Search results for: risks and initiatives

Authors: Süleyman Günes

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The crucial effects of the COVID-19 pandemic have on social and economic systems in Turkey as well as all over the world. It has impacted logistic providers and worldwide supply chains. Unexpected risks played a central role in creating vulnerabilities for logistics service operations during the pandemic terms. This study aims to research and design qualitative and quantitive contributions to logistic services. The COVID-19 pandemic brought unavoidable risks to the logistics industry in Turkey. The Logistic Service Providers (LSPs) have learned how to ensure uncertainties and risks triggered by main and adverse effects. The risks that LSPs encounter during the COVID-19 pandemic have been investigated and unveiled, and identified uncertainties and risks. The cause-effect structures were displayed by the qualitative and quantitive studies. The results suggest that supply chains and demand changes triggered by the COVID-19 pandemic while it influenced financial failure and forecast horizon with operational performances.

Keywords: logistic service providers, COVID-19, development, financial failure

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Authors: Mohammed Ketel

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This paper discusses the security issues related to Bring Your Own Devices (BYOD) programs, an increasingly popular choice for small and big businesses alike, and explores the benefits, risks, the available controls and solutions to mitigate the inherent security concerns with mobile devices, in general, and BYOD programs specifically. The paper also discusses the approaches that organizations can apply to mitigate the risks, which may include policies, diverse technologies, education, and training.

Keywords: BYOD, security, policies, standards, controls, education

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Authors: Saba Shams Bidhendi, Steven Goh, Andrew Wandel

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The implementation of lean manufacturing initiatives has produced significant impacts in improving operational performance and reducing manufacturing wastes in the production process. However, selecting an appropriate set of lean strategies is critical to avoid misapplication of the lean manufacturing techniques and consequential increase in non-value-adding activities. To the author’s best knowledge, there is currently no methodology to select lean strategies that considers their impacts on manufacturing wastes and performance metrics simultaneously. In this research, a multi-objective methodology is proposed that suggests an appropriate set of lean initiatives based on their impacts on performance metrics and manufacturing wastes and within manufacturers’ resource limitation. The proposed methodology in this research suggests the best set of lean initiatives for implementation that have highest impacts on identified critical performance metrics and manufacturing wastes. Therefore, manufacturers can assure that implementing suggested lean tools improves their production performance and reduces manufacturing wastes at the same time. A case study was conducted to show the effectiveness and validate the proposed model and methodologies.

Keywords: lean manufacturing, lean strategies, manufacturing wastes, manufacturing performance, optimisation, decision making

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Authors: Alena Dadova, Katarina Holla, Anna Cidlinova, Linda Makovicka Osvaldova, Jiri Vala, Samuel Kockar

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Occupational health and safety (ASH) is an area in which procedures and applications are constantly evolving and changing through legislation and new directives and guidelines. In this way, the relevant organizations strive to ensure continuous progress and the advantage of up-to-date information to ensure safety and prevent occupational accidents. Three ESENER surveys have been carried out in the European Union, led by the Agency for Safety and Health at Work (EU-OSHA). On the basis of surveys, it was determined how European workplaces manage risks and how they manage the field of safety and health protection at work. Thousands of companies and organizations in the European Union were involved in the surveys. Organizations and businesses were presented with a questionnaire that focused on the following topics: the impact of general risks on the field of OSH and the possibility of their management, psychosocial risks and other factors such as stress, harassment and bullying, and employee participation in OSH procedures. The article is dedicated to the fundamental conclusions from these surveys and their subsequent connection with the strategic intent of the Strategic Framework of European Union for the years 2021 - 2027. In the conclusion, emerging risks are identified and EU will soon have to deal with them.

Keywords: ESENER, emerging risks, strategic framework in OSH, EU

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Authors: Saeed M. Al Qahtani, Alaa Eldin A. Ayoub

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The study aimed to develop a battery of measures to assessment gifted initiatives in Saudi Arabia. The battery consisted of 17 measures developed in light of Saudi Arabia's future vision objectives for gifted education. A battery was applied to 193 gifted students who benefit from gifted initiatives and programs, 42 teachers of gifted as well as, 40 experts of gifted. Samples were taken from three main regions: Riyadh, Sharqia, Gharbia in Saudi Arabia. The results indicated that battery measures have a reliability and stability index ranging from 0.6 to 0.87. Besides that, results showed that the educational environment lacks many basic components such as facilities, laboratories, and activities that may stimulate creativity and innovation. Furthermore, results showed that there is a weakness in private sector involvement in the construction of educational buildings, special centers for gifted people and the provision of certain facilities that support talented programs. The recommendations of the study indicate the need for the private sector participation in the provision of services and projects for the care of gifted students in Saudi Arabia.

Keywords: battery of measures, gifted care initiatives, Saudi future vision, gifted student

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Authors: Malihe Motiei, Nor Hidayati Zakaria, Davide Aloini

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This study aims to present a method to develop the failure measurement model for ERP post-implementation. To achieve this outcome, the study firstly evaluates the suitability of Technology-Organization-Environment framework for the proposed conceptual model. This study explains how to discover the constructs and subsequently to design and evaluate the constructs as formative or reflective. Constructs are used including reflective and purely formative. Then, the risk dimensions are investigated to determine the instruments to examine the impact of risk on ERP failure after implementation. Two construct as formative constructs consist inadequate implementation and poor organizational decision making. Subsequently six construct as reflective construct include technical risks, operational risks, managerial risks, top management risks, lack of external risks, and user’s inefficiency risks. A survey was conducted among Iranian industries to collect data. 69 data were collected from manufacturing sectors and the data were analyzed by Smart PLS software. The results indicated that all measurements included 39 critical risk factors were acceptable for the ERP post-implementation failure model.

Keywords: critical risk factors (CRFs), ERP projects, ERP post-implementation, measurement instruments, ERP system failure measurement model

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Authors: Adrián Esteban Ortiz-Valera, Angélica Lozano

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In developing countries, informal trade is relevant, but it has been little studied in urban freight transport (UFT) context, although it is a challenge due to the non- contemplated demand it produces and the operational limitations it imposes. Hence, UFT operational improvements (initiatives) and freight attraction models must consider informal trade for developing countries. Afour phasesapproach for characterizing the commercial areas in developing countries (considering both formal and informal establishments) is proposed and applied to ten areas in Mexico City. This characterization is required to calculate real freight trip attraction and then select and/or adapt suitable initiatives. Phase 1 aims the delimitation of the study area. The following information is obtained for each establishment of a potential area: location or geographic coordinates, industrial sector, industrial subsector, and number of employees. Phase 2 characterizes the study area and proposes a set of indicators. This allows a broad view of the operations and constraints of UFT in the study area. Phase 3 classifies the study area according to seven indicators. Each indicator represents a level of conflict in the area due to the presence of formal (registered) and informal establishments on the sidewalks and streets, affecting urban freight transport (and other activities). Phase 4 determines preliminary initiatives which could be implemented in the study area to improve the operation of UFT. The indicators and initiatives relation allows a preliminary initiatives selection. This relation requires to know the following: a) the problems in the area (congested streets, lack of parking space for freight vehicles, etc.); b) the factors which limit initiatives due to informal establishments (reduced streets for freight vehicles; mobility and parking inability during a period, among others), c) the problems in the area due to its physical characteristics; and d) the factors which limit initiatives due to regulations of the area. Several differences in the study areas were observed. As the indicators increases, the areas tend to be less ordered, and the limitations for the initiatives become higher, causing a smaller number of susceptible initiatives. In ordered areas (similar to the commercial areas of developed countries), the current techniquesfor estimating freight trip attraction (FTA) can bedirectly applied, however, in the areas where the level of order is lower due to the presence of informal trade, this is not recommended because the real FTA would not be estimated. Therefore, a technique, which consider the characteristics of the areas in developing countries to obtain data and to estimate FTA, is required. This estimation can be the base for proposing feasible initiatives to such zones. The proposed approach provides a wide view of the needs of the commercial areas of developing countries. The knowledge of these needs would allow UFT´s operation to be improved and its negative impacts to be minimized.

Keywords: freight initiatives, freight trip attraction, informal trade, urban freight transport

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Authors: Anđelka Stojanović, Ivan Mihajlović, Ivica Nikolić

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In the past years, due to the financial crisis and the tightening of conditions on the labor market, young people are facing great challenges in achieving financial independence and finding their place in society. Higher unemployment rates, poorer living conditions, separation from the labor market, and longer school-to-work transitions particularly affect rural youth and make significant differences between youth groups in rural and urban areas. Improving employability skills and development of instruments for further learning among young people “Not in Education, Employment, or Training” (NEET) should not be only the concerns of these people, already adequately be directed and supported by the institutions. According to the World Bank data, the share of youth not in education, employment or training (NEET), in the European Union in the past few years decreases but still shows a significant share in the total percentage of the youth population. In 2017 rate was 10.96% while in 2018 that value was 10.38%. When observing individual countries in Europe, especially those with lower incomes, this rate is much higher. It was concluded that this topic was not sufficiently elaborated and presented in the social and scientific environment. Therefore, the aim of this paper is to identify and systematize the problems of school-to-work transition among young NEETs living in rural areas as well as the initiatives for addressing their problems.

Keywords: NEET youth, risks and initiatives, rural youth, school-to-work transition

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Authors: O. Badagadze, G. Sirbiladze, I. Khutsishvili

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The work proposes a decision support methodology for the credit risk minimization in selection of investment projects. The methodology provides two stages of projects’ evaluation. Preliminary selection of projects with minor credit risks is made using the Expertons Method. The second stage makes ranking of chosen projects using the Possibilistic Discrimination Analysis Method. The latter is a new modification of a well-known Method of Fuzzy Discrimination Analysis.

Keywords: expert valuations, expertons, investment project risks, positive and negative discriminations, possibility distribution

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Authors: Yusuf Garba Baba

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The construction industry and housing subsector are fraught with risks that have the potential of negatively impacting on the achievement of project objectives. The success or otherwise of most construction projects depends to large extent on how well these risks have been managed. The recent paradigm shift by the subsector to use of formal risk management approach in contrast to hitherto developed rules of thumb means that risks must not only be identified but also properly assessed and responded to in a systematic manner. The study focused on identifying risks associated with housing development projects and prioritisation assessment of the identified risks in order to provide basis for informed decision. The study used a three-step identification framework: review of literature for similar projects, expert consultation and questionnaire based survey to identify potential risk factors. Delphi survey method was employed in carrying out the relative prioritization assessment of the risks factors using computer-based Analytical Hierarchical Process (AHP) software. The results show that 19 out of the 50 risks significantly impact on housing development projects. The study concludes that although significant numbers of risk factors have been identified as having relevance and impacting to housing construction projects, economic risk group and, in particular, ‘changes in demand for houses’ is prioritised by most developers as posing a threat to the achievement of their housing development objectives. Unless these risks are carefully managed, their effects will continue to impede success in these projects. The study recommends the adoption and use of the combination of multi-technique identification framework and AHP prioritization assessment methodology as a suitable model for the assessment of risks in housing development projects.

Keywords: risk management, risk identification, risk analysis, analytic hierarchical process

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Authors: Darshan Lal

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The paper describes the concept of Information literacy. It is a critical component of this information age. Information literacy is the vital process in modern changing world. Information Literacy initiatives in India was also discussed. Paper also discussed Information literacy programmes for LIS professionals. Information literacy makes person capable to recognize when information is needed and how to locate, evaluate and use effectively of the needed information.

Keywords: information literacy, information communication technology (ICT), information literacy programmes

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Authors: Naif A. Haddad

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Greek, Hellenistic and Roman theatre heritage are exposed to multiple risks at varied times or simultaneously. There is no single reason why a theatre building becomes ‘at risk’, as each case has different circumstances which have led to the theatre building decay. There are complicated processes of destruction and distress that show divergence in theatre building materials' decay. Theatre modern use for cultural performances causes much of the risks concerning the physical structure and authenticity of theatre sites. In addition, there are some deterioration and deformations due to previous poor quality restorations and interventions through related excavation and conservation programmes as also risks to authenticity due to new additions. For preventive conservation, theatre natural and anthropogenic risks management can provide a framework for decision making. These risks to ancient theatre heritage may stem from exposure to one or more risk or synergy of many factors. We, therefore, need to link the theatre natural risks to the risks that come from anthropogenic factors associated with social and economic development. However, this requires a holistic approach, and systematic methodology for understanding these risks from various sources while incorporating specific actions, planning and strategies for each specific risk. Elaborating on recent relevant studies, and ERATO and ATHENA EU projects for ancient theaters and odea and general surveys, this paper attempts to discuss the main aspects of the ancient Greek, Hellenistic and Roman theatres risk related issues. Relevant case studies shall also be discussed and investigated to examine frameworks for risk mitigation, and related guidelines and recommendations that provide a systematic approach for sustainable management and planning in relation mainly to ‘compatible use’ of theatre sites.

Keywords: cultural heritage management, European ancient theatres projects, Anthropogenic risks mitigation, sustainable management and planning, preventive conservation, modern use, compatible use

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Authors: Saadoun Abd Errazak, Hafssaoui Abdallah, Fredj Mohamed

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Mining operations open induce risks of instability that can cause landslides and collapse at the bleachers slope. These risks may occur both during and after the operation phase. The magnitude of these risks depends on the mechanical and physical characteristics of the rock mass, the geometrical dimensions of ore bodies, their spatial arrangement, and the state of the operated area. If security and technology measures are not taken into account for this purpose, the environment will be affected. The main objective of this work is to assess these risks by analytical and numerical methods. The study is based on the geological, hydrogeological and geotechnical rock mass of the open pit quarry of Chouf Amar M'sila. The results obtained have allowed us to obtain an acceptable factor of safety and stability study of the open pit.

Keywords: stability, land sliding, numerical modeling, safety factor, open-pit quarry

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Authors: Rashid Masoud Ali Al-Mazrui, Ramadhani Mashaka Shabani

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Islamic banks and financial institutions are exposed to the same risks as conventional banking. These risks include the rate return risk, credit or market risk, liquidity risk, and operational risk among others. However, being a financial institution that operates Islamic banking and finance operations, there is additional risk associated with its operations different from conventional finance, such as displacing commercial risk. They face Shari'ah compliance risks because of their failure to follow Shari'ah principles. To have proper mitigation and risk management, banks should have proper risk management policies to mitigate risks. This paper aims to study the risk management taken by Islamic banks in comparison with conventional banks. Also, the study evaluates the provisions for risk management taken by selected Islamic banks and conventional banks. The study employs qualitative analysis using secondary data by applying a content analysis approach with a sample size of 4 Islamic banks and four conventional banks ranging from 2010 to 2020. We find that these banks all use the same technique, except for the associated risk. The extra ways are used, but only for additional risks that are available to Islamic banking and finance.

Keywords: emerging risk, risk management, Islamic banking, conventional bank

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Authors: Hai Chien Pham, Thi Phuong Anh Vo, Chansik Park

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Risks management in construction projects is important to ensure the positive feasibility of the projects in which financial risks are most concerned while construction projects always run on a credit basis. Credit risks, therefore, require unique and technical tools to be well managed. Underwriting technique in credit risks, in its most basic sense, refers to the process of evaluating the risks and the potential exposure of losses. Risks analysis and underwriting are applied as a must in banks and financial institutions who are supporters for constructions projects when required. Recently, construction organizations, especially contractors, have recognized the significant increasing of credit risks which caused negative impacts to project performance and profit of construction firms. Despite the successful application of underwriting in banks and financial institutions for many years, there are few contractors who are applying this technique to analyze and mitigate the credit risks of their potential owners before signing contracts with them for delivering their performed services. Thus, contractors have taken credit risks during project implementation which might be not materialized due to the bankruptcy and/or protracted default made by their owners. With this regard, this study proposes a model using the underwriting technique for contractors to analyze and assess credit risks of their owners before making final decisions for the potential construction contracts. Contractor’s underwriters are able to analyze and evaluate the subjects such as owner, country, sector, payment terms, financial figures and their related concerns of the credit limit requests in details based on reliable information sources, and then input into the proposed model to have the Overall Assessment Score (OAS). The OAS is as a benchmark for the decision makers to grant the proper limits for the project. The proposed underwriting model is validated by 30 subjects in Asia Pacific region within 5 years to achieve their OAS, and then compare output OAS with their own practical performance in order to evaluate the potential of underwriting model for analyzing and assessing credit risks. The results revealed that the underwriting would be a powerful method to assist contractors in making precise decisions. The contribution of this research is to allow the contractors firstly to develop their own credit risk management model for proactively preventing the credit risks of construction projects and continuously improve and enhance the performance of this function during project implementation.

Keywords: underwriting technique, credit risk, risk management, construction project

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Authors: Liane Marcia Freitas Silva, Fernando Augusto Silva Marins, Maria Silene Alexandre Leite

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The adoption of a network structure, like in the supply chains, favors the increase of dependence between companies and, by consequence, their vulnerability. Environment disasters, sociopolitical and economical events, and the dynamics of supply chains elevate the uncertainty of their operation, favoring the occurrence of events that can generate break up in the operations and other undesired consequences. Thus, supply chains are exposed to various risks that can influence the profitability of companies involved, and there are several previous studies that have proposed risk classification models in order to categorize the risks and to manage them. The objective of this paper is to analyze and discuss thirty of these risk classification models by means a theoretical survey. The research method adopted for analyzing and discussion includes three phases: The identification of the types of risks proposed in each one of the thirty models, the grouping of them considering equivalent concepts associated to their definitions, and, the analysis of these risks groups, evaluating their similarities and differences. After these analyses, it was possible to conclude that, in fact, there is more than thirty risks types identified in the literature of Supply Chains, but some of them are identical despite of be used distinct terms to characterize them, because different criteria for risk classification are adopted by researchers. In short, it is observed that some types of risks are identified as risk source for supply chains, such as, demand risk, environmental risk and safety risk. On the other hand, other types of risks are identified by the consequences that they can generate for the supply chains, such as, the reputation risk, the asset depreciation risk and the competitive risk. These results are consequence of the disagreements between researchers on risk classification, mainly about what is risk event and about what is the consequence of risk occurrence. An additional study is in developing in order to clarify how the risks can be generated, and which are the characteristics of the components in a Supply Chain that leads to occurrence of risk.

Keywords: sisks classification, survey, supply chain management, theoretical discussion

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Authors: Imtiaz Ali, Imam Mansoor

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Investigations as a part of the academic study were undertaken to identify and evaluate the significant risks associated with the construction of K-span buildings in the region of UAE. Primary field data was collected through questionnaires obtaining specific open and close-ended questions from carefully selected construction firms, civil engineers and, construction manager regarding risks associated to K-span building construction. Historical data available for other regions of the same construction technique was available which was compared for identifying various non-critical and critical risk parameters by comparative evaluation techniques to come up with important risks and potential sources for their control and minimization in K-Span buildings that is increasing in the region. The associated risks have been determined with their Relative Importance Index (RII) values of which Risk involved in Change of Design required by Owners carries the highest value (RII=0.79) whereas, Delayed Payment by Owner to Contractor is one of the least (RII=0.42) value. The overall findings suggest that most relative risks as quantified originate or associated with the contractors. It may be concluded that project proponents undertaking K-span projects in planning and budgeting the cost and delays should take into account of risks on high account if changes in design are also required any delays in the material by the supplier would then be a major risk in K-span project delay. Since projects are, less costly, so owners have limited budgets, then they hire small contractors, which are not highly competent contractors. So study suggests that owner should be aware of these types of risks associated with the construction of K-span buildings in order to make it cost effective.

Keywords: k-span buildings, k-span construction, risk management, relative improvement index (RII)

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Authors: Adel Elomri

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The notion of carbon footprinting is ever more widespread as companies are becoming increasingly aware that tackling carbon emissions and being seen to do so is a key issue to face governments, customers and other stakeholders’ pressures towards delivering environmentally friendly services and activities. In this contest, many firms are taking self-initiatives to reduce their own carbon emissions while some other are constrained to obey to different regulations/policies (e.g. carbon tax or carbon Cap) designed by higher authorities targeting a low-carbon environment. Using buyer-vendor framework, this paper provides some insights on how effective are these self-initiatives and regulatory policies when only concerning firms at the individual level and not the whole supply chain they are part of. We show that when firms individually engage in reducing their direct carbon emissions either under self-initiatives or regulatory policy, an opposite expected outcome resulting in a higher global supply chain emission can occur. This effect is referred to as the carbon seesaw effect. Moreover, we show that coordinating or centralizing the supply chain -contrary to what one may think at first- is not often the appropriate solution to get rid of this effect.

Keywords: carbon emissions, supply chain coordination, EOQ, sustainable operations

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Authors: Shaya Alshahrani

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Perceived risks play a major role in consumer intentions, behaviors, attitudes, and decisions about online shopping in the KSA. This paper investigates the influence of six perceived risk dimensions on Saudi consumers: product risk, information risk, financial risk, privacy and security risk, delivery risk, and terms and conditions risk empirically. To ensure the success of this study, a random survey was distributed to reflect the consumers’ perceived risk and to enable the generalization of the results. Data were collected from 323 respondents in the Kingdom of Saudi Arabia (KSA): 50 who had never shopped online and 273 who had done so. The results indicated that all six risks influenced the respondents’ perceptions of online shopping. The non-online shoppers perceived financial and delivery risks as the most significant barriers to online shopping. This was followed closely by performance, information, and privacy and security risks. Terms and conditions were perceived as less significant. The online consumers considered delivery and performance risks to be the most significant influences on internet shopping. This was followed closely by information and terms and conditions. Financial and privacy and security risks were perceived as less significant. This paper argues that introducing adequate legal solutions to addressing related problems arising from this study is an urgent need. This may enhance consumer trust in the KSA online market, increase consumers’ intentions regarding online shopping, and improve consumer protection.

Keywords: perceived risk, online contracts, Saudi Arabia, consumer protection

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Authors: Rashika Sharma

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The campuses at tertiary institutes can act as a social environment for peer to peer connections. However, socialization is not the only aspect that campuses provide. The campus can act as a learning environment that has often been termed as the campus curriculum. Many tertiary institutes have taken steps to make their campus a ‘green campus’ whereby initiatives have been taken to reduce their impact on the environment. However, as visible as these initiatives are, it is debatable whether these have any effect on students’ and their understanding of sustainable campus operations. Therefore, research was conducted to evaluate the effectiveness of sustainable campus operations in raising students’ awareness of sustainability. Students at two vocational institutes participated in this interpretive research with data collected through surveys and focus groups. The findings indicated that majority of vocational education students remained oblivious of sustainability initiatives on campuses.

Keywords: campus learning, education for sustainability, social learning, vocational education

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Authors: M. Ndaw, G. Mendy, S. Ouya

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Risk management in banking sector is a key issue linked to financial system stability and its importance has been elevated by technological developments and emergence of new financial instruments. In this paper, we improve the model previously defined for quantifying internal control impact on banking risks by automatizing the residual criticality estimation step of FMECA. For this, we defined three equations and a maturity coefficient to obtain a mathematical model which is tested on all banking processes and type of risks. The new model allows an optimal assessment of residual criticality and improves the correlation rate that has become 98%.

Keywords: risk, control, banking, FMECA, criticality

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Authors: M. Bokhtiar Hasan, M. Delowar Hossain, Abu N. M. Wahid

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The principal aim of the study is to find out a way to effectively manage the agricultural risks like price volatility, weather risks, and fund shortage. To hedge price volatility, farmers sometimes make contracts with agro-traders but fail to protect themselves effectively due to not having legal framework for such contracts. The study extensively reviews existing literature and find evidence that the majority studies either deal with price volatility or weather risks. If we could address these risks through a single model, it would be more useful to both the farmers and traders. Intrinsically, the authors endeavor in this regard, and the key contribution of this study basically lies in it. Initially, we conduct a small survey aspiring to identify the shortcomings of existing contracts. Later, we propose a model encompassing forward and insurance contracts together where forward contract will be used to hedge price volatility and insurance contract will be used to protect weather risks. Contribution/Originality: The study adds to the existing literature through proposing an integrated model comprising of forward contract and crop insurance which will support both farmers and traders to cope with the agricultural risks like price volatility, weather hazards, and fund shortage. JEL Classifications: O13, Q13

Keywords: agriculture, forward contract, insurance contract, risk management, model

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Authors: Saleh Alzahrani, Halim Boussabaine

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Many of Public Private Partnership (PPP) are developed based on a public project is to be awarded to a private party within a one contractual framework. PPP project risks typically include the development and construction of a new asset as well as its operation. Certainly the most severe consequences of risks through the construction period are price and time overruns. These events are among the most generally used situation in value for money analysis risks. The sources of risk change during the time in PPP project. In traditional procurement, the public sector usually has to cover all prices suffering from these risks. At least there is plenty to suggest that price suffering is a norm in some of the projects that are delivered under traditional procurement. This paper will find the impact of exogenous risk factors into actual construction price into PPP projects. The paper will present a brief literature review on PPP risk pricing strategies and then using system dynamics (SD) to analyses of the risks associated with the estimated project price. Based on the finding from these analyses a risk pricing association model is presented and discussed. The paper concludes with thoughts for future research.

Keywords: public private partnership (PPP), risk, risk pricing, system dynamics (SD)

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Authors: Sasan Aryaee, Mahdi Ravanshadnia

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Naturally, any activity is associated with risk, and humans have understood this concept from very long times ago and seek to identify its factors and sources. On the one hand, proper risk management can cause problems such as delays and unforeseen costs in the development projects, temporary or permanent loss of services, getting lost or information theft, complexity and limitations in processes, unreliable information caused by rework, holes in the systems and many such problems. In the present study, a model has been presented to rank the environmental risks of oil and gas projects. The statistical population of the study consists of all executives active in the oil and gas fields, that the statistical sample is selected randomly. In the framework of the proposed method, environmental risks of oil and gas projects were first extracted, then a questionnaire based on these indicators was designed based on Likert scale and distributed among the statistical sample. After assessing the validity and reliability of the questionnaire, environmental risks of oil and gas projects were ranked using the VIKOR method of multiple-criteria decision-making. The results showed that the best options for HSE planning of oil and gas projects that caused the reduction of risks and personal injury and casualties and less than other options is costly for the project and it will add less time to the duration of implementing the project is the entering of dye to the environment when painting the generator pond and the presence of the rigger near the crane.

Keywords: ranking, multi-criteria decision making, oil and gas projects, HSEmanagement, environmental risks

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Authors: Saleh Alzahrani, Halim Boussabaine

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The majority of Public Private Partnership (PPP) are developed based on the rationale that the design, construction, operation, and financing of a public project is to be awarded to a private party within a single contractual framework. PPP project risks normally include the development and construction of a new asset as well as its operation for decades. Undoubtedly the most serious consequences of risks during the construction period are price and time overruns. These events are amongst the most broadly used scenarios in value for money analysis risks. The sources of risk change over the life cycle of a PPP project. In traditional procurement, the public sector normally has to cover all price distress from these risks. At least there is plenty evidence to suggest that price distress is a norm in some of the projects that are delivered under traditional procurement. This paper will find the impact of construction risk factors into actual construction price into PPP projects. The paper will present a brief literature review on PPP risk pricing strategies, and then using system dynamics (SD) to analyses of the risks associated with the estimated project price. Based on the finding from these analyses a risk pricing association model is presented and discussed. The paper concludes with thoughts for future research.

Keywords: Public Private Partnership (PPP), Risk, Risk Pricing, System Dynamics (SD), construction price

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Authors: Shih-Kuei Lin

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The characterization of the arbitrage-free dynamics of interest rates is developed in this study under the presence of Markov jump risks, when the term structure of the interest rates is modeled through simple forward rates. We consider Markov jump risks by allowing randomness in jump sizes, independence between jump sizes and jump times. The Markov jump diffusion model is used to capture empirical phenomena and to accurately describe interest jump risks in a financial market. We derive the arbitrage-free model of simple forward rates under the spot measure. Moreover, the analytical pricing formulas for a cap and a floor are derived under the forward measure when the jump size follows a lognormal distribution. In our empirical analysis, we find that the LIBOR market model with Markov jump risk better accounts for changes from/to different states and different rates.

Keywords: arbitrage-free, cap and floor, Markov jump diffusion model, simple forward rate model, volatility smile, EM algorithm

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Authors: Ezgi Nevruz, Kasirga Yildirak, Ashis SenGupta

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Comparing or ranking risks is the main motivating factor behind the human trait of making choices. Cumulative prospect theory (CPT) is a preference theory approach that evaluates perception and bias in decision making under risk and uncertainty. We aim to investigate the aggregate claims of different risk classes in terms of their comparability and amenability to ordering when the impact of risk perception is considered. For this aim, we prioritize the aggregate claims taken as actuarial risks by using various stochastic ordering relations. In order to prioritize actuarial risks, we use stochastic relations such as stochastic dominance and stop-loss dominance that are proposed in the frame of partial order theory. We take into account the dependency of the individual claims exposed to similar environmental risks. At first, we modify the zero-utility premium principle in order to obtain a solution for the stop-loss premium under CPT. Then, we propose a stochastic stop-loss dominance of the aggregate claims and find a relation between the stop-loss dominance and the first-order stochastic dominance under the dependence assumption by using properties of the familiar as well as some emerging multivariate claim distributions.

Keywords: cumulative prospect theory, partial order theory, risk perception, stochastic dominance, stop-loss dominance

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Authors: Anastassis Kozanitis

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The first year of college or university can be particularly challenging for students from minority groups, who often face unique obstacles related to their cultural background, socioeconomic status, or underrepresented identities. Recognizing the importance of fostering inclusivity and supporting the success of these students, educational institutions in Quebec, Canada, have implemented a range of initiatives tailored to address their specific needs. This presentation provides an overview of four key first-year experience measures for minority groups, focusing on mentorship programs, student-lead cultural centers, walk-in support offices, and diversity training, all aimed at promoting inclusion and enhancing the academic journey and overall well-being of these students. Semi-structured individual interviews were conducted with individuals working in connection with the measures of interest. A qualitative content analysis allowed for the characterization of facilitating factors of the support measures identified. Hence, all four measures have proven to be instrumental in supporting the transition and success of first-year students from minority groups. These initiatives provide safe spaces where students can connect with their cultural heritage, engage in dialogue, and celebrate diversity. In conclusion, first-year experience initiatives for minority groups in college and university play a pivotal role in fostering inclusivity and supporting the success of students from underrepresented backgrounds.

Keywords: diversity, first year, minority groups, inclusion, support measures, higher education

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Authors: Érick Aragão Ribeiro, George André Pereira Thé, José Marques Soares

Abstract:

Several problems in industrial supervision software development projects may lead to the delay or cancellation of projects. These problems can be avoided or contained by using identification methods, analysis and control of risks. These procedures can give an overview of the possible problems that can happen in the projects and what are the immediate solutions. Therefore, we propose a risk management method applied to the teaching and development of industrial supervision software. The method is developed through a literature review and previous projects can be divided into phases of management and have basic features that are validated with experimental research carried out by mechatronics engineering students and professionals. The management is conducted through the stages of identification, analysis, planning, monitoring, control and communication of risks. Programmers use a method of prioritizing risks considering the gravity and the possibility of occurrence of the risk. The outputs of the method indicate which risks occurred or are about to happen. The first results indicate which risks occur at different stages of the project and what risks have a high probability of occurring. The results show the efficiency of the proposed method compared to other methods, showing the improvement of software quality and leading developers in their decisions. This new way of developing supervision software helps students identify design problems, evaluate software developed and propose effective solutions. We conclude that the risk management optimizes the development of the industrial process control software and provides higher quality to the product.

Keywords: supervision software, risk management, industrial supervision, project management

Procedia PDF Downloads 326

Authors: Yael Dubinsky, Orit Hazzan

Abstract:

There is a constant need for hi-tech innovation to be decentralized to peripheral regions. This work describes how we applied design science research (DSR) principles to define what we refer to as the Sea of Galilee (SoG) method. The goal of the SoG method is to harness existing and new technological initiatives in peripheral regions to create a socio-technological network that can initiate and maintain hi-tech activities. The SoG method consists of a set of principles, a stakeholder network, and actual hi-tech business initiatives, including their infrastructure and practices. The three cycles of DSR, the Relevance, Design, and Rigor cycles, layout a research framework to sharpen the requirements, collect data from case studies, and iteratively refine the SoG method based on the existing knowledge base. We propose that the SoG method can be deployed by regional authorities that wish to be considered smart regions (an extension of the notion of smart cities).

Keywords: design science research, socio-technological initiatives, Sea of Galilee method, periphery stakeholder network, hi-tech initiatieves

Procedia PDF Downloads 112