Abstract: The purpose of this paper is to contribute to the
enhancement of a hydroelectric plant protection by coordinating
protection measures / existing security and introducing new measures
under a risk management process. In addition, plan identifies key
critical elements of a hydroelectric plant, from its level vulnerabilities
and threats it is subjected to in order to achieve the necessary
protection measures to reduce the level of risk.
Abstract: Financial innovations can be regarded as the cause
and the effect of the evolution of the financial system. Most of
financial innovations are created by various financial institutions for
their own purposes and needs. However, due to their diversity,
financial innovations can be also applied by various business entities
(other than financial institutions).
This paper focuses on the potential application of financial
innovations by non-financial companies. It is assumed that financial
innovations may be effectively applied in all fields of corporate
financial decisions integrating financial management with the risk
management process. Appropriate application of financial
innovations may enhance the development of the company and
increase its value by improving its financial situation and reducing
the level of risk. On the other hand, misused financial innovations
may become the source of extra risk for the company threatening its
further operation.
The main objective of the paper is to identify the major types of
financial innovations offered to non-financial companies by the
banking system in Poland. It also aims at identifying the main factors
determining the creation of financial innovations in the banking
system in Poland and indicating future directions of their
development.
This paper consists of conceptual and empirical part. Conceptual
part based on theoretical study is focused on the determinants of the
process of financial innovations and their application by the nonfinancial
companies. Theoretical study is followed by the empirical
research based on the analysis of the actual offer of the 20 biggest
banks operating in Poland with regard to financial innovations
offered to SMEs and large corporations. These innovations are
classified according to the main functions of the integrated financial
management, such as financing, investment, working capital
management and risk management.
Empirical study has proved that the biggest banks operating in the
Polish market offer to their business customers many types and
classes of financial innovations. This offer appears vast and adequate
to the needs and purposes of the Polish non-financial companies. It
was observed that financial innovations pertained to financing
decisions dominate in the banks’ offer. However, due to high
diversification of the offered financial innovations, business
customers may effectively apply them in all fields and areas of
integrated financial management. It should be underlined, that the
banks’ offer is highly dispersed, which may limit the implementation
of financial innovations in the corporate finance. It would be also
recommended for the banks operating in the Polish market to
intensify the education campaign aiming at increasing knowledge
about financial innovations among business customers.
Abstract: The purpose of the paper is to address the strategic
risk issues surrounding Hindi film distribution in Mumbai for a film
distributor, who acts as an entrepreneur when launching a product
(movie) in the market (film territory).The paper undertakes a
fundamental review of films and risk in the Hindi film industry and
applies Grounded Theory technique to understand the complex
phenomena of risk taking behavior of the film distributors (both
independent and studios) in Mumbai. Rich in-depth interviews with
distributors are coded to develop core categories through constant
comparison leading to conceptualization of the phenomena of
interest. This paper is a first-of-its-kind-attempt to understand risk
behavior of a distributor, which is akin to entrepreneurial risk
behavior under conditions of uncertainty.
Abstract: Construction projects are information intensive in
nature and involve many activities that are related to each other.
Wireless technologies can be used to improve the accuracy and
timeliness of data collected from construction sites and shares it with
appropriate parties. Nonetheless, the construction industry tends to be
conservative and shows hesitation to adopt new technologies. A main
concern for owners, contractors or any person in charge on a job site
is the cost of the technology in question. Wireless technologies are
not cheap. There are a lot of expenses to be taken into consideration,
and a study should be completed to make sure that the importance
and savings resulting from the usage of this technology is worth the
expenses. This research attempts to assess the effectiveness of using
the appropriate wireless technologies based on criteria such as
performance, reliability, and risk. The assessment is based on a utility
function model that breaks down the selection issue into alternatives
attribute. Then the attributes are assigned weights and single
attributes are measured. Finally, single attribute are combined to
develop one single aggregate utility index for each alternative.
Abstract: The security of cloud services is the concern of cloud
service providers. In this paper, we will mention different
classifications of cloud attacks referred by specialized organizations.
Each agency has its classification of well-defined properties. The
purpose is to present a high-level classification of current research in
cloud computing security. This classification is organized around
attack strategies and corresponding defenses.
Abstract: In order to address construction project requirements
and specifications, scholars and practitioners need to establish
taxonomy according to a scheme that best fits their need. While
existing characterization methods are continuously being improved,
new ones are devised to cover project properties which have not been
previously addressed. One such method, the Project Definition Rating
Index (PDRI), has received limited consideration strictly as a
classification scheme. Developed by the Construction Industry
Institute (CII) in 1996, the PDRI has been refined over the last two
decades as a method for evaluating a project's scope definition
completeness during front-end planning (FEP). The main
contribution of this study is a review of practical project classification
methods, and a discussion of how PDRI can be used to classify
projects based on their readiness in the FEP phase. The proposed
model has been applied to 59 construction projects in Ontario, and
the results are discussed.
Abstract: The effects of hypertension are often lethal thus its
early detection and prevention is very important for everybody. In
this paper, a neural network (NN) model was developed and trained
based on a dataset of hypertension causative parameters in order to
forecast the likelihood of occurrence of hypertension in patients. Our
research goal was to analyze the potential of the presented NN to
predict, for a period of time, the risk of hypertension or the risk of
developing this disease for patients that are or not currently
hypertensive. The results of the analysis for a given patient can
support doctors in taking pro-active measures for averting the
occurrence of hypertension such as recommendations regarding the
patient behavior in order to lower his hypertension risk. Moreover,
the paper envisages a set of three example scenarios in order to
determine the age when the patient becomes hypertensive, i.e.
determine the threshold for hypertensive age, to analyze what
happens if the threshold hypertensive age is set to a certain age and
the weight of the patient if being varied, and, to set the ideal weight
for the patient and analyze what happens with the threshold of
hypertensive age.
Abstract: 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.
Abstract: The article demonstrates on a case study how it is
possible to identify MSD risk. It is based on a dissertation Risk
identification model of occupational diseases formation in relation to
the work activity that determines what risk can endanger workers who
are exposed to the specific risk factors. It is evaluated based on
statistical calculations. These risk factors are main cause of upperextremities
musculoskeletal disorders.
Abstract: The construction of a new airport or the extension of
an existing one requires massive investments and many times public
private partnerships were considered in order to make feasible such
projects. One characteristic of these projects is uncertainty with
respect to financial and environmental impacts on the medium to long
term. Another one is the multistage nature of these types of projects.
While many airport development projects have been a success, some
others have turned into a nightmare for their promoters.
This communication puts forward a new approach for airport
investment risk assessment. The approach takes explicitly into
account the degree of uncertainty in activity levels prediction and
proposes milestones for the different stages of the project for
minimizing risk. Uncertainty is represented through fuzzy dual theory
and risk management is performed using dynamic programming. An
illustration of the proposed approach is provided.
Abstract: In this paper, we consider the application of Extreme
Value Theory as a risk measurement tool. The Value at Risk, for a set
of indices, from six Stock Exchanges of Frontier markets is
calculated using the Peaks over Threshold method and the
performance of the model index-wise is evaluated using coverage
tests and loss functions. Our results show that “fattailedness” alone of
the data is not enough to justify the use of EVT as a VaR approach.
The structure of the returns dynamics is also a determining factor.
This approach works fine in markets which have had extremes
occurring in the past thus making the model capable of coping with
extremes coming up (Colombo, Tunisia and Zagreb Stock
Exchanges). On the other hand, we find that indices with lower past
than present volatility fail to adequately deal with future extremes
(Mauritius and Kazakhstan). We also conclude that using EVT alone
produces quite static VaR figures not reflecting the actual dynamics
of the data.
Abstract: This study analyzed and developed a model for
monk’s food bowl production on occupational health safety and
environment at work for the encouragement of Rattanakosin local
wisdom at Banbart Community. The process of blowpipe welding
was necessary to produce the bowl which was very dangerous or
93.59% risk. After the employment of new sitting posture, the work
risk was lower 48.41% or moderate risk. When considering in details,
it was found that: 1) the traditional sitting posture could create work
risk at 88.89% while the new sitting posture could create the work
risk at 58.86%. 2) About the environmental pollution, with the
traditional sitting posture, workers exposed to the polluted fume from
welding at 61.11% while with the new sitting posture workers
exposed to the polluted fume from welding at 40.47%. 3) On
accidental risk, with the traditional sitting posture, workers exposed
to the accident from welding at 94.44% while with the new sitting
posture workers exposed to the accident from welding at 62.54%.
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.
Abstract: Today COXIBs are used in the treatment of arthritis and many other painful conditions in selected patients with high gastrointestinal risk and low cardiovascular (CV) risk. Previously, we have identified an unexpected mechanism of action of a traditional non-steroidal anti-inflammatory drug (NSAID) (diclofenac) and a specific inhibitor of cyclooxygenase-2 (COXIB) (lumiracoxib) demonstrating that they possess weak competitive antagonism at the thromboxane receptor (TP). We hypothesize that modifying the structure of a known COXIB so that it becomes also a more potent TP antagonist will preserve the anti-inflammatory and gastrointestinal safety typical of COXIBs and prevent the CV risk associated with long term therapy.
Abstract: This paper presents views on condom use and the contexts of safe and unsafe sexual practices with different sexual partners and their relationships among Injecting Drug Users (IDUs) in Hai Phong, Vietnam. Fifteen IDUs participated and two local interviewers conducted qualitative semi-structured face-to-face interviews in September-October, 2012 in Vietnamese language. Data were analyzed thematically. Non-protective condom attitudes include negotiate or convince Female Sex Workers (FSW); not realizing risk, importance or necessity; partner doesn’t like, and having extra money/drug from clients. On the other hand, self-awareness, family-consciousness, suspicion of STI presence, fear of getting HIV, and client negotiation sometimes resulted in a safe-sex practice. A thematic diagram was developed to present the relationship (strong/weak) between condom attitude and sexual practice (safe/unsafe) by partner types. The experiences and views reflected in the qualitative information emphasize the heightened need for safe-sex education especially among young IDUs (male/female) highlighting sexual transmission risk.
Abstract: The purpose of this paper is to analyze the influence and relative share of underwriting risks in explaining the variation in insurance cycles in subsequent periods. Through the insurance contracts they underwrite, insurance companies assume risks. Underwriting risks include pricing risk, reserve risk, reinsurance risk and occurrence risk. These risks pose major risks for property and liability insurers, and therefore their impact on the insurance cycle is important. The main goal of this paper is to determine the relative proportion of underwriting risks in explaining the variation of insurance cycle. In order to fulfill the main goal of the paper vector autoregressive model, VAR, will be applied.
Abstract: Risk Evaluation is an important step in protecting your workers and your business, as well as complying with the law. It helps you focus on the risks that really matter in your workplace – the ones with the potential to cause real harm. We are in this paper introduce basics of risk assessment then we mention some of ways to risk evaluation by computer especially Monte Carlo simulation and Microsoft project.
We use Program Evaluation and Review Technique (PERT) to deal with Risks in Industrial Facilities in Evaluation and Assessment for this risk. Using PERT Technique in Microsoft Project by the PERT toolbar and using PERTMASTER Program with Primavera Program we evaluate many hazards and make calculations for that by mathematical equation to make right decisions. We define and calculate risk factor and risk severity to ranking the type of the risk then dealing with it using in that many ways like probability computation, curves, and tables. By introducing variables in the equation of functions in computer programs we calculate the risk in the time and the cost in general case and then mention some examples in industrial facilities field.
Abstract: 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.
Abstract: Most empirical studies have analyzed how liquidity risks faced by individual institutions turn into systemic risk. Recent banking crisis has highlighted the importance of grasping and controlling the systemic risk, and the acceptance by Central Banks to ease their monetary policies for saving default or illiquid banks. This last point shows that banks would pay less attention to liquidity risk which, in turn, can become a new important channel of loss. The financial regulation focuses on the most important and “systemic” banks in the global network. However, to quantify the expected loss associated with liquidity risk, it is worth to analyze sensitivity to this channel for the various elements of the global bank network. A small bank is not considered as potentially systemic; however the interaction of small banks all together can become a systemic element. This paper analyzes the impact of medium and small banks interaction on a set of banks which is considered as the core of the network. The proposed method uses the structure of agent-based model in a two-class environment. In first class, the data from actual balance sheets of 22 large and systemic banks (such as BNP Paribas or Barclays) are collected. In second one, to model a network as closely as possible to actual interbank market, 578 fictitious banks smaller than the ones belonging to first class have been split into two groups of small and medium ones. All banks are active on the European interbank network and have deposit and market activity. A simulation of 12 three month periods representing a midterm time interval three years is projected. In each period, there is a set of behavioral descriptions: repayment of matured loans, liquidation of deposits, income from securities, collection of new deposits, new demands of credit, and securities sale. The last two actions are part of refunding process developed in this paper. To strengthen reliability of proposed model, random parameters dynamics are managed with stochastic equations as rates the variations of which are generated by Vasicek model. The Central Bank is considered as the lender of last resort which allows banks to borrow at REPO rate and some ejection conditions of banks from the system are introduced.
Liquidity crunch due to exogenous crisis is simulated in the first class and the loss impact on other bank classes is analyzed though aggregate values representing the aggregate of loans and/or the aggregate of borrowing between classes. It is mainly shown that the three groups of European interbank network do not have the same response, and that intermediate banks are the most sensitive to liquidity risk.
Abstract: Aims: To evaluate the application of non-invasive diabetes risk assessment tool in community pharmacy setting. Methods: Thai diabetes risk score was applied to assess individuals at risk of developing type 2 diabetes. Interactive computer-based risk screening (IT) and paper-based risk screening (PT) tools were applied. Participants aged over 25 years with no known diabetes were recruited in six participating pharmacies. Results: A total of 187 clients, mean aged (+SD) was 48.6 (+10.9) years. 35% were at high risk. The mean value of willingness-to-pay for the service fee in IT group was significantly higher than PT group (p=0.013). No significant difference observed for the satisfaction between groups. Conclusions: Non-invasive risk assessment tool, whether paper-based or computerized-based can be applied in community pharmacy to support the enhancing role of pharmacists in chronic disease management. Long term follow up is needed to determine the impact of its application in clinical, humanistic and economic outcomes.