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Full-Text Articles in Business
Measuring And Managing Catastrophe Risk, Ronald T. Kozlowski, Stuart B. Mathewson
Measuring And Managing Catastrophe Risk, Ronald T. Kozlowski, Stuart B. Mathewson
Journal of Actuarial Practice (1993-2006)
We introduce some of the basic principles behind property catastrophe modeling via simulations. The output of such simulations can be explored via modernized pin maps and loss likelihood curves. We also briefly discuss some of the uses of catastrophe modeling in addition to traditional probable maximum loss estimation. Comments are made on the use of modeling by reinsurers. We hope that this article stimulates discussions on new approaches to catastrophe modeling.
A Pension Plan Incorporating Both Defined Benefit And Defined Contribution Principles, Zaki M. Khorasanee
A Pension Plan Incorporating Both Defined Benefit And Defined Contribution Principles, Zaki M. Khorasanee
Journal of Actuarial Practice (1993-2006)
We propose a defined contribution pension plan with an explicitly defined benefit formula. Such a plan is expected to pay more stable and predictable benefits over time than one based on the money purchase principle. The properties of the plan are investigated through simulation. Methods for distributing surpluses and eliminating deficiencies that involve adjusting the rate of benefit accrual (rather than varying the rate of contribution) are discussed. The behavior of the plan under a scenario of persistently unfavorable investment experience is Simulated, and methods for satisfactorily dealing with such a scenario are considered. The plan actuary is expected to …
Using Dynamic Cellular Manufacturing To Simplify Scheduling In Cell Based Production Systems, Vijay R. Kannan, Soumen Ghosh
Using Dynamic Cellular Manufacturing To Simplify Scheduling In Cell Based Production Systems, Vijay R. Kannan, Soumen Ghosh
Management Faculty Publications
Previous research has shown that the formation of temporary, logical manufacturing cells in a job shop, overcomes problems of high setup frequency typically found in job shops. In addition, this form of cellular configuration is more flexible than tranditional, group technology based cellular configurations. This research demonstrates that an added benefit of a dynamic cellular configuration is that it simplifies production scheduling, eliminating the need for more complex dispatching rules. In particular, it eliminates the need for further setup reduction when scheduling parts from the same family. Improvements in performance when employing setup reduction are shown to occur only when …