Search results for: Risk perception

Authors: Nargess Mottaghi Golshan, Siti Zaleha Abdul Rasid

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Purpose:This paper aims to gain insights to the influential factors of ERM adoptions by public listed firms in Malaysia. Findings:The two factors of financial leverage and auditor type were found to be significant influential factors for ERM adoption. In other words the findings indicated that firms with higher financial leverage and with a Big Four auditor are more likely to have a form of ERM framework in place. Originality/Value:Since there are relatively few studies conducted in this area and specially in developing economies like Malaysia, this study will broaden the scope of literature by providing novel empirical evidence.

Keywords: Enterprise risk management, risk, public listed company.

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Authors: N. A. Samat, S. H. Mohd Imam Ma’arof

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Dengue disease is an infectious vector-borne viral disease that is commonly found in tropical and sub-tropical regions, especially in urban and semi-urban areas, around the world and including Malaysia. There is no currently available vaccine or chemotherapy for the prevention or treatment of dengue disease. Therefore prevention and treatment of the disease depend on vector surveillance and control measures. Disease risk mapping has been recognized as an important tool in the prevention and control strategies for diseases. The choice of statistical model used for relative risk estimation is important as a good model will subsequently produce a good disease risk map. Therefore, the aim of this study is to estimate the relative risk for dengue disease based initially on the most common statistic used in disease mapping called Standardized Morbidity Ratio (SMR) and one of the earliest applications of Bayesian methodology called Poisson-gamma model. This paper begins by providing a review of the SMR method, which we then apply to dengue data of Perak, Malaysia. We then fit an extension of the SMR method, which is the Poisson-gamma model. Both results are displayed and compared using graph, tables and maps. Results of the analysis shows that the latter method gives a better relative risk estimates compared with using the SMR. The Poisson-gamma model has been demonstrated can overcome the problem of SMR when there is no observed dengue cases in certain regions. However, covariate adjustment in this model is difficult and there is no possibility for allowing spatial correlation between risks in adjacent areas. The drawbacks of this model have motivated many researchers to propose other alternative methods for estimating the risk.

Keywords: Dengue disease, Disease mapping, Standardized Morbidity Ratio, Poisson-gamma model, Relative risk.

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Authors: Manel Mosbahi

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The risk of water erosion is one of the main environmental concerns in the southern Mediterranean regions. Thus, quantification of soil loss is an important issue for soil and water conservation managers. The objective of this paper is to examine the applicability of the Soil and Water Assessment Tool (SWAT) model in The Sarrath river catchment, North of Tunisia, and to identify the most vulnerable areas in order to help manager implement an effective management program. The spatial analysis of the results shows that 7 % of the catchment experiences very high erosion risk, in need for suitable conservation measures to be adopted on a priority basis. The spatial distribution of erosion risk classes estimated 3% high, 5,4% tolerable, and 84,6% low. Among the 27 delineated subcatchments only 4 sub-catchments are found to be under high and very high soil loss group, two sub-catchments fell under moderate soil loss group, whereas other sub-catchments are under low soil loss group.

Keywords: Critical source areas, Erosion risk, SWAT model.

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Authors: Kevin Fong-Rey Liu, Ken Yeh, Cheng-Wu Chen, Han-Hsi Liang

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This paper proposes the use of Bayesian belief networks (BBN) as a higher level of health risk assessment for a dumping site of lead battery smelter factory. On the basis of the epidemiological studies, the actual hospital attendance records and expert experiences, the BBN is capable of capturing the probabilistic relationships between the hazardous substances and their adverse health effects, and accordingly inferring the morbidity of the adverse health effects. The provision of the morbidity rates of the related diseases is more informative and can alleviate the drawbacks of conventional methods.

Keywords: Bayesian belief networks, lead battery smelter factory, health risk assessment.

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Authors: Leandi Steenkamp

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The sectional title industry has been a part of the property landscape in South Africa for almost half a century, and plays a significant role in addressing the housing problem in the country. Stakeholders such as owners and investors in sectional title property are in most cases not directly involved in the management thereof, and place reliance on the audited annual financial statements of bodies corporate for decision-making purposes. Although the industry seems to be highly regulated, the legislation regarding accounting and auditing of sectional title is vague and ambiguous. Furthermore, there are no industry-specific auditing and accounting standards to guide accounting and auditing practitioners in performing their work and industry financial benchmarks are not readily available. In addition, financial pressure on sectional title schemes is often very high due to the fact that some owners exercise unrealistic pressure to keep monthly levies as low as possible. All these factors have an impact on the business risk as well as audit risk of bodies corporate. Very little academic research has been undertaken on the sectional title industry in South Africa from an accounting and auditing perspective. The aim of this paper is threefold: Firstly, to discuss the findings of a literature review on uncertainties, ambiguity and confusing aspects in current legislation regarding the audit of a sectional title property that may cause or increase audit and business risk. Secondly, empirical findings of risk-related aspects from the results of interviews with three groups of body corporate role-players will be discussed. The role-players were body corporate trustee chairpersons, body corporate managing agents and accounting and auditing practitioners of bodies corporate. Specific reference will be made to business risk and audit risk. Thirdly, practical recommendations will be made on possibilities of closing the audit expectation gap, and further research opportunities in this regard will be discussed.

Keywords: Assurance, audit, audit risk, body corporate, corporate governance, sectional title.

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Authors: Alan Walsh, Peter Walker, Michael Ellis

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There is a real danger that both practitioners and researchers considering risks associated with megaprojects ignore or underestimate the impacts of cultural risk. The paper investigates the potential impacts of a failure to achieve cultural unity between the principal actors executing a megaproject. The principle relationships include the relationships between the principle Contractors and the project stakeholders or the project stakeholders and their principle advisors, Western Consultants. This study confirms that cultural dissonance between these parties can delay or disrupt the megaproject execution and examines why cultural issues should be prioritized as a significant risk factor in megaproject delivery. This paper addresses the practical impacts and potential mitigation measures, which may reduce cultural dissonance for a megaproject's delivery. This information is retrieved from on-going case studies in live infrastructure megaprojects in Europe and the Middle East's GCC states, from Western Consultants' perspective. The collaborating researchers each have at least 30 years of construction experience and are engaged in architecture, project management and contracts management, dealing with megaprojects in Europe or the GCC. After examining the cultural interfaces they have observed during the execution of megaprojects, they conclude that globally, culture significantly influences their efficient delivery. The study finds that cultural risk is ever-present, where different nationalities co-manage megaprojects and that cultural conflict poses a real threat to the timely delivery of megaprojects. The study indicates that the higher the cultural distance between the principal actors, the more pronounced the risk, with the risk of cultural dissonance more prominent in GCC megaprojects. The findings support a more culturally aware and cohesive team approach and recommend cross-cultural training to mitigate the effects of cultural disparity.

Keywords: Cultural risk underestimation, cultural distance, megaproject characteristics, megaproject execution.

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Authors: Temitope O. Tokosi

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Healthcare is a human right. The sensitivity of health issues has necessitated the introduction of Enterprise Content Management (ECM) at district hospitals in the Western Cape Province of South Africa. The objective is understanding clinicians’ perception of ECM at their workplace. It is a descriptive case study design of constructivist paradigm. It employed a phenomenological data analysis method using a pattern matching deductive based analytical procedure. Purposive and s4nowball sampling techniques were applied in selecting participants. Clinicians expressed concerns and frustrations using ECM such as, non-integration with other hospital systems. Inadequate access points to ECM. Incorrect labelling of notes and bar-coding causes more time wasted in finding information. System features and/or functions (such as search and edit) are not possible. Hospital management and clinicians are not constantly interacting and discussing. Information turnaround time is unacceptably lengthy. Resolving these problems would involve a positive working relationship between hospital management and clinicians. In addition, prioritising the problems faced by clinicians in relation to relevance can ensure problem-solving in order to meet clinicians’ expectations and hospitals’ objective. Clinicians’ perception should invoke attention from hospital management with regards technology use. The study’s results can be generalised across clinician groupings exposed to ECM at various district hospitals because of professional and hospital homogeneity.

Keywords: Clinician, electronic content management, hospital, perception, technology.

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Authors: Dong-Yan Huang, Ee Ping Ong, Susanto Rahardja, Minghui Dong, Haizhou Li

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The transformation of vocal characteristics aims at modifying voice such that the intelligibility of aphonic voice is increased or the voice characteristics of a speaker (source speaker) to be perceived as if another speaker (target speaker) had uttered it. In this paper, the current state-of-the-art voice characteristics transformation methodology is reviewed. Special emphasis is placed on voice transformation methodology and issues for improving the transformed speech quality in intelligibility and naturalness are discussed. In particular, it is suggested to use the modulation theory of speech as a base for research on high quality voice transformation. This approach allows one to separate linguistic, expressive, organic and perspective information of speech, based on an analysis of how they are fused when speech is produced. Therefore, this theory provides the fundamentals not only for manipulating non-linguistic, extra-/paralinguistic and intra-linguistic variables for voice transformation, but also for paving the way for easily transposing the existing voice transformation methods to emotion-related voice quality transformation and speaking style transformation. From the perspectives of human speech production and perception, the popular voice transformation techniques are described and classified them based on the underlying principles either from the speech production or perception mechanisms or from both. In addition, the advantages and limitations of voice transformation techniques and the experimental manipulation of vocal cues are discussed through examples from past and present research. Finally, a conclusion and road map are pointed out for more natural voice transformation algorithms in the future.

Keywords: Voice transformation, Voice Quality, Emotion, Individuality, Speaking Style, Speech Production, Speech Perception.

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Authors: M. Sadeghi, H. Pezeshk, R. Tusserkani, A. Sharifi Zarchi, A. Malekpour, M. Foroughmand, S. Goliaei, M. Totonchi, N. Ansari–Pour

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The role and relative importance of intrinsic and extrinsic factors in the development of complex diseases such as cancer still remains a controversial issue. Determining the amount of variation explained by these factors needs experimental data and statistical models. These models are nevertheless based on the occurrence and accumulation of random mutational events during stem cell division, thus rendering cancer development a stochastic outcome. We demonstrate that not only individual genome sequencing is uninformative in determining cancer risk, but also assigning a unique genome sequence to any given individual (healthy or affected) is not meaningful. Current whole-genome sequencing approaches are therefore unlikely to realize the promise of personalized medicine. In conclusion, since genome sequence differs from cell to cell and changes over time, it seems that determining the risk factor of complex diseases based on genome sequence is somewhat unrealistic, and therefore, the resulting data are likely to be inherently uninformative.

Keywords: Cancer risk, extrinsic factors, genome sequencing, intrinsic factors.

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Authors: Ismail Karaca, Ridvan Saracoglu, Omer Soner

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Fuzzy Logic, an advanced method to support decision-making, is used by various scientists in many disciplines. Fuzzy programming is a product of fuzzy logic, fuzzy rules, and implication. In marine science, fuzzy programming for ships is dramatically increasing together with autonomous ship studies. In this paper, a program to support the decision-making process for ship navigation has been designed. The program is produced in fuzzy logic and rules, by taking the marine accidents and expert opinions into account. After the program was designed, the program was tested by 46 ship accidents reported by the Transportation Safety Investigation Center of Turkey. Wind speed, sea condition, visibility, day/night ratio have been used as input data. They have been converted into a risk factor within the Fuzzy Logic Designer application and fuzzy rules set by marine experts. Finally, the expert's meteorological risk factor for each accident is compared with the program's risk factor, and the error rate was calculated. The main objective of this study is to improve the navigational safety of ships, by using the advance decision support model. According to the study result, fuzzy programming is a robust model that supports safe navigation.

Keywords: Calculation of risk factor, fuzzy logic, fuzzy programming for ship, safe navigation of ships.

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Authors: Rao Fu, Jie Chen, Shutian Zeng, Yiping Zhuang, Agus Sudjianto

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Generative Adversarial Net (GAN) has proved to be a powerful machine learning tool in image data analysis and generation. In this paper, we propose to use Conditional Generative Adversarial Net (CGAN) to learn and simulate time series data. The conditions include both categorical and continuous variables with different auxiliary information. Our simulation studies show that CGAN has the capability to learn different types of normal and heavy-tailed distributions, as well as dependent structures of different time series. It also has the capability to generate conditional predictive distributions consistent with training data distributions. We also provide an in-depth discussion on the rationale behind GAN and the neural networks as hierarchical splines to establish a clear connection with existing statistical methods of distribution generation. In practice, CGAN has a wide range of applications in market risk and counterparty risk analysis: it can be applied to learn historical data and generate scenarios for the calculation of Value-at-Risk (VaR) and Expected Shortfall (ES), and it can also predict the movement of the market risk factors. We present a real data analysis including a backtesting to demonstrate that CGAN can outperform Historical Simulation (HS), a popular method in market risk analysis to calculate VaR. CGAN can also be applied in economic time series modeling and forecasting. In this regard, we have included an example of hypothetical shock analysis for economic models and the generation of potential CCAR scenarios by CGAN at the end of the paper.

Keywords: Conditional Generative Adversarial Net, market and credit risk management, neural network, time series.

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Authors: Osagiede Mercy Afe

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After the internet explosion in the 90’s, technology was immediately integrated into the school system. Technology which symbolizes advancement in human knowledge was seen as a setback by many educators. Efforts have been made to help stem this erroneous believes and help educators realize the benefits of technology and ways of implementing it in the classrooms especially in the sciences. This advancement created a constantly expanding gap between the pupil’s perception on the use of technology within the learning atmosphere and the teacher’s perception and limitations hence, the focus of this paper is on the need to refocus on the use of Science and Technology in enhancing children’s potentials in learning at school especially in Science for sustainable development in Nigeria. The paper recommended measures for facilitating the sustenance of science and technology in Nigerian schools so as to enhance the potentials of our children in Science and Technology for a better tomorrow.

Keywords: Children’s potential, Educational system, ICT, Sustainable development.

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Authors: Honghao Ren, Mariko Kondo

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This study investigates the perceptual features of Japanese obstruent geminates among Chinese learners of Japanese, focusing on the dialectal effect of the checked-tone, a syllable that ends in a stop consonant or a glottal stop, which is similar to Japanese obstruent geminates phonetically. In this study, 41 native speakers of Cantonese are divided into two groups based on their proficiency as well as learning period of Japanese. All stimuli employed in this study are made into C[p,k,s]+V[a,e,i] structure such as /apa/, /eke/, /isi/. Both original sounds and synthesized sounds are used in three different parts of this study. The results of the present study show that the checked-tone does have the positive effect on the perception of Japanese gemination. Furthermore, the proportion of closure duration in the entire word would be a more reliable and appropriate criterion in testing this kind of task.

Keywords: Dialectal differences, Cantonese learners of Japanese, acoustic experiment, closure duration.

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Authors: Krzysztof J. Czarnocki, E. Czarnocka, K. Szaniawska

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Main goal of the research project is Scaffold Use Risk Assessment Model (SURAM) formulation, developed for the assessment of risk levels as a various construction process stages with various work trades. Finally, in 2016, the project received financing by the National Center for Research and development according to PBS3/A2/19/2015–Research Grant. The presented data, calculations and analyzes discussed in this paper were created as a result of the completion on the first and second phase of the PBS3/A2/19/2015 project. Method: One of the arms of the research project is the assessment of worker visual concentration on the sight zones as well as risky visual point inadequate observation. In this part of research, the mobile eye-tracker was used to monitor the worker observation zones. SMI Eye Tracking Glasses is a tool, which allows us to analyze in real time and place where our eyesight is concentrated on and consequently build the map of worker's eyesight concentration during a shift. While the project is still running, currently 64 construction sites have been examined, and more than 600 workers took part in the experiment including monitoring of typical parameters of the work regimen, workload, microclimate, sound vibration, etc. Full equipment can also be useful in more advanced analyses. Because of that technology we have verified not only main focus of workers eyes during work on or next to scaffolding, but we have also examined which changes in the surrounding environment during their shift influenced their concentration. In the result of this study it has been proven that only up to 45.75% of the shift time, workers’ eye concentration was on one of three work-related areas. Workers seem to be distracted by noisy vehicles or people nearby. In opposite to our initial assumptions and other authors’ findings, we observed that the reflective parts of the scaffoldings were not more recognized by workers in their direct workplaces. We have noticed that the red curbs were the only well recognized part on a very few scaffoldings. Surprisingly on numbers of samples, we have not recognized any significant number of concentrations on those curbs. Conclusion: We have found the eye-tracking method useful for the construction of the SURAM model in the risk perception and worker’s behavior sub-modules. We also have found that the initial worker's stress and work visual conditions seem to be more predictive for assessment of the risky developing situation or an accident than other parameters relating to a work environment.

Keywords: Accident assessment model, eye tracking, occupational safety, scaffolding.

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Authors: Linda, Sau-ling Lai

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This paper provides new ways to explore the old problem of failure of information systems development in an organisation. Based on the theory of cognitive dissonance, information systems (IS) failure is defined as a gap between what the users expect from an information system and how well these expectations are met by the perceived performance of the delivered system. Bridging the expectation-perception gap requires that IS professionals make a radical change from being the proprietor of information systems and products to being service providers. In order to deliver systems and services that IS users perceive as valuable, IS people must become expert in determining and assessing users- expectations and perceptions. It is also suggested that the IS community, in general, has given relatively little attention to the front-end process of requirements specification for IS development. There is a simplistic belief that requirements are obtainable from users, they are then translatable into a formal specification. The process of information needs analysis is problematic and worthy of investigation.

Keywords: Information Systems Development, Cognitive Dissonance, Expectation-Perception Gap, Requirements Analysis.

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Authors: Chiu-Wen Chen, Chih-Feng Chen, Cheng-Di Dong

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This study was conducted using the data collected at the mouth of Jen-Gen River to investigate and analyze chromium (Cr) contained in the sediments, and to evaluate the accumulation of Cr and the degree of its potential risk. The results show that samples collected at all monitoring stations near the mouth of Jen-Gen River contain 92–567 mg/kg of Cr with average of 366±166 mg/kg. The spatial distribution of Cr reveals that the Cr concentration is relatively high in the river mouth region, and gradually diminishes toward the harbor region. This indicates that upstream industrial and municipal wastewater discharges along the river bank are major sources of pollution. The accumulation factor and potential ecological risk index indicate that the sedimentation at Jen-Gen River mouth has the most serious degree of Cr accumulation and the highest ecological potential risk.

Keywords: chromium, sediment, river mouth, enrichment factor

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Authors: Abd Aziz Bin Abd Shukor, Eftah Binti Moh Hj Abdullah

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This case study aims to identify teachers’ perception as regards integrity in School-Ba sed Assessment (PBS) practice. This descriptive study involved 9 teachers from 4 secondary schools in 3 districts in the state of Perak. The respondents had undergone an integrity in PBS Practice interview using a focused group discussion method. The overall findings showed that the teachers believed that integrity in PBS practice could be achieved by adjusting the teaching methods align with learning objectives and the students’ characteristics. Many teachers, parents and student did not understand the best practice of PBS. This would affect the integrity in PBS practice. Teachers did not emphasis the principles and ethics. Their integrity as an innovative public servant may also be affected with the frequently changing assessment system, lack of training and no prior action research. The analysis of findings showed that the teachers viewed that organizational integrity involving the integrity of PBS was difficult to be implemented based on the expectations determined by Malaysia Ministry of Education (KPM). A few elements which assisted in the achievement of PBS integrity were the training, students’ understanding, the parents’ understanding of PBS, environment (involving human resources such as support and appreciation and non-human resources such as technology infrastructure readiness and media). The implications of this study show that teachers, as the PBS implementers, have a strong influence on the integrity of PBS. However, the transformation of behavior involving PBS integrity among teachers requires the stabilisation of support and infrastructure in order to enable the teachers to implement PBS in an ethical manner.

Keywords: Assessment integrity, integrity, perception, school-based assessment.

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

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Authors: Shan Gao

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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.

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Authors: Lida Haghnegahdar, Ezzatollah Asgharizadeh

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Value engineering is an efficacious contraption for administrators to make up their minds. Value perusals proffer the gaffers a suitable instrument to decrease the expenditures of the life span, quality amelioration, structural improvement, curtailment of the construction schedule, longevity prolongation or a merging of the aforementioned cases. Subjecting organizers to pressures on one hand and their accountability towards their pertinent fields together with inherent risks and ambiguities of other options on the other hand set some comptrollers in a dilemma utilization of risk management and the value engineering in projects manipulation with regard to complexities of implementing projects can be wielded as a contraption to identify and efface each item which wreaks unnecessary expenses and time squandering sans inflicting any damages upon the essential project applications. Of course It should be noted that implementation of risk management and value engineering with regard to the betterment of efficiency and functions may lead to the project implementation timing elongation. Here time revamping does not refer to time diminishing in the whole cases. his article deals with risk and value engineering conceptualizations at first. The germane reverberations effectuated due to its execution in Iran Khodro Corporation are regarded together with the joint features and amalgamation of the aforesaid entia; hence the proposed blueprint is submitted to be taken advantage of in engineering and industrial projects including Iran Khodro Corporation.

Keywords: Management, risk engineering, value engineering, project manipulation, Iran Khodro.

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Authors: Milan Rippel, Petr Teply

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This paper focuses on operational risk measurement techniques and on economic capital estimation methods. A data sample of operational losses provided by an anonymous Central European bank is analyzed using several approaches. Loss Distribution Approach and scenario analysis method are considered. Custom plausible loss events defined in a particular scenario are merged with the original data sample and their impact on capital estimates and on the financial institution is evaluated. Two main questions are assessed – What is the most appropriate statistical method to measure and model operational loss data distribution? and What is the impact of hypothetical plausible events on the financial institution? The g&h distribution was evaluated to be the most suitable one for operational risk modeling. The method based on the combination of historical loss events modeling and scenario analysis provides reasonable capital estimates and allows for the measurement of the impact of extreme events on banking operations.

Keywords: operational risk, scenario analysis, economic capital, loss distribution approach, extreme value theory, stress testing

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Authors: Moosa Haji Abbasi, Emad Benhelal, Arshad Ahmad

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Storage tank farms are essential industrial facilities to accumulate oil, petrochemicals and gaseous products. Since tank farms contain huge mass of fuel and hazardous materials, they are always targets of serious accidents such as fire, explosion, spill and toxic release which may cause severe impacts on human health, environmental and properties.

Although having a safe layout is not able to prevent initiating accidents, however it effectively controls and reduces the adverse impact of such accidents.

The aim of this paper is to determine the optimal layout for a storage tank contains different type of hydrocarbon fuels. A quantitative risk assessment is carried out on a selected tank farm in Jaipur, India, with particular attention given to both the consequence modeling and the overall risk assessment using PHAST Software. Various designs of tank layouts are examined taking into consideration several issues of plant operations and maintenance. In all stages of the work, standard guidelines specified by the industry are considered and recommendations are substantiated with simulation results and risk quantification.

Keywords: Tank farm, safe distance, safe layout, risk assessment, PHAST.

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Authors: Zina Benouaret, Djamil Aissani

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In this work, we introduce the qualitative and quantitative concept of the strong stability method in the risk process modeling two lines of business of the same insurance company or an insurance and re-insurance companies that divide between them both claims and premiums with a certain proportion. The approach proposed is based on the identification of the ruin probability associate to the model considered, with a stationary distribution of a Markov random process called a reversed process. Our objective, after clarifying the condition and the perturbation domain of parameters, is to obtain the stability inequality of the ruin probability which is applied to estimate the approximation error of a model with disturbance parameters by the considered model. In the stability bound obtained, all constants are explicitly written.

Keywords: Markov chain, risk models, ruin probabilities, strong stability analysis.

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Authors: Laura Sapranaviciute-Zabazlajeva, Abdonas Tamosiunas, Dalia Luksiene, Dalia Virviciute

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The cardiovascular diseases (CVD) is the leading cause of death in the EU, especially in the middle aged and elderly population. Psychological wellbeing (PWB) has been linked with better cardiovascular health and survival in the elderly. The aim of the study is to evaluate associations between CVD risk and PWB in middle-aged and elderly population. 10,940 middle aged and older Lithuanians of age 45-74 years, were invited to participate in the study. A study sample was a random and stratified by gender and age. In 2006-2008 7,087 responders participated in the survey, so the response rate was 64.8%. A follow-up study was conducted from 2006 till 2015. New CVD cases and deaths from CVD were evaluated using the Kaunas population-based CVD register and death register of Kaunas. Study results revealed that good PWB predicts longer life in female participants (Log Rank = 13.7, p < 0.001). In the fully adjusted model for socio-demographic, social and CVD risk factors, hazard ratio for CVD mortality risk was lower amongst women with good PWB (HR = 0.28, 95% CI 0.11-0.72), but not significantly for men. Our study concludes, that lower CVD mortality rates is being associated with better PWB in female aged 45-74 years.

Keywords: Psychological wellbeing, cardiovascular disease, elderly.

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Authors: Marcelo Dias Carvalho, Leticia Ishikawa

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Supply Chain Risk Management refers to a set of strategies used by companies to avoid supply chain disruption caused by damage at production facilities, natural disasters, capacity issues, inventory problems, incorrect forecasts, and delays. Many companies use the techniques of the Toyota Production System, which in a way goes against a better management of supply chain risks. This paper studies key events in some multinationals to analyze the trade-off between the best supply chain risk management techniques and management policies designed to create lean enterprises. The result of a good balance of these actions is the reduction of losses, increased customer trust in the company and better preparedness to face the general risks of a supply chain.

Keywords: Supply chain disruptions, supply chain management, supply chain resilience, just-in-time production, lean manufacturing.

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Authors: Sellappan Narayanagounder, Karuppusami Gurusami

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The traditional Failure Mode and Effects Analysis (FMEA) uses Risk Priority Number (RPN) to evaluate the risk level of a component or process. The RPN index is determined by calculating the product of severity, occurrence and detection indexes. The most critically debated disadvantage of this approach is that various sets of these three indexes may produce an identical value of RPN. This research paper seeks to address the drawbacks in traditional FMEA and to propose a new approach to overcome these shortcomings. The Risk Priority Code (RPC) is used to prioritize failure modes, when two or more failure modes have the same RPN. A new method is proposed to prioritize failure modes, when there is a disagreement in ranking scale for severity, occurrence and detection. An Analysis of Variance (ANOVA) is used to compare means of RPN values. SPSS (Statistical Package for the Social Sciences) statistical analysis package is used to analyze the data. The results presented are based on two case studies. It is found that the proposed new methodology/approach resolves the limitations of traditional FMEA approach.

Keywords: Failure mode and effects analysis, Risk priority code, Critical failure mode, Analysis of variance.

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Authors: Y. Atilgan Şengül

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Health information technologies promise higher quality, safer care and much more for both patients and professionals. Despite their promise, they are costly to develop and difficult to implement. On the other hand, user acceptance and usage determine the success of implemented information technology in healthcare. This study provides a model to understand health professionals’ perception and expectation of health information technology. Extensive literature review has been conducted to determine the main factors to be measured. A questionnaire has been designed as a measurement model and submitted to the personnel of an in vitro fertilization clinic. The respondents’ degree of agreement according to five-point Likert scale was 72% for convenient access to data and 69.4% for the importance of data security. There was a significant difference in acceptance of electronic data storage for female respondents. Also, other significant differences between professions were obtained.

Keywords: Healthcare, health informatics, medical record system, questionnaire.

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Authors: Jerry Szatko, Edan L. Jorgensen, Stacia Jorgensen

Abstract:

A crucial component to the success of any financial advising relationship is for the financial professional to understand the perceptions, preferences and thought-processes carried by the financial clients they serve. Armed with this information, financial professionals are more quickly able to understand how they can tailor their approach to best match the individual preferences and needs of each personal investor. Our research explores the use of a quantitative assessment tool in the financial services industry to assist in the identification of the personal investor’s consumer behaviors, especially in terms of financial risk tolerance, as it relates to their financial decision making. Through this process, the Unitifi Consumer Insight Tool (UCIT) was created and refined to capture and categorize personal investor financial behavioral categories and the financial personality tendencies of individuals prior to the initiation of a financial advisement relationship. This paper discusses the use of this tool to place individuals in one of four behavior-based financial risk tolerance categories. Our discoveries and research were aided through administration of a web-based survey to a group of over 1,000 individuals. Our findings indicate that it is possible to use a quantitative assessment tool to assist in predicting the behavioral tendencies of personal consumers when faced with consumer financial risk and decisions.

Keywords: Behavior based advising, behavioral finance, financial advising, financial advisor tools, financial risk tolerance.

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Authors: Shigeaki Sakurai, Ryohei Orihara

Abstract:

This paper proposes an improvement method of classification efficiency in a classification model. The model is used in a risk search system and extracts specific labels from articles posted at bulletin board sites. The system can analyze the important discussions composed of the articles. The improvement method introduces ensemble learning methods that use multiple classification models. Also, it introduces expressions related to the specific labels into generation of word vectors. The paper applies the improvement method to articles collected from three bulletin board sites selected by users and verifies the effectiveness of the improvement method.

Keywords: Text mining, Risk search system, Corporate reputation, Bulletin board site, Ensemble learning

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Authors: Ando Leppiman, Kati Kõrbe Kaare, Ott Koppel

Abstract:

Growing demand for gas has rekindled a debate on gas security of supply due to supply interruptions, increasing gas prices, cross-border bottlenecks and a growing reliance on imports over longer distances. Security of supply is defined mostly as an infrastructure package to satisfy N-1 criteria. In case of Estonia, Finland, Latvia and Lithuania all the gas infrastructure is built to supply natural gas only from one single supplier, Russia. In 2012 almost 100% of natural gas to the Eastern Baltic Region was supplied by Gazprom. Under such circumstances infrastructure N-1 criteria does not guarantee security of supply. In the Eastern Baltic Region, the assessment of risk of gas supply disruption has been worked out by applying the method of risk scenarios. There are various risks to be tackled in Eastern Baltic States in terms of improving security of supply, such as single supplier risk, physical infrastructure risk, regulatory gap, fair price and competition. The objective of this paper is to evaluate the energy security of the Eastern Baltic Region within the framework of the European Union’s policies and to make recommendations on how to better guarantee the energy security of the region.

Keywords: Security of supply, supply routes for natural gas, energy balance, diversified supply options, common regulative package.

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