific PRA studies. (authors)

Mathematics, Pricing, Market Risk Management and Trading Strategies for Financial Derivatives (2/3)

CERN Multimedia

CERN. Geneva; Coffey, Brian

2009-01-01

Market Trading and Risk Management of Vanilla FX Options - Measures of Market Risk - Implied Volatility - FX Risk Reversals, FX Strangles - Valuation and Risk Calculations - Risk Management - Market Trading Strategies

Mathematics, Pricing, Market Risk Management and Trading Strategies for Financial Derivatives (1/3)

CERN Multimedia

CERN. Geneva; Coffey, Brian

2009-01-01

Abstract: An introduction to the mathematics and practicalities of market trading and risk management for financial derivatives, the course will focus on examples from the short-term and long term Foreign Exchange (FX) and Interest Rate (IR) derivatives markets. Topics: - Government Bonds and IR Curves - Stochastic FX, Black-Scholes Vanilla FX Options and Martingales - Risk Management and Market Trading for Vanilla FX Options, Market Implied Volatility, Valuation and Risk Management, Market Trading Strategies - Stochastic IR Curves and Implied Volatility, IR Derivatives - Long Term FX Options: Interaction of Stochastic FX and Stochastic IR Vanilla Foreign Exchange (FX) Options - $ Government Bonds, Interest Rate (IR) Curves, Continuous IR - Domestic ($) and Foreign (Yen) Government Bonds, IR curves - Stochastic Spot FX, Forward FX: Ito processes for $ and Yen Investors - Black-Scholes Vanilla FX Options, Connection to Heat/Diffusion Equation - Stochastic Differential Equations with Mart...

Equity Portfolio Management Using Option Price Information

DEFF Research Database (Denmark)

Christoffersen, Peter; Pan, Xuhui (Nick)

We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by using...... stocks' exposure to crude oil option information. Option-implied information can also help construct better mean-variance portfolios and better estimates of market beta....

Equity Portfolio Management Using Option Price Information

DEFF Research Database (Denmark)

Christoffersen, Peter; Pan, Xuhui (Nick)

We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by usi...

Back to basics--just how much should a risk manager know about risk financing?

Science.gov (United States)

Miller, Vivian B

2011-01-01

Whether directly involved in development and implementation of the organization's risk financing program or not, risk management professionals, at the very least, need to be familiar with and understand the various risk financing strategies available to address all areas of exposure. This article addresses the types of coverages and risk financing options that should be considered when developing a comprehensive risk-financing program, and why it is important for risk management professionals to have some knowledge about these products, in order for their true value to be fully appreciated. © 2011 American Society for Healthcare Risk Management of the American Hospital Association.

Closed-form pricing formula for exchange option with credit risk

International Nuclear Information System (INIS)

Kim, Geonwoo; Koo, Eunho

2016-01-01

In this paper, we study the valuation of Exchange option with credit risk. Since the over-the-counter (OTC) markets have grown rapidly in size, the counterparty default risk is very important and should be considered for the valuation of options. For modeling of credit risk, we use the structural model of Klein [13]. We derive the closed-form pricing formula for the price of the Exchange option with credit risk via the Mellin transform and provide the experiment results to illustrate the important properties of option with numerical graphs.

Exotic Options: a Chooser Option and its Pricing

Directory of Open Access Journals (Sweden)

Raimonda Martinkutė-Kaulienė

2012-12-01

Full Text Available Financial instruments traded in the markets and investors’ situation in such markets are getting more and more complex. This leads to more complex derivative structures used for hedging that are harder to analyze and which risk is harder managed. Because of the complexity of these instruments, the basic characteristics of many exotic options may sometimes be not clearly understood. Most scientific studies have been focused on developing models for pricing various types of exotic options, but it is important to study their unique characteristics and to understand them correctly in order to use them in proper market situations. The paper examines main aspects of options, emphasizing the variety of exotic options and their place in financial markets and risk management process. As the exact valuation of exotic options is quite difficult, the article deals with the theoretical and practical aspects of pricing of chooser options that suggest a broad range of usage and application in different market conditions. The calculations made in the article showed that the price of the chooser is closely correlated with the choice time and low correlated with its strike price. So the first mentioned factor should be taken into consideration when making appropriate hedging and investing decisions.

Proceedings of the Management options information seminar

International Nuclear Information System (INIS)

2002-01-01

This seminar was held in order to provide an opportunity to participants to broaden their knowledge concerning the numerous management options that are available when dealing with emissions generated by the electric power sector. It also represented an opportunity to gather information with regard to a host of different options to support the Electricity Project Team. The presentations centred on topics such as assessment, design and development of management options for the emissions of the electric power industry in Alberta. The legal, economic, social and environmental aspects were considered by the speakers for the options, and the perspectives included experience gained from hands on projects and initiatives. The reasons underlying the selection of options were revealed and lessons learned examined. Of the 14 presentations and the closing remarks speech, two presentations were included in this database. refs., tabs., figs

Evaluating risk management strategies in resource planning

International Nuclear Information System (INIS)

Andrews, C.J.

1995-01-01

This paper discusses the evaluation of risk management strategies as a part of integrated resource planning. Value- and scope-related uncertainties can be addressed during the process of planning, but uncertainties in the operating environment require technical analysis within planning models. Flexibility and robustness are two key classes of strategies for managing the risk posed by these uncertainties. This paper reviews standard capacity expansion planning models and shows that they are poorly equipped to compare risk management strategies. Those that acknowledge uncertainty are better at evaluating robustness than flexibility, which implies a bias against flexible options. Techniques are available to overcome this bias

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

Study of Agricultural Product Options Pricing

Science.gov (United States)

HONG, Qiu

2017-09-01

China is a large agricultural country, and the healthy development of agriculture is related to the stability of the whole society. The agricultural production and management of agricultural products are confronted with many risks, especially the market risks. Option contract is the object of option market transaction, so it is very important to study the option contract of agricultural products. Option trading separates the risk and profit, so that the trader can avoid the risk while retaining the opportunity to obtain income. The option has the characteristics of low transaction cost, simple and efficient, so it is suitable for small and medium investors.

Applicability of the cost-effectiveness approach for comparison of waste management options

International Nuclear Information System (INIS)

Vuori, S.; Peltonen, E.; Vieno, T.; Vira, J.

1984-01-01

There is an obvious need to consider the achievable level of safety of waste management in view of the costs involved. The feasibility of the cost-effectiveness approach for this purpose is discussed in the framework of practical case studies. The analysis indicates that such an approach has clear benefits, but it also reveals several issues and ambiguities in its application. The waste management alternatives considered include various concepts for the disposal of low- and intermediate-level reactor wastes as well as of the unreprocessed spent fuel. The employed impact indicators describe both the individual and collective risks. In addition, indicators simultaneously giving a perspective into other risks in the society and a means to make a rank ordering of the alternative options are proposed. The cost-effectiveness ratios for collective risks vary in the range of ten to hundreds of millions US $ per man.Sv. The examples considered also indicate that increased costs do not necessarily improve safety. Furthermore, the comparison of the safety of different options requires more sophisticated and realistic models than those employed in the present analyses, because an unbalanced degree of conservatism could result in misleading conclusions. (author)

Hazardous landfill management, control options

International Nuclear Information System (INIS)

Corbin, M.H.; Lederman, P.B.

1982-01-01

The land disposal of hazardous wastes has been a common practice over the last half century. The industrial and environmental communities, as well as the public, have an immediate challenge to control the contaminants that may be released from waste land disposal facilities. At the same time, land disposal continues to be, in many cases, the only available disposal technique that can be utilized in the next five years. Thus, it is extremely important that environmentally sound landfill management and control techniques be utilized, both for inactive and active sites. There are a number of key steps in developing a sound management and control plan. These include problem definition, personnel safety, characterization, evaluation of control options, cost-effectiveness analysis and development of an integrated control plan. A number of control options, including diversion, regrading, sealing, and leachate treatment are available and more cost effective in most cases than waste removal. These and other options, as well as the methodology to develop an integrated control plan, are discussed, together with examples. (Auth.)

Risk-based decision-making framework for the selection of sediment dredging option.

Science.gov (United States)

Manap, Norpadzlihatun; Voulvoulis, Nikolaos

2014-10-15

The aim of this study was to develop a risk-based decision-making framework for the selection of sediment dredging option. Descriptions using case studies of the newly integrated, holistic and staged framework were followed. The first stage utilized the historical dredging monitoring data and the contamination level in media data into Ecological Risk Assessment phases, which have been altered for benefits in cost, time and simplicity. How Multi-Criteria Decision Analysis (MCDA) can be used to analyze and prioritize dredging areas based on environmental, socio-economic and managerial criteria was described for the next stage. The results from MCDA will be integrated into Ecological Risk Assessment to characterize the degree of contamination in the prioritized areas. The last stage was later described using these findings and analyzed using MCDA, in order to identify the best sediment dredging option, accounting for the economic, environmental and technical aspects of dredging, which is beneficial for dredging and sediment management industries. Copyright © 2014 Elsevier B.V. All rights reserved.

Option Strike Price and Managerial Investment Decisions

Institute of Scientific and Technical Information of China (English)

刘鸿雁; 张维

2003-01-01

The manager′s investment decisions is modeled when the manager is risk-averse and has stock options as compensation. It is found that the strike price of options is crucial to the investment incentives of managers, and that the correct value, or interval of values, of managerial stock option strike price can bring stockholder and manager interests in agreement.

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

Promoting energy efficiency investments with risk management decision tools

International Nuclear Information System (INIS)

Jackson, Jerry

2010-01-01

This paper reviews current capital budgeting practices and their impact on energy efficiency investments. The prevalent use of short payback 'rule-of-thumb' requirements to screen efficiency projects for risk is shown to bias investment choices towards 'sure bet' investments bypassing many profitable efficiency investment options. A risk management investment strategy is presented as an alternative to risk avoidance practices applied with payback thresholds. The financial industry risk management tool Value-at-Risk is described and extended to provide an Energy-Budgets-at-Risk or EBaR risk management analysis to convey more accurate energy efficiency investment risk information. The paper concludes with recommendations to expand the use of Value-at-Risk-type energy efficiency analysis.

Risk management and oil trading contracts

International Nuclear Information System (INIS)

Sas, B.

1992-01-01

The oil market provides an excellent case study for an analysis of the commodity trading risks and the development of contractual instruments and market structures to meet these risks. The paper identifies the main risks, namely performance, credit/payment, price, regulatory, fiscal, and ''trading'' risk. A conceptual framework provides the basis to trace the evolution of the risk management instruments from relational (e.g. long-term), through ''transactional'' (e.g. spot and forwards) to ''institutional'' (e.g. futures and options) and finally ''pricing'' (e.g. swaps and trigger pricing) contracts. (author)

Review of options for managing iodine-125 wastes

International Nuclear Information System (INIS)

Lock, P.J.; Wakerley, M.W.

1991-01-01

Data on the nature, radioactive content and management options used for I-125 wastes that are produced in England and Wales and fall within the provisions of the Radioactive Substances Act 1960 have been collated. The options for, and impacts of the disposal of these wastes have been reviewed and discussed. In addition storage for decay has been reviewed. The necessary storage requirements and methods of storage for the various waste forms have been examined. Conclusions are drawn with respect to the potential/suitability of the various waste management options. (author)

Analysis of Options Contract, Option Pricing in Agricultural Products

Directory of Open Access Journals (Sweden)

H. Tamidy

2016-03-01

Full Text Available Introduction: Risk is an essential component in the production and sale of agricultural products. Due to the nature of agricultural products, the people who act in this area including farmers and businesspersons encounter unpredictable fluctuations of prices. On the other hand, the firms that process agricultural products also face fluctuation of price of agricultural inputs. Given that the Canola is considered as one of the inputs of product processing factories, control of unpredictable fluctuations of the price of this product would increase the possibility of correct decision making for farmers and managers of food processing industries. The best available tool for control and management of the price risk is the use of future markets and options. It is evident that the pricing is the main pillar in every trade. Therefore, offering a fair price for the options will be very important. In fact, options trading in the options market create cost insurance stopped. In this way, which can reduce the risks of deflation created in the future, if the person entitled to the benefits of the price increase occurs in the future. Unlike the futures, market where the seller had to deliver the product on time, in the options market, there is no such compulsion. In addition, this is one of the strengths of this option contract, because if there is not enough product for delivery to the futures market as result of chilling, in due course, the farmers suffer, but in the options market there will be a loss. In this study, the setup options of rape, as a product, as well as inputs has been paid for industry. Materials and Methods: In this section. The selection criteria of the disposal of asset base for valuation of European put options and call option is been introduced. That for obtain this purpose, some characteristics of the goods must considered: 1-Unpredictable fluctuations price of underlying asset 2 -large underlying asset cash market 3- The possibility

A System Dynamics Approach for the Selection of Contaminated Land Management Options

Science.gov (United States)

McKnight, U. S.; Kuebert, M.; Finkel, M.; Bieg, M.

2006-12-01

Large-scale contaminated land and groundwater is a widespread problem that can severely impact human health, the environment and the economy at many urban sites all over the world. Usually a considerable number of potential management solutions exist at each of these sites. A detailed investigation of all these options, however, is not economically feasible which makes streamlining of the planning and decision process a mandatory requirement. Decisions to be taken should be made as early as possible in order to reduce expenditures on site investigation. Therefore, a tiered decision-making procedure is required, including (i) identification and prioritization of focal areas of risks, (ii) feasibility screening of remediation targets and available management alternatives to narrow the range of possible options for (iii) subsequent detailed investigations of only a select group of preferable options. For each of these elements, tailored decision and investigation concepts are required. These concepts and applied methods should be specifically adapted to the type and scale of the particular decision to be taken- more target-oriented, cost-efficient investigation programs, as well as model-based assessment methods are needed (Ruegner et al. 2006). A gap exists within this framework with respect to preliminary assessment methodologies representing the first decision level. To fill this gap, a new system dynamics approach has been developed that represents the system of source- pathway-receptor sequences by means of a mass flux model. The dynamics are governed by the effects of possible remedial actions, which are described as mass flux change over time (Serapiglia et al. 2005). This approach has been implemented in the preliminary evaluation tool CARO-plus (Cost-efficiency Assessment of Remediation Options) that models the effects of potential remedial actions, including tackling the contaminant source and managing the groundwater plume. The model represents the causal

Mixed Waste Management Options: 1995 Update. National Low-Level Waste Management Program

Energy Technology Data Exchange (ETDEWEB)

Kirner, N.; Kelly, J.; Faison, G.; Johnson, D. [Foster Wheeler Environmental Corp. (United States)

1995-05-01

In the original mixed Waste Management Options (DOE/LLW-134) issued in December 1991, the question was posed, ``Can mixed waste be managed out of existence?`` That study found that most, but not all, of the Nation`s mixed waste can theoretically be managed out of existence. Four years later, the Nation is still faced with a lack of disposal options for commercially generated mixed waste. However, since publication of the original Mixed Waste Management Options report in 1991, limited disposal capacity and new technologies to treat mixed waste have become available. A more detailed estimate of the Nation`s mixed waste also became available when the US Environmental Protection Agency (EPA) and the US Nuclear Regulatory Commission (NRC) published their comprehensive assessment, titled National Profile on Commercially Generated Low-Level Radioactive Mixed Waste (National Profile). These advancements in our knowledge about mixed waste inventories and generation, coupled with greater treatment and disposal options, lead to a more applied question posed for this updated report: ``Which mixed waste has no treatment option?`` Beyond estimating the volume of mixed waste requiring jointly regulated disposal, this report also provides a general background on the Atomic Energy Act (AEA) and the Resource Conservation and Recovery Act (RCRA). It also presents a methodical approach for generators to use when deciding how to manage their mixed waste. The volume of mixed waste that may require land disposal in a jointly regulated facility each year was estimated through the application of this methodology.

Mixed Waste Management Options: 1995 Update. National Low-Level Waste Management Program

International Nuclear Information System (INIS)

Kirner, N.; Kelly, J.; Faison, G.; Johnson, D.

1995-05-01

In the original mixed Waste Management Options (DOE/LLW-134) issued in December 1991, the question was posed, ''Can mixed waste be managed out of existence?'' That study found that most, but not all, of the Nation's mixed waste can theoretically be managed out of existence. Four years later, the Nation is still faced with a lack of disposal options for commercially generated mixed waste. However, since publication of the original Mixed Waste Management Options report in 1991, limited disposal capacity and new technologies to treat mixed waste have become available. A more detailed estimate of the Nation's mixed waste also became available when the US Environmental Protection Agency (EPA) and the US Nuclear Regulatory Commission (NRC) published their comprehensive assessment, titled National Profile on Commercially Generated Low-Level Radioactive Mixed Waste (National Profile). These advancements in our knowledge about mixed waste inventories and generation, coupled with greater treatment and disposal options, lead to a more applied question posed for this updated report: ''Which mixed waste has no treatment option?'' Beyond estimating the volume of mixed waste requiring jointly regulated disposal, this report also provides a general background on the Atomic Energy Act (AEA) and the Resource Conservation and Recovery Act (RCRA). It also presents a methodical approach for generators to use when deciding how to manage their mixed waste. The volume of mixed waste that may require land disposal in a jointly regulated facility each year was estimated through the application of this methodology

Analyzing the Risks Embedded in Option Prices with rndfittool

DEFF Research Database (Denmark)

Barletta, Andrea; Santucci de Magistris, Paolo

2018-01-01

This paper introduces a new computational tool for the analysis of the risks embedded in a set of prices of European-style options. The software enables the estimation of the risk-neutral density (RND) from the observed option prices by means of orthogonal polynomial expansions. Orthogonal...... polynomials offer a viable alternative to more standard techniques based on interpolation and estimation of the second-order derivatives of option prices. The app rndfittool is available on GitHub and its usage is illustrated with examples based on real data....

Explore the Application of Financial Engineering in the Management of Exchange Rate Risk

Directory of Open Access Journals (Sweden)

Yang Liu

2015-01-01

Full Text Available In the background where the domestic enterprises commonly have a weak protection consciousness against the exchange rate risk, this article makes a deep analysis based on the definition of exchange rate risk and its cause. By comparison of the traditional management method of exchange rate risk with another one based on financial engineering tools, it also deeply analyzes the method to use the financial engineering technology in the management of exchange rate risk, and concludes the primary purpose of exchange rate risk management is for hedging. This article proposes an optimal analysis method in two aspects, namely the minimum risk and maximum efficiency, for the forward-based optimal hedging, and proposes an optimal analysis method of dynamic hedging for the optimal hedging of option-based tools. Based on the description of the application of financial tools in foreign exchange futures, forward contract, currency exchange and foreign exchange option, it makes an empirical analysis on the management of foreign exchange risk by taking an assumed T company as the carrier and based on the trading tools of forward foreign exchange and currency option, which describes the operation procedure of financial tools in a more direct way and proves the efficiency of the optimal analysis method of this article.

A multi-criteria decision analysis assessment of waste paper management options

Energy Technology Data Exchange (ETDEWEB)

Hanan, Deirdre [Department of Design, Development, Environment and Materials, The Open University, Walton Hall, Milton Keynes, MK7 6AA (United Kingdom); Burnley, Stephen, E-mail: s.j.burnley@open.ac.uk [Department of Design, Development, Environment and Materials, The Open University, Walton Hall, Milton Keynes, MK7 6AA (United Kingdom); Cooke, David [Department of Design, Development, Environment and Materials, The Open University, Walton Hall, Milton Keynes, MK7 6AA (United Kingdom)

2013-03-15

Highlights: ► Isolated communities have particular problems in terms of waste management. ► An MCDA tool allowed a group of non-experts to evaluate waste management options. ► The group preferred local waste management solutions to export to the mainland. ► Gasification of paper was the preferred option followed by recycling. ► The group concluded that they could be involved in the decision making process. - Abstract: The use of Multi-criteria Decision Analysis (MCDA) was investigated in an exercise using a panel of local residents and stakeholders to assess the options for managing waste paper on the Isle of Wight. Seven recycling, recovery and disposal options were considered by the panel who evaluated each option against seven environmental, financial and social criteria. The panel preferred options where the waste was managed on the island with gasification and recycling achieving the highest scores. Exporting the waste to the English mainland for incineration or landfill proved to be the least preferred options. This research has demonstrated that MCDA is an effective way of involving community groups in waste management decision making.

A multi-criteria decision analysis assessment of waste paper management options

International Nuclear Information System (INIS)

Hanan, Deirdre; Burnley, Stephen; Cooke, David

2013-01-01

Highlights: ► Isolated communities have particular problems in terms of waste management. ► An MCDA tool allowed a group of non-experts to evaluate waste management options. ► The group preferred local waste management solutions to export to the mainland. ► Gasification of paper was the preferred option followed by recycling. ► The group concluded that they could be involved in the decision making process. - Abstract: The use of Multi-criteria Decision Analysis (MCDA) was investigated in an exercise using a panel of local residents and stakeholders to assess the options for managing waste paper on the Isle of Wight. Seven recycling, recovery and disposal options were considered by the panel who evaluated each option against seven environmental, financial and social criteria. The panel preferred options where the waste was managed on the island with gasification and recycling achieving the highest scores. Exporting the waste to the English mainland for incineration or landfill proved to be the least preferred options. This research has demonstrated that MCDA is an effective way of involving community groups in waste management decision making

Editorial Commentary: In a World of Endless Options, Is There a Single Solution? Management Options for Failed Anterior Instability Surgery in Athletes.

Science.gov (United States)

Matzkin, Elizabeth

2018-05-01

There are many options to manage anterior instability of the shoulder. The management of athletes who have failed previous operative stabilization can make choosing a treatment solution difficult. A modified Latarjet without capsulolabral repair has been demonstrated to be a good choice when treating failed stabilization in a high-risk population with sufficient return to play and outcomes. Copyright © 2018 Arthroscopy Association of North America. Published by Elsevier Inc. All rights reserved.

Security option file - Exploitation (DOS-Expl)

International Nuclear Information System (INIS)

2016-01-01

This document aims at presenting functions performed by Cigeo during its exploitation phase, its main technical and security options which are envisaged with respect to different types of internal or external risks, and a first assessment of its impact on mankind and on the environment during its exploitation in normal operation as well as in incidental or accidental situations. A first volume addresses security principles, approach and management in relationship with the legal and regulatory framework. The second volume presents input data related to waste parcels and used for the installation sizing and operation, the main site characteristics, the main technical options regarding structures and equipment, and the main options regarding exploitation (parcel management, organisational and human aspects, and effluent management). The third volume describes how parcel are processed from their arrival to their setting in storage compartment, an inventory of internal and external risks, and a first assessment of consequences of scenarios on mankind and on the environment. The fourth volume presents options and operations which are envisaged regarding Cigeo closure, and inventory of associated risks

Recovering Risk-Neutral Densities from Brazilian Interest Rate Options

Directory of Open Access Journals (Sweden)

José Renato Haas Ornelas

2011-03-01

Full Text Available Building Risk-Neutral Density (RND from options data is one useful way for extracting market expectations about a financial variable. For a sample of IDI (Brazilian Interbank Deposit Rate Index options from 1998 to 2009, this paper estimates the option-implied Risk-Neutral Densities for the Brazilian short rate using three methods: Shimko, Mixture of Two Log-Normals and Generalized Beta of Second Kind. Our in-sample goodness-of-fit evaluation shows that the Mixture of Log-Normals method provides better fitting to option’s data than the other two methods. The shape of log-normal distributions seems to fit well to the mean-reversal dynamics of Brazilian interest rates. We have also calculated the RND implied Skewness, showing how it could have provided market early-warning signals of the monetary policy outcomes in 2002 and 2003. Overall, Risk-Neutral Densities implied on IDI options showed to be a useful tool for extracting market expectations about future outcomes of the monetary policy.

Pneumoperitoneum after virtual colonoscopy: causes, risk factors, and management.

Science.gov (United States)

Baccaro, Leopoldo M; Markelov, Alexey; Wilhelm, Jakub; Bloch, Robert

2014-06-01

Computed tomographic virtual colonoscopy (CTVC) is a safe and minimally invasive modality when compared with fiberoptic colonoscopy for evaluating the colon and rectum. We have reviewed the risks for colonic perforation by investigating the relevant literature. The objectives of this study were to assess the risk of colonic perforation during CTVC, describe risk factors, evaluate ways to reduce the incidence complications, and to review management and treatment options. A formal search of indexed publications was performed through PubMed. Search queries using keywords "CT colonography," "CT virtual colonoscopy," "virtual colonoscopy," and "perforation" yielded a total of 133 articles. A total of eight case reports and four review articles were selected. Combining case reports and review articles, a total of 25 cases of colonic perforation after CTVC have been reported. Causes include, but are not limited to, diverticular disease, irritable bowel diseases, obstructive processes, malignancies, and iatrogenic injury. Both operative and nonoperative management has been described. Nonoperative management has been proven safe and successful in minimally symptomatic and stable patients. Colonic perforation after CTVC is a rare complication and very few cases have been reported. Several risk factors are recurrent in the literature and must be acknowledged at the time of the study. Management options vary and should be tailored to each individual patient.

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.

The Performance and Risk Management Implications of Multinationality

DEFF Research Database (Denmark)

Juul Andersen, Torben

Multinational enterprise in control of dispersed overseas resources and capabilities has been linked to strategic flexibility that allows the firm to take advantage of opportunities and manage exposures imposed by changing environmental conditions. This paper analyzes the implied performance...... and risk management effects in a comprehensive sample of public firms and finds supportive evidence for the proposition that multinationality can enhance performance across industries. However, the ability to exploit upside potential and avoid downside risk is industry specific. The positive effects...... of multinationality are found particularly pronounced among firms operating in knowledge intensive service industries while firms in capital-intensive primary industries display the inverse relationships. Keywords: Strategic flexibility, Real options, Risk management...

The Risk Premia Embedded in Index Options

DEFF Research Database (Denmark)

Andersen, Torben Gustav; Fusari, Nicola; Todorov, Viktor

We study the dynamic relation between market risks and risk premia using time series of index option surfaces. We find that priced left tail risk cannot be spanned by market volatility (and its components) and introduce a new tail factor. This tail factor has no incremental predictive power...... for future volatility and jump risks, beyond current and past volatility, but it critical in predicting future market equity and variance risk premia. Our findings suggest a wide wedge between the dynamics of market risks and their compensation, with the latter typically displaying a far more persistent...

The Risk Premia Embedded in Index Options

DEFF Research Database (Denmark)

Andersen, Torben Gustav; Fusari, Nicola; Todorov, Viktor

We study the dynamic relation between market risks and risk premia using time series of index option surfaces. We find that priced left tail risk cannot be spanned by market volatility (and its components) and introduce a new tail factor. This tail factor has no incremental predictive power...... for future volatility and jump risks, beyond current and past volatility, but is critical in predicting future market equity and variance risk premia. Our findings suggest a wide wedge between the dynamics of market risks and their compensation, with the latter typically displaying a far more persistent...

Erectile dysfunction management options in Nigeria.

Science.gov (United States)

Afolayan, Anthony Jide; Yakubu, Musa Toyin

2009-04-01

In Nigeria, the prevalence of erectile dysfunction (ED) among patients attending primary care clinics, age-standardized to the U.S. population in 2000 is 57.4%. This is considered high enough to warrant the attention of scientist for critical studies and analysis. The high ED prevalence is associated with etiologies such as psychosexual factors, chronic medical conditions, and some lifestyles. ED constitutes a major public health problem, influencing the patient's well-being and quality of life. It also leads to broken homes and marriages, psychological, social, and physical morbidity. To give an account of various ED management options in Nigeria. Review of peer-reviewed literature, questionnaire, and ethnobotanical survey to some indigenous herb sellers and herbalists. Cross cultural perspectives of ED management in Nigeria. The review suggests that traditional (phytotherapy, zootherapy, and occultism) and nontraditional, orthodox practice (drug therapy, psychological, and behavioral counseling) are applicable to ED management in Nigeria. This review should help in creating awareness into various options available for managing ED in the country, but does not recommend self medication of any form, be it the use of orthodox or herbal remedy.

A multi-criteria decision analysis assessment of waste paper management options.

Science.gov (United States)

Hanan, Deirdre; Burnley, Stephen; Cooke, David

2013-03-01

The use of Multi-criteria Decision Analysis (MCDA) was investigated in an exercise using a panel of local residents and stakeholders to assess the options for managing waste paper on the Isle of Wight. Seven recycling, recovery and disposal options were considered by the panel who evaluated each option against seven environmental, financial and social criteria. The panel preferred options where the waste was managed on the island with gasification and recycling achieving the highest scores. Exporting the waste to the English mainland for incineration or landfill proved to be the least preferred options. This research has demonstrated that MCDA is an effective way of involving community groups in waste management decision making. Copyright © 2012 Elsevier Ltd. All rights reserved.

On Risk Charges and Shadow Account Options in Pension Funds

DEFF Research Database (Denmark)

Jørgensen, Peter Løchte; Gatzert, Nadine

to equityholders and our paper develops a model in which the influence of risk charges and shadow account options on stakeholders' value can be quantified and studied. Our numerical results show that the value of shadow account options can be significant and thus come at the risk of expropriating policyholder......This paper studies the economic implications of regulatory systems which allow equityholders of pension companies to not only charge a specific premium to compensate them for their higher risk (compared to policyholders), but also to accumulate these risk charges in a so-called shadow account...

Prospect relativity: how choice options influence decision under risk.

Science.gov (United States)

Stewart, Neil; Chater, Nick; Stott, Henry P; Reimers, Stian

2003-03-01

In many theories of decision under risk (e.g., expected utility theory, rank-dependent utility theory, and prospect theory), the utility of a prospect is independent of other options in the choice set. The experiments presented here show a large effect of the available options, suggesting instead that prospects are valued relative to one another. The judged certainty equivalent for a prospect is strongly influenced by the options available. Similarly, the selection of a preferred prospect is strongly influenced by the prospects available. Alternative theories of decision under risk (e.g., the stochastic difference model, multialternative decision field theory, and range frequency theory), where prospects are valued relative to one another, can provide an account of these context effects.

Life cycle cost and risk estimation of environmental management options

International Nuclear Information System (INIS)

Shropshire, D.; Sherick, M.

1996-01-01

The evaluation process is demonstrated in this paper through comparative analysis of two alternative scenarios identified for the management of the alpha-contaminated fixed low-level waste currently stored at INEL. These two scenarios, the Base Case and the Delay Case, are realistic and based on actual data, but are not intended to exactly match actual plans currently being developed at INEL. Life cycle cost estimates were developed for both scenarios using the System Cost Model; resulting costs are presented and compared. Life cycle costs are shown as a function of time and also aggregated by pretreatment, treatment, storage, and disposal activities. Although there are some short-term cost savings for the Delay Case, cumulative life cycle costs eventually become much higher than costs for the Base Case over the same period of time, due mainly to the storage and repackaging necessary to accommodate the longer Delay Case schedule. Life cycle risk estimates were prepared using a new risk analysis method adapted to the System Cost Model architecture for automated, systematic cost/risk applications. Relative risk summaries are presented for both scenarios as a function of time and also aggregated by pretreatment, treatment, storage, and disposal activities. Relative risk of the Delay Case is shown to be higher than that of the Base Case. Finally, risk and cost results are combined to show how the collective information can be used to help identify opportunities for risk or cost reduction and highlight areas where risk reduction can be achieved most economically

Comparative evaluation of radioactive waste management options. Final report

International Nuclear Information System (INIS)

Appel, D.; Kreusch, J.; Neumann, W.

2001-05-01

A comprehensive presentation of the various radioactive waste options under debate has not been made so far, let alone a comparative evaluation of the options with respect to their substantiated or assumed advantages or drawbacks. However, any appropriate discussion about the pros and cons of the specific options for final decision making has to be based on a comprehensive knowledge base drawn from profound comparative evaluation of essential options. Therefore, the study reported in this publication was to serve three major purposes: Presentation of the conditions and waste management policies and approaches in selected countries, in order to compile information about the various policy goals and the full scope of argumentation, as well as the range of individual arguments used for or against specific options. - Derivation of a methodology for evaluation, including development of criteria for a comparative and qualitative evaluation of options. - Identification of possible implications for a waste management strategy for Germany, derived from the results of the comparative evaluation and the examination of the reasonings and argumentation used in the various countries. (orig./CB) [de

Pricing Vulnerable Options with Market Prices of Common Jump Risks under Regime-Switching Models

Directory of Open Access Journals (Sweden)

Miao Han

2018-01-01

Full Text Available This paper investigates the valuation of vulnerable European options considering the market prices of common systematic jump risks under regime-switching jump-diffusion models. The way of regime-switching Esscher transform is adopted to identify an equivalent martingale measure for pricing vulnerable European options. Explicit analytical pricing formulae for vulnerable European options are derived by risk-neutral pricing theory. For comparison, the other two cases are also considered separately. The first case considers all jump risks as unsystematic risks while the second one assumes all jumps risks to be systematic risks. Numerical examples for the valuation of vulnerable European options are provided to illustrate our results and indicate the influence of the market prices of jump risks on the valuation of vulnerable European options.

Human reliability and risk management in the transportation of spent nuclear fuel

International Nuclear Information System (INIS)

Tuler, S.; Kasperson, R.E.; Ratick, S.

1989-01-01

This paper summarizes work on human factor contributions to risks from spent nuclear fuel transportation. Human participation may have significant effects on the levels and types of risks by enabling or initiating incidents and exacerbating adverse consequences. Human errors are defined to be the result of mismatches between perceived system state and actual system state. In complex transportation systems such mismatches may be distributed in time (e.g., during different stages of design, implementation, operation, maintenance) and location (e.g., human error, its identification, and its recovery may be geographically and institutionally separate). Risk management programs may decrease the probability of undesirable events or attenuate the consequences of mismatches. This paper presents a methodology to identify the scope and types of human-task mismatches and to identify potential management options for their prevention, mitigation, or recovery. A review of transportation accident databases, in conjunction with human error models, is used to develop a taxonomy of human errors during design for the pre-identification of potential mismatches or after incidents have occurred to evaluate their causes. Risk management options to improve human reliability are identified by a matrix that relates the multiple stages of a spent nuclear fuel transportation system to management options (e.g., training, data analysis, regulation). The paper concludes with examples to illustrate how the methodology may be applied. (author)

Low-level radioactive waste management options

International Nuclear Information System (INIS)

Schmalz, R.F.

1989-01-01

This paper discusses the non-technical problems associated with the social and political obstacles to the secure disposal of low level radioactive waste. The author reviews thirty years' experience managing non-military wastes. The merits of available options are considered

Incorporating stand level risk management options into forest decision support systems

Directory of Open Access Journals (Sweden)

Kyle Eyvindson

2018-01-01

Full Text Available Aim of study: To examine methods of incorporating risk and uncertainty to stand level forest decisions. Area of study: A case study examines a small forest holding from Jönköping, Sweden. Material and methods: We incorporate empirically estimated uncertainty into the simulation through a Monte Carlo approach when simulating the forest stands for the next 100 years. For the iterations of the Monte Carlo approach, errors were incorporated into the input data which was simulated according to the Heureka decision support system. Both the Value at Risk and the Conditional Value at Risk of the net present value are evaluated for each simulated stand. Main results: Visual representation of the errors can be used to highlight which decision would be most beneficial dependent on the decision maker’s opinion of the forest inventory results. At a stand level, risk preferences can be rather easily incorporated into the current forest decision support software. Research highlights: Forest management operates under uncertainty and risk. Methods are available to describe this risk in an understandable fashion for the decision maker.

17 CFR 32.13 - Exemption from prohibition of commodity option transactions for trade options on certain...

Science.gov (United States)

2010-04-01

... trade option merchant's internal controls with respect to market risk, credit risk, and other risks... disclosure statement: This brief statement does not disclose all of the risks and other significant aspects... futures exchange. You may be able to obtain a similar contract or execute a similar risk management...

Accounting treatment of currency options

Directory of Open Access Journals (Sweden)

Prošić Danica

2016-01-01

Full Text Available Currency options are often used to mitigate currency risk resulting from corporate activities. Their implementation can be complex, and there could be problems if the essential elements and principles are not fully understood. Although they are not the simplest financial products, currency options are interesting and useful to those who are trying to make a step forward in the area of currency risk management. This paper aims to present the general principles and specifics of accounting records and valuation of currency options used for hedging against risk. It is a complex process which, in addition to numerous conditions, also involves the implementation of accounting rules that deviate from the generally accepted accounting principles.

Athabasca caribou landscape management options report : executive summary

Energy Technology Data Exchange (ETDEWEB)

NONE

2009-05-15

The woodland caribou are listed as threatened under Alberta's Wildlife Act and the federal Species at Risk Act. The key factors that directly or indirectly affect the population size and distribution of woodland caribou population include habitat change due to wildfire or human land-use activities, predation and hunting. The Alberta Woodland Caribou Recovery Plan outlines a time line to progressively improve conditions for caribou in Alberta. The 2 main goals are to achieve self-sustaining woodland caribou populations and maintain the distribution of caribou in Alberta; and ensure that long-term habitat requirements for woodland caribou are met within Alberta's caribou range. The Athabasca Landscape Team conducted 2 analyses from which it developed management options. The first was a rating or relative risk to caribou persistence within 4 Athabasca ranges based on a series of 8 risk criteria, including both biological and land use factors. The second analysis conducted for each planning area involved simulation modeling using ALCES to forecast likely caribou populations and habitat conditions under 3 scenarios, including non-industrial, business and usual, and alternative futures. 1 tab.

Option contracts in fresh produce supply chain with circulation loss

Directory of Open Access Journals (Sweden)

Chong Wang

2013-03-01

Full Text Available Purpose: The purpose of this paper is to investigate management decisions via option contracts in a two-stage supply chain in which a fresh produce supplier sells to a retailer, considering the circulation loss of the fresh produce. Design/methodology/approach: Authors propose a Stackelberg model to analyze the supply chain members’ decisions in the decentralized supply chain compared with the integrated one under the newsvendor framework. Findings: The results illustrate that there exists a unique optimal option order quantity for the retailer and a unique optimal option order price for the supplier giving certain conditions; furthermore, option contracts cannot coordinate the fresh produce supply chain when the retailer only orders options. Originality/value: Agricultural products especially fresh produce’s characteristics such as circulation loss and high risk are considered. Option contracts and game theory are combined to manage the fresh produce supply chain’s risk. The proposed tool and models are hoped to shed light to the future works in the field of supply chain risk management.

Managing industrial price risk: a balancing act

International Nuclear Information System (INIS)

Muse, J-F.

2000-01-01

The challenge of managing industrial price risk is assessed by a senior executive of Cargill, a diversified industrial conglomerate, involved in steel manufacturing and recycling, oilseeds, cocoa, beef, pork, and poultry processing, fertilizer and fruit juice production, in addition to trading and financial risk management. Energy is a key component in many of Cargill's businesses, hence the company has good reason to be concerned about price volatility. The effects of energy risk management on the company's shareholders are demonstrated by an analysis of month-to-month price fluctuations over the Nov 1999 to Oct 2000 period, showing the monthly value of risk at the 95 per cent confidence level as $4,832,195. The effects of alternatives for an end-user such as passing on cost to customers, improving energy efficiency. fuel switching and production curtailment, are explored and limitations and problems with each of the approaches are discussed. The best options for industrial end-users of natural gas are suggested to be a proactive risk management program in the short-term and asset diversification, fuel switching, and geographic relocation of production facilities in the long-term

effectiveness of technological options for minimising production risks

African Journals Online (AJOL)

ACSS

preferred technologies in reducing production risk related to climate variability in Eastern Uganda. Data for this study were ..... Set of technological options employed by farmers to reduce climate-induced production risk. Dummy = 1 if farmer. 0.71. 0.46 ..... cation exchange capacity for holding nutrients against leaching loss.

Cyber Risk Management for Critical Infrastructure: A Risk Analysis Model and Three Case Studies.

Science.gov (United States)

Paté-Cornell, M-Elisabeth; Kuypers, Marshall; Smith, Matthew; Keller, Philip

2018-02-01

Managing cyber security in an organization involves allocating the protection budget across a spectrum of possible options. This requires assessing the benefits and the costs of these options. The risk analyses presented here are statistical when relevant data are available, and system-based for high-consequence events that have not happened yet. This article presents, first, a general probabilistic risk analysis framework for cyber security in an organization to be specified. It then describes three examples of forward-looking analyses motivated by recent cyber attacks. The first one is the statistical analysis of an actual database, extended at the upper end of the loss distribution by a Bayesian analysis of possible, high-consequence attack scenarios that may happen in the future. The second is a systems analysis of cyber risks for a smart, connected electric grid, showing that there is an optimal level of connectivity. The third is an analysis of sequential decisions to upgrade the software of an existing cyber security system or to adopt a new one to stay ahead of adversaries trying to find their way in. The results are distributions of losses to cyber attacks, with and without some considered countermeasures in support of risk management decisions based both on past data and anticipated incidents. © 2017 Society for Risk Analysis.

A decision methodology for the evaluation of mixed low-level radioactive waste management options for DOE sites

Energy Technology Data Exchange (ETDEWEB)

Bassi, J. [Dept. of Energy, Washington, DC (United States); Abashian, M.S.; Chakraborti, S.; Devarakonda, M.; Djordjevic, S.M. [IT Corp., Albuquerque, NM (United States)

1993-03-01

Currently, many DOE sites are developing site-specific solutions to manage their mixed low-level wastes. These site-specific MLLW programs often result in duplication of efforts between the different sites, and consequently, inefficient use of DOE system resources. A nationally integrated program for MLLW eliminates unnecessary duplication of effort, but requires a comprehensive analysis of waste management options to ensure that all site issues are addressed. A methodology for comprehensive analysis of the complete DOE MLLW system is being developed by DOE-HQ to establish an integrated and standardized solution for managing MLLW. To be effective, the comprehensive systems analysis must consider all aspects of MLLW management from cradle-to-grave (i.e. from MLLW generation to disposal). The results of the analysis will include recommendations for alternative management options for the complete DOE MLLW system based on various components such as effectiveness, cost, health and safety risks, and the probability of regulatory acceptance for an option. Because of the diverse nature of these various components and the associated difficulties in comparing between them, a decision methodology is being developed that will integrate the above components into a single evaluation scheme for performing relative comparisons between different MLLW management options. The remainder of this paper provides an overview of the roles and responsibilities of the various participants of the DOE MLLW Program, and discusses in detail the components involved in the development of the decision methodology for a comprehensive systems analysis.

The Risk Management of Minimum Return Guarantees

Directory of Open Access Journals (Sweden)

Antje Mahayni

2008-05-01

Full Text Available Contracts paying a guaranteed minimum rate of return and a fraction of a positive excess rate, which is specified relative to a benchmark portfolio, are closely related to unit-linked life-insurance products and can be considered as alternatives to direct investment in the underlying benchmark. They contain an embedded power option, and the key issue is the tractable and realistic hedging of this option, in order to rigorously justify valuation by arbitrage arguments and prevent the guarantees from becoming uncontrollable liabilities to the issuer. We show how to determine the contract parameters conservatively and implement robust risk-management strategies.

What determines how top managers value their stock options?

NARCIS (Netherlands)

Sautner, Z.; Weber, M.

2008-01-01

What determines how top managers value their executive stock options? We explore this question empirically by using a unique survey data set which combines subjective option valuation data with a wide set of individual-level variables. Inconsistent with the predictions of theory, individuals in our

41 CFR 102-194.5 - What is the Standard and Optional Forms Management Program?

Science.gov (United States)

2010-07-01

... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false What is the Standard and Optional Forms Management Program? 102-194.5 Section 102-194.5 Public Contracts and Property Management... PROGRAMS 194-STANDARD AND OPTIONAL FORMS MANAGEMENT PROGRAM § 102-194.5 What is the Standard and Optional...

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.

77 FR 75243 - Self-Regulatory Organizations; Options Clearing Corporation; Order Approving Proposed Rule Change...

Science.gov (United States)

2012-12-19

... modeling and risk management procedures (``Risk Management Proposal'') \\9\\ is approved by the Commission... risk modeling enhancements with respect to longer-tenor options, including OTC S&P 500 Index Options... http://www.sec.gov/rules/petitions/2012/petn4-644.pdf . This Order does not address the relief...

Continuing Developments in PV Risk Management: Strategies, Solutions, and Implications

Energy Technology Data Exchange (ETDEWEB)

Lowder, T.; Mendelsohn, M.; Speer, B.; Hill, R.

2013-02-01

As the PV industry matures, successful risk management practices will become more imperative to ensure investor confidence, control costs, and facilitate further growth. This report discusses several key aspects of risk management during the commercial- and utility-scale project life cycle, from identification of risks, to the process of mitigating and allocating those risks among project parties, to transferring those risks through insurance. The report also explores novel techniques in PV risk management, options to offload risks onto the capital markets, and innovative insurance policies (namely warranty policies) that address risks unique to the PV sector. One of the major justifications for robust risk management in the PV industry is the cost-reduction opportunities it affords. If the PV industry can demonstrate the capability to successfully manage its risks, thereby inspiring confidence in financiers, it may be able to obtain a lower cost of capital in future transactions. A lower cost of capital translates to a lower cost of energy, which will in turn enhance PV?s competitiveness at a time when it will have to rely less on subsidies to support its market penetration.

Management options in the food chain for accidental radionuclide deposition

International Nuclear Information System (INIS)

Rantavaara, A.

2005-12-01

Finland with four other countries participated in the European Union's network project FARMING in 2000 - 2004. The aim of the project was to invite participants from each country representing the food supply chain in a stakeholder group and advance with the groups the networking in building preparedness for accidental contamination of the food production systems. The task of the groups was to evaluate the practicability of management options suggested for reduction of radiation exposure through foodstuffs, and for disposal of waste generated in implementation of these options. The criteria for practicability were effectiveness in reduction of radiation exposure through foodstuffs, technical feasibility, capacity, costs for implementation, secondary costs for waste disposal, socio-economic impact, and acceptability concerning ecology and protection of environment and landscape. Practicable management options aimed at sustainable restoration of food production systems after accidental contamination. The Finnish stakeholder group represented farm production, processing industry, food marketing, catering, advisor organisations for households and agriculture, consumers, nature conservation, the media, experts on environmental impact and authorities responsible for production, safety and security of foodstuffs, food supply and feedstuffs. The group was expected to examine the effect of the Finnish, and, also more generally, northern production conditions on the practicability of the suggested management options. The stakeholder group members first familiarized themselves with intervention after accidental contamination of a large milk production area and thereafter with practicability of individual management options. The evaluation was based on the group members' complementary expertise that very well covered the chain 'from field to fork' whether the issue was related to legislation, production methods, logistics, environmental impacts, or the issues of consumers and

Risk preference, option pricing and portfolio hedging with proportional transaction costs

International Nuclear Information System (INIS)

Wang, Xiao-Tian; Li, Zhe; Zhuang, Le

2017-01-01

Highlights: • Scaling is a key factor in option pricing. • The model is theoretically analyzed and the results are new. • Some numerical examples are performed. • The implied-volatility-frown is affected by the risk preference and scaling. - Abstract: This paper is concerned in the option pricing and portfolio hedging in a discrete time case with the proportional transaction costs. Through the Monte Carlo simulations it has been shown that the fractal scaling and risk preference of traders have an important influence on the hedging performances in both option pricing and portfolio hedging in a discrete time case. In addition, the relation between preference of traders and implied volatility frown is discussed. We conclude that the risk preferences of traders play an important role in determining the shape of the implied-volatility-frown and the different options having the different hedging frequencies is another reason for the implied volatility frown.

Patient knowledge on stroke risk factors, symptoms and treatment options.

Science.gov (United States)

Faiz, Kashif Waqar; Sundseth, Antje; Thommessen, Bente; Rønning, Ole Morten

2018-01-01

Public campaigns focus primarily on stroke symptom and risk factor knowledge, but patients who correctly recognize stroke symptoms do not necessarily know the reason for urgent hospitalization. The aim of this study was to explore knowledge on stroke risk factors, symptoms and treatment options among acute stroke and transient ischemic attack patients. This prospective study included patients admitted to the stroke unit at the Department of Neurology, Akershus University Hospital, Norway. Patients with previous cerebrovascular disease, patients receiving thrombolytic treatment and patients who were not able to answer the questions in the questionnaire were excluded. Patients were asked two closed-ended questions: "Do you believe that stroke is a serious disorder?" and "Do you believe that time is of importance for stroke treatment?". In addition, patients were asked three open-ended questions where they were asked to list as many stroke risk factors, stroke symptoms and stroke treatment options as they could. A total of 173 patients were included, of whom 158 (91.3%) confirmed that they regarded stroke as a serious disorder and 148 patients (85.5%) considered time being of importance. In all, 102 patients (59.0%) could not name any treatment option. Forty-one patients (23.7%) named one or more adequate treatment options, and they were younger ( p options, which may contribute to reduce prehospital delay and onset-to-treatment-time.

Calcific tendinitis of the rotator cuff: management options.

Science.gov (United States)

Suzuki, Kentaro; Potts, Aaron; Anakwenze, Oke; Singh, Anshu

2014-11-01

Calcific tendinitis of the rotator cuff tendons is a common cause of shoulder pain in adults and typically presents as activity-related shoulder pain. It is thought to be an active, cell-mediated process, although the exact pathophysiology remains unclear. Nonsurgical management continues to be the mainstay of treatment; most patients improve with modalities such as oral anti-inflammatory medication, physical therapy, and corticosteroid injections. Several options are available for patients who fail nonsurgical treatment, including extracorporeal shock wave therapy, ultrasound-guided needle lavage, and surgical débridement. These modalities alleviate pain by eliminating the calcific deposit, and several recent studies have demonstrated success with the use of these treatment options. Surgical management options include arthroscopic procedures to remove calcific deposits and subacromial decompression; however, the role of subacromial decompression and repair of rotator cuff defects created by removing these deposits remains controversial. Copyright 2014 by the American Academy of Orthopaedic Surgeons.

Westinghouse Hanford Company risk management strategy for retired surplus facilities

International Nuclear Information System (INIS)

Taylor, W.E.; Coles, G.A.; Shultz, M.V.; Egge, R.G.

1993-09-01

This paper describes an approach that facilitates management of personnel safety and environmental release risk from retired, surplus Westinghouse Hanford Company-managed facilities during the predemolition time frame. These facilities are located in the 100 and 200 Areas of the 1,450-km 2 (570-mi 2 ) Hanford Site in Richland, Washington. The production reactors are located in the 100 Area and the chemical separation facilities are located in the 200 Area. This paper also includes a description of the risk evaluation process, shows applicable results, and includes a description of comparison costs for different risk reduction options

On Risk Charges and Shadow Account Options in Pension Funds

DEFF Research Database (Denmark)

Jørgensen, Peter Løchte; Gatzert, Nadine

2015-01-01

to equityholders and our paper develops a model in which the influence of risk charges and shadow account options on stakeholders’ value can be quantified and studied. Our numerical results show that the value of shadow account options can be significant and thus come at the risk of expropriating policyholder......This paper studies the economic implications of regulatory systems which allow equityholders of pension companies to not only charge a specific premium to compensate them for their higher risk (compared to policyholders), but also to accumulate these risk charges in a so-called shadow account...... wealth. However, our analysis also shows that this risk can be remedied if proper attention is given to the specific contract design and to the fixing of fair contract parameters at the outset....

MERINOVA: Meteorological risks as drivers of environmental innovation in agro-ecosystem management

Science.gov (United States)

Gobin, Anne; Oger, Robert; Marlier, Catherine; Van De Vijver, Hans; Vandermeulen, Valerie; Van Huylenbroeck, Guido; Zamani, Sepideh; Curnel, Yannick; Mettepenningen, Evi

2013-04-01

The BELSPO funded project 'MERINOVA' deals with risks associated with extreme weather phenomena and with risks of biological origin such as pests and diseases. The major objectives of the proposed project are to characterise extreme meteorological events, assess the impact on Belgian agro-ecosystems, characterise their vulnerability and resilience to these events, and explore innovative adaptation options to agricultural risk management. The project comprises of five major parts that reflect the chain of risks: (i) Hazard: Assessing the likely frequency and magnitude of extreme meteorological events by means of probability density functions; (ii) Impact: Analysing the potential bio-physical and socio-economic impact of extreme weather events on agro-ecosystems in Belgium using process-based modelling techniques commensurate with the regional scale; (iii) Vulnerability: Identifying the most vulnerable agro-ecosystems using fuzzy multi-criteria and spatial analysis; (iv) Risk Management: Uncovering innovative risk management and adaptation options using actor-network theory and fuzzy cognitive mapping techniques; and, (v) Communication: Communicating to research, policy and practitioner communities using web-based techniques. The different tasks of the MERINOVA project require expertise in several scientific disciplines: meteorology, statistics, spatial database management, agronomy, bio-physical impact modelling, socio-economic modelling, actor-network theory, fuzzy cognitive mapping techniques. These expertises are shared by the four scientific partners who each lead one work package. The MERINOVA project will concentrate on promoting a robust and flexible framework by demonstrating its performance across Belgian agro-ecosystems, and by ensuring its relevance to policy makers and practitioners. Impacts developed from physically based models will not only provide information on the state of the damage at any given time, but also assist in understanding the links

A decision support tool to prioritize risk management options for contaminated sites.

Science.gov (United States)

Sorvari, Jaana; Seppälä, Jyri

2010-03-15

The decisions on risk management (RM) of contaminated sites in Finland have typically been driven by practical factors such as time and money. However, RM is a multifaceted task that generally involves several additional determinants, e.g. performance and environmental effects of remediation methods, psychological and social factors. Therefore, we adopted a multi-criteria decision analysis approach and developed a decision support tool (DST) that is viable in decision-making in such a complex situation. The basic components of the DST are based on the Dutch REC system. However, our DST is more case-specific and allows the consideration of the type, magnitude and scale of contamination, land use, environmental conditions and socio-cultural aspects (e.g. loss of cultural heritage, image aspects). The construction of the DST was started by structuring the decision problem using a value tree. Based on this work we adopted the Multi-Attribute Value Theory (MAVT) for data aggregation. The final DST was demonstrated by two model sites for which the RM alternatives and site-specific data were created on the basis of factual remediation projects and by interviewing experts. The demonstration of the DST was carried out in a workshop where representatives of different stakeholders were requested to rank and weight the decision criteria involved. To get information on the consistency of the ranking of the RM alternatives, we used different weighting techniques (ratio estimation and pair-wise weighting) and alternative ways to treat individual respondents' weights in calculating the preference scores for each RM alternative. These dissimilar approaches resulted in some differences in the preference order of the RM alternatives. The demonstration showed that attention has to be paid to the proper description of the site, the principles of the procedure and the decision criteria. Nevertheless, the procedure proved to enable efficient communication between different stakeholders

Risk management model of winter navigation operations

International Nuclear Information System (INIS)

Valdez Banda, Osiris A.; Goerlandt, Floris; Kuzmin, Vladimir; Kujala, Pentti; Montewka, Jakub

2016-01-01

The wintertime maritime traffic operations in the Gulf of Finland are managed through the Finnish–Swedish Winter Navigation System. This establishes the requirements and limitations for the vessels navigating when ice covers this area. During winter navigation in the Gulf of Finland, the largest risk stems from accidental ship collisions which may also trigger oil spills. In this article, a model for managing the risk of winter navigation operations is presented. The model analyses the probability of oil spills derived from collisions involving oil tanker vessels and other vessel types. The model structure is based on the steps provided in the Formal Safety Assessment (FSA) by the International Maritime Organization (IMO) and adapted into a Bayesian Network model. The results indicate that ship independent navigation and convoys are the operations with higher probability of oil spills. Minor spills are most probable, while major oil spills found very unlikely but possible. - Highlights: •A model to assess and manage the risk of winter navigation operations is proposed. •The risks of oil spills in winter navigation in the Gulf of Finland are analysed. •The model assesses and prioritizes actions to control the risk of the operations. •The model suggests navigational training as the most efficient risk control option.

Greenhouse Gas and Ammonia Emissions from Different Stages of Liquid Manure Management Chains: Abatement Options and Emission Interactions.

Science.gov (United States)

Mohankumar Sajeev, Erangu Purath; Winiwarter, Wilfried; Amon, Barbara

2018-01-01

Farm livestock manure is an important source of ammonia and greenhouse gases. Concerns over the environmental impact of emissions from manure management have resulted in research efforts focusing on emission abatement. However, questions regarding the successful abatement of manure-related emissions remain. This study uses a meta-analytical approach comprising 89 peer-reviewed studies to quantify emission reduction potentials of abatement options for liquid manure management chains from cattle and pigs. Analyses of emission reductions highlight the importance of accounting for interactions between emissions. Only three out of the eight abatement options considered (frequent removal of manure, anaerobic digesters, and manure acidification) reduced ammonia (3-60%), nitrous oxide (21-55%), and methane (29-74%) emissions simultaneously, whereas in all other cases, tradeoffs were identified. The results demonstrate that a shift from single-stage emission abatement options towards a whole-chain perspective is vital in reducing overall emissions along the manure management chain. The study also identifies some key elements like proper clustering, reporting of influencing factors, and explicitly describing assumptions associated with abatement options that can reduce variability in emission reduction estimates. Prioritization of abatement options according to their functioning can help to determine low-risk emission reduction options, specifically options that alter manure characteristics (e.g., reduced protein diets, anaerobic digestion, or slurry acidification). These insights supported by comprehensive emission measurement studies can help improve the effectiveness of emission abatement and harmonize strategies aimed at reducing air pollution and climate change simultaneously. Copyright © by the American Society of Agronomy, Crop Science Society of America, and Soil Science Society of America, Inc.

Risk-Based Decision-Making and the Use of Operational Risk Management in Developing a Course of Action (COA) for the Joint Task Force (JTF)

National Research Council Canada - National Science Library

Faherty, Denis

2003-01-01

.... Operational Risk Management (ORM) is the process that assists the military commander in reducing or offsetting risk and helps him think through his options when faced with force employment and the requirement for risk control for mission success...

Management of low (favourable)-risk prostate cancer.

Science.gov (United States)

Carter, H Ballentine

2011-12-01

What's known on the subject? and What does the study add? Most men who are diagnosed with favourable-risk prostate cancer undergo some form of active intervention, despite evidence that treatment will not improve health outcomes for many. The decision to undergo treatment after diagnosis is, in part, related to the inability to precisely determine the long-term risk of harm without treatment. Nevertheless, physicians should consider patient age, overall health, and preferences for living with cancer and the potential side effects of curative treatments, before recommending a management option. This is especially important for older men, given the high level of evidence that those with low-risk disease are unlikely to accrue any benefit from curative intervention. What is known on the subject: Over treatment of favourable-risk prostate cancer is common, especially among older men. What does the study add: A review of the natural history of favourable-risk prostate cancer in the context of choices for management of the disease. • The management of favourable-risk prostate cancer is controversial, and in the absence of controlled trials to inform best practice, choices are driven by personal beliefs with resultant wide variation in practice patterns. • Men with favourable-risk prostate cancer diagnosed today often undergo treatments that will not improve overall health outcomes. • A shared-decision approach for selecting optimal management of favourable-risk disease should account for patient age, overall health, and preferences for living with cancer and the potential side effects of curative treatments. © 2011 THE AUTHOR. BJU INTERNATIONAL © 2011 BJU INTERNATIONAL.

FTR-option formulation and pricing

International Nuclear Information System (INIS)

Parmeshwaran, Vijay; Muthuraman, Kumar

2009-01-01

Recent changes in electricity markets have advocated the use of Local Marginal Prices (LMP) for congestion management and pricing. From the perspective of market participants, the LMPs pose a risk since they are not known before a transaction on the grid is made. Financial transmission rights (FTR) are instruments that help market participants hedge this risk and are issuable in two flavors - obligations and options. While pricing obligations are much easier, pricing FTR options pose a significant challenge. In this paper we develop a computational method for pricing FTR options. We also discuss the problem of designing financial instrument sets that assure revenue adequacy for the issuer. We point out the difficulty in assuring revenue adequacy when FTR options are present and propose a scheme for overcoming the difficulty. The proposed pricing method can be used to compute prices of options and obligations in the primary market or as a reliable pricing tool to compute option prices in the secondary market. Finally using a test network we present and discuss numerical results. (author)

Deflation; Determinants, Risks, and Policy Options

OpenAIRE

Taimur Baig; Jörg Decressin; Tarhan Feyzioglu; Manmohan S. Kumar; Chris Faulkner-MacDonagh

2003-01-01

Deflation can be costly and difficult to anticipate, and concerns of a generalized decline in prices in both industrial and emerging market economies have increased recently. This paper investigates the causes and consequences of deflation, the risk of deflation globally and in individual countries, and policy options. The authors discuss issues related to the measurement, determinants, and costs of deflation and examine previous episodes of deflation. They compute an index of deflation vulne...

Pricing, hedging and risk management : practical tips for natural gas buyers and sellers

International Nuclear Information System (INIS)

Shields, D.

1998-01-01

Risk analysis and techniques to manage risk as it pertains to the natural gas industry were discussed. Portfolio allocations for long-term, short-term fixed price and variable price contracts were described. Options were defined as a market instrument offering the benefits of a fixed price purchase or sale without the obligation of incurring financial or opportunity losses if the market goes against the option buyer. Options should be used as a defence strategy to protect portfolios from price risk in times of uncertainty and to take advantage of current floating market conditions without making a full price commitment. Options can also be used as an offensive strategy to make a directional play on the market or on volatility. Options selling was regarded as a much higher risk than options buying. The variables that affect options premiums were: (1) volatility, (2) time to expiration, (3) underlying price versus strike price, and (4) flexibility. Williams Energy's new world class energy trading floor in Tulsa, Oklahoma was also described. Williams is the largest-volume transporter of natural gas in the U.S. with more than 27,000 miles of pipelines. Williams pipelines transport 16 per cent of all the natural gas used in the U.S. and the company is one of the nation's largest natural gas gatherers and processors. tabs., figs

13 CFR 107.250 - Exclusion of stock options issued by Licensee from Management Expenses.

Science.gov (United States)

2010-01-01

... Sbic § 107.250 Exclusion of stock options issued by Licensee from Management Expenses. Stock options... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Exclusion of stock options issued by Licensee from Management Expenses. 107.250 Section 107.250 Business Credit and Assistance SMALL...

Shutdown risk management applied at Philadelphia Electric Company

International Nuclear Information System (INIS)

Dagan, William J.; True, Douglas E.; Wilson, Thomas; Truax, William

2004-01-01

The development and implementation of an effective risk management program requires basic risk or safety knowledge and the conversion of such information into effective management tools. ERIN Engineering and Research, Inc., under contract to the Electric Power Research Institute, has developed an effective program. Outage Risk Assessment and Management (ORAM), to provide plant and management personnel with understandable results of shutdown risk studies. With this tool, the impact of plans and decision options can be readily determined and displayed for the decision maker. This paper describes these methods and their application to the Limerick Nuclear Station of Philadelphia Electric Company. It also sets forth a broader application of these methods to include support of management decisions at-power and following forced outages. The result is an integrated risk management framework which can allow management and technical personnel to utilize readily available and understandable risk insights to optimize each activity. This paper addresses the resolution of several key issues in detail: How was the ORAM risk management method employed to represent the existing plant shutdown procedures and policies? How did the ORAM risk management method enhance the decision-making ability of the outage management staff? How was the ORAM software efficiently integrated with the outage scheduling software? How is quantitative risk information generated and used for outage planning and control? The ORAM risk management philosophy utilizes a series of colors to depict various risk configurations. Each such configuration has associated with it clear guidance. By modifying the conditions existing in the plant it is possible to impact the type of risk being encountered as well as the guidance which is appropriate for that period. In addition, the duration of a particular configuration can be effectively managed to reduce the overall risk impact. These are achieved with minimal

A Portfolio Approach to Risk Reduction in Discretely Rebalanced Option Hedges

OpenAIRE

Antonio S. Mello; Henrik J. Neuhaus

1998-01-01

This paper analyses the accumulated hedging errors generated by discretely rebalanced option hedges. We show that simple generalizations of the prior research can underestimate the variance of the accumulated hedging errors and that even with daily rebalancing, these accumulated hedging errors can introduce substantial risk in arbitrage strategies suggested by the Black-Scholes option pricing model. We also show that the correlation between the accumulated hedging errors for different options...

Option managing for radioactive metallic waste from the decommissioning of Kori Unit 1

Energy Technology Data Exchange (ETDEWEB)

Kessel, David S.; Kim, Chagn Lak [KEPCO International Nuclear Graduate School (KINGS), Ulsan (Korea, Republic of)

2017-06-15

The purpose of this paper is to evaluate several leading options for the management of radioactive metallic waste against a set of general criteria including safety, cost effectiveness, radiological dose to workers and volume reduction. Several options for managing metallic waste generated from decommissioning are evaluated in this paper. These options include free release, controlled reuse, and direct disposal of radioactive metallic waste. Each of these options may involve treatment of the metal waste for volume reduction by physical cutting or melting. A multi-criteria decision analysis was performed using the Analytic Hierarchy Process (AHP) to rank the options. Melting radioactive metallic waste to produce metal ingots with controlled reuse or free release is found to be the most effective option.

Introduction to the mathematics of finance from risk management to options pricing

CERN Document Server

Roman, Steven

2004-01-01

The Mathematics of Finance has become a hot topic in applied mathematics ever since the discovery of the Black-Scholes option pricing formulas in 1973. Unfortunately, there are very few undergraduate textbooks in this area. This book is specifically written for upper division undergraduate or beginning graduate students in mathematics, finance or economics. With the exception of an optional chapter on the Capital Asset Pricing Model, the book concentrates on discrete derivative pricing models, culminating in a careful and complete derivation of the Black-Scholes option pricing formulas as a limiting case of the Cox-Ross-Rubinstein discrete model. The final chapter is devoted to American options. The mathematics is not watered down but is appropriate for the intended audience. No measure theory is used and only a small amount of linear algebra is required. All necessary probability theory is developed in several chapters throughout the book, on a "need-to-know" basis. No background in finance is required, sinc...

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.

Real options methodology in public-private partnership projects valuation

Directory of Open Access Journals (Sweden)

Rakić Biljana

2014-01-01

Full Text Available PPP offers numerous benefits to both public and private partners in delivery of infrastructure projects. However this partnership also involves great risks which have to be adequately managed and mitigated. Private partners are especially sensitive to revenue risk, since they are mostly interested in the financial viability of the project. Thus they often expect public partners to provide some kind of risk-sharing mechanism in the form of Minimum Revenue Guarantees or abandonment options. The objective of this paper is to investigate whether the real option of abandoning the project increases its value. Therefore the binominal option pricing model and risk-neutral probability approach have been implemented to price the European and American abandonment options for the Build-Operate-Transfer (BOT toll road investment. The obtained results suggest that the project value with the American abandonment option is greater than with the European abandonment option, hence implying that American options offer greater flexibility and are more valuable for private partners. [Projekat Ministarstva nauke Republike Srbije, br. 179066 and III 42006

French programs for advanced waste management options

Energy Technology Data Exchange (ETDEWEB)

Salvatores, M [CEA-DRN (France); Schapira, J P [CNRS-IN2P3 (France); Mouney, H [EDF-DE (France)

1997-11-01

Several organisms (CEA, CNRS, EdF, etc.) are cooperating in France on Accelerator-Driven Systems (ADS). The major motivation is the investigation of innovative options for the radioactive waste management. The paper describes the ongoing activities and future directions of this cooperative effort in the field of ADS. 11 refs, 3 figs.

Municipal solid waste options : integrating organics management and residual disposal treatment : executive summary

Energy Technology Data Exchange (ETDEWEB)

Cant, M. (comp.) [Totten Sims Hubicki Associates Ltd., Calgary, AB (Canada); Van der Werf, P. [2cg Inc., Edmonton, AB (Canada); Kelleher, M. [Kelleher Environmental, Toronto, ON (Canada); Merriman, D. [MacViro Consultants, Markham, ON (Canada); Fitcher, K. [Gartner Lee Ltd., Toronto, ON (Canada); MacDonald, N. [CH2M Hill Engineering Ltd., Calgary, AB (Canada)

2006-04-15

The Municipal Solid Waste (MSW) Options Report explored different MSW management options for 3 community sizes: 20,000, 80,000 and 200,0000 people. It was released at a time when many communities were developing waste management plans to cost-effectively reduce environmental impacts and conserve landfill capacity. The purpose of this report was to provide a greater understanding on the environmental, social, economic, energy recovery/utilization and greenhouse gas (GHG) considerations of MSW management. The report also demonstrated the interrelationships between the management of organics and residuals. It was based on information from existing waste diversion and organics management options and emerging residual treatment technology options. The following organics management and residual treatment disposal options were evaluated: composting; anaerobic digestion; sanitary landfills; bioreactor landfills; and thermal treatment. Composting was examined with reference to both source separated organics (SSO) and mixed waste composting. SSO refers to the separation of materials suitable for composting solid waste from households, while mixed waste composting refers to the manual or mechanical removal of recyclable material from the waste, including compost. The composting process was reviewed along with available technologies such as non-reactor windrow; aerated static pile; reactor enclosed channel; and, container tunnel. An evaluation of SSO and mixed waste composting was then presented in terms of environmental, social, financial and GHG impacts. refs., tabs., figs.

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...

Risk Assessment of Arsenic Mitigation Options in Bangladesh

Science.gov (United States)

Ahmed, M. Feroze; Shamsuddin, Abu Jafar; Mahmud, Shamsul Gafur; Deere, Daniel

2006-01-01

The provision of alternative water sources is the principal arsenic mitigation strategy in Bangladesh, but can lead to risk substitution. A study of arsenic mitigation options was undertaken to assess water quality and sanitary condition and to estimate the burden of disease associated with each technology in disability-adjusted life years (DALYs). Dugwells and pond-sand filters showed heavy microbial contamination in both dry and monsoon seasons, and the estimated burden of disease was high. Rainwater was of good quality in the monsoon but deteriorated in the dry season. Deep tubewells showed microbial contamination in the monsoon but not in the dry season and was the only technology to approach the World Health Organization's reference level of risk of 10-6 DALYs. A few dugwells and one pond-sand filter showed arsenic in excess of 50 μg/L. The findings suggest that deep tubewells and rainwater harvesting provide safer water than dugwells and pond-sand filters and should be the preferred options. PMID:17366776

[New approach for managing microbial risks in food].

Science.gov (United States)

Augustin, Jean-Christophe

2015-01-01

The aim of the food legislation is to ensure the protection of human health. Traditionally, the food legislation requires food business operators to apply good hygiene practices and specific procedures to control foodborne pathogens. These regulations allowed reaching a high level of health protection. The improvement of the system will require risk-based approaches. Firstly, risk assessment should allow the identification of high-risk situations where resources should be allocated for a better targeting of risk management. Then, management measures should be adapted to the health objective. In this approach, the appropriate level of protection is converted intofood safety and performance objectives on the food chain, i.e., maximum microbial contamination to fulfil the acceptable risk level. When objectives are defined, the food business operators and competent authorities can identify control options to comply with the objectives and establish microbiological criteria to verify compliance with these objectives. This approach, described for approximately 10 years, operative thanks to the development of quantitative risk assessment techniques, is still difficult to use in practical terms since it requires a commitment of competent authorities to define the acceptable risk and needs also the implementation of sometimes complex risk models.

Evaluating Nitrogen Management Options for Reducing Nitrate Leaching from Northeast U.S. Pastures

Directory of Open Access Journals (Sweden)

William L. Stout

2001-01-01

Full Text Available Substantial amounts of nitrate nitrogen NO3-N can leach from intensively grazed pasture in the northeast U.S. where there is about 30 cm of groundwater recharge, annually. Management options for reducing NO3-N leaching were evaluated for this environment using the Cornell Net Carbohydrate and Protein System Model and a recently developed nitrogen leaching index. Management options utilizing energy supplementation of grazing dairy cows could improve nitrogen efficiency within the cow, but would not necessarily reduce NO3-N leaching at the pasture scale if stocking rate was not controlled. The management option of using white clover to supply nitrogen to the pasture decreased NO3-N leaching, but produced less dry matter yield, which in turn reduced stocking rate. The economic returns of reducing NO3-N with these options need to be evaluated in light of milk prices and commodity and fertilizer nitrogen costs. At current prices and costs, the economic benefit from the energy supplementation options is substantial.

Managing Disease Risks from Trade: Strategic Behavior with Many Choices and Price Effects.

Science.gov (United States)

Chitchumnong, Piyayut; Horan, Richard D

2018-03-16

An individual's infectious disease risks, and hence the individual's incentives for risk mitigation, may be influenced by others' risk management choices. If so, then there will be strategic interactions among individuals, whereby each makes his or her own risk management decisions based, at least in part, on the expected decisions of others. Prior work has shown that multiple equilibria could arise in this setting, with one equilibrium being a coordination failure in which individuals make too few investments in protection. However, these results are largely based on simplified models involving a single management choice and fixed prices that may influence risk management incentives. Relaxing these assumptions, we find strategic interactions influence, and are influenced by, choices involving multiple management options and market price effects. In particular, we find these features can reduce or eliminate concerns about multiple equilibria and coordination failure. This has important policy implications relative to simpler models.

Long-term issues associated with spent nuclear power fuel management options

International Nuclear Information System (INIS)

Jae-Sol, Lee; Kosaku, Fukuda; Burcl, R.; Bell, M.

2003-01-01

Spent fuel management is perceived as one of the crucial issues to be resolved for sustainable utilisation of nuclear power. In the last decades, spent fuel management policies have shown diverging tendencies among the nuclear power production countries - a group has adhered to reprocessing- recycle and another has turned to direct disposal, while the rest of the countries have not taken decision yet, often with ''wait and see'' position. Both the closed and open fuel cycle options for spent fuel management have been subject to a number of debates with pros and cons on various issues such as proliferation risk, environmental impact, etc. The anticipation for better technical solutions that would mitigate those issues has given rise to the renewal of interest in partitioning and transmutation of harmful nuclides to be disposed of, and in a broader context, the recent initiatives for development of innovative nuclear systems. The current trend toward globalization of market economy, which has already brought important impacts on nuclear industry, might have a stimulating effect on regional-international co-operations for cost-effective efforts to mitigate some of those long-term issues associated with spent fuel management. (author)

Proposed framework for the Western Area Power Administration Environmental Risk Management Program

Energy Technology Data Exchange (ETDEWEB)

Glantz, C.S.; DiMassa, F.V.; Pelto, P.J.; Brothers, A.J. [Pacific Northwest Lab., Richland, WA (United States); Roybal, A.L. [Western Area Power Administration, Golden, CO (United States)

1994-12-01

The Western Area Power Administration (Western) views environmental protection and compliance as a top priority as it manages the construction, operation, and maintenance of its vast network of transmission lines, substations, and other facilities. A recent Department of Energy audit of Western`s environmental management activities recommends that Western adopt a formal environmental risk program. To accomplish this goal, Western, in conjunction with Pacific Northwest Laboratory, is in the process of developing a centrally coordinated environmental risk program. This report presents the results of this design effort, and indicates the direction in which Western`s environmental risk program is heading. Western`s environmental risk program will consist of three main components: risk communication, risk assessment, and risk management/decision making. Risk communication is defined as an exchange of information on the potential for threats to human health, public safety, or the environment. This information exchange provides a mechanism for public involvement, and also for the participation in the risk assessment and management process by diverse groups or offices within Western. The objective of risk assessment is to evaluate and rank the relative magnitude of risks associated with specific environmental issues that are facing Western. The evaluation and ranking is based on the best available scientific information and judgment and serves as input to the risk management process. Risk management takes risk information and combines it with relevant non-risk factors (e.g., legal mandates, public opinion, costs) to generate risk management options. A risk management tool, such as decision analysis, can be used to help make risk management choices.

Market based generation: A promising market management option

International Nuclear Information System (INIS)

Siddiqi, R.

1992-01-01

It is proposed to ease the tension between demand management and supply side management at electric utilities through the introduction of a concept called market management. Market management provides a framework for developing and evaluating the attractiveness of new products and services such as dispersed generation hardware, implementation services, and complementary pricing structures. A market management strategy is the definition of market segments, creating products for those segments, evaluation of the profitability of the product-segment combinations, commitment of resources to those segments, and development of product and marketing plans for those segments. A brief analysis of backup generation is presented as an example of market management. In this example, the customer that is backed up shares some portion of the capital and maintenance costs of the backup unit through priority service rates; the utility and customers that are not backed up can obtain the use of the generating resource but pay only a portion of its costs. Backup generation programs have been found to provide utilities with the ability to meet peak load requirements more cheaply than by investing in peaking capacity. Other benefits for utilities include protection of market share, more efficient rates, and a new source of revenues. With the advances in the technology of small-scale generation, utilities can examine bundling various pricing options with market based generation to offer alternative value-added service options to customer segments with demand characteristics that make these technologies attractive. 3 figs

Social risks and the energy option

Energy Technology Data Exchange (ETDEWEB)

Orr, D

1977-04-01

A minimax strategy is proposed to deal with the possibility of large-scale disaster while pursuing energy options, none of which is without risks and uncertainties. Readjustments of energy-consumption levels can lower capital demands enough to avoid irreversible commitments to high-risk technologies. The four requirements of a society using the minimax strategy are: (1) commitment to conservation, (2) re-structuring to promote efficiency, (3) new social values and standards, and (4) a gradual replacement of conventional with renewable energy technology. Some proposals, such as that of beaming microwaves to earth from satellites, are not only capital-intensive but introduce new risk potential. A better approach is seen to be a small-scale, decentralized society that minimizes the impact of accidents while maximizing the resilience and democracy of human development. A society operating under sustainable energy offers, by including citizen involvement in public policy, opportunities for creativity in individuals and institutions. (15 references) (DCK)

Risk management study for the Hanford Site facilities: Risk reduction cost comparison for the retired Hanford Site facilities

International Nuclear Information System (INIS)

Coles, G.A.; Egge, R.G.; Senger, E.; Shultz, M.W.; Taylor, W.E.

1994-02-01

This document provides a cost-comparison evaluation for implementing certain risk-reduction measures and their effect on the overall risk of the 100 and 200 Area retired, surplus facilities. The evaluation is based on conditions that existed at the time the risk evaluation team performed facility investigations, and does not acknowledge risk-reduction measures that occurred soon after risk identification. This evaluation is one part of an overall risk management study for these facilities. The retired facilities investigated for this evaluation are located in the 100 and 200 Areas of the 1450-km 2 Hanford Site. The Hanford Site is a semiarid tract of land in southeastern Washington State. The nearest population center is Richland, Washington, (population 32,000) 30 km southeast of the 200 Area. This cost-comparison evaluation (1) determines relative costs for reducing risk to acceptable levels; (2) compares the cost of reducing risk using different risk-reduction options; and (3) compares the cost of reducing risks at different facilities. The result is an identification of the cost effective risk-reduction measures. Supporting information required to develop costs of the various risk-reduction options also is included

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.

Fundamentals of futures, options, basis and derivatives

Energy Technology Data Exchange (ETDEWEB)

Jones, D. [TD Securities Inc., Toronto, ON (Canada)

1997-08-01

Characteristic features of futures and options contracts, basis differentials and derivatives were defined and explained. A futures contract refers to an exchange-traded supply contract between a buyer and a seller where the buyer is obligated to take delivery and the seller is obligated to provide delivery of a fixed amount of a commodity at a predetermined price at a specified location. In contrast, an option contract gives the purchaser the right, but not the obligation, to buy or sell the underlying commodity at a certain price on or before an agreed date. Basis differential refers to the discount between two distinct delivery points to reflect the relative value of a commodity, such as natural gas, at those points. Advantages and disadvantages of futures and options contacts, the factors affecting options pricing, and basis differentials, and the methods of calculating basis differentials were described. The nature and intricacies of derivatives, their benefits, in particular their use as a tool for the effective management of the volatilities associated with the oil and gas industry were explained. Their shortcomings such as the high liquidity risk, were also described. Examples of derivative transactions were provided to illustrate the interrelationships of futures/options/derivatives, and their role in financial risk management.

Fundamentals of futures, options, basis and derivatives

International Nuclear Information System (INIS)

Jones, D.

1997-01-01

Characteristic features of futures and options contracts, basis differentials and derivatives were defined and explained. A futures contract refers to an exchange-traded supply contract between a buyer and a seller where the buyer is obligated to take delivery and the seller is obligated to provide delivery of a fixed amount of a commodity at a predetermined price at a specified location. In contrast, an option contract gives the purchaser the right, but not the obligation, to buy or sell the underlying commodity at a certain price on or before an agreed date. Basis differential refers to the discount between two distinct delivery points to reflect the relative value of a commodity, such as natural gas, at those points. Advantages and disadvantages of futures and options contacts, the factors affecting options pricing, and basis differentials, and the methods of calculating basis differentials were described. The nature and intricacies of derivatives, their benefits, in particular their use as a tool for the effective management of the volatilities associated with the oil and gas industry were explained. Their shortcomings such as the high liquidity risk, were also described. Examples of derivative transactions were provided to illustrate the interrelationships of futures/options/derivatives, and their role in financial risk management

Explaining the level of credit spreads: Option-implied jump risk premia in a firm value model

NARCIS (Netherlands)

Cremers, K.J.M.; Driessen, J.; Maenhout, P.

2008-01-01

We study whether option-implied jump risk premia can explain the high observed level of credit spreads. We use a structural jump-diffusion firm value model to assess the level of credit spreads generated by option-implied jump risk premia. Prices and returns of equity index and individual options

Financial optimisation and risk management in refining activities

International Nuclear Information System (INIS)

Fiorenzani, S.

2006-01-01

The real options approach has become a benchmark in real assets evaluation and optimal management problems, especially in liberalised and competitive markets such as the oil and hydrocarbon markets. This paper describes how the same approach can be a useful tool for both risk management decisions and the financial optimisation problem. Refineries are black boxes, which can be used for the transformation of crude oil into more refined hydrocarbon products. These black boxes are characterised by operational flexibilities and constraints, which should be optimally managed in order to maximise the refiner's economic goals. Stochastic dynamic programming represents the right mathematical instrument employed to solve the decision-making problem in such an economic environment. (author)

Phytoremediation as a management option for contaminated sediments in tidal marshes, flood control areas and dredged sediment landfill sites.

Science.gov (United States)

Bert, Valérie; Seuntjens, Piet; Dejonghe, Winnie; Lacherez, Sophie; Thuy, Hoang Thi Thanh; Vandecasteele, Bart

2009-11-01

Polluted sediments in rivers may be transported by the river to the sea, spread over river banks and tidal marshes or managed, i.e. actively dredged and disposed of on land. Once sedimented on tidal marshes, alluvial areas or control flood areas, the polluted sediments enter semi-terrestrial ecosystems or agro-ecosystems and may pose a risk. Disposal of polluted dredged sediments on land may also lead to certain risks. Up to a few years ago, contaminated dredged sediments were placed in confined disposal facilities. The European policy encourages sediment valorisation and this will be a technological challenge for the near future. Currently, contaminated dredged sediments are often not valorisable due to their high content of contaminants and their consequent hazardous properties. In addition, it is generally admitted that treatment and re-use of heavily contaminated dredged sediments is not a cost-effective alternative to confined disposal. For contaminated sediments and associated disposal facilities used in the past, a realistic, low cost, safe, ecologically sound and sustainable management option is required. In this context, phytoremediation is proposed in the literature as a management option. The aim of this paper is to review the current knowledge on management, (phyto)remediation and associated risks in the particular case of sediments contaminated with organic and inorganic pollutants. This paper deals with the following features: (1) management and remediation of contaminated sediments and associated risk assessment; (2) management options for ecosystems on polluted sediments, based on phytoremediation of contaminated sediments with focus on phytoextraction, phytostabilisation and phytoremediation of organic pollutants and (3) microbial and mycorrhizal processes occurring in contaminated sediments during phytoremediation. In this review, an overview is given of phytoremediation as a management option for semi-terrestrial and terrestrial ecosystems

Space station data system analysis/architecture study. Task 2: Options development, DR-5. Volume 2: Design options

Science.gov (United States)

1985-01-01

The primary objective of Task 2 is the development of an information base that will support the conduct of trade studies and provide sufficient data to make key design/programmatic decisions. This includes: (1) the establishment of option categories that are most likely to influence Space Station Data System (SSDS) definition; (2) the identification of preferred options in each category; and (3) the characterization of these options with respect to performance attributes, constraints, cost and risk. This volume contains the options development for the design category. This category comprises alternative structures, configurations and techniques that can be used to develop designs that are responsive to the SSDS requirements. The specific areas discussed are software, including data base management and distributed operating systems; system architecture, including fault tolerance and system growth/automation/autonomy and system interfaces; time management; and system security/privacy. Also discussed are space communications and local area networking.

Option-Based Estimation of the Price of Co-Skewness and Co-Kurtosis Risk

DEFF Research Database (Denmark)

Christoffersen, Peter; Fournier, Mathieu; Fournier, Mathieu

-neutral second moments, and the price of co-kurtosis risk corresponds to the spread between the physical and the risk-neutral third moments. The option-based estimates of the prices of risk lead to reasonable values of the associated risk premia. An out-of-sample analysis of factor models with co-skewness and co......We show that the prices of risk for factors that are nonlinear in the market return are readily obtained using index option prices. We apply this insight to the price of co-skewness and co-kurtosis risk. The price of co-skewness risk corresponds to the spread between the physical and the risk......-kurtosis risk indicates that the new estimates of the price of risk improve the models performance. Models with higher-order market moments also robustly outperform standard competitors such as the CAPM and the Fama-French model....

Option-Based Estimation of the Price of Co-Skewness and Co-Kurtosis Risk

DEFF Research Database (Denmark)

Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

-neutral second moments, and the price of co-kurtosis risk corresponds to the spread between the physical and the risk-neutral third moments. The option-based estimates of the prices of risk lead to reasonable values of the associated risk premia. An out-of-sample analysis of factor models with co-skewness and co......We show that the prices of risk for factors that are nonlinear in the market return are readily obtained using index option prices. We apply this insight to the price of co-skewness and co-kurtosis risk. The price of co-skewness risk corresponds to the spread between the physical and the risk......-kurtosis risk indicates that the new estimates of the price of risk improve the models' performance. Models with higher-order market moments also robustly outperform standard competitors such as the CAPM and the Fama-French model....

The Pricing of Tail Risk and the Equity Premium: Evidence from International Option Markets

DEFF Research Database (Denmark)

Andersen, Torben Gustav; Fusari, Nicola; Todorov, Viktor

We explore the pricing of tail risk as manifest in index options across international equity markets. The risk premium associated with negative tail events displays persistent shifts, unrelated to volatility. This tail risk premium is a potent predictor of future equity returns, while option......-implied volatility only forecasts the future return variation. Hence, compensation for negative jump risk is the primary driver of the equity premium across all indices, whereas the reward for pure diffusive variance risk is largely unrelated to future equity returns. We also document pronounced commonalities...

Forest managment options for sequestering carbon in Mexico

International Nuclear Information System (INIS)

Masera, O.R.; Bellon, M.R.; Segura, G.

1995-01-01

This paper identifies and examines economic response options to avoid carbon emissions and increase carbon sequestration in Mexican forests. A ''Policy'' scenario covering the years 2000, 2010 and 2030 and a ''Technical Potential'' scenario (year 2030) are developed to examine the potential carbon sequestration and costs of each response option. Benefit-cost analyses for three case studies, including management of a pulpwood plantation, a native temperate forest and a native tropical evergreen forest are presented and discussed. The study suggests that a large potential for reducing carbon emissions and increasing carbon sequestration exists in Mexican forests. However, the achievement of this potential will require important reforms to the current institutional setting of the forest sector. The management of native temperate and tropical forests offers the most promising alternatives for carbon sequestration. The cost effectiveness of commercial plantations critically depends on very high site productivity. Restoration of degraded forest lands; particularly through the establishment of energy plantations, also shows a large carbon sequestration potential. (Author)

Evaluation of dairy effluent management options using multiple criteria analysis.

Science.gov (United States)

Hajkowicz, Stefan A; Wheeler, Sarah A

2008-04-01

This article describes how options for managing dairy effluent on the Lower Murray River in South Australia were evaluated using multiple criteria analysis (MCA). Multiple criteria analysis is a framework for combining multiple environmental, social, and economic objectives in policy decisions. At the time of the study, dairy irrigation in the region was based on flood irrigation which involved returning effluent to the river. The returned water contained nutrients, salts, and microbial contaminants leading to environmental, human health, and tourism impacts. In this study MCA was used to evaluate 11 options against 6 criteria for managing dairy effluent problems. Of the 11 options, the MCA model selected partial rehabilitation of dairy paddocks with the conversion of remaining land to other agriculture. Soon after, the South Australian Government adopted this course of action and is now providing incentives for dairy farmers in the region to upgrade irrigation infrastructure and/or enter alternative industries.

Development of integrated waste management options for irradiated graphite

Energy Technology Data Exchange (ETDEWEB)

Wareing, Alan; Abrahamsen-Mills, Liam; Fowler, Linda; Jarvis, Richard; Banford, Anthony William [National Nuclear Laboratory, Warrington (United Kingdom); Grave, Michael [Doosan Babcock, Gateshead (United Kingdom); Metcalfe, Martin [National Nuclear Laboratory, Gloucestershire (United Kingdom); Norris, Simon [Radioactive Waste Management Limited, Oxon (United Kingdom)

2017-08-15

The European Treatment and Disposal of Irradiated Graphite and other Carbonaceous Waste project sought to develop best practices in the retrieval, treatment, and disposal of irradiated graphite including other irradiated carbonaceous waste such as structural material made of graphite, nongraphitized carbon bricks, and fuel coatings. Emphasis was given on legacy irradiated graphite, as this represents a significant inventory in respective national waste management programs. This paper provides an overview of the characteristics of graphite irradiated during its use, primarily as a moderator material, within nuclear reactors. It describes the potential techniques applicable to the retrieval, treatment, recycling/reuse, and disposal of these graphite wastes. Considering the lifecycle of nuclear graphite, from manufacture to final disposal, a number of waste management options have been developed. These options consider the techniques and technologies required to address each stage of the lifecycle, such as segregation, treatment, recycle, and ultimate disposal in a radioactive waste repository, providing a toolbox to aid operators and regulators to determine the most appropriate management strategy. It is noted that national waste management programs currently have, or are in the process of developing, respective approaches to irradiated graphite management. The output of the Treatment and Disposal of Irradiated Graphite and other Carbonaceous Waste project is intended to aid these considerations, rather than dictate them.

Socia preferences to Mopane woodland management options: A ...

African Journals Online (AJOL)

Socia preferences to Mopane woodland management options: A case study from Southern Zimbabwe. TA Gondo, C Musvoto, T Mujawo. Abstract. No Abstract. Discovery and Innovation Vol. 19 (1&2) 2007: pp.4-14. Full Text: EMAIL FULL TEXT EMAIL FULL TEXT · DOWNLOAD FULL TEXT DOWNLOAD FULL TEXT.

Estimating option values of solar radiation management assuming that climate sensitivity is uncertain.

Science.gov (United States)

Arino, Yosuke; Akimoto, Keigo; Sano, Fuminori; Homma, Takashi; Oda, Junichiro; Tomoda, Toshimasa

2016-05-24

Although solar radiation management (SRM) might play a role as an emergency geoengineering measure, its potential risks remain uncertain, and hence there are ethical and governance issues in the face of SRM's actual deployment. By using an integrated assessment model, we first present one possible methodology for evaluating the value arising from retaining an SRM option given the uncertainty of climate sensitivity, and also examine sensitivities of the option value to SRM's side effects (damages). Reflecting the governance challenges on immediate SRM deployment, we assume scenarios in which SRM could only be deployed with a limited degree of cooling (0.5 °C) only after 2050, when climate sensitivity uncertainty is assumed to be resolved and only when the sensitivity is found to be high (T2x = 4 °C). We conduct a cost-effectiveness analysis with constraining temperature rise as the objective. The SRM option value is originated from its rapid cooling capability that would alleviate the mitigation requirement under climate sensitivity uncertainty and thereby reduce mitigation costs. According to our estimates, the option value during 1990-2049 for a +2.4 °C target (the lowest temperature target level for which there were feasible solutions in this model study) relative to preindustrial levels were in the range between $2.5 and $5.9 trillion, taking into account the maximum level of side effects shown in the existing literature. The result indicates that lower limits of the option values for temperature targets below +2.4 °C would be greater than $2.5 trillion.

National Option of China's Nuclear Energy Systems for Spent Fuel Management

Energy Technology Data Exchange (ETDEWEB)

Gao, R.X. [University of Science and Technology, Daejeon (Korea, Republic of); Ko, W. I.; Lee, S. H. [Korea Atomic Energy Research Institute, Daejeon (Korea, Republic of)

2015-10-15

Along with safety concerns, these long standing environmental challenges are the major factors influencing the public acceptance of nuclear power. Although nuclear power plays an important role in reducing carbon emissions from energy generation, this could not fully prove it as a sustainable energy source unless we find a consensus approach to treat the nuclear wastes. There are currently no countries that have completed a whole nuclear fuel cycle, and the relative comparison of the reprocessing spent fuel options versus direct disposal option is always a controversial issue. Without exception, nowadays, China is implementing many R and D projects on spent fuel management to find a long-term solution for nuclear fuel cycle system transition, such as deep geological repositories for High Level Waste (HLW), Pu Reduction by Solvent Extraction (PUREX) technology, and fast reactor recycling Mixed U-Pu Oxide (MOX) fuels, etc. This paper integrates the current nation's projects of back-end fuel cycle, analyzes the consequences of potential successes, failures and delays in the project development to future nuclear fuel cycle transition up to 2100. We compared the dynamic results of four scenarios and then assessed relative impact on spent fuel management. The result revealed that the fuel cycle transition of reprocessing and recycling of spent fuel would bring advantages to overall nuclear systems by reducing high level waste inventory, saving natural uranium resources, and reducing plutonium management risk.

Bee diseases: Examining options for their management in Africa ...

African Journals Online (AJOL)

Bee diseases: Examining options for their management in Africa. ... In Europe and Asia, the problem of damage to bees by Varroa-Mites has ... has become more complicated, more work-intensive and more cost-intensive. ... from 32 Countries:.

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 )}.

The Fundamental Uncertainty of Business: Real Options

Science.gov (United States)

Dyer, James S.

The purpose of this paper is to discuss the manner in which uncertainty is currently evaluated in business, with an emphasis on economic measures. In recent years, the accepted approach for the valuation of capital investment decisions has become one based on the theory of real options. From the standpoint of this workshop, the interesting aspect of real options is its focus on the flexibility of management to respond to changes in the environment as a feature of an alternative that has unique value, known as "option value." While this may not be surprising to most participants in this workshop, it does represent a radical change in traditional thinking about risk in business, where efforts have primarily been focused on the elimination of risk when possible.

How does genetic risk information for Lynch syndrome translate to risk management behaviours?

Science.gov (United States)

Steel, Emma; Robbins, Andrew; Jenkins, Mark; Flander, Louisa; Gaff, Clara; Keogh, Louise

2017-01-01

There is limited research on why some individuals who have undergone predictive genetic testing for Lynch syndrome do not adhere to screening recommendations. This study aimed to explore qualitatively how Lynch syndrome non-carriers and carriers translate genetic risk information and advice to decisions about risk managment behaviours in the Australian healthcare system. Participants of the Australasian Colorectal Cancer Family Registry who had undergone predictive genetic testing for Lynch syndrome were interviewed on their risk management behaviours. Transcripts were analysed thematically using a comparative coding analysis. Thirty-three people were interviewed. Of the non-carriers ( n  = 16), 2 reported having apparently unnecessary colonoscopies, and 6 were unsure about what population-based colorectal cancer screening entails. Of the carriers ( n  = 17), 2 reported they had not had regular colonoscopies, and spoke about their discomfort with the screening process and a lack of faith in the procedure's ability to reduce their risk of developing colorectal cancer. Of the female carriers ( n  = 9), 2 could not recall being informed about the associated risk of gynaecological cancers. Non-carriers and female carriers of Lynch syndrome could benefit from further clarity and advice about appropriate risk management options. For those carriers who did not adhere to colonoscopy screening, a lack of faith in both genetic test results and screening were evident. It is essential that consistent advice is offered to both carriers and non-carriers of Lynch syndrome.

Qualification program of the ASTRID SFR project: definition, methodology and associated risk evaluation and management - 15093

International Nuclear Information System (INIS)

Rodriguez, G.; Dirat, J.F.; Traina, A.; Christofari, M.

2015-01-01

The Preconceptual Design phase of the ASTRID French Sodium Fast Reactor project had the objective to integrate innovative options to meet the requirements of the 4. generation reactors and to comply with the related specifications. It was followed by the conceptual phase studies (AVP2 phase 2013-2015) where some technical options are left opened with an advanced option and a backup alternative. In the same time of the AVP2 phase studies, the qualification program related to ASTRID project was initiated. It consists in collecting the exhaustive list of research/development (R/D) needs and technological demonstration tests to be fulfilled on representative mockup prior to component implementation in the prototype. The ASTRID Qualification Program (AQP) objectives are to collect needs expressed by all engineering companies involved in ASTRID, and then to organize the answer to this expression of needs. This significant work of needs compilation has been divided in several tasks, according to the ASTRID project decomposition in the Product Breakdown Structure (PBS). Compilation of needs was jointly performed by engineering company, R/D responsible and coordinated by the ASTRID Qualification project responsible. It was associated with an evaluation of the maturity level of the technical options thanks to a Technological Readiness Level grid (TRL ranking table), an identification of major risks, and an evaluation of the R/D potentiality and associated facility platform. The methodology applied for the ASTRID Qualification Program (AQP) is presented. It is explained what methodology was used associated to the TRL process, and how is managed the associated risk analysis evaluation: evaluation of major risks, definition of a risk portfolio and a corresponding Action Plan for risk reduction (synthesized under the REM acronym: Risk Evaluation and Management). This methodology is a mean used to facilitate ASTRID risk-informed decision making, technology qualification and

The influence of jumping risk and volatility risk on TAIEX option return

Science.gov (United States)

Lee, Wei-Long; Hsieh, Ching-Tang; Huang, Jui-Chan; Wu, Tzu-Jung

2017-06-01

Due to the low profits in recent years environmental, as well as the development of financial engineering that promote the derivatives trading Volume increased. Moreover, the fastest-growing of selected right and the lack of research about option risk. This study aim to explore the relationship between the risk and reward of selected right in Taiwan index. This study focus on the pricing the jump risk of selected right in Taiwan index. Using cross-sectional data as a 12-month study period, using the iteration method to research the effects of abnormal returns, the result shows that different risk factors of fluctuations affected the abnormal returns obviously will cause risk premium as well as the jump risk which consistent with the theory of behavioral finance. However, according to traditional finance theory, contrary to the results of this study consider that higher risks should generate higher-paying as well. According this study, the investors in behavioral finance in modern financial theory is not rational, and the trading behavior is non-random, moreover, the financial market is non-efficiency. Instead, the high risk low reward.

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.

Development of integrated waste management options for irradiated graphite

Directory of Open Access Journals (Sweden)

Alan Wareing

2017-08-01

Full Text Available The European Treatment and Disposal of Irradiated Graphite and other Carbonaceous Waste project sought to develop best practices in the retrieval, treatment, and disposal of irradiated graphite including other irradiated carbonaceous waste such as structural material made of graphite, nongraphitized carbon bricks, and fuel coatings. Emphasis was given on legacy irradiated graphite, as this represents a significant inventory in respective national waste management programs. This paper provides an overview of the characteristics of graphite irradiated during its use, primarily as a moderator material, within nuclear reactors. It describes the potential techniques applicable to the retrieval, treatment, recycling/reuse, and disposal of these graphite wastes. Considering the lifecycle of nuclear graphite, from manufacture to final disposal, a number of waste management options have been developed. These options consider the techniques and technologies required to address each stage of the lifecycle, such as segregation, treatment, recycle, and ultimate disposal in a radioactive waste repository, providing a toolbox to aid operators and regulators to determine the most appropriate management strategy. It is noted that national waste management programs currently have, or are in the process of developing, respective approaches to irradiated graphite management. The output of the Treatment and Disposal of Irradiated Graphite and other Carbonaceous Waste project is intended to aid these considerations, rather than dictate them.

A comparison of costs associated with utility management options for dry active waste

Energy Technology Data Exchange (ETDEWEB)

Hornibrook, C. [EPRI, Palo Alto, CA (United States)

1995-12-31

The economics of low level waste management is receiving more attention today than ever before. This is due to four factors: (1) the increases in the cost of processing of these wastes; (2) increases in the cost of disposal; (3) the addition of storage costs for those without access to disposal; and (4) the increasing competitive nature of the electric generation industry. These pressures are forcing the industry to update it`s evaluation of the mix of processing that will afford it the best long term economics and minimize it`s risks for unforeseen costs. Whether disposal is available or not, all utilities face the same challenge of minimizing the costs associated with the management of these wastes. There are a number of variables that will impact how a utility manages their wastes but the problem is the uncertainty of what will actually happen, i.e., will disposal be available, when and at what cost. Using the EPRI-developed WASTECOST: DAW code, this paper explores a variety of LLW management options available to utilities. Along with providing the costs and benefits, other technical considerations which play an important part in the management of these wastes are also addressed.

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.

Risk management study for the Hanford Site facilities: Risk reduction cost comparison for the retired Hanford Site facilities. Volume 4

Energy Technology Data Exchange (ETDEWEB)

Coles, G.A.; Egge, R.G.; Senger, E.; Shultz, M.W.; Taylor, W.E.

1994-02-01

This document provides a cost-comparison evaluation for implementing certain risk-reduction measures and their effect on the overall risk of the 100 and 200 Area retired, surplus facilities. The evaluation is based on conditions that existed at the time the risk evaluation team performed facility investigations, and does not acknowledge risk-reduction measures that occurred soon after risk identification. This evaluation is one part of an overall risk management study for these facilities. The retired facilities investigated for this evaluation are located in the 100 and 200 Areas of the 1450-km{sup 2} Hanford Site. The Hanford Site is a semiarid tract of land in southeastern Washington State. The nearest population center is Richland, Washington, (population 32,000) 30 km southeast of the 200 Area. This cost-comparison evaluation (1) determines relative costs for reducing risk to acceptable levels; (2) compares the cost of reducing risk using different risk-reduction options; and (3) compares the cost of reducing risks at different facilities. The result is an identification of the cost effective risk-reduction measures. Supporting information required to develop costs of the various risk-reduction options also is included.

The MERINOVA project: MEteorological RIsks as drivers of environmental inNOvation in Agro-ecosystem management

Science.gov (United States)

Gobin, Anne; Van de vijver, Hans; Zamani, Sepideh; Curnel, Yannick; Planchon, Viviane; Verspecht, Ann; Van Huylenbroeck, Guido

2014-05-01

Devastating weather-related events have captured the interest of the general public in Belgium. Extreme weather events such as droughts, heat waves and rain storms are projected to increase both in frequency and magnitude with climate change. Since more than half of the Belgian territory is managed by the agricultural sector, extreme events may have significant impacts on agro-ecosystem services and pose severe limitations to sustainable agricultural land management. The research hypothesis of the MERINOVA project is that meteorological risks act as drivers of environmental innovation in agro-ecosystem management. The major objectives are to characterise extreme meteorological events, assess the impact on Belgian agro-ecosystems, characterise their vulnerability and resilience to these events, and explore innovative adaptation options to agricultural risk management. The project comprises of five major parts that reflect the chain of risks: the hazard, its impact on different agro-ecosystems, vulnerability, risk management and risk communication. Impacts developed from physically based models not only provide information on the state of the damage at any given time, but also assist in understanding the links between different factors causing damage and determining bio-physical vulnerability. Socio-economic impacts enlarge the basis for vulnerability mapping, risk management and adaptation options. The perspective of rising risk-exposure is exacerbated further by more limits to aid received for agricultural damage and an overall reduction of direct income support to farmers. The main findings of each of these project building blocks will be communicated. MERINOVA provides for a robust and flexible framework by demonstrating its performance across Belgian agro-ecosystems, and by ensuring its relevance to policy makers and practitioners. A strong expert and end-user network is established to help disseminating and exploiting project results to meet user needs. The

Nuclear spent fuel management. Experience and options

International Nuclear Information System (INIS)

1986-01-01

Spent nuclear fuel can be stored safely for long periods at relatively low cost, but some form of permanent disposal will eventually be necessary. This report examines the options for spent fuel management, explores the future prospects for each stage of the back-end of the fuel cycle and provides a thorough review of past experience and the technical status of the alternatives. Current policies and practices in twelve OECD countries are surveyed

Nonoperative options for management of residual stones after cholecystostomy in high-risk patients

Science.gov (United States)

Reed, David M.; Daye, S. S.; Lincer, R. M.

1993-05-01

Cholecystostomy is frequently performed to obtain control of sepsis in high risk patients with acute cholecystitis. Retained stones in the gallbladder may cause future clinical problems. We present two patients with cholecystostomy tubes managed non-operatively. A review of other reported methods for stone extraction or destruction is also presented. Knowledge of safe and effective techniques for removal of these stones, using minimally invasive techniques is useful to the general surgeon.

New options in the management of tendinopathy

Science.gov (United States)

Maffulli, Nicola; Longo, Umile Giuseppe; Loppini, Mattia; Spiezia, Filippo; Denaro, Vincenzo

2010-01-01

Tendon injuries can be acute or chronic, and caused by intrinsic or extrinsic factors, either alone or in combination. Tendinopathies are a common cause of disability in occupational medicine and account for a substantial proportion of overuse injuries in sports. Tendinopathy is essentially a failed healing response, with haphazard proliferation of tenocytes, abnormalities in tenocytes, with disruption of collagen fibres and subsequent increase in noncollagenous matrix. The scientific evidence base for managing tendinopathies is limited. What may appear clinically as an “acute tendinopathy” is actually a well advanced failure of a chronic healing response in which there is neither histologic nor biochemical evidence of inflammation. In this review we report the new options for the management of tendinopathy, including eccentric exercises, extracorporeal shockwave therapy, injections (intratendinous injections of corticosteroids, aprotinin, polidocanol platelet-rich plasma, autologous blood injection, high-volume injections) and surgery. Open surgery aims to excise fibrotic adhesions, remove areas of failed healing and make multiple longitudinal incisions in the tendon to detect intratendinous lesions, and to restore vascularity and possibly stimulate the remaining viable cells to initiate cell matrix response and healing. New surgical techniques aim to disrupt the abnormal neoinnervation to interfere with the pain sensation caused by tendinopathy. These procedures are intrinsically different from the classical ones in present use, because they do not attempt to address directly the pathologic lesion, but act only to denervate them. They include endoscopy, electrocoagulation, and minimally invasive stripping. Further randomized controlled trials are necessary to clarify better the best therapeutic options for the management of tendinopathy. PMID:24198540

Considerations Regarding ROK Spent Nuclear Fuel Management Options

International Nuclear Information System (INIS)

Braun, Chaim; Forrest, Robert

2013-01-01

In this paper we discuss spent fuel management options in the Republic of Korea (ROK) from two interrelated perspectives: Centralized dry cask storage and spent fuel pyroprocessing and burning in sodium fast reactors (SFRs). We argue that the ROK will run out of space for at-reactors spent fuel storage by about the year 2030 and will thus need to transition centralized dry cask storage. Pyroprocessing plant capacity, even if approved and successfully licensed and constructed by that time, will not suffice to handle all the spent fuel discharged annually. Hence centralized dry cask storage will be required even if the pyroprocessing option is successfully developed by 2030. Pyroprocessing is but an enabling technology on the path leading to fissile material recycling and burning in future SFRs. In this regard we discuss two SFR options under development in the U. S.: the Super Prism and the Travelling Wave Reactor (TWR). We note that the U. S. is further along in reactor development than the ROK. The ROK though has acquired more experience, recently in investigating fuel recycling options for SFRs. We thus call for two complementary joint R and D project to be conducted by U. S. and ROK scientists. One leading to the development of a demonstration centralized away-from-reactors spent fuel storage facility. The other involve further R and D on a combined SFR-fuel cycle complex based on the reactor and fuel cycle options discussed in the paper

[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.

Making decentralised systems viable: a guide to managing decentralised assets and risks.

Science.gov (United States)

Willetts, J; Fane, S; Mitchell, C

2007-01-01

Decentralised systems have the potential to provide a viable option for long term sustainable management of household wastewater. Yet, at present, such systems hold an uncertain status and are frequently omitted from consideration. Their potential can only be realised with improved approaches to their management, and improved methods to decision-making in planning of wastewater systems. The aim of this paper is to demonstrate the value of a novel framework to guide the planning of decentralised systems so that asset management and risk management are explicitly considered. The framework was developed through a detailed synthesis of literature and practice in the area of asset management of centralised water and wastewater systems, and risk management in the context of decentralised systems. Key aspects of the framework are attention to socio-economic risks as well as engineering, public health and ecological risks, the central place of communication with multiple stakeholders and establishing a shared asset information system. A case study is used to demonstrate how the framework can guide a different approach and lead to different, more sustainable outcomes, by explicitly considering the needs and perspectives of homeowners, water authorities, relevant government agencies and society as a whole.

Urinary tract cancer and hereditary nonpolyposis colorectal cancer : Risks and screening options

NARCIS (Netherlands)

Sijmons, RH; Kiemeney, LALM; Witjes, JA; Vasen, HFA

Purpose: We investigate the risk of the different types of urinary tract cancer in hereditary nonpolyposis colorectal cancer families and review screening options. Materials and Methods: We retrospectively calculated the relative and cumulative risks of developing urinary tract cancer by comparing

76 FR 72488 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Science.gov (United States)

2011-11-23

... Stock Market LLC for the NASDAQ Options Market (``NOM''), and NASDAQ OMX PHLX, Inc. (``PHLX'').\\8\\ \\6... investment and risk management strategies and decisions. The Exchange further believes this proposed rule change will provide investors with additional Weekly option classes for investment, trading and risk...

Climate change, variability and extreme events : risk assessment and management strategies in a Peach cultivated area in Italy.

Science.gov (United States)

Alfieri, Silvia Maria; De Lorenzi, Francesca; Basile, Angelo; Bonfante, Antonello; Missere, Daniele; Menenti, Massimo

2014-05-01

Climate change in Mediterranean area is likely to reduce precipitation amounts and to increase temperature thus affecting the timing of development stages and the productivity of crops. Further, extreme weather events are expected to increase in the future leading to significant increase in agricultural risk. Some strategies for effectively managing risks and adapting to climate change involve adjustments to irrigation management and use of different varieties. We quantified the risk on Peach production in an irrigated area of "Emilia Romagna" region ( Italy) taking into account the impact on crop yield due to climate change and variability and to extreme weather events as well as the ability of the agricultural system to modulate this impact (adaptive capacity) through changes in water and crop management. We have focused on climatic events causing insufficient water supply to crops, while taking into account the effect of climate on the duration and timing of phenological stages. Further, extreme maximum and minimum temperature events causing significant reduction of crop yield have been considered using phase-specific critical temperatures. In our study risk was assessed as the product of the probability of a damaging event (hazard), such as drought or extreme temperatures, and the estimated impact of such an event (vulnerability). To estimate vulnerability we took into account the possible options to reduce risk, by combining estimates of the sensitivity of the system (negative impact on crop yield) and its adaptive capacity. The latter was evaluated as the relative improvement due to alternate management options: the use of alternate varieties or the changes in irrigation management. Vulnerability was quantified using cultivar-specific thermal and hydrologic requirements of a set of cultivars determined by experimental data and from scientific literature. Critical temperatures determining a certain reduction of crop yield have been estimated and used to assess

Improving risk management: from lame excuses to principled practice.

Science.gov (United States)

Paté-Cornell, Elisabeth; Cox, Louis Anthony

2014-07-01

The three classic pillars of risk analysis are risk assessment (how big is the risk and how sure can we be?), risk management (what shall we do about it?), and risk communication (what shall we say about it, to whom, when, and how?). We propose two complements as important parts of these three bases: risk attribution (who or what addressable conditions actually caused an accident or loss?) and learning from experience about risk reduction (what works, and how well?). Failures in complex systems usually evoke blame, often with insufficient attention to root causes of failure, including some aspects of the situation, design decisions, or social norms and culture. Focusing on blame, however, can inhibit effective learning, instead eliciting excuses to deflect attention and perceived culpability. Productive understanding of what went wrong, and how to do better, thus requires moving past recrimination and excuses. This article identifies common blame-shifting "lame excuses" for poor risk management. These generally contribute little to effective improvements and may leave real risks and preventable causes unaddressed. We propose principles from risk and decision sciences and organizational design to improve results. These start with organizational leadership. More specifically, they include: deliberate testing and learning-especially from near-misses and accident precursors; careful causal analysis of accidents; risk quantification; candid expression of uncertainties about costs and benefits of risk-reduction options; optimization of tradeoffs between gathering additional information and immediate action; promotion of safety culture; and mindful allocation of people, responsibilities, and resources to reduce risks. We propose that these principles provide sound foundations for improving successful risk management. © 2014 Society for Risk Analysis.

Risk Management Framework for Hedge Funds: Role of Funding and Redemption Options on Leverage

OpenAIRE

Dai, John; Sundaresan, Suresh

2009-01-01

We develop a model of hedge fund returns, which reflect the contractual relationships between a hedge fund, its investors and its prime brokers. These relationships are modelled as short option positions held by the hedge fund, wherein the “funding option” reflects the short option position with prime brokers and the “redemption option” reflects the short option position with the investors. Given an alpha producing human capital, the hedge fund’s ability to deploy leverage to magnify its alph...

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.

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.

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

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...

Partitioning and transmutation: Radioactive waste management option

International Nuclear Information System (INIS)

Stanculescu, A.

2005-01-01

Growing world population with increasing energy needs, especially in the developing countries, Threat of global warming due to CO 2 emissions demands non-fossil electricity production. Nuclear will have to be part of a sustainable mix of energy production options Figures show that 350 GWe worldwide capacity is 'nuclear'. Present worldwide spent fuel (containing high Pu inventory) and HLW would need large repositories. In view of the previous facts this lecture deals Partitioning and transmutation as radioactive waste management option. Partitioning and transmutation (P and T) is a complex technology i.e. advanced reprocessing, and demand transuranics fuel fabrication plants, as well as innovative and/or dedicated transmutation reactors. In addition to U, Pu, and 129 I, 'partitioning' extracts from the liquid high level waste the minor actinides (MA) and the long-lived fission products (LLFP) 99-Tc, 93-Zr, 135-Cs, 107-Pd, and 79-Se). 'Transmutation' requires fully new fuel fabrication plants and reactor technologies to be developed and implemented on industrial scale. Present LWRs are not suited for MA and LLFP transmutation (safety consideration, plant operation, poor incineration capability). Only specially licensed LWRs can cope with MOX fuel; for increased Pu loadings (up to 100%), special reactor designs (e.g., ABB80+) are required; a combination of these reactor types could allow Pu inventory stabilization. Long-term waste radiotoxicity can be effectively reduced only if transuranics are 'incinerated' through fission with very hard neutron spectra. New reactor concepts (dedicated fast reactors, Accelerator Driven Systems (ADS), fusion/fission hybrid reactors) have been proposed as transmuters/incinerators. Significant Pu+MAs incineration rates can be achieved in symbiotic scenarios: LWR-MOX and dedicated fast reactors; fast neutron spectrum ADS mainly for MA incineration; very high thermal flux ADS concepts could also provide a significant transuranics

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....

DIRECTIONS FOR FUTURE CONSTRUCTION SUPPLY CHAIN MANAGEMENT RESEARCH IN NEW ZEALAND: A REAL OPTIONS PERSPECTIVE

Directory of Open Access Journals (Sweden)

Tran, Van

2012-04-01

Full Text Available Real Options (RO has been a universally accepted concept in a number of major industries. However, its use in the construction supply chain management (CSCM sector has been limited. Some rare supply chain management RO studies have shown a number of limitations. First, there is a lack of a rigorous theoretical RO framework pertaining specifically to CSCM. All such supply chain management RO studies are based off RO theories or models developed for other sectors (engineering, infrastructure, natural resources. And second, attempts to extend real option to wider uses in CSCM seem premature at the present. This paper reviews all recent literature pertaining to real options and real options applied specifically to the construction supply chain management area. The study proposes a research programme pertaining to CSCM in New Zealand in order to enhance the current understanding of RO in this area and in the process develop a comprehensive theory for the RO application in New Zealand CSCM.

Value-creating investment strategies to manage risk from structural market uncertainties: Switching and compound options in (V)HTR technologies - HTR2008-58157

International Nuclear Information System (INIS)

Lauferts, U.; Halbe, C.; Van Heek, A.

2008-01-01

To measure the value of a technology investment under uncertainty with standard techniques like net present value (NPV) or return on investment (ROI) will often uncover the difficulty to present convincing business case. Projected cash flows are inefficient or the discount rate chosen to compensate for the risk is so high, that it is disagreeable to the investor s requirements. Decision making and feasibility studies have to look beyond traditional analysis to reveal the strategic value of a technology investment. Here, a Real Option Analysis (ROA) offers a powerful alternative to standard discounted cash-flow (DCF) methodology by risk-adjusting the cash flow along the decision path rather than risk adjusting the discount rate. Within the GEN IV initiative attention is brought not only towards better sustainability, but also to broader industrial application and improved financing. Especially the HTR design is full of strategic optionalities: The high temperature output facilitates penetration into other non-electricity energy markets like industrial process heat applications and the hydrogen market. The flexibility to switch output in markets with multi-source uncertainties reduces downside risk and creates an additional value of over 50% with regard to the Net Present Value without flexibility. The supplement value of deploying a modular (V)HTR design adds over 100% to the project value using real option evaluation tools. Focus of this paper was to quantify the strategic value that comes along a) with the modular design; a design that offers managerial flexibility adapting a step-by-step investment strategy to the actual market demand and b) with the option to switch between two modes of operation, namely electricity and hydrogen production. We will demonstrate that the effect of uncertain electricity prices can be dampened down with a modular HTR design. By using a real option approach, we view the project as a series of compound options - each option depending

Albedo and vegetation demand-side management options for warm climates

International Nuclear Information System (INIS)

Hall, Darwin C.

1997-01-01

For electric utilities, demand-side management (DSM) can reduce electric load and shift load from peak to off-peak periods. In general, the investor in DSM collects the reward with lower electric bills, excepting a positive externality because of reduced tropospheric and stratospheric air pollution from fossil fuel power plants. In warm climates, DSM options include increasing albedo and vegetation, respectively, by painting surfaces white and planting trees; these DSM options are distinguished from all other DSM options because of ecosystem effects. Ambient temperature falls, mitigating the urban 'heat island', which reduces electric load and ozone formation. The investor in albedo and vegetation DSM options does not collect all of the reward from lower electric bills, since the lower ambient temperature provides savings to all customers who use electricity for air conditioning and refrigeration. Similar to other DSM options, air pollution is also reduced as a result of lower power plant emissions. Complex airshed models and electric utility system dispatch models are applied in this paper to account for some of these ecosystem effects. Unaccounted ecosystem effects remain, stymieing cost effectiveness analysis

Using Cyber-Insurance as a Risk Management Strategy: Knowledge Gaps and Recommendations for Further Research

OpenAIRE

Tøndel, Inger Anne; Meland, Per Håkon; Omerovic, Aida; Gjære, Erlend Andreas; Solhaug, Bjørnar

2015-01-01

- Risk transfer can be an economically favorable way of handling security and privacy issues, but choosing this option indiscriminately and without proper knowledge is a risk in itself. This report provides an overview of knowledge gaps related to cyber-insurance as a risk management strategy. These are grouped into three high-level topics; cyber-insurance products, understanding and measuring risk and estimation of consequences. The topics are further divided into 11 knowledge areas with ...

Managing vulnerability to drought and enhancing livelihood resilience in sub-Saharan Africa: Technological, institutional and policy options

Directory of Open Access Journals (Sweden)

Bekele Shiferaw

2014-06-01

Full Text Available Agriculture and the economies of Sub-Saharan Africa (SSA are highly sensitive to climatic variability. Drought, in particular, represents one of the most important natural factors contributing to malnutrition and famine in many parts of the region. The overall impact of drought on a given country/region and its ability to recover from the resulting social, economic and environmental impacts depends on several factors. The economic, social and environmental impacts of drought are huge in SSA and the national costs and losses incurred threaten to undermine the wider economic and development gains made in the last few decades in the region. There is an urgent need to reduce the vulnerability of countries to climate variability and to the threats posed by climate change. This paper attempts to highlight the challenges of drought in SSA and reviews the current drought risk management strategies, especially the promising technological and policy options for managing drought risks to protect livelihoods and reduce vulnerability. The review suggests the possibilities of several ex ante and ex post drought management strategies in SSA although their effectiveness depends on agro-climatic and socio-economic conditions. Existing technological, policy and institutional risk management measures need to be strengthened and integrated to manage drought ex ante and to minimize the ex post negative effects for vulnerable households and regions. A proactive approach that combines promising technological, institutional and policy solutions to manage the risks within vulnerable communities implemented by institutions operating at different levels (community, sub-national, and national is considered to be the way forward for managing drought and climate variability.

A simplified method for quantitative assessment of the relative health and safety risk of environmental management activities

International Nuclear Information System (INIS)

Eide, S.A.; Smith, T.H.; Peatross, R.G.; Stepan, I.E.

1996-09-01

This report presents a simplified method to assess the health and safety risk of Environmental Management activities of the US Department of Energy (DOE). The method applies to all types of Environmental Management activities including waste management, environmental restoration, and decontamination and decommissioning. The method is particularly useful for planning or tradeoff studies involving multiple conceptual options because it combines rapid evaluation with a quantitative approach. The method is also potentially applicable to risk assessments of activities other than DOE Environmental Management activities if rapid quantitative results are desired

Storm surges-An option for Hamburg, Germany, to mitigate expected future aggravation of risk

International Nuclear Information System (INIS)

Storch, Hans von; Goennert, Gabriele; Meine, Manfred

2008-01-01

Summary: Rising sea level together with regionally increased storm activity, caused by elevated and increasing levels of greenhouse gases in the atmosphere will in many parts of the world increase the risk of storm surges significantly. Reducing the emissions of greenhouse gases into the atmosphere may mitigate the increasing risks somewhat, but the major task for regional and local stakeholders will be to prepare for appropriate adaptation. In most cases, possible strategies include intensification of coastal defense measures, in particular strengthening dykes, and adaptation to intermittent flooding. In case of Hamburg and the tidal Elbe river a third option seems to be available, which aims at mitigating storm surge risks by applying estuary engineering constructions. This option is sketched in this paper. The option has the potential to significantly reduce the expected future increases of local surge heights

Environmental risk assessment and management of engineered nanomaterials - The role of ecotoxicity testing

DEFF Research Database (Denmark)

Hjorth, Rune

replaced with a focus on in silico and in vitro studies with an even greater need for and reliance on extrapolation. However, in this thesis it is argued that within ecotoxicity, whole organism models remain at the foundation of environmental risk assessment, and as such, they are likely to remain in use...... will be available, it is important that tools encompassing uncertainty are utilized to facilitate decision-support. As the risk constituted by ENMs cannot be quantified, the use, need and ability of risk management options to encompass the potential risk are similarly challenged. This should invoke a precautionary...... to these is the continued examination of the applicability of ecotoxicity testing to encompass the testing of particles, as the tests originally are developed for dissolved chemicals. Furthermore, the ability of such testing to inform environmental risk assessment and environmental risk management, including...

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

Real options analysis for land use management: Methods, application, and implications for policy.

Science.gov (United States)

Regan, Courtney M; Bryan, Brett A; Connor, Jeffery D; Meyer, Wayne S; Ostendorf, Bertram; Zhu, Zili; Bao, Chenming

2015-09-15

Discounted cash flow analysis, including net present value is an established way to value land use and management investments which accounts for the time-value of money. However, it provides a static view and assumes passive commitment to an investment strategy when real world land use and management investment decisions are characterised by uncertainty, irreversibility, change, and adaptation. Real options analysis has been proposed as a better valuation method under uncertainty and where the opportunity exists to delay investment decisions, pending more information. We briefly review the use of discounted cash flow methods in land use and management and discuss their benefits and limitations. We then provide an overview of real options analysis, describe the main analytical methods, and summarize its application to land use investment decisions. Real options analysis is largely underutilized in evaluating land use decisions, despite uncertainty in policy and economic drivers, the irreversibility and sunk costs involved. New simulation methods offer the potential for overcoming current technical challenges to implementation as demonstrated with a real options simulation model used to evaluate an agricultural land use decision in South Australia. We conclude that considering option values in future policy design will provide a more realistic assessment of landholder investment decision making and provide insights for improved policy performance. Copyright © 2015 Elsevier Ltd. All rights reserved.

Technological options for management of hazardous wastes from US Department of Energy facilities

Energy Technology Data Exchange (ETDEWEB)

Chiu, S.; Newsom, D.; Barisas, S.; Humphrey, J.; Fradkin, L.; Surles, T.

1982-08-01

This report provides comprehensive information on the technological options for management of hazardous wastes generated at facilities owned or operated by the US Department of Energy (DOE). These facilities annually generate a large quantity of wastes that could be deemed hazardous under the Resource Conservation and Recovery Act (RCRA). Included in these wastes are liquids or solids containing polychlorinated biphenyls, pesticides, heavy metals, waste oils, spent solvents, acids, bases, carcinogens, and numerous other pollutants. Some of these wastes consist of nonnuclear hazardous chemicals; others are mixed wastes containing radioactive materials and hazardous chemicals. Nearly 20 unit processes and disposal methods are presented in this report. They were selected on the basis of their proven utility in waste management and potential applicability at DOE sites. These technological options fall into five categories: physical processes, chemical processes, waste exchange, fixation, and ultimate disposal. The options can be employed for either resource recovery, waste detoxification, volume reduction, or perpetual storage. Detailed descriptions of each technological option are presented, including information on process performance, cost, energy and environmental considerations, waste management of applications, and potential applications at DOE sites. 131 references, 25 figures, 23 tables.

Technological options for management of hazardous wastes from US Department of Energy facilities

International Nuclear Information System (INIS)

Chiu, S.; Newsom, D.; Barisas, S.; Humphrey, J.; Fradkin, L.; Surles, T.

1982-08-01

This report provides comprehensive information on the technological options for management of hazardous wastes generated at facilities owned or operated by the US Department of Energy (DOE). These facilities annually generate a large quantity of wastes that could be deemed hazardous under the Resource Conservation and Recovery Act (RCRA). Included in these wastes are liquids or solids containing polychlorinated biphenyls, pesticides, heavy metals, waste oils, spent solvents, acids, bases, carcinogens, and numerous other pollutants. Some of these wastes consist of nonnuclear hazardous chemicals; others are mixed wastes containing radioactive materials and hazardous chemicals. Nearly 20 unit processes and disposal methods are presented in this report. They were selected on the basis of their proven utility in waste management and potential applicability at DOE sites. These technological options fall into five categories: physical processes, chemical processes, waste exchange, fixation, and ultimate disposal. The options can be employed for either resource recovery, waste detoxification, volume reduction, or perpetual storage. Detailed descriptions of each technological option are presented, including information on process performance, cost, energy and environmental considerations, waste management of applications, and potential applications at DOE sites. 131 references, 25 figures, 23 tables

Radiological impacts of spent nuclear fuel management options

International Nuclear Information System (INIS)

Riotte, H.; Lazo, T.; Mundigl, S.

2000-01-01

An important technical study on radiological impacts of spent nuclear fuel management options, recently completed by the NEA, is intended to facilitate informed international discussions on the nuclear fuel cycle. The study compares the radiological impacts on the public and on nuclear workers resulting from two approaches to handling spent fuel from nuclear power plants: - the reprocessing option, that includes the recycling of spent uranium fuel, the reuse of the separated plutonium in MOX fuel, and the direct disposal of spent MOX fuel; and the once-through option, with no reprocessing of spent fuel, and its direct disposal. Based on the detailed research of a group of 18 internationally recognised experts, under NEA sponsorship, the report concludes that: The radiological impacts of both the reprocessing and the non-reprocessing fuel cycles studied are small, well below any regulatory dose limits for the public and for workers, and insignificantly low as compared with exposures caused by natural radiation. The difference in the radiological impacts of the two fuel cycles studied does not provide a compelling argument in favour of one option or the other. The study also points out that other factors, such as resource utilisation efficiency, energy security, and social and economic considerations would tend to carry more weight than radiological impacts in decision-making processes. (authors)

Fundamentals of risk management understanding, evaluating and implementing effective risk management

CERN Document Server

Hopkin, Paul

2012-01-01

Now more than ever, organizations must plan, response and recognize all forms of risks that they face. "Fundamentals of Risk Management", now in its second edition, provides a comprehensive introduction to the subject of commercial and business risk for anyone studying for a career in risk as well as a broad range of risk professionals. It examines the key components of risk management and its application with examples to demonstrate its benefit to organisations in the public and private sector. The second edition has been completely updated to take into account the greater influence of ISO 3100, the emergence of Governance Risk and Compliance (GRC) and the wide use of the bowtie method to illustrate risk management. In addition, there is now a chapter on the skills and competencies required by an effective risk manager.

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

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...

Strategies for risk management using the paper markets

International Nuclear Information System (INIS)

Annesley, M.

1992-01-01

This paper briefly describes the significant milestones in the evolution of the oil markets, with emphasis on the reasons for the changing structures of the markets, and the roles of different types of participant. After explaining the current structure of the oil markets - futures - forwards - options and derivatives the paper then explains some basic strategies. Finally some of the favourite strategies of refiners, producers and end users will be explored. Some cautionary comments on deal tracking, control systems and other associated risk management requirements will round off this paper. (author)

A Pilot Study on Applying Risk Informed Application Option 2 to Two Systems in UCN 3

International Nuclear Information System (INIS)

Kim, Kil Yoo; Hwang, Mee Jeong; Yang, Joon Eon

2005-01-01

To reduce the unnecessary burden of a regulation, NRC prepared three options for the risk informed regulatory framework known as Option 1, Option 2 and Option 3. In Option 2, all safety related Structure, System and Components (SSCs) and non-safety related SSCs are evaluated from a safety point of view, and the low safety significant SSCs belonging to the safety related group are called 'Risk Informed Safety Class (RISC) - 3' SSCs. The 'RISC-3' SSCs can be exempted from the special treatment requirements such as a seismic and environmental requirement, of 10 CFR 50. For Option 2, 10 CFR 50.69 was issued by US NRC, and NEI 00-04 was prepared by US industry as a categorization guideline for 10 CFR 50.69, and US NRC endorsed the NEI 00-04 methodology for Option 2 in Reg. Guide 1.201. This paper describes the Option 2 method applied to the high pressure safety injection system (HPSI) and the essential service water system (ESW) of UCN 3

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

New options in the management of tendinopathy

Directory of Open Access Journals (Sweden)

Nicola Maffulli

2010-03-01

Full Text Available Nicola Maffulli1, Umile Giuseppe Longo2, Mattia Loppini2, Filippo Spiezia2, Vincenzo Denaro21Centre for Sports and Exercise Medicine, Queen Mary University of London, Barts and The London School of Medicine and Dentistry, Mile End Hospital, London, England; 2Department of Orthopedic and Trauma Surgery, Campus Biomedico University, Rome, ItalyAbstract: Tendon injuries can be acute or chronic, and caused by intrinsic or extrinsic factors, either alone or in combination. Tendinopathies are a common cause of disability in occupational medicine and account for a substantial proportion of overuse injuries in sports. Tendinopathy is essentially a failed healing response, with haphazard proliferation of tenocytes, abnormalities in tenocytes, with disruption of collagen fibres and subsequent increase in noncollagenous matrix. The scientific evidence base for managing tendinopathies is limited. What may appear clinically as an “acute tendinopathy” is actually a well advanced failure of a chronic healing response in which there is neither histologic nor biochemical evidence of inflammation. In this review we report the new options for the management of tendinopathy, including eccentric exercises, extracorporeal shockwave therapy, injections (intratendinous injections of corticosteroids, aprotinin, polidocanol platelet-rich plasma, autologous blood injection, high-volume injections and surgery. Open surgery aims to excise fibrotic adhesions, remove areas of failed healing and make multiple longitudinal incisions in the tendon to detect intratendinous lesions, and to restore vascularity and possibly stimulate the remaining viable cells to initiate cell matrix response and healing. New surgical techniques aim to disrupt the abnormal neoinnervation to interfere with the pain sensation caused by tendinopathy. These procedures are intrinsically different from the classical ones in present use, because they do not attempt to address directly the pathologic

Options for including nitrogen management in climate policy

International Nuclear Information System (INIS)

Erisman, J.W.

2010-12-01

The outline of the presentation is as follows: Climate change and nitrogen; Nitrogen and climate interlinkages; Options for nitrogen management; Report, workshop and IPCC; and Conclusions. The concluding remarks are: Fertilizing the biosphere with reactive nitrogen compounds lead to ecosystem, health, water and climate impacts; Nitrogen deposition can lead to additional carbon sequestration and to impacts on biodiversity and ecosystem services; Nitrogen addition to the biosphere might have a net cooling effect of 1 W/m 2 ; Life Cycle Analysis is needed to show the full impact; and Nitrogen management is essential for the environment and can have a positive effect on the net GHG exchange.

FORWARD, FUTURE AND OPTIONS ON STOCK EXCHANGE MARKET

OpenAIRE

Ljiljana Stošić Mihajlović; Ivana Zdravković

2016-01-01

The main motive of the formation and use of forward contracts and futures, and options, was certainly profit. Making financial markets more efficient, in terms of expanding the range of available financial instruments and reduction in transaction costs, these financial innovations are beneficial for both investors and managers company. Primary purpose of derivatives such as forwards, futures and options is to enable control risks by investitures and primarily from inadequate price trend...

National Forest management options in response to climate change

Science.gov (United States)

Forest Service U.S. Department of Agriculture

2009-01-01

The effect of climate change on ecosystem structure, function, and services will depend on the ecosystem's degree of sensitivity to climate change, the natural ability of plants and animals to adapt, and the availability of effective management options. Sensitivity to climate change is a function of ecosystem health and environmental stresses such as air pollution...

ART attrition and risk factors among Option B+ patients in Haiti: A retrospective cohort study.

Directory of Open Access Journals (Sweden)

Nancy Puttkammer

Full Text Available In October 2012, the Haitian Ministry of Health endorsed the "Option B+" strategy to eliminate mother-to-child transmission of HIV and achieve HIV epidemic control. The objective of this paper is to assess and identify risk factors for attrition from the national ART program among Option B+ patients in the 12 months after ART initiation.This retrospective cohort study included patients newly initiating ART from October 2012-August 2013 at 68 ART sites covering 45% of all newly enrolled ART patients in all regions of Haiti.With data from electronic medical records, we carried out descriptive analysis of sociodemographic, clinical, and pregnancy-related correlates of ART attrition, and used a modified Poisson regression approach to estimate relative risks in a multivariable model.There were 2,166 Option B+ patients who initiated ART, of whom 1,023 were not retained by 12 months (47.2%. One quarter (25.3% dropped out within 3 months of ART initiation. Protective factors included older age, more advanced HIV disease progression, and any adherence counseling prior to ART initiation, while risk factors included starting ART late in gestation, starting ART within 7 days of HIV testing, and using an atypical ART regimen.Our study demonstrates early ART attrition among Option B+ patients and contributes evidence on the characteristics of women who are most at risk of attrition in Haiti. Our findings highlight the importance of targeted strategies to support retention among Option B+ patients.

Integrating renewable energy technologies in the electric supply industry: A risk management approach

Energy Technology Data Exchange (ETDEWEB)

Hoff, T.E. [Pacific Energy Group, Walnut Creek, CA (United States)

1997-07-01

Regulatory and technical forces are causing electric utilities to move from a natural monopoly to a more competitive environment. Associated with this movement is an increasing concern about how to manage the risks associated with the electric supply business. One approach to managing risks is to purchase financial instruments such as options and futures contracts. Another approach is to own physical assets that have low risk attributes or characteristics. This research evaluates how investments in renewable energy technologies can mitigate risks in the electric supply industry. It identifies risks that are known to be of concern to utilities and other power producers. These risks include uncertainty in fuel prices, demand, environmental regulations, capital cost, supply, and market structure. The research then determines how investments in renewables can mitigate these risks. Methods are developed to calculate the value of renewables in terms of their attributes of fuel costs, environmental costs, lead-time, modularity, availability, initial capital costs, and investment reversibility. Examples illustrate how to apply the methods.

A cost–benefit analysis of mitigation options for optimal management of risks posed by flow-like phenomena

DEFF Research Database (Denmark)

Narasimhan, Harikrishna; Ferlisi, Settimio; Cascini, Leonardo

2016-01-01

) (Nathwani et al. in Affordable safety by choice: the life quality method. University of Waterloo, Waterloo, 1997; Nathwani et al. in Engineering decisions for life quality: how safe is safe enough? Springer, London, 2009). A case study involving the cost–benefit analysis of selected packages of measures......Decisions associated with life safety risk management of natural hazards can involve significant potential consequences for public safety. Given possible limitations to available societal resources, it is therefore necessary to establish a clear and rational basis for the allocation of resources...... towards risk management. A viable approach for utilising life safety risk assessment in public safety decisions that are aimed at improving the welfare of the public and other stakeholders is described in this paper. This approach is conceptually based on the principles of the Life Quality Index (LQI...

Flood Risk Management Policy in Scotland: Research Questions Past, Present and Future

Science.gov (United States)

Wilkinson, Mark; Hastings, Emily; MacDonald, Jannette

2016-04-01

Scotland's Centre of Expertise for Waters (CREW) delivers accessible research and expert opinion to support the Scottish Government and its delivery partners in the development and implementation of water policy. It was established in 2011 by the Scottish Government (Rural and Environmental Science and Analytical Services) in recognition of a gap in the provision of short term advice and research to policy (development and implementation). Key policy areas include the Water Framework Directive, Floods Directive, Drinking Water Directive, Habitats Directive and Scotland's Hydro Nation Strategy. CREW is unique in its demand-driven and free service for policy makers and practitioners, managing the engagement between scientists, policy makers and practitioners to work effectively across this interface. The users of CREW are the Scottish Government, Scottish Environment Protection Agency, Scottish Natural Heritage and Scottish Water. CREW has funded around 100 projects relating to water policy since its inception in 2011. Of these, a significant number relate to flood risk management policy. Based on a review of work to date, this poster will give an overview of these projects and a forward look at the challenges that remain. From learning from community led flood risk management to surface water flood forecasting for urban communities, links will be made between sustainable and traditional flood risk management while considering the perceptions of stakeholders to flood risk management. How can we deliver fully integrated flood risk management options? How policy makers, scientists and land managers can better work together will also be explored.

Reflecting Societal Values in Designing Flood Risk Management Strategies

Directory of Open Access Journals (Sweden)

Adamson Mark

2016-01-01

Full Text Available In 2006, the Office of Public Works (OPW began the National Catchment-based Flood Risk Assessment and Management (CFRAM Programme through a series of pilot studies. A Multi-Criteria Analysis (MCA Framework was developed through the pilot studies that integrated a number of objectives related to a wide range of potential impacts and benefits into the core of process of appraising and selecting suitable flood risk management measures for a given area or location, and then for prioritising national investments for different schemes and projects. This MCA Framework, that provides a systematic process of developing a non-monetised but numerical indicator of benefit and impact, has since been implemented nationally in the preparation of the Flood Risk Management Plans (FRMPs. A key feature of the MCA is that it should represent societal values. To this end, nationally representative quantitative research was undertaken to determine global weights that reflect the perceived importance of each of the objectives for reducing economic, social and environmental / cultural risks in flood management strategies. Saaty’s Analytical Hierarchy Process (AHP, in conjunction with a pair-wise comparison of criteria relating to these risks, was utilised to determine weights. In excess of 1,000 structured interviews were completed where the relative importance of these objectives were assessed using a seven-point scale. The weighting given to each of the 13 specific objectives identified broadly followed expectations, with risk to people followed by risk to homes and properties being respectively the first and second most important, although some were given greater or less weighting than expected. The national application of the MCA Framework, using the weighted objectives based on this process, through the CFRAM Programme has generally lead to the identification of appropriate and, based on local consultation, acceptable options for each community.

Taking Action Against Ocean Acidification: A Review of Management and Policy Options

Science.gov (United States)

Billé, Raphaël; Kelly, Ryan; Biastoch, Arne; Harrould-Kolieb, Ellycia; Herr, Dorothée; Joos, Fortunat; Kroeker, Kristy; Laffoley, Dan; Oschlies, Andreas; Gattuso, Jean-Pierre

2013-10-01

Ocean acidification has emerged over the last two decades as one of the largest threats to marine organisms and ecosystems. However, most research efforts on ocean acidification have so far neglected management and related policy issues to focus instead on understanding its ecological and biogeochemical implications. This shortfall is addressed here with a systematic, international and critical review of management and policy options. In particular, we investigate the assumption that fighting acidification is mainly, but not only, about reducing CO2 emissions, and explore the leeway that this emerging problem may open in old environmental issues. We review nine types of management responses, initially grouped under four categories: preventing ocean acidification; strengthening ecosystem resilience; adapting human activities; and repairing damages. Connecting and comparing options leads to classifying them, in a qualitative way, according to their potential and feasibility. While reducing CO2 emissions is confirmed as the key action that must be taken against acidification, some of the other options appear to have the potential to buy time, e.g. by relieving the pressure of other stressors, and help marine life face unavoidable acidification. Although the existing legal basis to take action shows few gaps, policy challenges are significant: tackling them will mean succeeding in various areas of environmental management where we failed to a large extent so far.

Taking action against ocean acidification: a review of management and policy options.

Science.gov (United States)

Billé, Raphaël; Kelly, Ryan; Biastoch, Arne; Harrould-Kolieb, Ellycia; Herr, Dorothée; Joos, Fortunat; Kroeker, Kristy; Laffoley, Dan; Oschlies, Andreas; Gattuso, Jean-Pierre

2013-10-01

Ocean acidification has emerged over the last two decades as one of the largest threats to marine organisms and ecosystems. However, most research efforts on ocean acidification have so far neglected management and related policy issues to focus instead on understanding its ecological and biogeochemical implications. This shortfall is addressed here with a systematic, international and critical review of management and policy options. In particular, we investigate the assumption that fighting acidification is mainly, but not only, about reducing CO2 emissions, and explore the leeway that this emerging problem may open in old environmental issues. We review nine types of management responses, initially grouped under four categories: preventing ocean acidification; strengthening ecosystem resilience; adapting human activities; and repairing damages. Connecting and comparing options leads to classifying them, in a qualitative way, according to their potential and feasibility. While reducing CO2 emissions is confirmed as the key action that must be taken against acidification, some of the other options appear to have the potential to buy time, e.g. by relieving the pressure of other stressors, and help marine life face unavoidable acidification. Although the existing legal basis to take action shows few gaps, policy challenges are significant: tackling them will mean succeeding in various areas of environmental management where we failed to a large extent so far.

Volatility and dividend risk in perpetual American options

Science.gov (United States)

Montero, Miquel

2007-04-01

American options are financial instruments that can be exercised at any time before expiration. In this paper we study the problem of pricing this kind of derivatives within a framework in which some of the properties—volatility and dividend policy—of the underlaying stock can change at a random instant of time, but in such a way that we can forecast their final values. Under this assumption we can model actual market conditions because some of the most relevant facts that may potentially affect a firm will entail sharp predictable effects. We will analyse the consequences of this potential risk on perpetual American derivatives, a topic connected with a wide class of recurrent problems in physics: holders of American options must look for the fair price and the optimal exercise strategy at once, a typical question of free absorbing boundaries. We present explicit solutions to the most common contract specifications and derive analytical expressions concerning the mean and higher moments of the exercise time.

Options theory and strategic investment decisions

International Nuclear Information System (INIS)

Mann, D.; Goobie, G.; MacMillan, L.

1992-01-01

The possible use of options pricing theory for evaluating long-term capital investments is discussed. Using the Black and Scholes option pricing model, five variables were evaluated for a hypothetical oil sands project. These variables are: stock price as determined by the earning power of the company; exercise price which equals the investment cost of the project; price standard deviation which is assumed to be 50%; the length of time for which the company will maintain its option to invest in the project, and finally the risk free rate which is approximately equal to the yield in long term government securities. A sensitivity analysis on these variables can provide management with information on how best to influence the option value. A more in-depth analysis could provide valuable information about strategic choice for large projects. 5 refs., 3 figs

Options for the management of Chernobyl-restricted areas in England and Wales

International Nuclear Information System (INIS)

Nisbet, A.; Woodman, R.

1999-01-01

Areas in England and Wales are still subject to restrictions on tile movement, sale and slaughter of sheep because concentrations of radiocaesium in sheep meat may exceed the 1000 Bq kg -1 limit imposed after the Chernobyl nuclear power plant accident. Various monitoring programmes have been implemented to enable lamb production to be sustained in these restricted areas, although no alternative management strategies have been considered to date. Current management practices have been reviewed and costed. An assessment has also been undertaken to establish the practicability and cost effectiveness of five alternative management options. The practicability of each option, which encompasses technical feasibility, capacity, cost, impact and acceptability, was assessed through a series of case studies carried out on farms in the restricted area of north Wales, and through consultation with a range of organisations with interests in farming and/or the environment. Recommendations are made for the future management of the restricted areas in England and Wales. (author)

Electricity markets volatility: estimates, regularities and risk management applications

Energy Technology Data Exchange (ETDEWEB)

Nakamura, Masao [Sauder School of Business, University of British Columbia, 2053 Main Mall, Vancouver, BC, V6 T 1Z2 (Canada)]. E-mail: masao.nakamura@sauder.ubc.ca; Nakashima, Tomoaki [Powerex Corp., Vancouver, BC, V6C 2X8 (Canada); Niimura, Takahide [TNC Systems Technologies, Burnaby, BC, V5 H 2W4 (Canada)

2006-09-15

The recent deregulation of the market for electric power in many parts of the US and Canada has expanded the set of potential tools for managing the types of risks faced by both generators and consumers of electric power. In particular manufacturing and other firms whose operations are powered by electricity now face, on a continuing basis, the engineering management decisions concerning whether they should buy or produce electricity, and if they are to buy or sell electricity, what types of contracts are optimum. These types of risk management decisions typically involve futures, forwards, options and other financial derivatives. The price and volatility of electric power are known to play an essential role in determining which of these instruments should be used. However, electricity as a commodity possesses certain special features not shared by other commodities and hence its risk properties are not yet well understood. In this paper we consider and test certain hypotheses about the properties of electricity price using recent market data. We find that electricity prices possess certain volatility and other systematic properties that can be characterized by the type and method of delivery of electricity. These properties can be used by firms in formulating their optimal demand and supply schedules of electric power.

Electricity markets volatility: estimates, regularities and risk management applications

International Nuclear Information System (INIS)

Nakamura, Masao; Nakashima, Tomoaki; Niimura, Takahide

2006-01-01

The recent deregulation of the market for electric power in many parts of the US and Canada has expanded the set of potential tools for managing the types of risks faced by both generators and consumers of electric power. In particular manufacturing and other firms whose operations are powered by electricity now face, on a continuing basis, the engineering management decisions concerning whether they should buy or produce electricity, and if they are to buy or sell electricity, what types of contracts are optimum. These types of risk management decisions typically involve futures, forwards, options and other financial derivatives. The price and volatility of electric power are known to play an essential role in determining which of these instruments should be used. However, electricity as a commodity possesses certain special features not shared by other commodities and hence its risk properties are not yet well understood. In this paper we consider and test certain hypotheses about the properties of electricity price using recent market data. We find that electricity prices possess certain volatility and other systematic properties that can be characterized by the type and method of delivery of electricity. These properties can be used by firms in formulating their optimal demand and supply schedules of electric power

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)

Management of tritium-contaminated wastes a survey of alternative options

International Nuclear Information System (INIS)

Mannone, F.

1990-01-01

The European Tritium Handling Experimental Laboratory (ETHEL) under construction on the site of Ispra Joint Research Centre of the Commission of European Communities has been commissioned to experimentally develop operational and environmental safety aspects related to the tritium technology in fusion, i.e. dealing with the behaviour and reliability of materials, equipment and containment systems under tritium impact. For this reason a part of the experimental activities to be performed in ETHEL will be devoted to laboratory research on tritiated waste management. However, since all experimental activities planned for the execution in ETHEL will by itselves generate tritiated wastes, current strategies and practices to be applied for the routine management of these wastes need also to be defined. To attain this target an adequate background information must be provided, which is the intent of this report. Through an exhaustive literature survey tritiated waste management options till now investigated or currently applied in several countries have been assessed. A particular importance has been attached to the tritium leach test programmes, whose results enable to assess the tritium retention efficiency of the various waste immobilization options. The conclusions resulting from the overall assessment are presented

Risk assessment and risk management at the Canadian Food Inspection Agency (CFIA): a perspective on the monitoring of foods for chemical residues.

Science.gov (United States)

Bietlot, Henri P; Kolakowski, Beata

2012-08-01

The Canadian Food Inspection Agency (CFIA) uses 'Ranked Risk Assessment' (RRA) to prioritize chemical hazards for inclusion in monitoring programmes or method development projects based on their relative risk. The relative risk is calculated for a chemical by scoring toxicity and exposure in the 'risk model scoring system' of the Risk Priority Compound List (RPCL). The relative ranking and the risk management options are maintained and updated in the RPCL. The ranking may be refined by the data generated by the sampling and testing programs. The two principal sampling and testing programmes are the National Chemical Residue Monitoring Program (NCRMP) and the Food Safety Action Plan (FSAP). The NCRMP sampling plans focus on the analysis of federally registered products (dairy, eggs, honey, meat and poultry, fresh and processed fruit and vegetable commodities, and maple syrup) for residues of veterinary drugs, pesticides, environmental contaminants, mycotoxins, and metals. The NCRMP is complemented by the Food Safety Action Plan (FSAP) targeted surveys. These surveys focus on emerging chemical hazards associated with specific foods or geographical regions for which applicable maximum residue limits (MRLs) are not set. The data from the NCRMP and FSAP also influence the risk management (follow-up) options. Follow-up actions vary according to the magnitude of the health risk, all with the objective of preventing any repeat occurrence to minimize consumer exposure to a product representing a potential risk to human health. © Her Majesty the Queen in Right of Canada 2012. Drug Testing and Analysis © 2012 John Wiley & Sons, Ltd.

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.

Municipal solid waste management health risk assessment from air emissions for China by applying life cycle analysis.

Science.gov (United States)

Li, Hua; Nitivattananon, Vilas; Li, Peng

2015-05-01

This study is to quantify and objectively evaluate the extent of environmental health risks from three waste treatment options suggested by the national municipal solid waste management enhancing strategy (No [2011] 9 of the State Council, promulgated on 19 April 2011), which includes sanitary landfill, waste-to-energy incineration and compost, together with the material recovery facility through a case study in Zhangqiu City of China. It addresses potential chronic health risks from air emissions to residential receptors in the impacted area. It combines field survey, analogue survey, design documents and life cycle inventory methods in defining the source strength of chemicals of potential concern. The modelling of life cycle inventory and air dispersion is via integrated waste management(IWM)-2 and Screening Air Dispersion Model (Version 3.0) (SCREEN3). The health risk assessment is in accordance with United States Environmental Protection Agency guidance Risk Assessment Guidance for Superfund (RAGS), Volume I: Human Health Evaluation Manual (Part F, Supplemental Guidance for Inhalation Risk Assessment). The exposure concentration is based on long-term exposure to the maximum ground level contaminant in air under the 'reasonable worst situation' emissions and then directly compared with reference for concentration and unit risk factor/cancer slope factor derived from the national air quality standard (for a conventional pollutant) and toxicological studies (for a specific pollutant). Results from this study suggest that the option of compost with material recovery facility treatment may pose less negative health impacts than other options; the sensitivity analysis shows that the landfill integrated waste management collection rate has a great influence on the impact results. Further investigation is needed to validate or challenge the findings of this study. © The Author(s) 2015.

Risk-Based Approach for Microbiological Food Safety Management in the Dairy Industry: The Case of Listeria monocytogenes in Soft Cheese Made from Pasteurized Milk.

Science.gov (United States)

Tenenhaus-Aziza, Fanny; Daudin, Jean-Jacques; Maffre, Alexandre; Sanaa, Moez

2014-01-01

According to Codex Alimentarius Commission recommendations, management options applied at the process production level should be based on good hygiene practices, HACCP system, and new risk management metrics such as the food safety objective. To follow this last recommendation, the use of quantitative microbiological risk assessment is an appealing approach to link new risk-based metrics to management options that may be applied by food operators. Through a specific case study, Listeria monocytogenes in soft cheese made from pasteurized milk, the objective of the present article is to practically show how quantitative risk assessment could be used to direct potential intervention strategies at different food processing steps. Based on many assumptions, the model developed estimates the risk of listeriosis at the moment of consumption taking into account the entire manufacturing process and potential sources of contamination. From pasteurization to consumption, the amplification of a primo-contamination event of the milk, the fresh cheese or the process environment is simulated, over time, space, and between products, accounting for the impact of management options, such as hygienic operations and sampling plans. A sensitivity analysis of the model will help orientating data to be collected prioritarily for the improvement and the validation of the model. What-if scenarios were simulated and allowed for the identification of major parameters contributing to the risk of listeriosis and the optimization of preventive and corrective measures. © 2013 Society for Risk Analysis.

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.

Technological options for management of NORM/TENORM from the petroleum exploration

International Nuclear Information System (INIS)

Miranda, Marcia Valeria Sa; Gomes, Joana D'Arc L.; Crispim, Verginia R.

2008-01-01

Full text: Naturally Occurring Radioactive Material (NORM) is present in many natural resources and the contamination of oil and gas facilities with it can be expected. Some of the contamination may be sufficiently severe that maintenance and other personnel may be exposed to hazardous concentrations, at the production line. Because of this, its management shall be efficient and optimized. The measure adopted to achieve successful management will be in accordance with general environmental and safety objectives and will involve the application of best available techniques and best environmental safety practices. The disposal of NORM contaminated wastes is a problem with no completely satisfactory solution yet. NORM contamination in the oil and gas industry commonly occurs as radioactive scales, films and sludge. The resulting of the decontamination of petroleum production facilities can generate large volumes of NORM wastes. These materials require the same handling as low-level radioactive wastes. The cost of storing or disposing material contaminated with NORM is undoubtedly very expensive. The high cost of disposing of NORM wastes is opening new opportunities for research and development in methods and techniques of reducing waste volumes. The aim of this paper is present some considerations of possible NORM management/disposal options and show some samples analysis. The objective is to find appropriated solutions to the management/disposal of NORM wastes to prevent pollution of the environment and minimize public and occupational radiation exposure. NORM can be dealt with safely, efficiently and with minimized risks to the health of workers and the public while providing optimized environmental protection. Techniques as encapsulation, down hole injection, overboard disposal with produced formation water, landfill disposal including burial, land disposal in abandoned mine and interim storage in a dedicated facility pending ultimate disposal, are discussed from a

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....

Dynamic Estimation of Volatility Risk Premia and Investor Risk Aversion from Option-Implied and Realized Volatilities

DEFF Research Database (Denmark)

Bollerslev, Tim; Gibson, Michael; Zhou, Hao

experiment confirms that the procedure works well in practice. Implementing the procedure with actual S&P500 option-implied volatilities and high-frequency five-minute-based realized volatilities indicates significant temporal dependencies in the estimated stochastic volatility risk premium, which we in turn...

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 ...

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.

Acceptability of child adoption as management option for infertility in ...

African Journals Online (AJOL)

Infertility remains a global health challenge with devastating psycho-social consequences in many African communities. Adoption that may serve as an alternative strategy for the affected couples is not widely practiced. This study was conceptualized to assess the acceptability of child adoption as a management option by ...

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...

Knowledge, attitudes and behaviour regarding waste management options in Romania: results from a school questionnaire

OpenAIRE

Karin KOLBE

2014-01-01

This study analyses knowledge, attitudes and behaviour in the area of different waste management approaches of pupils in Romania. Examining school students' knowledge about waste management options and finding out the reasons that prevent them from participating in environmentally sound disposal options is essential for teachers and legislators. For this purpose, questionnaires were designed and distributed in two schools in Romania. The analysis revealed that knowledge is highly developed in...

Design Evolution Study - Aging Options

International Nuclear Information System (INIS)

McDaniel, P.

2002-01-01

The purpose of this study is to identify options and issues for aging commercial spent nuclear fuel received for disposal at the Yucca Mountain Mined Geologic Repository. Some early shipments of commercial spent nuclear fuel to the repository may be received with high-heat-output (younger) fuel assemblies that will need to be managed to meet thermal goals for emplacement. The capability to age as much as 40,000 metric tons of heavy metal of commercial spent nuclear he1 would provide more flexibility in the design to manage this younger fuel and to decouple waste receipt and waste emplacement. The following potential aging location options are evaluated: (1) Surface aging at four locations near the North Portal; (2) Subsurface aging in the permanent emplacement drifts; and (3) Subsurface aging in a new subsurface area. The following aging container options are evaluated: (1) Complete Waste Package; (2) Stainless Steel inner liner of the waste package; (3) Dual Purpose Canisters; (4) Multi-Purpose Canisters; and (5) New disposable canister for uncanistered commercial spent nuclear fuel. Each option is compared to a ''Base Case,'' which is the expected normal waste packaging process without aging. A Value Engineering approach is used to score each option against nine technical criteria and rank the options. Open issues with each of the options and suggested future actions are also presented. Costs for aging containers and aging locations are evaluated separately. Capital costs are developed for direct costs and distributable field costs. To the extent practical, unit costs are presented. Indirect costs, operating costs, and total system life cycle costs will be evaluated outside of this study. Three recommendations for aging commercial spent nuclear fuel--subsurface, surface, and combined surface and subsurface are presented for further review in the overall design re-evaluation effort. Options that were evaluated but not recommended are: subsurface aging in a new

Managing the risks of disease transmission through trade: a commodities-based approach?

Science.gov (United States)

Brückner, G K

2011-04-01

Since its founding in 1924, the World Organisation for Animal Health (OIE) has facilitated safe trade in animals and animal products by developing effective standards to prevent the spread of animal diseases across the globe. A protocol for recognising the disease-free status of countries is an integral part of this process and has been adopted and advanced through the years to assist OIE Member Countries in placing disease-free animals and their products on the international market. Options such as trade from disease-free zones and disease-free compartments are now available to Members and have proven to be a positive mechanism for facilitating trade. A further option is trading in safe commodities, i.e. animals and animal products that have been identified as safe to trade even in the presence of disease, either with or without applying risk mitigation measures before export. Although most Members have incorporated the acceptance of disease-free countries or zones into their animal health policies and sanitary measures, there still appears to be a reluctance to trade in commodities from infected countries, despite clear, scientifically based risk management standards that can be applied if needed. This paper offers some examples reflecting the apparent reluctance to trade in commodities and discusses how the standards in the OIE's Terrestrial Animal Health Code could be used to apply scientifically based risk management practices to review outdated policies.

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...

A Pilot Study on Applying Risk Informed Application Option 2 to Six Systems in UCN 3

International Nuclear Information System (INIS)

Kim, Kil-Yoo; Yang, Joon-Eon; Lee, Young-Joo; Chung, Hye-Won

2007-01-01

To reduce the unnecessary burden of a regulation, NRC prepared three options for the risk informed regulatory framework known as Option 1, Option 2 and Option 3. In Option 2, all safety related Structure, System and Components (SSCs) and non-safety related SSCs are evaluated from a safety point of view, and the low safety significant SSCs belonging to the safety related group are called 'Risk Informed Safety Class (RISC) - 3' SSCs. The 'RISC-3' SSCs can be exempted from the special treatment requirements such as a seismic and environmental requirement, of 10 CFR 50. Two years ago, a paper was published which described the Option 2 method applied to the high pressure safety injection system (HPSI) and the essential service water system (ESW) of UCN 3. However, this paper describes the results when Option 2 is applied to the other 4 systems such as a low pressure safety injection system(LPSI), safety depressurization system(SDS), instrument air system(IAS), safety injection tank(SIT). First of all, this paper includes the results from the importance analysis in view of a Fire PSA and Level 2 PSA

Intrauterine transfusion and non-invasive treatment options for hemolytic disease of the fetus and newborn - review on current management and outcome.

Science.gov (United States)

Zwiers, Carolien; van Kamp, Inge; Oepkes, Dick; Lopriore, Enrico

2017-04-01

Hemolytic disease of the fetus and newborn (HDFN) remains a serious pregnancy complication which can lead to severe fetal anemia, hydrops and perinatal death. Areas covered: This review focusses on the current prenatal management, treatment with intrauterine transfusion (IUT) and promising non-invasive treatment options for HDFN. Expert commentary: IUTs are the cornerstone in prenatal management of HDFN and have significantly improved perinatal outcome in the past decades. IUT is now a relatively safe procedure, however the risk of complications is still high when performed early in the second trimester. Non-invasive management using intravenous immunoglobulin may be a safe alternative and requires further investigation.

Total Probability of Collision as a Metric for Finite Conjunction Assessment and Collision Risk Management

Science.gov (United States)

Frigm, Ryan C.; Hejduk, Matthew D.; Johnson, Lauren C.; Plakalovic, Dragan

2015-01-01

On-orbit collision risk is becoming an increasing mission risk to all operational satellites in Earth orbit. Managing this risk can be disruptive to mission and operations, present challenges for decision-makers, and is time-consuming for all parties involved. With the planned capability improvements to detecting and tracking smaller orbital debris and capacity improvements to routinely predict on-orbit conjunctions, this mission risk will continue to grow in terms of likelihood and effort. It is very real possibility that the future space environment will not allow collision risk management and mission operations to be conducted in the same manner as it is today. This paper presents the concept of a finite conjunction assessment-one where each discrete conjunction is not treated separately but, rather, as a continuous event that must be managed concurrently. The paper also introduces the Total Probability of Collision as an analogous metric for finite conjunction assessment operations and provides several options for its usage in a Concept of Operations.

Real Options in Capital Budgeting. Pricing the Option to Delay and the Option to Abandon a Project

Directory of Open Access Journals (Sweden)

Nicoleta Vintila

2007-07-01

Full Text Available Traditional discounted cash-flows method for assessing projects assumes that investment decision is an irreversible one, which is not correct. Managers can and must reconsider their initial decision as the new information arises during the project life. This is managerial flexibility and it creates strategic value for a project, only if management takes advantage of the opportunities associated with an analyzed project. Real options represent a new approach in capital budgeting, using the theory of pricing financial options for investments in real assets. In this paper, we emphasize the characteristics and valuation methodologies of real options. The objective in the last section is pricing the option to delay and the option to abandon a project in construction materials field.

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)

Leveraged exchange-traded funds price dynamics and options valuation

CERN Document Server

Leung, Tim

2016-01-01

This book provides an analysis, under both discrete-time and continuous-time frameworks, on the price dynamics of leveraged exchange-traded funds (LETFs), with emphasis on the roles of leverage ratio, realized volatility, investment horizon, and tracking errors. This study provides new insights on the risks associated with LETFs. It also leads to the discussion of new risk management concepts, such as admissible leverage ratios and admissible risk horizon, as well as the mathematical and empirical analyses of several trading strategies, including static portfolios, pairs trading, and stop-loss strategies involving ETFs and LETFs. The final part of the book addresses the pricing of options written on LETFs. Since different LETFs are designed to track the same reference index, these funds and their associated options share very similar sources of randomness. The authors provide a no-arbitrage pricing approach that consistently value options on LETFs with different leverage ratios with stochastic volatility and ...

Life cycle assessment of bagasse waste management options

International Nuclear Information System (INIS)

Kiatkittipong, Worapon; Wongsuchoto, Porntip; Pavasant, Prasert

2009-01-01

Bagasse is mostly utilized for steam and power production for domestic sugar mills. There have been a number of alternatives that could well be applied to manage bagasse, such as pulp production, conversion to biogas and electricity production. The selection of proper alternatives depends significantly on the appropriateness of the technology both from the technical and the environmental points of view. This work proposes a simple model based on the application of life cycle assessment (LCA) to evaluate the environmental impacts of various alternatives for dealing with bagasse waste. The environmental aspects of concern included global warming potential, acidification potential, eutrophication potential and photochemical oxidant creation. Four waste management scenarios for bagasse were evaluated: landfilling with utilization of landfill gas, anaerobic digestion with biogas production, incineration for power generation, and pulp production. In landfills, environmental impacts depended significantly on the biogas collection efficiency, whereas incineration of bagasse to electricity in the power plant showed better environmental performance than that of conventional low biogas collection efficiency landfills. Anaerobic digestion of bagasse in a control biogas reactor was superior to the other two energy generation options in all environmental aspects. Although the use of bagasse in pulp mills created relatively high environmental burdens, the results from the LCA revealed that other stages of the life cycle produced relatively small impacts and that this option might be the most environmentally benign alternative

Option Pricing under Risk-Minimization Criterion in an Incomplete Market with the Finite Difference Method

Directory of Open Access Journals (Sweden)

Xinfeng Ruan

2013-01-01

Full Text Available We study option pricing with risk-minimization criterion in an incomplete market where the dynamics of the risky underlying asset is governed by a jump diffusion equation with stochastic volatility. We obtain the Radon-Nikodym derivative for the minimal martingale measure and a partial integro-differential equation (PIDE of European option. The finite difference method is employed to compute the European option valuation of PIDE.

Pricing and Hedging Quanto Options in Energy Markets

DEFF Research Database (Denmark)

Benth, Fred Espen; Lange, Nina; Myklebust, Tor Åge

approach we derive a closed form option pricing formula for energy quanto options, under the assumption that the underlying assets are log-normally distributed. Our approach encompasses several interesting cases, such as geometric Brownian motions and multifactor spot models. We also derive delta and gamma......In energy markets, the use of quanto options have increased significantly in the recent years. The payoff from such options are typically written on an underlying energy index and a measure of temperature and are suited for managing the joint price and volume risk in energy markets. Using an HJM...... expressions for hedging. Furthermore, we illustrate the use of our model by an empirical pricing exercise using NYMEX traded natural gas futures and CME traded Heating Degree Days futures for New York....

Managing the side effects of multiple sclerosis therapy: pharmacotherapy options for patients.

Science.gov (United States)

Rommer, Paulus S; Zettl, Uwe K

2018-04-01

Multiple sclerosis (MS) is an immune-mediated and neurodegenerative disease with an unpredictable outcome. Immune-modulatory treatment aims at decreasing long-term disability. With the increasing number of treatment options, it is essential to fully digest the possible side effects of the available therapeutics and to monitor patients is essential. Areas covered: All approved disease-modifying drugs (DMD) for MS are discussed in this review. Mode of action, adverse effects, reported risks for infections and malignancies, and pregnancy related issues are discussed in the review. The authors also provide suggestions for monitoring therapy. For all approved DMDs the pivotal studies have been included for possible side effects, as well as reports by health authorities. For this manuscript, PubMed was checked for reports on side effects for various drugs. Expert opinion: Treatment options in MS are manifold, each carrying different risks. The safety-risk profile for approved agents is favorable. Knowing and monitoring these possible side effects is essential to minimize risks associated with treatment. Presently, the long-term experience for some of these therapies is missing and this must be addressed.

A streamlined risk screening method for managing reutilization of abandoned factories in Taiwan

Directory of Open Access Journals (Sweden)

I-Chun Chen

2017-05-01

Full Text Available An integrated management strategy that considers the competing relationships between land values and associated risks in the process of land-use conversion is needed to assess and manage the reutilization of brownfields. However, the often large number of individual brownfields renders it difficult to conduct a completed risk assessment for all sites, and a streamlined risk screening method would facilitate prioritization of the redevelopment of those factories. This methodology takes into account the spatial heterogeneity of contaminated lands and produces risk mapping that compiles complex risk-related information. Using abandoned factories in Taiwan as a case study, the method considers 40 points (50% accumulated probability as the threshold of acceptable risk. Emergency risk should be over 90% of accumulated probability. For the sustainability of brownfield reutilization in Taiwan, this research uses a risk matrix to identify the low, middle, and high risk for brownfield reutilization. It can indicate zones with a high risk level or low economic incentive as areas of concern for future decision making. In Taiwan, high-risk sites with high incentive account for only 21.3% of the sites. In contrast, the sites with the lowest incentive and low risk account for 57.6% of the sites. To avoid failure in the brownfield market, three strategies are suggested: (1 flexible land management with urban planning is a feasible option for protecting the receptor's health; (2 the government could provide the tool or brownfield funds to reduce the uncertainty of investment risk; and (3 risk monitoring and management can reduce the possible pitfalls associated with brownfield reutilization.

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...

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).

Innovation and risk-averse firms: Options on carbon allowances as a hedging tool

International Nuclear Information System (INIS)

Szolgayová, Jana; Golub, Alexander; Fuss, Sabine

2014-01-01

In a regulated world where government seeks to decarbonize the energy sector, firms face both indirect and direct costs of emitting CO 2 . This study seeks to take the perspective of the firm, which needs to maximize profits implying minimization of (carbon) cost as well. In this study, the firm can compose the cost-optimal portfolio of (a) investing into carbon-saving technology, which is currently expensive, (b) investing into carbon-saving technology R and D and adopt this technology at a later point, (c) buying allowances per ton of emitted CO 2 in a carbon market (alternatively this could be formulated as a tax), and (d) buying offsets traded in the same market, which are based on reduced emissions from deforestation and degradation (REDD+). Uncertainties in the cost of carbon coming from a lack of commitment in policy-making leading to fluctuations in markets and uncertainty in the payoff of R and D activities could provide disincentives to incur large up-front sunk cost and raise the economic value of being flexible. We apply a real options approach with stochastic carbon-saving technology costs and stochastic CO 2 costs. Assuming that firms are risk-averse, they will not only value flexibility, but also risk reductions from diversification over the different (carbon mitigation) options. - Highlights: • We study the compliance problem of a private firm under both regulatory and technological uncertainty in an optimal control setting. • When firms are risk-averse, forest-backed offset options will be part of the compliance portfolio. • R and D creates valuable options on new technology

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

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...

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.

Computational intelligence applications to option pricing, volatility forecasting and value at risk

CERN Document Server

Mostafa, Fahed; Chang, Elizabeth

2017-01-01

The results in this book demonstrate the power of neural networks in learning complex behavior from the underlying financial time series data . The results in this book also demonstrate how neural networks can successfully be applied to volatility modeling, option pricings, and value at risk modeling. These features allow them to be applied to market risk problems to overcome classical issues associated with statistical models. .

Paying for Cures: How Can We Afford It? Managed Care Pharmacy Stakeholder Perceptions of Policy Options to Address Affordability of Prescription Drugs.

Science.gov (United States)

Yeung, Kai; Suh, Kangho; Basu, Anirban; Garrison, Louis P; Bansal, Aasthaa; Carlson, Josh J

2017-10-01

High-priced medications with curative potential, such as the newer hepatitis C therapies, have contributed to the recent growth in pharmaceutical expenditure. Despite the obvious benefits, health care decision makers are just beginning to grapple with questions of how to value and pay for curative therapies that may feature large upfront cost, followed by health benefits that are reaped over a patient's lifespan. Alternative policy options have been proposed to promote high value and financially sustainable use of these therapies. It is unclear which policy options would be most acceptable to health care payer and biomedical manufacturer stakeholders. To (a) briefly review pharmaceutical policy options to address health system affordability and (b) assess the acceptability of alternative policy options to health care payers and biomedical manufacturers before and after an Academy of Managed Care Pharmacy (AMCP) continuing pharmacy education (CPE) session. We searched MEDLINE and Cochran databases for pharmaceutical policy options addressing affordability. With input from a focus group of managed care professionals, we developed CPE session content and an 8-question survey focusing on the most promising policy options. We fielded the survey before and after the CPE session, which occurred as part of the 2016 AMCP Annual Meeting. We first conducted a chi-squared goodness-of-fit test to assess response distributions. Next, we tested how responses differed before and after by using an ordered logit and a multinomial logit to model Likert scale and unordered responses, respectively. Although risk-sharing payments over time remained the most favorable choice before (37%) and after (35%) the CPE session, this choice was closely followed by HealthCoin after the session, which increased in favorability from 4% to 33% of responses (P = 0.001). About half of the respondents (54%) indicated that legislative change is the most significant barrier to the implementation of any

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.

Life cycle analysis of management options for organic waste collected in an urban area.

Science.gov (United States)

Di Maria, Francesco; Micale, Caterina

2015-01-01

Different options for managing the organic fraction (OF) of municipal solid waste generated in a given urban area were analyzed by life cycle assessment (LCA) for different source segregation (SS) intensities ranging from 0 to 52%. The best management option for processing the OF remaining in the residual organic fraction (ROF) for the different SS intensities was by incineration. Landfilling and mechanical biological treatment (MBT) of ROF gave higher impacts. Aerobic treatment alone or combined with anaerobic digestion (AD) for processing the source-segregated organic fraction (SSOF) led to relevant environmental impact reduction even if the difference between the two options was quite negligible. The weighted impact showed that scenarios using incineration always gave environmental gains, whereas there was a higher environmental burden with the scenarios using MBT.

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)

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

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 ...

Land Management Restrictions and Options for Change in Perpetual Conservation Easements

Science.gov (United States)

Rissman, Adena; Bihari, Menka; Hamilton, Christopher; Locke, Christina; Lowenstein, David; Motew, Melissa; Price, Jessica; Smail, Robert

2013-07-01

Conservation organizations rely on conservation easements for diverse purposes, including protection of species and natural communities, working forests, and open space. This research investigated how perpetual conservation easements incorporated property rights, responsibilities, and options for change over time in land management. We compared 34 conservation easements held by one federal, three state, and four nonprofit organizations in Wisconsin. They incorporated six mechanisms for ongoing land management decision-making: management plans (74 %), modifications to permitted landowner uses with discretionary consent (65 %), amendment clauses (53 %), easement holder rights to conduct land management (50 %), reference to laws or policies as compliance terms (47 %), and conditional use permits (12 %). Easements with purposes to protect species and natural communities had more ecological monitoring rights, organizational control over land management, and mechanisms for change than easements with general open space purposes. Forestry purposes were associated with mechanisms for change but not necessarily with ecological monitoring rights or organizational control over land management. The Natural Resources Conservation Service-Wetland Reserve Program had a particularly consistent approach with high control over land use and some discretion to modify uses through permits. Conservation staff perceived a need to respond to changing social and ecological conditions but were divided on whether climate change was likely to negatively impact their conservation easements. Many conservation easements involved significant constraints on easement holders' options for altering land management to achieve conservation purposes over time. This study suggests the need for greater attention to easement drafting, monitoring, and ongoing decision processes to ensure the public benefits of land conservation in changing landscapes.

Options for Healthcare Waste Management and Treatment in China

Institute of Scientific and Technical Information of China (English)

无

2006-01-01

Healthcare waste management and treatment is one of the national priority tasks of China's Tenth Five-Year Plan.Numerous installations disposing medical waste have already operated the project or under construction to the operation in 2006. This paper focuses on the assessment of existing and fu~re options to handle medical waste (MW). Internationally available and so far in China applied technologies and management practice are analysed, including the problems how to materials. Non-hazardous MW can be managed and treated in analogue to municipal solid waste (MSW). In most of the European countries decentralised hospital incinerators have been, because of high operation costs and pollution problems,widely banned and replaced by pre-treatment technologies at the source and centralised incineration plants for hazardous MW.Information for adapting and further developing MW management solutions and treatment technologies in China and applying the most appropriate MWM practice is provided.

[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.

From risk management to uncertainty management: a significant change in project management

Institute of Scientific and Technical Information of China (English)

LI Gui-jun; ZHANG Yue-song

2006-01-01

Starting with the meanings of the terms "risk" and "uncertainty,"" he paper compares uncertainty management with risk management in project management. We bring some doubt to the use of "risk" and "uncertainty" interchangeably in project management and deem their scope, methods, responses, monitoring and controlling should be different too. Illustrations are given covering terminology, description, and treatment from different perspectives of uncertainty management and risk management. Furthermore, the paper retains that project risk management (PRM) processes might be modified to facilitate an uncertainty management perspective,and we support that project uncertainty management (PUM) can enlarge its contribution to improving project management performance, which will result in a significant change in emphasis compared with most risk management.

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 ...

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.

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.

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)

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.

Selecting chemical and ecotoxicological test batteries for risk assessment of trace element-contaminated soils (phyto)managed by gentle remediation options (GRO).

Science.gov (United States)

Kumpiene, Jurate; Bert, Valérie; Dimitriou, Ioannis; Eriksson, Jan; Friesl-Hanl, Wolfgang; Galazka, Rafal; Herzig, Rolf; Janssen, Jolien; Kidd, Petra; Mench, Michel; Müller, Ingo; Neu, Silke; Oustriere, Nadège; Puschenreiter, Markus; Renella, Giancarlo; Roumier, Pierre-Hervé; Siebielec, Grzegorz; Vangronsveld, Jaco; Manier, Nicolas

2014-10-15

During the past decades a number of field trials with gentle remediation options (GRO) have been established on trace element (TE) contaminated sites throughout Europe. Each research group selects different methods to assess the remediation success making it difficult to compare efficacy between various sites and treatments. This study aimed at selecting a minimum risk assessment battery combining chemical and ecotoxicological assays for assessing and comparing the effectiveness of GRO implemented in seven European case studies. Two test batteries were pre-selected; a chemical one for quantifying TE exposure in untreated soils and GRO-managed soils and a biological one for characterizing soil functionality and ecotoxicity. Soil samples from field studies representing one of the main GROs (phytoextraction in Belgium, Sweden, Germany and Switzerland, aided phytoextraction in France, and aided phytostabilization or in situ stabilization/phytoexclusion in Poland, France and Austria) were collected and assessed using the selected test batteries. The best correlations were obtained between NH4NO3-extractable, followed by NaNO3-extractable TE and the ecotoxicological responses. Biometrical parameters and biomarkers of dwarf beans were the most responsive indicators for the soil treatments and changes in soil TE exposures. Plant growth was inhibited at the higher extractable TE concentrations, while plant stress enzyme activities increased with the higher TE extractability. Based on these results, a minimum risk assessment battery to compare/biomonitor the sites phytomanaged by GROs might consist of the NH4NO3 extraction and the bean Plantox test including the stress enzyme activities. Copyright © 2014 Elsevier B.V. All rights reserved.

The role of quantitative optimization techniques in assessment of best practicable environmental options for radioactive waste management

International Nuclear Information System (INIS)

Johnston, P.D.

1987-01-01

The interpretation of the Best Practicable Environmental Option (BPEO) and ALARA concepts in radioactive waste management is given. The quantitative analysis of the financial and radiological impacts of different options for waste management is discussed. Finally, the role of quantitative multi-attribute analysis in the DOE's assessment of BPEOs for radioactive waste is described. (UK)

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:...

State-of-the-art risk-based approach to spill contingency planning and risk management

International Nuclear Information System (INIS)

Schmidt Etkin, Dagmar; Reilly, Timothy; French McCay, Deborah

2011-01-01

The paper proposes incorporating a comprehensive examination of spill risk into risk management and contingency planning, and applying state-of-the-art modeling tools to evaluate various alternatives for appropriate spill response measures and optimize protective responses. The approach allows spill contingency planners and decision-makers to determine the types of spill scenarios that may occur in a particular location or from a particular source and calculate the probability distribution of the various scenarios. The spill probability information is useful in assessing and putting into perspective the various costs options for spill control systems that will be recommended ultimately. Using advanced modeling tools helps in estimating the potential environmental and socioeconomic consequences of each spill scenario based on location-specific factors over a range of stochastic possibilities, simulating spill scenarios and determining optimal responses and protection strategies. The benefits and costs of various response alternatives and variations in response time can be calculated and modeling tools for training and risk allocation/transfer purposes used.

Pricing and Hedging Quanto Options in Energy Markets

DEFF Research Database (Denmark)

Benth, Fred Espen; Lange, Nina; Myklebust, Tor Åge

2015-01-01

–Jarrow–Morton approach, we derive a closed-form option pricing formula for energy quanto options under the assumption that the underlying assets are lognormally distributed. Our approach encompasses several interesting cases, such as geometric Brownian motions and multifactor spot models. We also derive Delta and Gamma......In energy markets, the use of quanto options has increased significantly in recent years. The payoff from such options are typically written on an underlying energy index and a measure of temperature. They are suited to managing the joint price and volume risk in energy markets. Using a Heath...... expressions for hedging. Further, we illustrate the use of our model by an empirical pricing exercise using NewYork Mercantile Exchange-traded natural gas futures and Chicago Mercantile Exchange-traded heating degree days futures for NewYork....

Hurricane risk management and climate information gatekeeping in southeast Florida

Science.gov (United States)

Treuer, G.; Bolson, J.

2013-12-01

Tropical storms provide fresh water necessary for healthy economies and health ecosystems. Hurricanes, massive tropical storms, threaten catastrophic flooding and wind damage. Sea level rise exacerbates flooding risks from rain and storm surge for coastal communities. Climate change adaptation measures to manage this risk must be implemented locally, but actions at other levels of government and by neighboring communities impact the options available to local municipalities. When working on adaptation local decision makers must balance multiple types of risk: physical or scientifically described risks, legal risks, and political risks. Generating usable or actionable climate science is a goal of the academic climate community. To do this we need to expand our analysis to include types of risk that constrain the use of objective science. Integrating physical, legal, and political risks is difficult. Each requires specific expertise and uses unique language. An opportunity exists to study how local decision makers manage all three on a daily basis and how their risk management impacts climate resilience for communities and ecosystems. South Florida's particular vulnerabilities make it an excellent case study. Besides physical vulnerabilities (low elevation, intense coastal development, frequent hurricanes, compromised ecosystems) it also has unique legal and political challenges. Federal and state property rights protections create legal risks for government action that restricts land use to promote climate adaptation. Also, a lack of cases that deal with climate change creates uncertainty about the nature of these legal risks. Politically Florida is divided ideologically and geographically. The regions in the southeast which are most vulnerable are predominantly Hispanic and under-represented at the state level, where leadership on climate change is functionally nonexistent. It is conventional wisdom amongst water managers in Florida that little climate adaptation

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

Workplace Violence: Practical Considerations for Mental Health Professionals in Consultation, Assessment, and Management of Risk.

Science.gov (United States)

Saragoza, Philip; White, Stephen G

2016-12-01

Workplace predatory violence has been the focus of increased study over the past 30 years, leading to a more sophisticated understanding of the factors that contribute to it, and important considerations for its assessment and management. Risk assessment professionals involved in workplace violence consultations should be mindful of issues specific to the workplace context and the principles of threat assessment to provide a more precise opinion of risk, to inform and enhance critical decisions regarding the employment status of the individual of concern, security measures, possible treatment options, and other management responses, while being mindful of the employee's certain rights. Copyright © 2016 Elsevier Inc. All rights reserved.

FORWARD, FUTURE AND OPTIONS ON STOCK EXCHANGE MARKET

Directory of Open Access Journals (Sweden)

Ljiljana Stošić Mihajlović

2016-07-01

Full Text Available The main motive of the formation and use of forward contracts and futures, and options, was certainly profit. Making financial markets more efficient, in terms of expanding the range of available financial instruments and reduction in transaction costs, these financial innovations are beneficial for both investors and managers company. Primary purpose of derivatives such as forwards, futures and options is to enable control risks by investitures and primarily from inadequate price trends for all types of assets that could be subject to transactions in financial markets.

Perceptions of Australian marine protected area managers regarding the role, importance, and achievability of adaptation for managing the risks of climate change

Directory of Open Access Journals (Sweden)

Christopher Cvitanovic

2014-12-01

Full Text Available The rapid development of adaptation as a mainstream strategy for managing the risks of climate change has led to the emergence of a broad range of adaptation policies and management strategies globally. However, the success of such policies or management interventions depends on the effective integration of new scientific research into the decision-making process. Ineffective communication between scientists and environmental decision makers represents one of the key barriers limiting the integration of science into the decision-making process in many areas of natural resource management. This can be overcome by understanding the perceptions of end users, so as to identify knowledge gaps and develop improved and targeted strategies for communication and engagement. We assessed what one group of environmental decision makers, Australian marine protected area (MPA managers, viewed as the major risks associated with climate change, and their perceptions regarding the role, importance, and achievability of adaptation for managing these risks. We also assessed what these managers perceived as the role of science in managing the risks from climate change, and identified the factors that increased their trust in scientific information. We do so by quantitatively surveying 30 MPA managers across 3 Australian management agencies. We found that although MPA managers have a very strong awareness of the range and severity of risks posed by climate change, their understanding of adaptation as an option for managing these risks is less comprehensive. We also found that although MPA managers view science as a critical source of information for informing the decision-making process, it should be considered in context with other knowledge types such as community and cultural knowledge, and be impartial, evidence based, and pragmatic in outlining policy and management recommendations that are realistically achievable.

Continuous-Time Portfolio Selection and Option Pricing under Risk-Minimization Criterion in an Incomplete Market

Directory of Open Access Journals (Sweden)

Xinfeng Ruan

2013-01-01

Full Text Available We study option pricing with risk-minimization criterion in an incomplete market where the dynamics of the risky underlying asset are governed by a jump diffusion equation. We obtain the Radon-Nikodym derivative in the minimal martingale measure and a partial integrodifferential equation (PIDE of European call option. In a special case, we get the exact solution for European call option by Fourier transformation methods. Finally, we employ the pricing kernel to calculate the optimal portfolio selection by martingale methods.

Improvement of Bank Risks Management on the Basis of “Monitoring – Identification – Protection” Technique

Directory of Open Access Journals (Sweden)

Zabezhaylo Ivan Mikhaylovich

2014-11-01

Full Text Available The banking system in contemporary conditions becomes the critically important subsystem of any national economy. To ensure a successful and profitable operation of the bank the effective management of associated risks is necessary. A technique of banking risk management, which includes three functional blocks: monitoring, identification and protection against risks, is proposed in the article. A key element of the proposed method is the stage of optimization of risk management in the context of the particular situation of data analysis and decision making. The two-factor model of optimizing the choice of means of risk management is argued. This model implies two options: to minimize the level of allowable risks when you fix the volume of the resources required for reliable risk management in this particular situation on an acceptable (target, desired level; or to minimize the volume of the resources required for reliable in this situation analyzed risk management when you fixed appropriate risks at an acceptable level. The technique is based on an integrated approach, the basic elements of which are the abilities to work with different types of data, and to use common methods and means of data processing. The proposed method makes it possible to integrate qualitative and quantitative risk management tools in a single process of data analysis and decision making support. The proposed method of banking risk management is a tool to detail the national regulators recommendations by taking into account the specific (context features of a particular financial institution management during its implementation. The technique allows for contextual tools setting, depending on the application field.

Towards phronetic knowledge for strategic planning in corporate real estate management: A real options approach

NARCIS (Netherlands)

van Reedt Dortland, Maartje; Voordijk, Johannes T.; Dewulf, Geert P.M.R.

2014-01-01

Purpose – The objective of this paper is to provide insights about the potential of real option thinking for corporate real estate management (CREM) from the owner-user perspective. A promising approach to classifying and evaluating flexibility in real estate is the real options approach. Most

41 CFR 102-194.30 - What role does my agency play in the Standard and Optional Forms Management Program?

Science.gov (United States)

2010-07-01

... What role does my agency play in the Standard and Optional Forms Management Program? Your agency head... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false What role does my agency play in the Standard and Optional Forms Management Program? 102-194.30 Section 102-194.30 Public...

Persistent perineal sinus. Incidence, pathogenesis, risk factors, and management

International Nuclear Information System (INIS)

Lohsiriwat, V.

2009-01-01

This review discusses the incidence, pathogenesis, risk factors, diagnosis, and therapeutic options for persistent perineal sinus (PPS), defined as a perineal wound that remains unhealed more than 6 months after surgery. The incidence of PPS after surgery for inflammatory bowel disease (IBD) ranges from 3% to 70% and after abdominoperineal resection (APR) for Low rectal cancer, it can be up to 30%. These unhealed wounds are frequently related to perioperative pelvic or perineal sepsis. Crohn's disease (CD) and neoadjuvant radiation therapy are also important risk factors. The management of PPS is based on an understanding of pathogenesis and clinical grounds. The advantages and disadvantages of the current therapeutic approaches, including the topical administration of various drugs, vacuum-assisted closure, and perineal reconstruction with a muscle flap or a myocutaneous flap are also discussed. (author)

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.

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.

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.

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

Information Technology Portfolio Management and the Real Options Method (ROM): Managing the Risks of IT Investments in the Department of the Navy (DON)

National Research Council Canada - National Science Library

Davis, Jeffery

2003-01-01

.... This research draws upon ITPM implementation strategies currently employed by the DON and provides recommendations for managing the inherent risk in IT investments, specifically the application...

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.

On Mean-Variance Hedging of Bond Options with Stochastic Risk Premium Factor

NARCIS (Netherlands)

Aihara, ShinIchi; Bagchi, Arunabha; Kumar, Suresh K.

2014-01-01

We consider the mean-variance hedging problem for pricing bond options using the yield curve as the observation. The model considered contains infinite-dimensional noise sources with the stochastically- varying risk premium. Hence our model is incomplete. We consider mean-variance hedging under the

Business operations and decommissioning strategy for imperial college London research reactor 'Consort' - A financial risk management approach

International Nuclear Information System (INIS)

Franklin, S.J.; Gardner, D.; Mumford, J.; Lea, R.; Knight, J.

2005-01-01

Imperial College London (IC) operates commercially a 100 kW research reactor, and as site licensee is responsible for funding both operations and eventual decommissioning. With long lead times ahead urgent decisions on the future business options have had to be made in 2004/5 including choices on whether to move to early decommissioning, recognising the high costs entailed, or to pursue continuing operations involving life extension measures such as refuelling. To develop a coherent overall approach strategy a financial risk driven programme was initiated to help define a robust transparent business and termination case for the reactor. This study was carried out in collaboration with a UK firm of financial risk experts, PURE Risk Management Ltd (PURE), working within a dedicated IC London reactor project team. This work evaluated immediate closure options due to financial constraints or life limiting failures, and options for continuing operation extending to 2028. Decommissioning and clean up were reviewed. Bespoke financial models created single value cost outputs and ranges of probabilistic net present values (NPV) for decommissioning costs and financial provisions to meet those costs at various levels of risk acceptance and regulatory compliance. (author)

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

Debris Flow Risk Management Framework and Risk Analysis in Taiwan, A Preliminary Study

Science.gov (United States)

Tsao, Ting-Chi; Hsu, Wen-Ko; Chiou, Lin-Bin; Cheng, Chin-Tung; Lo, Wen-Chun; Chen, Chen-Yu; Lai, Cheng-Nong; Ju, Jiun-Ping

2010-05-01

Broadly Acceptable. In order to reduce risk, engineering or other mitigation options were suggested for the 3 different categories, and the risk ranking of the 106 creeks based on the F-N curve were provided. Also, with the fatality statistics of each debris flow event from 1990 to 2009 available (including events of Typhoon Morakot), plotting the F-N curve and comparing it with the curve of 1990 to 2008, it was observed that the former was higher than the latter, and both curves were slightly above the suggested upper bond of the F-N curve, which indicating that in the future more resources and governance should be invested to reduce and minimize debris flow risks. Key Words: debris flow, risk management, risk analysis, risk map, F-N curve

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.

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 Management – risk 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

Market price of risk implied by Asian-style electricity options and futures

International Nuclear Information System (INIS)

Weron, Rafal

2008-01-01

In this paper we propose a jump-diffusion type model which recovers the main characteristics of electricity spot price dynamics in the Nordic market, including seasonality, mean-reversion and spiky behavior. We show how the calibration of the market price of risk to actively traded futures contracts allows for efficient valuation of Nord Pool's Asian-style options written on the spot electricity price. Furthermore, we study the evolution of the market price of risk (and the risk premium) over a three year time period and compare the obtained results with those reported in the literature. (author)

Market price of risk implied by Asian-style electricity options and futures

Energy Technology Data Exchange (ETDEWEB)

Weron, Rafal [Hugo Steinhaus Center for Stochastic Methods, Institute of Mathematics and Computer Science, Wroclaw University of Technology, 50-370 Wroclaw (Poland)

2008-05-15

In this paper we propose a jump-diffusion type model which recovers the main characteristics of electricity spot price dynamics in the Nordic market, including seasonality, mean-reversion and spiky behavior. We show how the calibration of the market price of risk to actively traded futures contracts allows for efficient valuation of Nord Pool's Asian-style options written on the spot electricity price. Furthermore, we study the evolution of the market price of risk (and the risk premium) over a three year time period and compare the obtained results with those reported in the literature. (author)

5 CFR 870.705 - Amount and election of Option B and Option C.

Science.gov (United States)

2010-01-01

... 5 Administrative Personnel 2 2010-01-01 2010-01-01 false Amount and election of Option B and Option C. 870.705 Section 870.705 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT (CONTINUED... Compensationers § 870.705 Amount and election of Option B and Option C. (a) The number of multiples of Option B...

Carbon footprint and energy use of food waste management options for fresh fruit and vegetables from supermarkets.

Science.gov (United States)

Eriksson, Mattias; Spångberg, Johanna

2017-02-01

Food waste is a problem with economic, environmental and social implications, making it both important and complex. Previous studies have addressed food waste management options at the less prioritised end of the waste hierarchy, but information on more prioritised levels is also needed when selecting the best available waste management options. Investigating the global warming potential and primary energy use of different waste management options offers a limited perspective, but is still important for validating impacts from the waste hierarchy in a local context. This study compared the effect on greenhouse gas emissions and primary energy use of different food waste management scenarios in the city of Växjö, Sweden. A life cycle assessment was performed for four waste management scenarios (incineration, anaerobic digestion, conversion and donation), using five food products (bananas, tomatoes, apples, oranges and sweet peppers) from the fresh fruit and vegetables department in two supermarkets as examples when treated as individual waste streams. For all five waste streams, the established waste hierarchy was a useful tool for prioritising the various options, since the re-use options (conversion and donation) reduced the greenhouse gas emissions and the primary energy use to a significantly higher degree than the energy recovery options (incineration and anaerobic digestion). The substitution of other products and services had a major impact on the results in all scenarios. Re-use scenarios where food was replaced therefore had much higher potential to reduce environmental impact than the energy recovery scenarios where fossil fuel was replaced. This is due to the high level of resources needed to produce food compared with production of fossil fuels, but also to fresh fruit and vegetables having a high water content, making them inefficient as energy carriers. Waste valorisation measures should therefore focus on directing each type of food to the waste

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...

Foreign Exchange Risk in International Transactions

Directory of Open Access Journals (Sweden)

Florentina-Olivia Balu

2007-03-01

Full Text Available Every international business is affected by the ever-changing value of the currencies implied in contracts. While many of us consider this unpredictability a nuisance, the volatility of currencies around the world can mean the difference between success and failure for many exporters/importers. Exchange rates between one currency and another can change dramatically in a short period of time, leaving the unprepared business exposed to potentially crippling losses. The efficient management of this risk is essential for the survival of a company and any business that is exposed to such a risk should ensure that it is fully prepared to manage it. Old standbys and recent breakthroughs in the area of financial risk management can remove much of the risk from currency rate movements. The range of such products is huge, with increasingly sophisticated techniques constantly being added. Among the most modern methods for managing exchange risk there are four major classes of derivative products like: forwards, futures, options, and swaps. Beyond the four main types of risk management instruments, there are a number of other products including "swaptions" (options on swaps; avenging options; yield curve swaps; futures on spreads; and options on portfolios. Sophisticated mathematical tools and high-speed computers are needed to calculate the price of these instruments and to determine their overall effect on the company. In this article we will focus on forward and futures contracts for managing foreign exchange risk. A forward is a contract to buy or sell currency at an agreed upon exchange rate at a specific date in the future. Futures are similar to forwards except that they're traded on exchanges which specify settlement dates. Also we make some recommendations related to the foreign exchange risk-management practices that are useful for companies involved in international trade and for financial institutions interested in providing hedging products to

How do managers behave in stock option plans? Clinical evidence from exercise and survey data

NARCIS (Netherlands)

Sautner, Z.; Weber, M.

2009-01-01

We use unique case study data to analyze the behavior of top managers in an executive stock option plan. We gather questionnaire data on the managers' traits and combine it with exercise data. Managers in our sample expect low volatilities (compared to historical estimates) and are well diversified

Emission of toxic components as a factor of the best practice options for waste management: Application of LCA (Life Cycle Assessment

Directory of Open Access Journals (Sweden)

Stevanović-Čarapina Hristina D.

2011-01-01

Full Text Available Health and safety have been the major concerns in waste management. Waste must be managed in a way that minimizes risk to human health. Environmental concerns over the management and disposal of waste can be divided into two major areas: conservation of resources and pollution of the environment. Integrated Waste Management (IWM systems combine waste streams, waste collection, treatment and disposal methods, with the objective of achieving environmental benefits, economic optimization and societal acceptability. Integrated waste management using Life Cycle Assessment (LCA attempts to offer the most benign options for waste management. LCA is a compilation and evaluation of the inputs, the outputs and the potential environmental impacts of a product system throughout its life cycle. It can be successfully applied to municipal solid waste management systems to identify the overall environmental burdens and to assess the potential environmental impacts. This paper deals with the LCA of the two waste management options for final disposal of municipal waste, landfilling (landfill without landfill gas collection or leachate collection and sanitary landfilling (landfill with landfill gas collection and recovery and leachate collection and treatments analyzed for town Sombor, Serbia. The research is conducted with the use of the Software Package IWM-2. The indicators which are used in the assessment are air and water emissions of toxic compounds. The results indicated that waste disposal practice has a significant effect on the emission of the toxic components and environmental burdens. Sanitary landfilling of municipal solid waste significantly reduces toxic emission and negative influence on the environment.

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.

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

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 .

Efficient Option Pricing under Levy Processes, with CVA and FVA

Directory of Open Access Journals (Sweden)

Jimmy eLaw

2015-07-01

Full Text Available We generalize the Piterbarg (2010 model to include 1 bilateral default risk as in Burgard and Kjaer (2012, and 2 jumps in the dynamics of the underlying asset using general classes of L'evy processes of exponential type. We develop an efficient explicit-implicit scheme for European options and barrier options taking CVA-FVA into account. We highlight the importance of this work in the context of trading, pricing and management a derivative portfolio given the trajectory of regulations.

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...

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...

Using QMRAcatch - a stochastic hydrological water quality and infection risk model - to identify sustainable management options for long term drinking water resource planning

Science.gov (United States)

Derx, J.; Demeter, K.; Schijven, J. F.; Sommer, R.; Zoufal-Hruza, C. M.; Kromp, H.; Farnleitner, A.; Blaschke, A. P.

2017-12-01

River water resources in urban environments play a critical role in sustaining human health and ecosystem services, as they are used for drinking water production, bathing and irrigation. In this study the hydrological water quality model QMRAcatch was used combined with measured concentrations of human enterovirus and human-associated genetic fecal markers. The study area is located at a river/floodplain area along the Danube which is used for drinking water production by river bank filtration and further disinfection. QMRAcatch was previously developed to support long term planning of water resources in accordance with a public infection protection target (Schijven et al., 2015). Derx et al. 2016 previously used QMRAcatch for evaluating the microbiological quality and required virus-reduction targets at the study area for the current and robust future "crisis" scenarios, i.e. for the complete failure of wastewater treatment plants and infection outbreaks. In contrast, the aim of this study was to elaborate future scenarios based on projected climate and population changes in collaboration with urban water managers. The identified scenarios until 2050 include increased wastewater discharge rates due to the projected urban population growth and more frequent storm and overflow events of urban sewer systems following forecasted changes in climate and hydrology. Based on the simulation results for the developed scenarios sustainable requirements of the drinking water treatment system for virus reductions were re-evaluated to achieve the health risk target. The model outcomes are used to guide practical and scientifically sound management options for long term water resource planning. This paper was supported by FWF (Vienna Doctoral Program on Water Resource Systems W1219-N22) and the GWRS project (Vienna Water) as part of the "(New) Danube-Lower Lobau Network Project" funded by the Government of Austria and Vienna, and the European Agricultural Fund for Rural

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...

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?”

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...

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.

A nuclear fuel cycle system dynamic model for spent fuel storage options

International Nuclear Information System (INIS)

Brinton, Samuel; Kazimi, Mujid

2013-01-01

Highlights: • Used nuclear fuel management requires a dynamic system analysis study due to its socio-technical complexity. • Economic comparison of local, regional, and national storage options is limited due to the public financial information. • Local and regional options of used nuclear fuel management are found to be the most economic means of storage. - Abstract: The options for used nuclear fuel storage location and affected parameters such as economic liabilities are currently a focus of several high level studies. A variety of nuclear fuel cycle system analysis models are available for such a task. The application of nuclear fuel cycle system dynamics models for waste management options is important to life-cycle impact assessment. The recommendations of the Blue Ribbon Committee on America’s Nuclear Future led to increased focus on long periods of spent fuel storage [1]. This motivated further investigation of the location dependency of used nuclear fuel in the parameters of economics, environmental impact, and proliferation risk. Through a review of available literature and interactions with each of the programs available, comparisons of post-reactor fuel storage and handling options will be evaluated based on the aforementioned parameters and a consensus of preferred system metrics and boundary conditions will be provided. Specifically, three options of local, regional, and national storage were studied. The preliminary product of this research is the creation of a system dynamics tool known as the Waste Management Module (WMM) which provides an easy to use interface for education on fuel cycle waste management economic impacts. Initial results of baseline cases point to positive benefits of regional storage locations with local regional storage options continuing to offer the lowest cost

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...

Primary care physician management, referral, and relations with specialists concerning patients at risk for cancer due to family history.

Science.gov (United States)

Wood, M E; Flynn, B S; Stockdale, A

2013-01-01

Risk stratification based on family history is a feature of screening guidelines for a number of cancers and referral guidelines for genetic counseling/testing for cancer risk. Our aim was to describe primary care physician perceptions of their role in managing cancer risk based on family history. Structured interviews were conducted by a medical anthropologist with primary care physicians in 3 settings in 2 north-eastern states. Transcripts were systematically analyzed by a research team to identify major themes expressed by participants. Forty interviews were conducted from May 2003 through May 2006. Physicians provided a diversity of views on roles in management of cancer risk based on family history, management practices and patient responses to risk information. They also provided a wide range of perspectives on criteria used for referral to specialists, types of specialists referred to and expected management roles for referred patients. Some primary care physicians appeared to make effective use of family history information for cancer risk management, but many in this sample did not. Increased focus on efficient assessment tools based on recognized guidelines, accessible guides to management options, and patient education and decision aids may be useful directions to facilitate broader use of family history information for cancer risk management. Copyright © 2013 S. Karger AG, Basel.

Template for assessing climate change impacts and management options: TACCIMO user guide version 2.2

Science.gov (United States)

Emrys Treasure; Steven McNulty; Jennifer Moore Myers; Lisa Nicole Jennings

2014-01-01

The Template for Assessing Climate Change Impacts and Management Options (TACCIMO) is a Web-based tool developed by the Forest Service, U.S. Department of Agriculture to assist Federal, State, and private land managers and planners with evaluation of climate change science implications for sustainable natural resource management. TACCIMO is a dynamic information...

Recent advances in the management of chronic stable angina II. Anti-ischemic therapy, options for refractory angina, risk factor reduction, and revascularization

Directory of Open Access Journals (Sweden)

Richard Kones

2010-08-01

Full Text Available Richard KonesThe Cardiometabolic Research Institute, Houston, Texas, USAAbstract: The objectives in treating angina are relief of pain and prevention of disease ­progression through risk reduction. Mechanisms, indications, clinical forms, doses, and side effects of the traditional antianginal agents – nitrates, ß-blockers, and calcium channel ­blockers – are reviewed. A number of patients have contraindications or remain unrelieved from anginal discomfort with these drugs. Among newer alternatives, ranolazine, recently approved in the United States, indirectly prevents the intracellular calcium overload involved in cardiac ischemia and is a welcome addition to available treatments. None, however, are disease-modifying agents. Two options for refractory angina, enhanced external counterpulsation and spinal cord stimulation (SCS, are presented in detail. They are both well-studied and are effective means of treating at least some patients with this perplexing form of angina. Traditional modifiable risk factors for coronary artery disease (CAD – smoking, hypertension, dyslipidemia, ­diabetes, and obesity – account for most of the population-attributable risk. Individual therapy of high-risk patients differs from population-wide efforts to prevent risk factors from appearing or reducing their severity, in order to lower the national burden of disease. Current American College of Cardiology/American Heart Association guidelines to lower risk in patients with chronic angina are reviewed. The Clinical Outcomes Utilizing Revascularization and Aggressive Drug Evaluation (COURAGE trial showed that in patients with stable angina, optimal medical therapy alone and percutaneous coronary intervention (PCI with medical therapy were equal in preventing myocardial infarction and death. The integration of COURAGE results into current practice is discussed. For patients who are unstable, with very high risk, with left main coronary artery lesions, in

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.

Conservative management in ureteric hydronephrosis due to deep endometriosis: Could the levonorgestrel-intrauterine device be an option?

Science.gov (United States)

Simón, Elisa; Tejerizo, Álvaro; Muñoz, José Luis; Álvarez, Carmen; Marqueta, Laura; Jiménez, Jesús S

2017-07-01

Endometriosis can affect up to 10% of women of reproductive age, in a wide range of clinical presentations that vary from mild to severe or deep endometriosis. Deep endometriosis can affect the urinary tract in 1-5% to 15-25% cases. Even though deep endometriosis' surgeries are usually complex with higher rate of complications, conservative management is not always considered as an option because of its high failure rates. This paper describes two cases of deep endometriosis with ureteric involvement (hydronephrosis) treated conservatively with a double-pigtail stent plus a Levonorgestrel intrauterine device, after conservative surgery, who remained symptom free with no evidence of recurrence at 3 years follow-up, avoiding radical high-risk surgery. Impact statement Several treatments have been described for endometriosis. From a symptomatic perspective, conservative medical management has been proposed with a variable response. Concerning deep endometriosis (affecting the urinary or digestive tract), the definitive treatment has always been thought to be radical surgery. However, this can lead to several complications. To illustrate a possible more conservative approach this paper describes two cases of deep infiltrating endometriosis affecting the ureter, treated conservatively with a temporary pigtail ureter stent plus a Levonorgestrel intrauterine device. The management demonstrates that, in a selected population, conservative treatment solves the urinary disease avoiding the surgical complications and, what is more, improving patients' symptoms in a permanent way. Further prospective studies are needed to confirm whether the introduction of this management in clinical practice would reduce the need for surgery thereby, avoiding high-risk surgery and improving the success rate of conservative management.

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

Assessment of stormwater management options in urban contexts using Multiple Attribute Decision-Making

DEFF Research Database (Denmark)

Gogate, Nivedita G.; Kalbar, Pradip; Raval, Pratap M.

2017-01-01

This paper addresses the problem of selecting the most sustainable stormwater management alternative in developing countries in a dense urban context. Firstly, suitable Low Impact Development (LID) stormwater management measures for dense urban areas in developing countries were identified based...... sustainable stormwater management options in densely populated areas of developing countries....... on critical review of literature. Alternatives have been formulated as varying percentages (degree of adoption) of these suitable measures to manage the stormwater sustainably. Further, a novel decision-making framework is developed which generates the hierarchy for selection of the most sustainable...

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

Nuclear risk management on stage: a decision analysis perspective on the UK's Committee on Radioactive Waste Management.

Science.gov (United States)

Morton, Alec; Airoldi, Mara; Phillips, Lawrence D

2009-05-01

In 2003, the UK government set up a broad-based Committee on radioactive waste management (CoRWM) to look at the UK's policy on radioactive waste management with a view to jumpstarting a stalled policy process. The committee's brief was to come up with a set of recommendations that would protect the public and the environment, and be capable of inspiring public confidence. After consulting widely with the public and stakeholders, and drawing on advice from scientists and other experts, CoRWM arrived at a remarkably well-received set of recommendations. On the basis of our experiences of working on CoRWM's multi-criteria decision analysis of different management options, study of CoRWM documentation, and interviews with committee members, we describe the explicit and implicit principles that guided CoRWM. We also give an account of the process by which CoRWM arrived at its conclusions, covering four phases: framing, shortlisting, option assessment, and integration; and four cross-cutting activities: public and stakeholder engagement (PSE), science and engineering input, ethics and social science input, and learning from overseas practice. We finish by outlining some of the key developments in the UK's radioactive waste management process, which followed on from the publication of CoRWM's report, and present our reflections for the benefit of the risk and decision analysts of future committees that, like CoRWM, are charged with recommending to government on the management of technically complex and risky technologies, drawing on extensive public and stakeholder consultation.

Women's experiences of three early miscarriage management options: a qualitative study.

Science.gov (United States)

Smith, Lindsay F; Frost, Julia; Levitas, Ruth; Bradley, Harriet; Garcia, Jo

2006-03-01

Miscarriage affects around one in six pregnancies. Much research has taken place identifying the consequences of this for parents but is mainly quantitative. Of the limited qualitative studies, none have explored women's experiences of the methods of miscarriage management received. To assess the social and personal impact of different management methods (expectant, medical and surgical) on women's experience of first trimester miscarriage. Qualitative interviews using a topic guide with a purposive cohort of four categories of women (each management method plus non-participants) 6 months to 1 year after first trimester miscarriage. Focus groups with both research participants and health workers. Women from three hospitals in the South West of England that participated in the Miscarriage Treatment (MIST) trial. Seventy-two interviews were undertaken between September 1999 and June 2000. There were also five focus groups (47 participants) and two feedback sessions (8 participants) with written feedback from 12 women. Interviews lasted 0.5-2.5 hours generating over 2000 A4 pages of transcripts. The transcripts were analysed for common themes, using standard proformas, which were filled in by individual team members and then discussed by the whole research team. Iterative readings in the light of new emerging issues ensured that new themes could be identified throughout the analytical process. All transcripts were then encoded for the identified themes using NUDIST. Common themes emerged across all management options although some were specific to just one or two management options. The five major themes arising out of the data analysis were: intervention; experiences of care; finality; the 'baby'; and pain and bleeding. Women's experiences and beliefs vary widely and their preferences need to be considered in their early miscarriage management. The three methods have different benefits and problems from the women's point of view. Competence and caring from

Weather Risk Management in Agriculture

Directory of Open Access Journals (Sweden)

Martina Bobriková

2016-01-01

Full Text Available The paper focuses on valuation of a weather derivative with payoffs depending on temperature. We use historical data from the weather station in the Slovak town Košice to obtain unique prices of option contracts in an incomplete market. Numerical examples of prices of some contracts are presented, using the Burn analysis. We provide an example of how a weather contract can be designed to hedge the financial risk of a suboptimal temperature condition. The comparative comparison of the selected option hedging strategies has shown the best results for the producers in agricultural industries who hedges against an unfavourable weather conditions. The results of analysis proved that by buying put option or call option, the farmer establishes the highest payoff in the case of temperature decrease or increase. The Long Straddle Strategy is the most expensive but is available to the farmer who hedges against a high volatility in temperature movement. We conclude with the findings that weather derivatives could be useful tools to diminish the financial losses for agricultural industries highly dependent for temperature.

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

Managing AVN following internal fixation: treatment options and clinical results.

Science.gov (United States)

Hoskinson, Simon; Morison, Zachary; Shahrokhi, Shahram; Schemitsch, Emil H

2015-03-01

Avascular necrosis (AVN) after internal fixation of intracapsular hip fractures is a progressive multifactorial disease that ultimately results in local ischemia with ensuing osteocyte necrosis and structural compromise. This disease can cause significant clinical morbidity and affects patients of any age, including young and active patients. Effective treatment of this condition among young adults is challenging due to their high functional demands. The aim of managing AVN is to relieve pain, preserve range of movement and improve function. Treatment methods vary depending on the stage of the disease and can be broadly categorised into two options, hip preserving surgery and hip arthroplasty. Although, hip preserving techniques are attractive in the young adult, they may alter the morphology of the proximal femur and make subsequent arthroplasty more challenging. Conversely, arthroplasty in the young adult may require repeat revision procedures throughout the patient's life. Current evidence suggests that modifications of prevailing treatments, in addition to new technologies, have led to the development of management strategies that may be able to alter the course of femoral head osteonecrosis. This review aims to summarise the options available for treatment of AVN in the young adult and review the clinical results. Copyright © 2014 Elsevier Ltd. All rights reserved.

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)

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...

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.

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

Economic Screening of Geologic Sequestration Options in the United States with a Carbon Management Geographic Information System

Energy Technology Data Exchange (ETDEWEB)

Dahowski, Robert T.(BATTELLE (PACIFIC NW LAB)); Dooley, James J.(BATTELLE (PACIFIC NW LAB)); Brown, Daryl R.(BATTELLE (PACIFIC NW LAB)); Stephan, Alex J.(BATTELLE (PACIFIC NW LAB)); Badie I. Morsi

2001-10-19

Developing a carbon management strategy is a formidable task for nations as well as individual companies. It is often difficult to understand what options are available, let alone determine which may be optimal. In response to the need for a better understanding of complex carbon management options, Battelle has developed a state-of-the-art Geographic Information System (GIS) model with economic screening capability focused on carbon capture and geologic sequestration opportunities in the United States. This paper describes the development of this GIS-based economic screening model and demonstrates its use for carbon management analysis.

Dofetilide induced torsade de pointes: Mechanism, risk factors and management strategies

Directory of Open Access Journals (Sweden)

Abhishek Jaiswal

2014-11-01

Full Text Available Dofetilide is an effective antiarrhythmic agent for conversion of atrial fibrillation and atrial flutter as well as maintenance of sinus rhythm in appropriately selected patients. However, as with other antiarrhythmic agents, proarrhythmia is a known adverse effect. The risk of dofetilide induced torsade de pointes (Tdp is low when used with strict dosing criteria guided by renal function, QT interval and concomitant drug therapy. Benefit from dofetilide use must be individualized and weighed against the side effects and the role of other available treatment options. In this review, we discuss the underlying mechanism, risk factors and precautionary measures to avoid dofetilide induced QT prolongation and ventricular tachycardia/Tdp. We suggest a scheme for the management of QT prolongation, ventricular arrhythmia and Tdp as well.

Radiological aspects of postfission waste management for light-water reactor fuel cycle options

Energy Technology Data Exchange (ETDEWEB)

Shipler, D B; Nelson, I C [Battelle Pacific Northwest Laboratories, Richland, WA (United States)

1978-12-01

A generic environmental impact statement on the management of radioactive postfission wastes from various light-water reactor fuel cycles in the United States has been prepared. The environmental analysis for post-fission waste management includes an examination of radiological impacts related to different waste treatment, storage, transportation, and disposal options at the process level. Effects addressed include effluents from plants, and radiological impacts from facility operation (routine and accidents), and decommissioning. Environmental effects are combined for fuel reprocessing plants, mixed-oxide fuel fabrication plants, and waste repositories. Radiological effects are also aggregated for several fuel cycle options over the period 1980 and 2050. Fuel cycles analyzed are (1) once-through cycle in which spent reactor fuel is cooled in water basins for at least 6-1/2 years and then disposed of in deep geologic repositories; (2) spent fuel reprocessing in which uranium only and uranium and plutonium is recycled and solidified high level waste, fuel residues, and non-high-level transuranic wastes are disposed of in deep geologic repositories; and (3) deferred cycle that calls for storage of spent fuel at Federal spent fuel storage facilities until the year 2000 at which time a decision is made whether to dispose of spent fuel as a waste or to reprocess the fuel to recover uranium and plutonium. Key environmental issues for decision-making related to waste management alternatives and fuel cycle options are highlighted. (author)

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

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.

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,…

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.

Minor actinide transmutation - a waste management option

International Nuclear Information System (INIS)

Koch, L.

1986-01-01

The incentive to recycle minor actinides results from the reduction of the long-term α-radiological risk rather than from a better utilization of the uranium resources. Nevertheless, the gain in generated electricity by minor actinide transmutation in a fast breeder reactor can compensate for the costs of their recovery and make-up into fuel elements. Different recycling options of minor actinides are discussed: transmutation in liquid metal fast breeder reactors (LMFBRs) is possible as long as plutonium is not recycled in light water reactors (LWRs). In this case a minor actinide burner with fuel of different composition has to be introduced. The development of appropriate minor actinide fuels and their properties are described. The irradiation experiments underway or planned are summarized. A review of minor actinide partitioning from the PUREX waste stream is given. From the present constraints of LMFBR technology a reduction of the long-term α-radiological risk by a factor of 200 is deduced relative to that from the direct storage of spent LWR fuel. Though the present accumulation of minor actinides is low, nuclear transmutation may be needed when nuclear energy production has grown. (orig.)

Waste Management Options for Long-Duration Space Missions: When to Reject, Reuse, or Recycle

Science.gov (United States)

Linne, Diane L.; Palaszewski, Bryan A.; Gokoglu, Suleyman; Gallo, Christopher A.; Balasubramaniam, Ramaswamy; Hegde, Uday G.

2014-01-01

The amount of waste generated on long-duration space missions away from Earth orbit creates the daunting challenge of how to manage the waste through reuse, rejection, or recycle. The option to merely dispose of the solid waste through an airlock to space was studied for both Earth-moon libration point missions and crewed Mars missions. Although the unique dynamic characteristics of an orbit around L2 might allow some discarded waste to intersect the lunar surface before re-impacting the spacecraft, the large amount of waste needed to be managed and potential hazards associated with volatiles recondensing on the spacecraft surfaces make this option problematic. A second option evaluated is to process the waste into useful gases to be either vented to space or used in various propulsion systems. These propellants could then be used to provide the yearly station-keeping needs at an L2 orbit, or if processed into oxygen and methane propellants, could be used to augment science exploration by enabling lunar mini landers to the far side of the moon.

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.

A Risk Management Strategy for Radon: The US Experience (invited paper)

International Nuclear Information System (INIS)

Boschi, N.

1998-01-01

In the United States (US) the Environmental Protection Agency (EPA or Agency) has played a leading role on radon policy. EPA estimates that indoor radon in the US causes approximately 14,000 lung cancer deaths per year with an uncertainty range of 7,000 to 30,000. In 1988, EPA and the Center for Disease Control issued an advisory urging that most houses in the US be tested for radon. The risk assessments have indicated a problem of substantial magnitude. Nonetheless, risk of radon has been assumed to follow a non-threshold model and risk management strategies have been based on the concept that exposures at levels ≥148 Bq.m -3 (4 pCi.1 -1 ). EPA's approach has been to call for voluntary testing, since the Agency does not have direct regulatory authority, and to follow an action guideline of 148 Bq.m -3 . This paper provides an overview of EPA's risk management strategy to control exposure to indoor radon. The first part reviews EPA's approach to radon testing and radon measurement protocols while introducing the option of encouraging homes to be tested and, if necessary, mitigated at the time of any real estate transaction. The second part introduces EPA's voluntary guidelines for construction techniques on how to minimise radon in new homes and addresses how these guidelines could be adopted by the States, local governments, and private sector homebuilders. The third part presents EPA's programme to educate the public on indoor radon risk. The paper concludes by outlining a Congressional directed approach to radon protection based on a multi-media risk management model for radon in air and water. (author)

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.

[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.

Surface water flood risk and management strategies for London: An Agent-Based Model approach

Directory of Open Access Journals (Sweden)

Jenkins Katie

2016-01-01

Full Text Available Flooding is recognised as one of the most common and costliest natural disasters in England. Flooding in urban areas during heavy rainfall is known as ‘surface water flooding’, considered to be the most likely cause of flood events and one of the greatest short-term climate risks for London. In this paper we present results from a novel Agent-Based Model designed to assess the interplay between different adaptation options, different agents, and the role of flood insurance and the flood insurance pool, Flood Re, in the context of climate change. The model illustrates how investment in adaptation options could reduce London’s surface water flood risk, today and in the future. However, benefits can be outweighed by continued development in high risk areas and the effects of climate change. Flood Re is beneficial in its function to provide affordable insurance, even under climate change. However, it offers no additional benefits in terms of overall risk reduction, and will face increasing pressure due to rising surface water flood risk in the future. The modelling approach and findings are highly relevant for reviewing the proposed Flood Re scheme, as well as for wider discussions on the potential of insurance schemes, and broader multi-sectoral partnerships, to incentivise flood risk management in the UK and internationally.

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.

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...

Preliminary Analysis on the Management Options of IRT-DPRK Research Reactor

Energy Technology Data Exchange (ETDEWEB)

Lee, Jung-Hyun; Kim, Minsoo; Hwang, Yongsoo [Korea Institute of Nuclear Nonproliferation and Control, Daejeon (Korea, Republic of)

2015-05-15

Although IRT-DPRK was upgraded several times, operation lifetime was already exhausted and thus management policy is needed to deal with the aging of IRT-DPRK. For example, IRT- 2000 type nuclear reactors in Georgia and Bulgaria had been shut down to refurbish or decommissioned to establish new low power facilities. However, the existing negotiations and agreements related to the nuclear issues on North Korea have been focused on the 'denuclearization', and thus the issues on the IRTDPRK were not handled. In recent, a group of USA scientists has suggested that IRT-DPRK should be refurbished to establish the 'Scientific cent for excellence' like the Cooperative Threat Reduction program applied in Russia and the former Soviet Union (FSU). In this paper, we examined the several options to manage the IRT-DPRK through the study of similar foreign cases. Due to the lack of the detailed and standardized information, it is impossible to suggest the best option at this moment. In order to do that, the further research on the detailed procedures, radioactive wastes, the standards of safety and security are needed.

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...

The Dynamics of the Option-Adjusted Spread of Brady Bond Securities

Directory of Open Access Journals (Sweden)

Luiz Otavio Calôba

2003-06-01

Full Text Available Brady bond securities represent a substantial fraction of emerging markets countries internationally tradable sovereign debt. The credit risk spread above and beyond the U.S. treasury curve for these securities is usually large in size and volatility. Moreover, most Brady bonds carry embedded options that lead to the existence of an Option-Adjusted Spread, OAS, which increase their risk profiles. In this paper we present an empirical study of the dynamics of Brady bonds OAS using a heath, Jarrow and Morton term structure pricing model. The dynamics of the spread shows that the proper risk management and pricing of these securities require the consideration of volatility in addition to the magnitude of the sovereign risk spread. That is, the proper risk measure for these securities would be the pair (OAS, OAS Volatility. A study of implied default probabilities is also presented. Our analysis is illustrated with bonds from Brazil, Argentina, Mexico, Poland, Bulgaria and the Philippines.

Integrated weed management for sustainable rice production: concepts, perspectives and options

International Nuclear Information System (INIS)

Amartalingam Rajan

2002-01-01

Weed management has always been in some way integrated with cultural and biological methods, probably occurring more fortuitously than purposefully. Experience has shown that repeated use of any weed control technique especially in monocultures production systems results in rapid emergence of weeds more adapted to the new practice. In intensive high input farming systems, heavy selection pressure for herbicide tolerant weeds and the environmental impacts of these inputs are important tissues that require a good understanding of agroecosystem for successful integration of available options. Rice culture, in particular flooded rice culture has always employed integration through an evolution of management practices over the generations. However, a vast majority office farmers in Asia have yet to achieve the high returns realised by farmers elsewhere, where a near optimum combination of high inputs are being effectively integrated for maximum productivity. In addition to technological and management limitations, farmers in developing countries are faced with social, economic and policy constraints. On the other hand, farmers who had achieved considerable increases in productivity through labour replacing technologies, in particular direct seeding with the aid of herbicides, are now faced with issues related to environmental concerns due to high levels of these inputs. The issues facing weed scientists and farmers alike in managing weeds effectively and in a manner to ensure sustainability have become more challenging than ever before. In the last two decades, no issue has been discussed so. intensively as Sustainable Farming, Sustainable Agriculture or Alternative Agriculture within the broader global concept of Sustainable Development. To address these challenges a clear perspective of sustainable farming is essential. This paper addresses these concepts, perspectives and options for choices in weed management for sustainable rice production. (Author)

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

Designing flexible engineering systems utilizing embedded architecture options

Science.gov (United States)

Pierce, Jeff G.

This dissertation develops and applies an integrated framework for embedding flexibility in an engineered system architecture. Systems are constantly faced with unpredictability in the operational environment, threats from competing systems, obsolescence of technology, and general uncertainty in future system demands. Current systems engineering and risk management practices have focused almost exclusively on mitigating or preventing the negative consequences of uncertainty. This research recognizes that high uncertainty also presents an opportunity to design systems that can flexibly respond to changing requirements and capture additional value throughout the design life. There does not exist however a formalized approach to designing appropriately flexible systems. This research develops a three stage integrated flexibility framework based on the concept of architecture options embedded in the system design. Stage One defines an eight step systems engineering process to identify candidate architecture options. This process encapsulates the operational uncertainty though scenario development, traces new functional requirements to the affected design variables, and clusters the variables most sensitive to change. The resulting clusters can generate insight into the most promising regions in the architecture to embed flexibility in the form of architecture options. Stage Two develops a quantitative option valuation technique, grounded in real options theory, which is able to value embedded architecture options that exhibit variable expiration behavior. Stage Three proposes a portfolio optimization algorithm, for both discrete and continuous options, to select the optimal subset of architecture options, subject to budget and risk constraints. Finally, the feasibility, extensibility and limitations of the framework are assessed by its application to a reconnaissance satellite system development problem. Detailed technical data, performance models, and cost estimates

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.

At your own risk. An inquiry about risk management in the ESI

International Nuclear Information System (INIS)

Anon.

1996-01-01

The UNIPEDE survey on Risk Management within the Electricity Supply Industry has provided a picture of the risks facing the Industry at present and an insight into the management of tomorrow's risks. The survey, in which 81 companies (85 respondents) from 31 countries took part shows that: nearly all types of risk identified in the questionnaire are perceived to be growing : the Risk Management role has become more centralized over the past three years: change will slow in the coming three ; the amount of top level attention given to Risk Management is increasing. However only 37 % of respondent companies have Risk Management as a regular top level management item ; environment-related risks and the safety of both employees and the public are perceived as the most critical risks facing the Industry. Over 80 % of surveyed companies consider that both are of increasing concern ; almost 90 % of respondents agreed that risk management processes should be implemented for both pure and speculative risks. Those who disagreed maintained that Risk Management should be 'realistic not theoretical' ; respondents from the US gave markedly different answers to those from the rest of the world. Risk Management in the US receives top level attention, with numerous separated risk management departments handling risk strategy

Evaluating nuclear power as the next baseload generation option

International Nuclear Information System (INIS)

Jackson, K.J.; Sanford, M.O.

1992-01-01

Numerous factors must be taken into account when planning to meet baseload generating needs of the next century. Examining nuclear power as an option to meet these needs offers significant challenges with respect to evaluating and managing the business risks. This paper describes one mechanism to accomplish this while continuing to participate in industry activities targeted at advancing the nuclear option. One possible model of pursuing high-risk, long-term projects, like nuclear power, is to spread these risks among the project participants and for each organization to commit slowly. With this model of progressive engagement, participants may invest in early information gathering with the objective of uncertainty reduction at preliminary stages in the project, before large investments must be made. For nuclear power, a partnership between a utility (or utility group) and a supplier team may well be the best means of implementing such a model. A partnership also provides opportunity to develop the long-term relationships within the industry which are imperative

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.

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...

Changing Climate, Challenging Choices: Identifying and Evaluating Climate Change Adaptation Options for Protected Areas Management in Ontario, Canada

Science.gov (United States)

Lemieux, Christopher J.; Scott, Daniel J.

2011-10-01

Climate change will pose increasingly significant challenges to managers of parks and other forms of protected areas around the world. Over the past two decades, numerous scientific publications have identified potential adaptations, but their suitability from legal, policy, financial, internal capacity, and other management perspectives has not been evaluated for any protected area agency or organization. In this study, a panel of protected area experts applied a Policy Delphi methodology to identify and evaluate climate change adaptation options across the primary management areas of a protected area agency in Canada. The panel identified and evaluated one hundred and sixty five (165) adaptation options for their perceived desirability and feasibility. While the results revealed a high level of agreement with respect to the desirability of adaptation options and a moderate level of capacity pertaining to policy formulation and management direction, a perception of low capacity for implementation in most other program areas was identified. A separate panel of senior park agency decision-makers used a multiple criterion decision-facilitation matrix to further evaluate the institutional feasibility of the 56 most desirable adaptation options identified by the initial expert panel and to prioritize them for consideration in a climate change action plan. Critically, only two of the 56 adaptation options evaluated by senior decision-makers were deemed definitely implementable, due largely to fiscal and internal capacity limitations. These challenges are common to protected area agencies in developed countries and pervade those in developing countries, revealing that limited adaptive capacity represents a substantive barrier to biodiversity conservation and other protected area management objectives in an era of rapid climate change.

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

Management options for recycling radioactive scrap metals

Energy Technology Data Exchange (ETDEWEB)

Dehmel, J.C.; MacKinney, J.; Bartlett, J.

1997-02-01

The feasibility and advantages of recycling radioactive scrap metals (RSM) have yet to be assessed, given the unique technical, regulatory, safety, and cost-benefit issues that have already been raised by a concerned recycling industry. As is known, this industry has been repeatedly involved with the accidental recycling of radioactive sources and, in some cases, with costly consequences. If recycling were deemed to be a viable option, it might have to be implemented with regulatory monitoring and controls. Its implementation may have to consider various and complex issues and address the requirements and concerns of distinctly different industries. There are three basic options for the recycling of such scraps. They are: (1) recycling through the existing network of metal-scrap dealers and brokers, (2) recycling directly and only with specific steelmills, or (3) recycling through regional processing centers. Under the first option, scrap dealers and brokers would receive material from RSM generators and determine at which steelmills such scraps would be recycled. For the second option, RSM generators would deal directly with selected steelmills under specific agreements. For the third option, generators would ship scraps only to regional centers for processing and shipment to participating steelmills. This paper addresses the potential advantages of each option, identifies the types of arrangements that would need to be secured among all parties, and attempts to assess the receptivity of the recycling industry to each option.

Risk management versus incentives