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Articles 1 - 7 of 7
Full-Text Articles in Risk Analysis
A Dynamic Inspection And Replacement Policy For Systems Subject To Degradation And Periodic Shocks, Jiawen Hu, Qiuzhuang Sun
A Dynamic Inspection And Replacement Policy For Systems Subject To Degradation And Periodic Shocks, Jiawen Hu, Qiuzhuang Sun
Research Collection College of Integrative Studies
Inspection is widely adopted to improve the maintenance efficiency. Most works predetermine a periodic inspection scheme and focus on optimizing the replacement threshold. However, it is reasonable to inspect less frequently when the degradation level of the system is low and to perform inspections more frequently as the degradation level increases. This work investigates a dynamic inspection and replacement policy for systems subject to regular degradation and periodic shocks. The regular degradation of the system is modeled as a Wiener process. Meanwhile, a periodic arrived shock will incur a random amount increment to the degradation, which is assumed to satisfy …
Secondary Risk Theory: Validation Of A Novel Model Of Protection Motivation, Christopher L. Cummings, Sonny Rosenthal, Wei Yi Kong
Secondary Risk Theory: Validation Of A Novel Model Of Protection Motivation, Christopher L. Cummings, Sonny Rosenthal, Wei Yi Kong
Research Collection College of Integrative Studies
Protection motivation theory states individuals conduct threat and coping appraisals when deciding how to respond to perceived risks. However, that model does not adequately explain today's risk culture, where engaging in recommended behaviors may create a separate set of real or perceived secondary risks. We argue for and then demonstrate the need for a new model accounting for a secondary threat appraisal, which we call secondary risk theory. In an online experiment, 1,246 participants indicated their intention to take a vaccine after reading about the likelihood and severity of side effects. We manipulated likelihood and severity in a 2 × …
Reliability Analysis Of Repairable Systems With Recurrent Misuse-Induced Failures And Normal-Operation Failures, Weiwen Peng, Lijuan Shen, Yan Shen, Qiuzhuang Sun
Reliability Analysis Of Repairable Systems With Recurrent Misuse-Induced Failures And Normal-Operation Failures, Weiwen Peng, Lijuan Shen, Yan Shen, Qiuzhuang Sun
Research Collection College of Integrative Studies
Failure of a repairable system may be attributed to operators’ misuse or system deterioration. The misuse may further deteriorate the system under normal operating conditions. Motivated by a real-world data set that records the recurrence times of misuse-induced failures and the normal-operation failures, this study proposes a stochastic process model for recurrence data analysis, where one type of failures is affected by the other. A non-homogeneous Poisson process and a trend-renewal process are separately used as the baseline event process models for the misuse-induced failures and the normal-operation failures, respectively. These two models are then combined by treating the event …
Risk Management In A Vuca Environment: Some Key Considerations, Foo S.L., Nam Sang Cheng, Nam Sang Cheng
Risk Management In A Vuca Environment: Some Key Considerations, Foo S.L., Nam Sang Cheng, Nam Sang Cheng
Research Collection School Of Accountancy
Whatis VUCA? Why is it relevant to accountants, the C-suites and Board ofDirectors? Companies are in the business of taking risks for rewards. Situatedbetween the companies are in the business of taking risks for rewards. Situatedbetween the companies and the rewards are risks. Critical concepts in thisprocess are volatility, uncertainty, complexity, and ambiguity (VUCA), a trendymanagerial acronym that conflates the reality of the business environment and the challenges ofrisk management.
Optimal Investment Under Operational Flexibility, Risk Aversion, And Uncertainty, Michail Chronopoulos, Bert De Reyck, Afzal Siddiqui
Optimal Investment Under Operational Flexibility, Risk Aversion, And Uncertainty, Michail Chronopoulos, Bert De Reyck, Afzal Siddiqui
Research Collection Lee Kong Chian School Of Business
Traditional real options analysis addresses the problem of investment under uncertainty assuming a risk-neutral decision maker and complete markets. In reality, however, decision makers are often risk averse and markets are incomplete. We confirm that risk aversion lowers the probability of investment and demonstrate how this effect can be mitigated by incorporating operational flexibility in the form of embedded suspension and resumption options. Although such options facilitate investment, we find that the likelihood of investing is still lower compared to the risk-neutral case. Risk aversion also increases the likelihood that the project will be abandoned, although this effect is less …
Managing Risk In A Failing It Project: A Social Constructionist View, Wee-Kiat Lim, Siew Kien Sia, Adrian Yeow
Managing Risk In A Failing It Project: A Social Constructionist View, Wee-Kiat Lim, Siew Kien Sia, Adrian Yeow
CCX Research
Why do IT projects continue to stumble, despite the proliferation of risk management methodologies and a growing body of knowledge on project risk assessment and mitigation? In this paper, we propose an alternative theoretical perspective that views project risk as a social construction process shaped by the risk accounts of social groups and actors within an implementation context. Risk management is embedded in the social processes where risks are negotiated and contested, with some risk accounts amplified and some attenuated. Through the analysis of a large IT implementation in an Asian logistics firm and its trajectory of successive crises, we …
Understanding Risk Governance: Introducing Sociological Neoinstitutionalism And Foucauldian Governmentality For Further Theorizing, Wee-Kiat Lim
CCX Research
This article traces the career of risk across prominent theoretical approaches by highlighting their key assumptions and premises, specifically the technical approach found in the physical sciences, and economics, psychology, and sociology in the social sciences. In each discipline, the strengths and limitations of each theoretical approach are pointed out. The discussion focuses on sociology in particular because other approaches—in treating risks as dominantly technical, psychological, or economic phenomena—tend to downplay the broader historical and socio-political context that impinges on risk construction and production, and its differential impact across society. This exploration points out that institutions play an important role …