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The paper introduces complex unified approach to formalize and define risks of different kind. It based on a detailed definition of risk factors, assessing possible risk situations and reducing general system problem of risk management to the optimization problem of minimizing the costs for reducing the risk degree, level and aftermath mitigation. The concept is focused on solving dynamic problems...
This paper presents a multi-objective Ant Colony Optimization (MOACO) algorithm based on a learning mechanism (named MOACO-L) for the optimization of project scenario selection under uncertainty in a system engineering (SE) process. The objectives to minimize are the total cost of the project, its total duration and the global risk. Risk is considered as an uncertainty about task costs and task durations...
The globalization of today's supply chains (e.g., information and communication technologies, military systems, etc.) has created an emerging security threat that could degrade the integrity and availability of sensitive and critical government data, control systems, and infrastructures. Commercial-off-the-shelf (COTS) and even government-off-the-self (GOTS) products often are designed, developed,...
A current view on the design of networks resilient to non-malicious failures supported by risk engineering is presented in this keynote. The aspect of risk response is emphasized.
Retail electricity markets are critical in assuring that final customers receive the full benefits of competition in wholesale electricity markets. Retailers act as a service interface between the energy market and customers. In this paper, a comprehensive methodology to solve the problem that retailers face in an electricity energy market, including risk management, is proposed. The methodology consist...
In the context of power system operation, probabilistic techniques not only can provide a deeper insight into security aspects, by quantitatively considering power system uncertainties and contingency impact, but they can also be helpful to identify and suggest operators the most adequate control actions to reduce operational risk. This paper proposes an innovative risk-based strategy to control the...
High risk and high profit are the remarkable characters of enterprise technological innovation. The higher innovation degree is, the higher uncertainty will be. It is very important to analyze entirely all kinds of risk factors which can influence technological innovation and evaluate the process of technological innovation. In this paper, based on the index system of enterprise technological innovation,...
The paper makes analysis of the investment risks towards new power shares in Chinese stock markets based on Markowitz mean-variance model using Monte Carlo simulation for solution. Five stocks from new power fields, including wind, nuclear, solar, biomass, and hydrogen, are used to form the portfolio and get the optimal weights dynamics from 2006 to 2009. It's found that the optimal investment weights...
The information-sharing on supply chain is the basis for the supply chain management, while it has some risk. The existence of destructive risk is the main obstacles for the information-sharing among the members. There must weigh the profits and risks and seek to maximize the interests under the premise of controlling destructive risk effectively in the information-sharing on supply chain. The different...
Portfolio optimization is an important research field in modern finance. The most important characteristic within this optimization problem is the risk and the returns. Modern portfolio theory provides a well-developed paradigm to form a portfolio with the highest expected return for a given level of risk tolerance. Multi objective portfolio optimization problem is the portfolio selection process...
The problem of multiple risks is that a measure to reduce one risk can increase other risks. To address this problem, a system to support social consensus formation is needed to mitigate the IT risks such as those involved in information filtering to protect children. In cases in which the number of people necessary for consensus formation is low, such as forming a consensus within an organization,...
Product development performance is of great importance in the current competitive market. Engineers and managers have a wide array of design tools at their disposal to assess alternative designs and determine their fitness. The selection of assessment methods can have a significant impact on project risk (the failure to meet lead time or budgetary constraints). A framework for evaluating such decisions...
The evaluation of information sharing risk has become of paramount importance in the Supply Chain scenario. Chain actors are demanded to release an increasing amount of sensitive data in order to compute more precise master plans. In such a context, privacy issues arise and semi-honest or selfish actors could try to break the chain to increase their market shares. The SecureSCM project is studying...
The increased interest in renewable energies has motivated the economic assessment study of different energy systems. Energy systems based on some natural renewable sources, as wind power, have the drawback of a random input, and then, peak user demand does not always coincide with peak power production. Regulation of output energy requires the introduction of new equipment with the capacity to store...
This paper integrates the entropy theory into Markowitz portfolio model to make a better performance in simulation for the relation between investment return and risk. With historical data of stocks in different industrial sectors, empirical analysis is conducted for the portfolio optimization. The study is superior to the standard approach, performing well with fairly few examples, particularly when...
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