Search results for: insurance risks

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

Abstract:

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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1708

Authors: Irina Pyrlina

Abstract:

This article presents the results of a study conducted to identify operational risks for information systems (IS) with service-oriented architecture (SOA). Analysis of current approaches to risk and system error classifications revealed that the system error classes were never used for SOA risk estimation. Additionally system error classes are not normallyexperimentally supported with realenterprise error data. Through the study several categories of various existing error classifications systems are applied and three new error categories with sub-categories are identified. As a part of operational risks a new error classification scheme is proposed for SOA applications. It is based on errors of real information systems which are service providers for application with service-oriented architecture. The proposed classification approach has been used to classify SOA system errors for two different enterprises (oil and gas industry, metal and mining industry). In addition we have conducted a research to identify possible losses from operational risks.

Keywords: Enterprise architecture, Error classification, Oil&Gas and Metal&Mining industries, Operational risks, Serviceoriented architecture

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1578

Authors: Yusuf Garba Baba

Abstract:

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 identification, risk assessment, analytical hierarchical process, multi-criteria decision.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 686

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

Abstract:

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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1479

Authors: Tru C. Le, France Cheong

Abstract:

Although the Vietnamese catfish farming has grown at very high rates in recent years, the industry has also faced many problems affecting its sustainability. This paper studies the perceptions of catfish farmers regarding risk and risk management strategies in their production activities. Specifically, the study aims to measure the consequences, likelihoods, and levels of risks as well as the efficacy of risk management in Vietnamese catfish farming. Data for the study were collected through a sample of 261 catfish farmers in the Mekong Delta, Vietnam using a questionnaire survey in 2008. Results show that, in general, price and production risks were perceived as the most important risks. Farm management and technical measures were perceived more effective than other kinds of risk management strategies in risk reduction. Although price risks were rated as important risks, price risk management strategies were not perceived as important measures for risk mitigation. The results of the study are discussed to provide implications for various industry stakeholders, including policy makers, processors, advisors, and developers of new risk management strategies.

Keywords: Aquaculture, catfish farming, sources of risk, riskmanagement, risk strategies, risk mitigation.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1943

Authors: Shaya Alshahrani

Abstract:

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, consumer protection, online shopping, Saudi Arabia, online contracts, e-commerce.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 850

Authors: Petr Teply, Ondrej Vejdovec

Abstract:

There are three main ways of categorizing capital in banking operations: accounting, regulatory and economic capital. However, the 2008-2009 global crisis has shown that none of these categories adequately reflects the real risks of bank operations, especially in light of the failures Bear Stearns, Lehman Brothers or Northern Rock. This paper deals with the economic capital allocation of global banks. In theory, economic capital should reflect the real risks of a bank and should be publicly available. Yet, as discovered during the global financial crisis, even when economic capital information was publicly disclosed, the underlying assumptions rendered the information useless. Specifically, some global banks that reported relatively high levels of economic capital before the crisis went bankrupt or had to be bailed-out by their government. And, only 15 out of 50 global banks reported their economic capital during the 2007-2010 period. In this paper, we analyze the changes in reported bank economic capital disclosure during this period. We conclude that relative shares of credit and business risks increased in 2010 compared to 2007, while both operational and market risks decreased their shares on the total economic capital of top-rated global banks. Generally speaking, higher levels of disclosure and transparency of bank operations are required to obtain more confidence from stakeholders. Moreover, additional risks such as liquidity risks should be included in these disclosures.

Keywords: global crisis, economic capital, risk management, risk allocation, bank

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2932

Authors: Chan-Sik Kim, Jong-Seong Kim, Se Won Lee, Hoo-Gon Choi

Abstract:

In rapidly changing market environment, firms are investing a lot of time and resources into new product development (NPD) projects to make profit and to obtain competitive advantage. However, failure rate of NPD projects is becoming high due to various internal and external risks which hinder successful NPD projects. To reduce the failure rate, it is critical that risks have to be managed effectively and efficiently through good strategy, and treated by optimal responses to minimize risk cost. Four strategies are adopted to handle the risks in this study. The optimal responses are characterized by high reduction of risk costs with high efficiency. This study suggests a framework to decide the optimal responses considering the core risks, risk costs, response efficiency and response costs for successful NPD projects. Both binary particles warm optimization (BPSO) and multi-objective particle swarm optimization (MOPSO) methods are mainly used in the framework. Although several limitations exist in use for real industries, the frame work shows good strength for handling the risks with highly scientific ways through an example.

Keywords: NPD projects, risk cost, strategy, optimal responses, Particle Swarm Optimization.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1912

Authors: Ragi Poyyara, Vivek V., Ashish Khaparde

Abstract:

The product development process (PDP) in the Technology group plays a very important role in the launch of any product. While a manufacturing process encourages the use of certain measures to reduce health, safety and environmental (HSE) risks on the shop floor, the PDP concentrates on the use of Geometric Dimensioning and Tolerancing (GD&T) to develop a flawless design. Furthermore, PDP distributes and coordinates activities between different departments such as marketing, purchasing, and manufacturing. However, it is seldom realized that PDP makes a significant contribution to developing a product that reduces HSE risks by encouraging the Technology group to use effective GD&T. The GD&T is a precise communication tool that uses a set of symbols, rules, and definitions to mathematically define parts to be manufactured. It is a quality assurance method widely used in the oil and gas sector. Traditionally it is used to ensure the interchangeability of a part without affecting its form, fit, and function. Parts that do not meet these requirements are rejected during quality audits. This paper discusses how the Technology group integrates this quality assurance tool into the PDP and how the tool plays a major role in helping the HSE department in its goal towards eliminating HSE incidents. The PDP involves a thorough risk assessment and establishes a method to address those risks during the design stage. An illustration shows how GD&T helped reduce safety risks by ergonomically improving assembling operations. A brief discussion explains how tolerances provided on a part help prevent finger injury. This tool has equipped Technology to produce fixtures, which are used daily in operations as well as manufacturing. By applying GD&T to create good fits, HSE risks are mitigated for operating personnel. Both customers and service providers benefit from reduced safety risks.

Keywords: HSE, PDP, GD&T, risks.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1792

Authors: Emre Alptekin, Damla Yalçınyiğit, Gülfem Alptekin

Abstract:

In highly competitive environments, a growing number of companies must regularly launch new products speedily and successfully. A company-s success is based on the systematic, conscious product designing method which meets the market requirements and takes risks as well as resources into consideration. Research has found that developing and launching new products are inherently risky endeavors. Hence in this research, we aim at introducing a risk evaluation framework for the new product innovation process. Our framework is based on the fuzzy analytical hierarchy process (FAHP) methodology. We have applied all the stages of the framework on the risk evaluation process of a pharmaceuticals company.

Keywords: Evaluation, risks, product innovation.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1452

Authors: Shan Gao

Abstract:

In this paper, we consider a risk model involving two independent classes of insurance risks and random premium income. We assume that the premium income process is a Poisson Process, and the claim number processes are independent Poisson and generalized Erlang(n) processes, respectively. Both of the Gerber- Shiu functions with zero initial surplus and the probability generating functions (p.g.f.) of the Gerber-Shiu functions are obtained.

Keywords: Poisson process, generalized Erlang risk process, Gerber-Shiu function, generating function, generalized Lundberg equation.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1272

Authors: Farid Ezanee Mohamed Ghazali

Abstract:

The Malaysia Highway Authority (MHA) was established by the Government in 1980 for the purpose of designing, constructing and maintaining toll highways in Malaysia that include the North-South Expressway and the Penang Bridge, which were procured using the publicly-funded traditional procurement. However following a recession in the mid 80-s, the operations of these tolledhighways had been privatized to ensure that their operational services continue through private financing as a result of long-term concession agreement concurred between the Malaysian Government and private operators. The change in the contract strategy for highway projects in Malaysia would have a great tendency to dictate a significant risk exposure towards the key parties involved, particularly the Malaysian Government as project principal, unless operational risks are clearly identified and managed via appropriate mitigation measures prior to a contract signing. This research identifies potential operational risks that have a possibility to occur in highway projects in Malaysia from the perspective of public sector clients. Since this research focuses on the operational risks for highway projects in Malaysia, the initial results acquired from literature review on the operational risks of highway projects in some Asian countries are then justified by a number of key individuals from the MHA through interviews. As a result, among key operational risks that have possibility to occur in the highway projects in Malaysia include initial toll-tariff decided by the Government, traffic congestion, change of road network and overloaded freight transportation, which could cause damage to the road surface and hence affecting the operation of a particular highway.

Keywords: Malaysia, operating highway project, operational risk.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3512

Authors: Hatem A. Khater, A. Baith Mohamed, Sara M. Kamel

Abstract:

Software Development Risks Identification (SDRI), using Fault Tree Analysis (FTA), is a proposed technique to identify not only the risk factors but also the causes of the appearance of the risk factors in software development life cycle. The method is based on analyzing the probable causes of software development failures before they become problems and adversely affect a project. It uses Fault tree analysis (FTA) to determine the probability of a particular system level failures that are defined by A Taxonomy for Sources of Software Development Risk to deduce failure analysis in which an undesired state of a system by using Boolean logic to combine a series of lower-level events. The major purpose of this paper is to use the probabilistic calculations of Fault Tree Analysis approach to determine all possible causes that lead to software development risk occurrence

Keywords: Software Development Risks Identification (SDRI), Fault Tree Analysis (FTA), Taxonomy for Software Development Risks (TSDR), Probabilistic Risk Assessment (PRA).

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2166

Authors: Jahangir Jafari, Nematollah Khorasani, Afshin Danehkar

Abstract:

Having a very many number of pipelines all over the country, Iran is one of the countries consists of various ecosystems with variable degrees of fragility and robusticity as well as geographical conditions. This study presents a state-of-the-art method to estimate environmental risks of pipelines by recommending rational equations including FES, URAS, SRS, RRS, DRS, LURS and IRS as well as FRS to calculate the risks. This study was carried out by a relative semi-quantitative approach based on land uses and HVAs (High-Value Areas). GIS as a tool was used to create proper maps regarding the environmental risks, land uses and distances. The main logic for using the formulas was the distance-based approaches and ESI as well as intersections. Summarizing the results of the study, a risk geographical map based on the ESIs and final risk score (FRS) was created. The study results showed that the most sensitive and so of high risk area would be an area comprising of mangrove forests located in the pipeline neighborhood. Also, salty lands were the most robust land use units in the case of pipeline failure circumstances. Besides, using a state-of-the-art method, it showed that mapping the risks of pipelines out with the applied method is of more reliability and convenience as well as relative comprehensiveness in comparison to present non-holistic methods for assessing the environmental risks of pipelines. The focus of the present study is “assessment" than that of “management". It is suggested that new policies are to be implemented to reduce the negative effects of the pipeline that has not yet been constructed completely

Keywords: ERM, ESI, ERA, Pipeline, Assalouyeh

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2130

Authors: Ritsuko Kawasaki (Aiba), Takeshi Hiromatsu

Abstract:

Management is required to understand all information security risks within an organization, and to make decisions on which information security risks should be treated in what level by allocating how much amount of cost. However, such decision-making is not usually easy, because various measures for risk treatment must be selected with the suitable application levels. In addition, some measures may have objectives conflicting with each other. It also makes the selection difficult. Moreover, risks generally have trends and it also should be considered in risk treatment. Therefore, this paper provides the extension of the model proposed in the previous study. The original model supports the selection of measures by applying a combination of weighted average method and goal programming method for multi-objective analysis to find an optimal solution. The extended model includes the notion of weights to the risks, and the larger weight means the priority of the risk.

Keywords: Information security risk treatment, Selection of risk measures, Risk acceptanceand Multi-objective optimization.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1688

Authors: Julinda Keçi

Abstract:

In many countries, governments have been promoting the involvement of private sector entities to enter into long-term agreements for the development and delivery of large infrastructure projects, with a focus on overcoming the limitations upon public fund of the traditional approach. The involvement of private sector through public private partnerships (PPP) brings in new capital investments, value for money and additional risks to handle. Worldwide research studies have shown that an objective, systematic, reliable and useroriented risk assessment process and an optimal allocation mechanism among different stakeholders is crucial to the successful completion. In this framework, this paper, which is the first stage of a research study, aims to identify the main risks for the delivery of PPP projects. A review of cross-countries research projects and case studies was performed to map the key risks affecting PPP infrastructure delivery. The matrix of mapping offers a summary of the frequency of factors, clustered in eleven categories: construction, design, economic, legal, market, natural, operation, political, project finance, project selection and relationship. Results will highlight the most critical risk factors, and will hopefully assist the project managers in directing the managerial attention in the further stages of risk allocation.

Keywords: Construction, infrastructure, public private partnerships, risks.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3483

Authors: H. Iranmanesh, S. Nazari Shirkouhi, M. R. Skandari

Abstract:

Information Technology (IT) projects are always accompanied by various risks and because of high rate of failure in such projects, managing risks in order to neutralize or at least decrease their effects on the success of the project is strongly essential. In this paper, fuzzy analytical hierarchy process (FAHP) is exploited as a means of risk evaluation methodology to prioritize and organize risk factors faced in IT projects. A real case of IT projects, a project of design and implementation of an integrated information system in a vehicle producing company in Iran is studied. Related risk factors are identified and then expert qualitative judgments about these factors are acquired. Translating these judgments to fuzzy numbers and using them as an input to FAHP, risk factors are then ranked and prioritized by FAHP in order to make project managers aware of more important risks and enable them to adopt suitable measures to deal with these highly devastative risks.

Keywords: Information technology projects, Risk evaluation, Analytic hierarchal process, fuzzy logic.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1901

Authors: J. K. Visser, H. T. Malan

Abstract:

A need exists to identify the sources of risks associated with the process automation systems within petrochemical companies or similar energy related industries. These companies use many different process automation technologies in its value chain. A crucial part of the process automation system is the information technology component featuring in the supervisory control layer. The ever-changing technology within the process automation layers and the rate at which it advances pose a risk to safe and predictable automation system performance. The age of the automation equipment also provides challenges to the operations and maintenance managers of the plant due to obsolescence and unavailability of spare parts. The main objective of this research was to determine the risk sources associated with the equipment that is part of the process automation systems. A secondary objective was to establish whether technology managers and technicians were aware of the risks and share the same viewpoint on the importance of the risks associated with automation systems. A conceptual model for risk sources of automation systems was formulated from models and frameworks in literature. This model comprised six categories of risk which forms the basis for identifying specific risks. This model was used to develop a questionnaire that was sent to 172 instrument technicians and technology managers in the company to obtain primary data. 75 completed and useful responses were received. These responses were analyzed statistically to determine the highest risk sources and to determine whether there was difference in opinion between technology managers and technicians. The most important risks that were revealed in this study are: 1) the lack of skilled technicians, 2) integration capability of third-party system software, 3) reliability of the process automation hardware, 4) excessive costs pertaining to performing maintenance and migrations on process automation systems, and 5) requirements of having third-party communication interfacing compatibility as well as real-time communication networks.

Keywords: Distributed control system, identification of risks, information technology, process automation system.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 914

Authors: Dalia Suša Vugec, Ana-Marija Stjepić, Darija Ivandić Vidović

Abstract:

Digital transformation is one of the latest trends on the global market. In order to maintain the competitive advantage and sustainability, increasing number of organizations are conducting digital transformation processes. Those organizations are changing their business processes and creating new business models with the help of digital technologies. In that sense, one should also observe the role of business process management (BPM) and its maturity in driving digital transformation. Therefore, the goal of this paper is to investigate the role of BPM in digital transformation process within one organization. Since experiences from practice show that organizations from financial sector could be observed as leaders in digital transformation, an insurance company has been selected to participate in the study. That company has been selected due to the high level of its BPM maturity and the fact that it has previously been through a digital transformation process. In order to fulfill the goals of the paper, several interviews, as well as questionnaires, have been conducted within the selected company. The results are presented in a form of a case study. Results indicate that digital transformation process within the observed company has been successful, with special focus on the development of digital strategy, BPM and change management. The role of BPM in the digital transformation of the observed company is further discussed in the paper.

Keywords: Business process management, case study, Croatia, digital transformation, insurance company.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1265

Authors: Esad Kadušić, Petar Bojović, Amela Žgalj

Abstract:

Mobile banking services present a unique growth opportunity for mobile operators in emerging markets, and have already made good progress in bringing financial services to the previously unbanked populations of many developing countries. The potential is amazing, but what about the risks? In the complex process of establishing a mobile banking business model, many kinds of risks and factors need to be monitored and well-managed. Risk identification is the first stage of risk management. Correct risk identification ensures risk management effectiveness. Keeping the risks low makes it possible to use the full potential of mobile banking and carry out the planned business strategy. The focus should be on adoption of consumers which is the main risk factor of mobile banking services.

Keywords: Consumer Adoption, Mobile Banking, Risk

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2413

Authors: Fauziah Hanim Tafri, Zarinah Hamid, Ahamed Kameel Mydin Meera, Mohd Azmi Omar

Abstract:

This paper examines the relationship between financial risks and profitability of the conventional and Islamic banks in Malaysia for the period between 1996 and 2005. The measures of profitability that have been used in the study are the return on equity (ROE) and return on assets (ROA) while the financial risks are credit risk, interest rate risk and liquidity risks. This study employs panel data regression analysis of Generalised Least Squares of fixed effects and random effects models. It was found that credit risk has a significant impact on ROA and ROE for the conventional as well as the Islamic banks. The relationship between interest rate risk and ROE were found to be weakly significant for the conventional banks and insignificant for the Islamic banks. The effect of interest rate risk on ROA is significant for the conventional banks. Liquidity risk was found to have an insignificant impact on both profitability measures.

Keywords: Credit risk, interest rate risk, liquidity risk, market risk, profitability.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 5762

Authors: Yousef S. Al-Othman

Abstract:

The growth and expansion of the industrial facilities comes proportional to the market increasing demand of products and services. Furthermore, raw material producers such as oil companies usually undergo massive revamping projects to maintain a synchronized supply. These revamping projects are usually delivered through challenging construction projects held and associated with daily site risks related to the construction process. Henceforth, a case study related to these risks and corresponding on-spot corrective measurements has been made on a certain number of construction project contractors at Kuwait Oil Company (KOC) to derive the benefits and overall effectiveness of the on-spot corrective measurements during the construction phase of a project, and how would the same help in avoiding major incidents, ensuring a smooth, cost effective and on time delivery of the project. Findings of this case study shall have an added value to the overall risk management process by minimizing the daily site risks that may affect the project lead time, resulting in an undisturbed on-site construction process.

Keywords: Oil and gas, risk management, construction projects, project lead time.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 828

Authors: G. A. Gevorgyan, K. A. Ghazaryan, T. H. Derdzyan

Abstract:

The heavy metal pollution of the soils around the mining area near Shamlugh town and related risks to human health were assessed. The investigations showed that the soils were polluted with heavy metals that can be ranked by anthropogenic pollution degree as follows: Cu>Pb>As>Co>Ni>Zn. The main sources of the anthropogenic metal pollution of the soils were the copper mining area near Shamlugh town, the Chochkan tailings storage facility and the trucks transferring ore from the mining area. Copper pollution degree in some observation sites was unallowable for agricultural production. The total non-carcinogenic chronic hazard index (THI) values in some places, including observation sites in Shamlugh town, were above the safe level (THI<1) for children living in this territory. Although the highest heavy metal enrichment degree in the soils was registered in case of copper, however, the highest health risks to humans especially children were posed by cobalt which is explained by the fact that heavy metals have different toxicity levels and penetration characteristics.

Keywords: Armenia, copper mine, heavy metal pollution of soil, health risks.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2341

Authors: C. V. Pietreanu, S. E. Zaharia, C. Dinu

Abstract:

Hazard assessment and risks quantification are key components for estimating the impact of existing regulations. But since regulatory compliance cannot cover all risks in aviation, the authors point out that by studying causal factors and eliminating uncertainty, an accurate analysis can be outlined. The research debuts by making delimitations on notions, as confusion on the terms over time has reflected in less rigorous analysis. Throughout this paper, it will be emphasized the fact that the variation in human performance and organizational factors represent the biggest threat from an operational perspective. Therefore, advanced risk assessment methods analyzed by the authors aim to understand vulnerabilities of the system given by a nonlinear behavior. Ultimately, the mathematical modeling of existing hazards and risks by eliminating uncertainty implies establishing an optimal solution (i.e. risk minimization).

Keywords: Control, human factor, optimization, risk management, uncertainty.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1574

Authors: M. N. Huda, S. Yamada, N. Sonehara

Abstract:

Probability-based identity disclosure risk measurement may give the same overall risk for different anonymization strategy of the same dataset. Some entities in the anonymous dataset may have higher identification risks than the others. Individuals are more concerned about higher risks than the average and are more interested to know if they have a possibility of being under higher risk. A notation of overall risk in the above measurement method doesn-t indicate whether some of the involved entities have higher identity disclosure risk than the others. In this paper, we have introduced an identity disclosure risk measurement method that not only implies overall risk, but also indicates whether some of the members have higher risk than the others. The proposed method quantifies the overall risk based on the individual risk values, the percentage of the records that have a risk value higher than the average and how larger the higher risk values are compared to the average. We have analyzed the disclosure risks for different disclosure control techniques applied to original microdata and present the results.

Keywords: Anonymization, microdata, disclosure risk, privacy.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1334

Authors: Sayed Amir Hamzeh Mirkheshti

Abstract:

Offshore wind energy as a strategic renewable energy, has been growing rapidly due to availability, abundance and clean nature of it. On the other hand, budget of this project is incredibly higher in comparison with other renewable energies and it takes more duration. Accordingly, precise estimation of time and cost is needed in order to promote awareness in the developers and society and to convince them to develop this kind of energy despite its difficulties. Occurrence risks during on project would cause its duration and cost constantly changed. Therefore, to develop offshore wind power, it is critical to consider all potential risks which impacted project and to simulate their impact. Hence, knowing about these risks could be useful for the selection of most influencing strategies such as avoidance, transition, and act in order to decrease their probability and impact. This paper presents an evaluation of the feasibility of 500 MV offshore wind project in the Persian Gulf and compares its situation with uncertainty resources and risk. The purpose of this study is to evaluate time and cost of offshore wind project under risk circumstances and uncertain resources by using Monte Carlo simulation. We analyzed each risk and activity along with their distribution function and their effect on the project.

Keywords: Wind energy project; uncertain resources; risks; Monte Carlo simulation.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 758

Authors: Faraj El Dabee, Romeo Marian, Yousef Amer

Abstract:

This paper implements the inventory model developed in the first part of this paper in a simplified problem to simultaneously reduce costs and risks in JIT systems. This model is developed to ascertain an optimal ordering strategy for procuring raw materials by using regular multi-external and local backup suppliers to reduce the total cost of the products, and at the same time to reduce the risks arising from this cost reduction within production systems. A comparison between the cost of using the JIT system and using the proposed inventory model shows the superiority of the use of the inventory model.

Keywords: Lean manufacturing, Just-in-Time (JIT), production system, cost-risk reduction, inventory model, eternal supplier, local backup supplier.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1503

Authors: J. Grira, Y. Bédard, S. Roche

Abstract:

The aim of this research is to design a collaborative framework that integrates risk analysis activities into the geospatial database design (GDD) process. Risk analysis is rarely undertaken iteratively as part of the present GDD methods in conformance to requirement engineering (RE) guidelines and risk standards. Accordingly, when risk analysis is performed during the GDD, some foreseeable risks may be overlooked and not reach the output specifications especially when user intentions are not systematically collected. This may lead to ill-defined requirements and ultimately in higher risks of geospatial data misuse. The adopted approach consists of 1) reviewing risk analysis process within the scope of RE and GDD, 2) analyzing the challenges of risk analysis within the context of GDD, and 3) presenting the components of a risk-based collaborative framework that improves the collection of the intended/forbidden usages of the data and helps geo-IT experts to discover implicit requirements and risks.

Keywords: Collaborative risk analysis, intention of use, Geospatial database design, Geospatial data misuse.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1616

Authors: Dchieche Amina, Aboulaich Rajae

Abstract:

Profit and loss sharing suggests an equitable sharing of risks and profits between the parts involved in a financial transaction. Salam is a contract in which advance payment is made for goods to be delivered at a future date. The purpose of this work is to price a new contract for profit and loss sharing based on Salam contract, using Khiyar Al Ghabn which is an agreement of choice in case of misrepresent facts.

Keywords: Islamic finance, Shariah compliance, profit and loss sharing, derivatives, risks, hedging, salam contract.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1868

Authors: R. A. Temah, L. A. Nkengla-Asi

Abstract:

Planning for future disasters sets the stage for a variety of activities that may trigger multiple recurring operations and expose the community to opportunities to minimize risks. Local communities are increasingly embracing the necessity for planning based on local risks, but are also significantly challenged to effectively plan and response to disasters. This research examines basic risk-based disaster planning model and compares it with advanced risk-based planning that introduces the identification and alignment of varieties of local capabilities within and out of the local community that can be pivotal to facilitate the management of local risks and cascading effects prior to a disaster. A critical review shows that the identification and alignment of capabilities can potentially enhance risk-based disaster planning. A tailored holistic approach to risk based disaster planning is pivotal to enhance collective action and a reduction in disaster collective cost.

Keywords: Capabilities, disaster planning, hazards, local community, risk-based.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1023