Search results for: financial risk behavior

Authors: Satish Kumar Dewangan, Santosh Kumar Senapati

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The present work focuses on the investigation of the effect of non-Newtonian behavior on the oil-water stratified flow in a horizontal channel using ANSYS Fluent. Coupled level set and volume of fluid (CLSVOF) has been used to capture the evolving interface assuming unsteady, coaxial flow with constant fluid properties. The diametric variation of oil volume fraction, mixture velocity, total pressure and pressure gradient has been studied. Non-Newtonian behavior of oil has been represented by the power law model in order to investigate the effect of flow behavior index. Stratified flow pattern tends to assume dispersed flow pattern with the change in the behavior of oil to non-Newtonian. The pressure gradient is found to be very much sensitive to the flow behavior index. The findings could be useful in designing the transportation pipe line in petroleum industries.

Keywords: Oil-water stratified flow, horizontal channel, CLSVOF, non–Newtonian behavior.

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Authors: Péter Restás, Andrea Czibor, Zsolt Péter Szabó

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Purpose: This article aims to rethink the phenomena of employee behavior as a product of a system. Both organizational culture and Complex Adaptive Systems (CAS) theory emphasize that individual behavior depends on the specific system and the unique organizational culture. These two major theories are both represented in the field of organizational studies; however, they are rarely used together for the comprehensive understanding of workplace behavior. Methodology: By reviewing the literature we use key concepts stemming from organizational culture and CAS theory in order to show the similarities between these theories and create an enriched understanding of employee behavior. Findings: a) Workplace behavior is defined here as social cognition issue. b) Organizations are discussed here as complex systems, and cultures which drive and dictate the cognitive processes of agents in the system. c) Culture gives CAS theory a context which lets us see organizations not just as ever-changing and unpredictable, but as such systems that aim to create and maintain stability by recurring behavior. Conclusion: Applying the knowledge from culture and CAS theory sheds light on our present understanding of employee behavior, also emphasizes the importance of novel ways in organizational research and management.

Keywords: Complex adaptive systems theory, employee behavior, organizational culture, stability.

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Authors: Wang Xing-hua, Zhong Shun-an, Zhang Zhuo

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A kind of behavior model for discrete sampling and hold amplifier with charge transmission is analyzed. The transfer function and behavior features are based on the main AC responses of operation amplifier. The result used in pipelined and sigma-delta ADC shows the exact of model of sampling and hold amplifier, and the non-ideal factors are taken into account.

Keywords: SHA, response, behavior, transfer function.

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Authors: M. Paseková, L. Müllerová, J. Strouhal, L. Chyzhevska

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Increase in globalization of capital markets brings the higher requirements on financial information provided for investors who look for a highly comparable information. Paper deals with the advantages and limitations of applying International Financial Reporting Standards (IFRS) in the Czech Republic and Ukraine. As a greatest limit for full adoption of IFRS shall be acknowledged the strong connection of continental accounting to tax system and enormous high administrative burden for IFRS appliers.

Keywords: International Financial Reporting Standards (IFRS), Small and Medium-sized Enterprises (SMEs), Czech Republic, Ukraine.

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Authors: Do Hyeung Kim, Dae Hee Seo, Byung Doo Kim, Byung Gil Lee

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As many recent researches being implemented in aviation and maritime aspects, strong doubts have been raised concerning the reliability of the estimation of collision risk. It is shown that using position and velocity of objects can lead to imprecise results. In this paper, therefore, a new approach to the estimation of collision risks using pose and shape of objects is proposed. Simulation results are presented validating the accuracy of the new criterion to adapt to collision risk algorithm based on fuzzy logic.

Keywords: Collision risk, Pose and shape, Fuzzy logic.

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Authors: Saeid Asghari

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The growing interest in sustainability and healthy lifestyles has stimulated the development of solutions that promote mindful consumption and healthier choices. One such solution is the use of transparent graded lanes in product packaging, which enables consumers to visually track their product consumption and encourages portion control. However, the influence of packaging on consumer behavior, trust, and brand loyalty, as well as the effectiveness of messaging on transparent graded lanes, is still not well understood. This research seeks to explore the effects of transparent graded lanes on consumer reactions of the Janbo chain supermarkets in Tehran, Iran, focusing on ketchup and edible oil containers. A representative sample of 720 respondents is selected using quota sampling based on sex, age, and financial status. The study assesses the effect of messaging on the graded lanes in enhancing consumer recall and recognition of the product at the time of purchase, increasing repeated purchases, and fostering long-term relationships with customers. Furthermore, the potential outcomes of using transparent graded lanes, including the promotion of healthy consumption habits and the reduction of food waste, are also considered. The findings and results can inform the development of effective messaging strategies for graded lanes and suggest ways to enhance consumer engagement with product packaging. Moreover, the study's outcomes can contribute to the broader discourse on sustainable consumption and healthy lifestyles, highlighting the potential role of packaging innovations in promoting these values. We used four theories (social cognitive theory, self-perception theory, nudge theory, and marketing and consumer behavior) to examine the effect of these transparent graded lanes on consumer behavior. The conceptual model integrates the use of transparent graded lanes, consumer behavior, trust and loyalty, messaging, and promotion of healthy consumption habits. The study aims to provide insights into how transparent graded lanes can promote mindful consumption, increase consumer recognition and recall of the product, and foster long-term relationships with customers. These innovative packaging designs not only encourage mindful consumption but also promote healthier choices. The communication on the categorized lanes is likewise discovered to be efficient in fostering remembrance and identification of the merchandise during the point of sale and stimulating recurrent acquisition. However, the impact of transparent graded lanes may be limited by factors such as cultural norms, personal values, and financial status. Broadly speaking, the investigation provides valuable insights into the potential benefits and challenges of using transparent graded lanes in product packaging, as well as effective strategies for promoting healthy consumption habits and building long-term relationships with customers.

Keywords: Packaging, customer behavior, purchase, brand loyalty, healthy consumption.

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Authors: Francesco Venuti, Simona Alfiero

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The aim of this paper is to develop an empirical research on the nature and consequences of corporate governance on Eurozone Insurance Industry risk taking attitude. More particularly, we analyzed the effect of public ownership on risk taking with respect to privately held Insurance Companies. We also analyzed the effects on risk taking attitude of different degrees of ownership concentration, directors compensation, and the dimension/diversity of the Board of Directors. Our results provide quite strong evidence that, coherently with the Agency Theory, publicly traded insurance companies with more concentrated ownership are less risky than the corresponding privately held.

Keywords: Agency theory, corporate governance, insurance companies, risk taking.

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Authors: Dongdong Zhang, Deran Zhang

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In this paper, a Markovian risk model with two-type claims is considered. In such a risk model, the occurrences of the two type claims are described by two point processes {Ni(t), t ¸ 0}, i = 1, 2, where {Ni(t), t ¸ 0} is the number of jumps during the interval (0, t] for the Markov jump process {Xi(t), t ¸ 0} . The ruin probability ª(u) of a company facing such a risk model is mainly discussed. An integral equation satisfied by the ruin probability ª(u) is obtained and the bounds for the convergence rate of the ruin probability ª(u) are given by using key-renewal theorem.

Keywords: Risk model, ruin probability, Markov jump process, integral equation.

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Authors: Micheli Anna Paola, Intrisano Carmelo, Calce Anna Maria

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This research focused on the capability of health tourism to improve the economic and financial performance of healthcare companies. It is assumed that health tourism companies have better profitability and financial efficiency because they can also count on cross-border demand differently from no health tourism companies. A three-level gap analysis was conducted: the first concerns health tourism companies located in Italy and in the other EU28 states; in the second Italian and EU28, no health tourism companies were compared; the third level is about the Italian system with a comparison between health tourism and no health tourism companies. Findings highlighted that Italian healthcare companies have better profitability performance if compared to European ones, but they present weaknesses in the financial position given the illiquidity and excessive leverage. Furthermore, studying the Italian system, we found that health tourism companies are more profitable than no health tourism companies.

Keywords: Financial performance, gap analysis, health tourism, profitability performance, value creation.

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Authors: Evisa Mitrou, Nicholas Tsitsianis, Supriya Shinde

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In the age of digitisation and globalisation, businesses have shifted online and are investing in big data analytics (BDA) to respond to changing market conditions and sustain their performance. Our study shifts the focus from the adoption of BDA to the impact of BDA on financial performance. We explore the financial performance of both BDA-vendors (business-to-business) and BDA-clients (business-to-customer). We distinguish between the five BDA-technologies (big-data-as-a-service (BDaaS), descriptive, diagnostic, predictive, and prescriptive analytics) and discuss them individually. Further, we use four perspectives (internal business process, learning and growth, customer, and finance) and discuss the significance of how each of the five BDA-technologies affect the performance measures of these four perspectives. We also present the analysis of employee engagement, average turnover, average net income, and average net assets for BDA-clients and BDA-vendors. Our study also explores the effect of the COVID-19 pandemic on business continuity for both BDA-vendors and BDA-clients.

Keywords: BDA-clients, BDA-vendors, big data analytics, financial performance.

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Authors: M. Boukhrouk, R. Ed-Dali

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Outbound tourism in Morocco, as in the majority of developing countries, reveals some of the aspects of inequality between the north and the south. Considered by some researchers as one of the facets of the development crisis, access to tourism and especially international tourism is a chance for a small minority with financial means, while the vast portions of the population dream rather of immigrating to a developed country for the sake of improving their standard of living. The right to travel is also limited by visa requirements, procedures in host countries, security and technical measures and creates discrimination in the practice of tourism. These conditions do not seem to be favorable to the democratization of the practice of international tourism for the populations of the southern countries. This paper is a contribution to the reading of the trends of outbound tourism in developing countries through the example of Morocco. It highlights the different aspects of Moroccan outbound tourism, destinations and the behavior of tourists through an analysis of the offer of a sample of 50 travel agencies. In the same vein, it offers a reading grid of the possibilities offered for the development of outbound tourism and the various existing obstacles to the democratization of international outbound tourism in the southern countries. This reading reveals the transformation in the behavior of Moroccan international tourists as well as the profound changes in Moroccan society, through a model of statistical analysis.

Keywords: Demand, Hajj, Morocco, outbound tourism, tendency, Umrah.

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Authors: S. Kotsiantis, E. Koumanakos, D. Tzelepis, V. Tampakas

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This paper explores the effectiveness of machine learning techniques in detecting firms that issue fraudulent financial statements (FFS) and deals with the identification of factors associated to FFS. To this end, a number of experiments have been conducted using representative learning algorithms, which were trained using a data set of 164 fraud and non-fraud Greek firms in the recent period 2001-2002. The decision of which particular method to choose is a complicated problem. A good alternative to choosing only one method is to create a hybrid forecasting system incorporating a number of possible solution methods as components (an ensemble of classifiers). For this purpose, we have implemented a hybrid decision support system that combines the representative algorithms using a stacking variant methodology and achieves better performance than any examined simple and ensemble method. To sum up, this study indicates that the investigation of financial information can be used in the identification of FFS and underline the importance of financial ratios.

Keywords: Machine learning, stacking, classifier.

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Authors: C. Schneider, M. M. Seizmeir, T. Suchanek, M. Hutter-Mironovová, M. Bdiwi, M. Putz

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In this paper, a suitable measurement setup is presented to conduct force and pressure measurements for transient contact cases at the example of lathe machine tending. Empirical measurements were executed on a selected collaborative robot’s behavior regarding allowable operating speeds under consideration of sensor- and workpiece-specific factors. Comparisons between the theoretic calculations proposed in ISO/TS 15066 and the practical measurement results reveal a basis for future research. With the created database, preliminary risk assessment and economic assessment procedures of collaborative machine tending cells can be facilitated.

Keywords: biomechanical thresholds, collaborative robots, force and pressure measurements, machine tending, transient contact

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Authors: Kunyanuth Kularbphettong, Phanu Waraporn, Cholticha Tongsiri

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This research aims to create a model for analysis of student motivation behavior on e-Learning based on association rule mining techniques in case of the Information Technology for Communication and Learning Course at Suan Sunandha Rajabhat University. The model was created under association rules, one of the data mining techniques with minimum confidence. The results showed that the student motivation behavior model by using association rule technique can indicate the important variables that influence the student motivation behavior on e-Learning.

Keywords: Motivation behavior, e-learning, moodle log, association rule mining.

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Authors: Mohammed Sani Abdulai

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Ghana’s Public Financial Management reforms have been going on for some two decades now (1997/98 to 2017/18). Given this long period of reforms, Ghana in 2019 is putting together both a Public Financial Management (PFM) strategy and a Ghana Integrated Financial Management Information System (GIFMIS) strategy for the next 5-years (2020-2024). The primary aim of these dual strategies is assisting the country in moving beyond reforms to consolidation and sustainability. In this paper we, first, examined the evolution of Ghana’s PFM reforms. We, secondly, reviewed the legal and institutional reforms undertaken to strengthen the country’s key PFM institutions. Thirdly, we summarized the strengths and weaknesses identified by the 2018 Public Expenditure and Financial Accountability (PEFA) assessment of Ghana’s PFM system relating to its macro-fiscal framework, budget preparation and approval, budget execution, accounting and fiscal reporting as well as external scrutiny and audit. We, finally, considered what the country should be doing to achieve its intended goal of PFM consolidation and sustainability. Using a qualitative method of review and analysis of existing documents, we, through this paper, brought to the fore the lessons that could be learnt by other developing countries from Ghana’s PFM reforms experiences. These lessons included the need to: (a) undergird any PFM reform with a comprehensive PFM reform strategy; (b) undertake a legal and institutional reforms of the key PFM institutions; (c) assess the strengths and weaknesses of those reforms using PFM performance evaluation tools such as PEFA framework; and (d) move beyond reforms to consolidation and sustainability.

Keywords: Public financial management, public expenditure and financial accountability (PEFA), reforms, consolidation, sustainability.

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Authors: Amirhossein Karamoozian, Desheng Wu, Behzad Abbasnejad

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Building information modelling (BIM) is a new technology to enhance the efficiency of project management in the construction industry. In addition to the potential benefits of this useful technology, there are various risks and obstacles to applying it in construction projects. In this study, a decision making approach is presented for risk assessment in BIM adoption in construction projects. Various risk factors of exerting BIM during different phases of the project lifecycle are identified with the help of Delphi method, experts’ opinions and related literature. Afterward, Shannon’s entropy and Fuzzy TOPSIS (Technique for Order Preference by Similarity to Ideal Situation) are applied to derive priorities of the identified risk factors. Results indicated that lack of knowledge between professional engineers about workflows in BIM and conflict of opinions between different stakeholders are the risk factors with the highest priority.

Keywords: Risk, BIM, Shannon’s entropy, Fuzzy TOPSIS, construction projects.

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Authors: Hsiu-Hua Cheng, Chi-Wei Chen

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Lurking behavior is common in information-seeking oriented communities. Transferring users with lurking behavior to be contributors can assist virtual communities to obtain competitive advantages. Based on the ecological cognition framework, this study proposes a model to examine the antecedents of lurking behavior in information-seeking oriented virtual communities. This study argues desire for emotional support, desire for information support, desire for performance-approach, desire for performance -avoidance, desire for mastery-approach, desire for mastery-avoidance, desire for ability trust, desire for benevolence trust, and desire for integrity trust effect on lurking behavior. This study offers an approach to understanding the determinants of lurking behavior in online contexts.

Keywords: Lurking behavior, the ecological cognition framework, Information-seeking oriented virtual communities, Desire.

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Authors: Ritsuko Kawasaki (Aiba), Takeshi Hiromatsu

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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. Therefore, this paper provides a model which supports the selection of measures by applying multi-objective analysis to find an optimal solution. Additionally, a list of measures is also provided to make the selection easier and more effective without any leakage of measures.

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

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Authors: Amirali Shirazibeheshti, Tarik Radwan, Alireza Ettefaghian, Farbod Khanizadeh, George Wilson, Cristina Luca

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Anticholinergic medication has been associated with events such as falls, delirium, and cognitive impairment in older patients. To further assess this, anticholinergic burden scores have been developed to quantify risk. A risk model based on clustering was deployed in a healthcare management system to cluster patients into multiple risk groups according to anticholinergic burden scores of multiple medicines prescribed to patients to facilitate clinical decision-making. To do so, anticholinergic burden scores of drugs were extracted from the literature which categorizes the risk on a scale of 1 to 3. Given the patients’ prescription data on the healthcare database, a weighted anticholinergic risk score was derived per patient based on the prescription of multiple anticholinergic drugs. This study was conducted on 300,000 records of patients currently registered with a major regional UK-based healthcare provider. The weighted risk scores were used as inputs to an unsupervised learning algorithm (mean-shift clustering) that groups patients into clusters that represent different levels of anticholinergic risk. This work evaluates the association between the average risk score and measures of socioeconomic status (index of multiple deprivation) and health (index of health and disability). The clustering identifies a group of 15 patients at the highest risk from multiple anticholinergic medication. Our findings show that this group of patients is located within more deprived areas of London compared to the population of other risk groups. Furthermore, the prescription of anticholinergic medicines is more skewed to female than male patients, suggesting that females are more at risk from this kind of multiple medication. The risk may be monitored and controlled in a healthcare management system that is well-equipped with tools implementing appropriate techniques of artificial intelligence.

Keywords: Anticholinergic medication, socioeconomic status, deprivation, clustering, risk analysis.

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Authors: Hsiu-Pi Lin, Wen-Chen Huang, Hui-Fang Chen, Yan-Pin Ke

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Corporate Social Responsibility (CSR) has become a new trend of business governance. Few research studies on CSR published in Taiwanese academia, especially for medical settings, we were interested in probing the relationship of CSR and financial performance in medical settings in Taiwan. The results illustrate that: (1) a time delay effect exists with a lag between CSR effort and its performance in the hospital foundation, (2) input into the internal domains of CSR will be helpful to improve employee productivity in the hospital foundation, and (3) input into the external domains of CSR will be helpful in improving financial performance in the hospital foundation. This study overviews CSR in the medical industry in Taiwan and the relationship of CSR and financial performance. Discussions of possible implications from the study results are applied to consult the CSR concept that will be transferred into a business strategy for the organization manager.

Keywords: Corporate Social Responsibility (CSR), financialperformance, hospital foundation,

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Authors: Vladimir Simovic, Matija Varga, Predrag Oreski

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XHTML and XBRL are the standard languages for creating a database for the purpose of displaying financial statements on web applications. Today, XBRL is one of the most popular languages for business reporting. A large number of countries in the world recognize the role of XBRL language for financial reporting and the benefits that the reporting format provides in the collection, analysis, preparation, publication and the exchange of data (information) which is the positive side of this language. Here we present all advantages and opportunities that a company may have by using the XBRL format for business reporting. Also, this paper presents XBRL and other languages that are used for creating the database, such XML, XHTML, etc. The role of the AJAX complex model and technology will be explained in detail, and during the exchange of financial data between the web client and web server. Here will be mentioned basic layers of the network for data exchange via the web.

Keywords: XHTML, XBRL, XML, JavaScript, AJAX technology, data exchange.

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Authors: Jayaletchumi T. Sambantha Moorthy, Suhaimi bin Ibrahim, Mohd Naz’ri Mahrin

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Most quality models have defined usability as a significant factor that leads to improving product acceptability, increasing user satisfaction, improving product reliability, and also financially benefitting companies. Usability is also the best factor that balances both the technical and human aspects of a software product, which is an important aspect in defining quality during software development process. A usability risk consist risk factors that could impact the usability of a software product thereby contributing to negative user experiences and causing a possible software product failure. Hence, it is important to mitigate and reduce usability risks in the software development process itself. By managing possible usability risks in software development process, failure of software product could be reduced. Therefore, this research uses the Delphi method to identify mitigation plans for reducing potential usability risks. The Delphi method is conducted with seven experts from the field of risk management and software development.

Keywords: Usability, Usability Risk, Risk Management, Risk Mitigation, Delphi Method.

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Authors: Roman Graf, Sergiu Gordea, Heather M. Ryan

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This paper presents an approach for easy creation and classification of institutional risk profiles supporting endangerment analysis of file formats. The main contribution of this work is the employment of data mining techniques to support set up of the most important risk factors. Subsequently, risk profiles employ risk factors classifier and associated configurations to support digital preservation experts with a semi-automatic estimation of endangerment group for file format risk profiles. Our goal is to make use of an expert knowledge base, accuired through a digital preservation survey in order to detect preservation risks for a particular institution. Another contribution is support for visualisation of risk factors for a requried dimension for analysis. Using the naive Bayes method, the decision support system recommends to an expert the matching risk profile group for the previously selected institutional risk profile. The proposed methods improve the visibility of risk factor values and the quality of a digital preservation process. The presented approach is designed to facilitate decision making for the preservation of digital content in libraries and archives using domain expert knowledge and values of file format risk profiles. To facilitate decision-making, the aggregated information about the risk factors is presented as a multidimensional vector. The goal is to visualise particular dimensions of this vector for analysis by an expert and to define its profile group. The sample risk profile calculation and the visualisation of some risk factor dimensions is presented in the evaluation section.

Keywords: linked open data, information integration, digital libraries, data mining.

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Authors: B. Marasović, S. Pivac, S. V. Vukasović

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Constructing a portfolio of investments is one of the most significant financial decisions facing individuals and institutions. In accordance with the modern portfolio theory maximization of return at minimal risk should be the investment goal of any successful investor. In addition, the costs incurred when setting up a new portfolio or rebalancing an existing portfolio must be included in any realistic analysis. In this paper rebalancing an investment portfolio in the presence of transaction costs on the Croatian capital market is analyzed. The model applied in the paper is an extension of the standard portfolio mean-variance optimization model in which transaction costs are incurred to rebalance an investment portfolio. This model allows different costs for different securities, and different costs for buying and selling. In order to find efficient portfolio, using this model, first, the solution of quadratic programming problem of similar size to the Markowitz model, and then the solution of a linear programming problem have to be found. Furthermore, in the paper the impact of transaction costs on the efficient frontier is investigated. Moreover, it is shown that global minimum variance portfolio on the efficient frontier always has the same level of the risk regardless of the amount of transaction costs. Although efficient frontier position depends of both transaction costs amount and initial portfolio it can be concluded that extreme right portfolio on the efficient frontier always contains only one stock with the highest expected return and the highest risk.

Keywords: Croatian capital market, Fractional quadratic programming, Markowitz model, Portfolio optimization, Transaction costs.

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Authors: Hromada Martin

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Risk analysis is considered as a fundamental aspect relevant for ensuring the level of critical infrastructure protection, where the critical infrastructure is seen as system, asset or its part which is important for maintaining the vital societal functions. Article actually discusses and analyzes the potential application of selected tools of information support for the implementation and within the framework of risk analysis and critical infrastructure protection. Use of the information in relation to their risk analysis can be viewed as a form of simplifying the analytical process. It is clear that these instruments (information support) for these purposes are countless, so they were selected representatives who have already been applied in the selected area of critical infrastructure, or they can be used. All presented fact were the basis for critical infrastructure resilience evaluation methodology development.

Keywords: Critical infrastructure, Protection, Resilience, Risk Analysis.

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Authors: Monica Dudian , Raluca Andreea Popa

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This article analyses the relationship between sovereign credit risk rating and gross domestic product for Central and Eastern European Countries for the period 1996 – 2010. In order to study the metioned relationship, we have used a numerical transformation of the risk qualification, thus: we marked 0 the lowest risk; then, we went on ascending, with a pace of 5, up to the score of 355 corresponding to the maximum risk. The used method of analysis is that of econometric modelling with EViews 7.0. programme. This software allows the analysis of data into a pannel type system, involving a mix of periods of time and series of data for different entities. The main conclusion of the work is the one confirming the negative relationship between the sovereign credit risk and the gross domestic product for the Central European and Eastern countries during the reviewed period.

Keywords: credit rating agencies, economic growth, gross domestic product, sovereign credit risk rating.

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Authors: Avelino Mondlane, Karin Hansson, Oliver Popov, Xavier Muianga

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This paper discusses the role and importance of Information and Communication Technologies (ICT) and social Networking (SN) in the process of decision making for Flood Risk and Knowledge Management Strategies. We use Mozambique Red Cross (CVM) as the case study and further more we address scenarios for flood risk management strategies, using earlier warning and social networking and we argue that a sustainable desirable stage of life can be achieved by developing scenario strategic planning based on backcasting.

Keywords: ICT, KM, scenario planning, backcasting and flood risk management.

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Authors: Atousa Khodadadyan, Gabe Mythen, Hirbod Assa, Beverley Bishop

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Risk assessment and the knowledge provided through this process is a crucial part of any decision-making process in the management of risks and uncertainties. Failure in assessment of risks can cause inadequacy in the entire process of risk management, which in turn can lead to failure in achieving organisational objectives as well as having significant damaging consequences on populations affected by the potential risks being assessed. The choice of tools and techniques in risk assessment can influence the degree and scope of decision-making and subsequently the risk response strategy. There are various available qualitative and quantitative tools and techniques that are deployed within the broad process of risk assessment. The sheer diversity of tools and techniques available to practitioners makes it difficult for organisations to consistently employ the most appropriate methods. This tools and techniques adaptation is rendered more difficult in public risk regulation organisations due to the sensitive and complex nature of their activities. This is particularly the case in areas relating to the environment, food, and human health and safety, when organisational goals are tied up with societal, political and individuals’ goals at national and international levels. Hence, recognising, analysing and evaluating different decision support tools and techniques employed in assessing risks in public risk management organisations was considered. This research is part of a mixed method study which aimed to examine the perception of risk assessment and the extent to which organisations practise risk assessment’ tools and techniques. The study adopted a semi-structured questionnaire with qualitative and quantitative data analysis to include a range of public risk regulation organisations from the UK, Germany, France, Belgium and the Netherlands. The results indicated the public risk management organisations mainly use diverse tools and techniques in the risk assessment process. The primary hazard analysis; brainstorming; hazard analysis and critical control points were described as the most practiced risk identification techniques. Within qualitative and quantitative risk analysis, the participants named the expert judgement, risk probability and impact assessment, sensitivity analysis and data gathering and representation as the most practised techniques.

Keywords: Decision-making, public risk management organisations, risk assessment, tools and techniques.

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Authors: Simeon Karafolas, Maciej Woźniak

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Mostly of public financing programs at national and regional level are funded from European Union sources. EU can participate directly to a national and regional program (example LEADER initiative, URBAN…) or indirectly by funding regional or national funds.Funds from European Union are provided from EU multiannual financial framework form which the annual budget is programmed. The adjusted program 2007-2013 of the EU considered commitments of almost 1 trillion Euros for the EU-28 countries. Provisions of the new program 2014-2020 consider commitments of more than 1 trillion Euros. Sustainable growth, divided to Cohesion and Competitiveness for Growth an Employment, is one of the two principal categories; the other is the preservation and management of natural resources.Through this financing process SMEs benefited of EU and public sources by receiving grants for their investments. Most of the financial instruments are available indirectly through the national financial intermediaries. Part of them is managed by the European Investment Fund.The paper focuses on the public financing to SMEs by examining case studies on divers forms of public help. It tries to distinguish the efficiency of the examined good practices and therefore try to have some conclusions on the possibility of application to other regions.

Keywords: DIFASS, financing, grants, SMEs.

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Authors: Ali E. Abbas

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This paper highlights some of the normative issues that might result by setting independent thresholds in risk analyses and particularly with safety regions. A second objective is to explain how such regions can be specified appropriately in a meaningful way. We start with a review of the importance of setting deterministic trade-offs among target requirements. We then show how to determine safety regions for risk analysis appropriately using utility functions.

Keywords: Decision analysis, thresholds, risk, reliability.

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