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Article
Publication date: 19 June 2019

Ziyu Jin, John Gambatese, Ding Liu and Vineeth Dharmapalan

The prevention through design (PtD) concept has been widely recognized as one of the most effective approaches to eliminate or reduce construction site hazards. It…

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Abstract

Purpose

The prevention through design (PtD) concept has been widely recognized as one of the most effective approaches to eliminate or reduce construction site hazards. It encourages engineers and architects to consider occupational safety and health during the planning and design phases. Nevertheless, the implementation of PtD is often inhibited because designers lack adequate knowledge about construction safety and the construction process, and limited design-for-safety tools and procedures are available for designers to use. The purpose of this paper is to provide designers a tool for assessing construction risks during early phases of multistory building projects at an activity level and on a daily basis in a 4D environment. By using the tool, proactive measures could be taken in the design and planning phase to reduce site hazards.

Design/methodology/approach

The proposed method consists of four steps including risk quantification at a design element level, 4D model integration with risk values, risk assessment, and design alternative selection and model acceptance. A case study was carried out to test and verify the proposed method.

Findings

The proposed tool has the capability to assess the safety risk for an entire multistory project and visualize safety risk in a particular time period, work space and task prior to construction. It benefits designers in conducting risk assessments and selecting design alternatives concerning safety. Contractors could also utilize the visualization and simulation results of the 4D model for site safety planning so that a range of risk mitigation strategies could be implemented during construction.

Originality/value

The study provides an innovative PtD tool targeting designers as primary end-users. The proposed tool helps designers assess construction risks and has potential to incorporate the top levels of the hierarchy of risk controls.

Details

Engineering, Construction and Architectural Management, vol. 26 no. 11
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 26 July 2021

Zhiqiang Geng, Lingling Liang, Yongming Han, Guangcan Tao and Chong Chu

Food safety risk brought by environmental pollution seriously threatens human health and affects national economic and social development. In particular, heavy metal…

Abstract

Purpose

Food safety risk brought by environmental pollution seriously threatens human health and affects national economic and social development. In particular, heavy metal pollution and nutrient deficiency have caused regional diseases. Thus, the purpose of this paper is to present a risk early warning method of food safety considering environmental and nutritional factors.

Design/methodology/approach

A novel risk early warning modelling method based on the long short-term memory (LSTM) neural network integrating sum product based analytic hierarchy process (AHP-SP) is proposed. The data fuzzification method is adopted to overcome the uncertainty of food safety detection data and the processed data are viewed as the input of the LSTM. The AHP-SP method is used to fuse the risk of detection data and the obtained risk values are viewed as the expected output of the LSTM. Finally, the proposed method is applied on one group of sterilized milk data from a food detection agency in China.

Findings

The experimental results show that compared with the back propagation and the radial basis function neural networks, the proposed method has higher accuracy in predicting the development trend of food safety risk. Moreover, the causal factors of the risk can be figured out through the predicted results.

Originality/value

The proposed modelling method can achieve accurate prediction and early warning of food safety risk, and provide decision-making basis for the relevant departments to formulate targeted risk prevention and control measures, thereby avoiding food safety incidents caused by environmental pollution or nutritional deficiency.

Details

British Food Journal, vol. 124 no. 3
Type: Research Article
ISSN: 0007-070X

Keywords

Article
Publication date: 1 June 2004

Sanjeev Agarwal and R. Kenneth Teas

A major theme for studies in international marketing is whether marketing programs and processes can be generalized across countries. This study tests the generalizability…

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Abstract

A major theme for studies in international marketing is whether marketing programs and processes can be generalized across countries. This study tests the generalizability of a model that predicts consumers' perception of value based upon extrinsic cues – such as brand name, price, retailer reputation, and country of origin – and their perceptions of quality, sacrifice, and risk. The study extends the perceived value model specified by Agarwal and Teas and tested in the USA. The results of this study, based on an experiment conducted in Sweden, suggest that while the overall structure of the model is supported across countries, the relative importance of the extrinsic cues may vary across countries.

Details

Journal of Product & Brand Management, vol. 13 no. 4
Type: Research Article
ISSN: 1061-0421

Keywords

Article
Publication date: 12 April 2011

Andrea Carpignano, Chiara Nironi and Francesco Ganci

The research activity presented in this paper has the objective of developing models for the evaluation of technological risk and loss of production due to failures, which…

1790

Abstract

Purpose

The research activity presented in this paper has the objective of developing models for the evaluation of technological risk and loss of production due to failures, which are among the criterions that enable the choice of optimal scenarios for energy supply. This activity is based on the European Project “Risk of Energy Availability: Common Corridors for Europe Supply Security” (REACCESS), which aims to develop an analytical tool to analyse scenarios for future secure European Union (EU) energy supply.

Design/methodology/approach

The paper proposes an innovative approach, since nowadays a generalised analytic model for risk assessment in large‐scale energetic systems does not exist. In particular, the methodology adopted includes models to assess risk for people safety, risk for the environment and availability for corridors and the related infrastructures. As regards technological risk, accidents producing loss of lives in the population and environmental damage are taken into account; while for the loss of production primary attention is paid to technical failures and maintenance.

Findings

Since the analytic models developed perform a large‐scale assessment, they must be flexible and simplified to adapt to different situations and to be easily updated when different future scenarios are investigated. Details of the analysis depend on the precision of data collected and inserted in the models. The damage assessment is affected by deficiency and uncertainties related to territorial and statistical data. Nevertheless, the outcomes obtained for each energy commodity are reasonable and often comparable to literature data.

Originality/value

Based on this study output, technological risk can be considered, more systematically than in the past, in the selection of EU strategies for future energy supply. The corridors social cost is included in future strategies selection, in addition to purely economical and environmental evaluations.

Details

International Journal of Energy Sector Management, vol. 5 no. 1
Type: Research Article
ISSN: 1750-6220

Keywords

Book part
Publication date: 23 December 2005

Shu-Ling Lin

The current work studies the cause, process, and effects of financial reform in 10 countries in Eastern Asia for the period of 1993–2002, especially focusing upon…

Abstract

The current work studies the cause, process, and effects of financial reform in 10 countries in Eastern Asia for the period of 1993–2002, especially focusing upon comparisons between pre- and post-Asia financial crisis. This study utilizes Mann–Whitney U test and Intervention Analysis to explore the different effects of the changes of GDP, stock index, exchange rate, CPI index, and the changes of the unemployment rate before and after the Asia financial crisis. It shows the consistent relationship between stock index, exchange rate, CPI index, and the changes of unemployment rate.

Details

Asia Pacific Financial Markets in Comparative Perspective: Issues and Implications for the 21st Century
Type: Book
ISBN: 978-0-76231-258-0

Article
Publication date: 7 November 2019

Werner Gleißner

This paper aims to present the combination of enterprise risk management (ERM) and value-based management as especially suitable methods for companies with a shareholder…

Abstract

Purpose

This paper aims to present the combination of enterprise risk management (ERM) and value-based management as especially suitable methods for companies with a shareholder value imperative. Among its major benefits, these methods make the contribution of risk management for business decisions more effective.

Design/methodology/approach

Any possible inconsistencies between ERM, generating value because of imperfect capital markets and the CAPM to calculate cost of capital, which assumes perfect markets, must be avoided. Therefore, it is imperative that valuation methods used are based on risk analysis, and thus do not require perfect capital markets.

Findings

Value-based risk management requires the impact of changes in risk on enterprise value to be calculated and the aggregation of opportunities and risks related to planning to calculate total risk (using Monte Carlo simulation) and valuation techniques that reflect the effects changes in risk, on probability of default, cost of capital and enterprise value (and do not assume perfect capital markets). It is recommended that all relevant risks should be quantified and described using adequate probability distributions derived from the best information.

Practical implications

This approach can help to improve the use of risk analysis in decision-making by improving existing risk-management systems.

Originality/value

This extension of ERM is outlined to provide risk-adequate evaluation methods for business decisions, using Monte Carlo simulation and recently developed methods for risk–fair valuation with incomplete replication in combination with the probability of default. It is shown that quantification of all risk using available information should be accepted for the linking of risk analysis and business decisions.

Article
Publication date: 5 June 2018

Luiz Eduardo Gaio, Tabajara Pimenta Júnior, Fabiano Guasti Lima, Ivan Carlin Passos and Nelson Oliveira Stefanelli

The purpose of this paper is to evaluate the predictive capacity of market risk estimation models in times of financial crises.

Abstract

Purpose

The purpose of this paper is to evaluate the predictive capacity of market risk estimation models in times of financial crises.

Design/methodology/approach

For this, value-at-risk (VaR) valuation models applied to the daily returns of portfolios composed of stock indexes of developed and emerging countries were tested. The Historical Simulation VaR model, multivariate ARCH models (BEKK, VECH and constant conditional correlation), artificial neural networks and copula functions were tested. The data sample refers to the periods of two international financial crises, the Asian Crisis of 1997, and the US Sub Prime Crisis of 2008.

Findings

The results pointed out that the multivariate ARCH models (VECH and BEKK) and Copula-Clayton had similar performance, with good adjustments in 100 percent of the tests. It was not possible to perceive significant differences between the adjustments for developed and emerging countries and of the crisis and normal periods, which was different to what was expected.

Originality/value

Previous studies focus on the estimation of VaR by a group of models. One of the contributions of this paper is to use several forms of estimation.

Details

International Journal of Managerial Finance, vol. 14 no. 5
Type: Research Article
ISSN: 1743-9132

Keywords

Article
Publication date: 30 August 2013

Xuezheng Qin, Lixing Li and Yangyang Liu

The purpose of this paper is to estimate the value of a statistical life (VSL) in China using the hedonic wage model, and to explore the regional difference in VSL within…

Abstract

Purpose

The purpose of this paper is to estimate the value of a statistical life (VSL) in China using the hedonic wage model, and to explore the regional difference in VSL within the country.

Design/methodology/approach

Using the hedonic wage regression, this paper estimates the compensating wage differential for incremental job mortality risk among Chinese workers. The implied VSL is derived for China and its different regions. The data is from the 2005 China inter‐census population survey, consisting of 1.3 million urban and rural workers. The authors also made important improvement in the model specification to explicitly address the missing variable issue in the previous studies.

Findings

The paper results indicate that the industry mortality risk has a significant impact on the wage rate. The implied VSL is 1.81 million RMB, a value substantially higher than previous estimates. The results also suggest a sizable urban‐rural difference, with the urban VSL being 4.3 times higher than the rural estimate. The strong urban‐rural inequality of income could be attributed to the segregation between the urban and rural labor markets.

Practical implications

The paper findings indicate the importance of reforming the current workers' compensation standard and improving the institutional environment, as well as enhancing the labor protection in the rural labor market.

Originality/value

This paper is the first attempt to estimate the value of life in China using the census based data. The paper results contribute to the growing literature in obtaining comparable VSL estimates in the developing countries.

Details

China Agricultural Economic Review, vol. 5 no. 3
Type: Research Article
ISSN: 1756-137X

Keywords

Article
Publication date: 1 December 2004

Peter Byrne and Stephen Lee

Traditionally, the measure of risk used in portfolio optimisation models is the variance. However, alternative measures of risk have many theoretical and practical…

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Abstract

Traditionally, the measure of risk used in portfolio optimisation models is the variance. However, alternative measures of risk have many theoretical and practical advantages and it is peculiar therefore that they are not used more frequently. This may be because of the difficulty in deciding which measure of risk is best and any attempt to compare different risk measures may be a futile exercise until a common risk measure can be identified. To overcome this, another approach is considered, comparing the portfolio holdings produced by different risk measures, rather than the risk return trade‐off. In this way we can see whether the risk measures used produce asset allocations that are essentially the same or very different. The results indicate that the portfolio compositions produced by different risk measures vary quite markedly from measure to measure. These findings have a practical consequence for the investor or fund manager because they suggest that the choice of model depends very much on the individual's attitude to risk rather than any theoretical and/or practical advantages of one model over another.

Details

Journal of Property Investment & Finance, vol. 22 no. 6
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 5 May 2008

Ernst Berg and Bernhard Schmitz

Recent and presumable future developments tend to increase the risks associated with farming activities. These include climate risks, which have always played an important…

Abstract

Recent and presumable future developments tend to increase the risks associated with farming activities. These include climate risks, which have always played an important role in farming. Weather‐based instruments can be valuable tools to reduce the risk associated with unfavourable climate events. However, a number of factors could limit the hedging effectiveness of these tools. These factors include basis risk, the impacts of remaining price uncertainty, and diversification effects. This paper addresses the influence of each of these factors. In the final section, an integrated approach for a comprehensive assessment of weather derivatives and other hedging instruments is proposed that is based on the concept of portfolio optimization.

Details

Agricultural Finance Review, vol. 68 no. 1
Type: Research Article
ISSN: 0002-1466

Keywords

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