scholarly journals How chief risk officers (CROs) can have meaningful and productive dealings with insurance agencies: a leading example

2021 ◽  
Vol 1 (5) ◽  
Author(s):  
Alberto Bettanti ◽  
Antonella Lanati
Keyword(s):  
Monte Carlo Simulation ◽  
Methodological Approach ◽  
Cost Effective ◽  
Third Parties ◽  
Computational Tool ◽  
Building Relationships ◽  
Total Cost ◽  
Retention Level ◽  
Operational Risks ◽  
Risk Appetite

AbstractIn broad terms, risk management (RM) covers four conventional actions in addressing operational risks (OpRisks), i.e., actions to mitigate, eliminate, accept, and transfer operational risks. In relation to transferring OpRisks to external third parties, this study aids chief risk officers (CROs) in addressing issues related to the reduction of economic exposure to OpRisk. In this respect, the economic handling of OpRisks and their coverage through specific insurance programs are among the major challenges that CROs face within their roles. The aim of this paper is to provide CROs with an analytical pathway to addressing these challenges by applying the total cost of risk (TCoR) method tailored to their purposes. Through a leading example, this paper demonstrates that the TCoR approach meaningfully and productively supports CROs’ decisions when striving to deal with OpRisk. In fact, the TCoR approach implementation, together with the application of Monte Carlo simulation as a computational tool, drives TCoR value optimization when OpRisk is transferred to insurance agencies. In addition, by applying a TCoR framework, CROs can find the correct and cost-effective balance between the company’s retention level—consistent with the company’s risk appetite—and the premiums paid to insurance agencies. In conclusion, this paper provides CROs with a methodological approach for efficiently building relationships with insurance agencies by consistently addressing TCoR-based dealings.

CAD Of Anticorrosive Protection Of Steel Structures

2019 ◽  
pp. 18-23
Keyword(s):  
Protective Coating ◽  
Computer Aided Design ◽  
Steel Structures ◽  
Cost Effective ◽  
Operating Conditions ◽  
Computational Tool ◽  
Protection Method ◽  
Cost Effective Method ◽  
The Cost ◽  
Aided Design

The choice of cost-effective method of anticorrosive protection of steel structures is an urgent and time consuming task, considering the significant number of protection ways, differing from each other in the complex of technological, physical, chemical and economic characteristics. To reduce the complexity of solving this problem, the author proposes a computational tool that can be considered as a subsystem of computer-aided design and used at the stage of variant and detailed design of steel structures. As a criterion of the effectiveness of the anti-corrosion protection method, the cost of the protective coating during the service life is accepted. The analysis of existing methods of steel protection against corrosion is performed, the possibility of their use for the protection of the most common steel structures is established, as well as the estimated period of effective operation of the coating. The developed computational tool makes it possible to choose the best method of protection of steel structures against corrosion, taking into account the operating conditions of the protected structure and the possibility of using a protective coating.

scholarly journals Voronoi diagram and Monte-Carlo simulation based finite element optimization for cost-effective 3D printing

2021 ◽  
Vol 50 ◽  
pp. 101301
Author(s):  
A.Z. Zheng ◽  
S.J. Bian ◽  
E. Chaudhry ◽  
J. Chang ◽  
H. Haron ◽  
...  
Keyword(s):  
Monte Carlo Simulation ◽  
Finite Element ◽  
Monte Carlo ◽  
3D Printing ◽  
Voronoi Diagram ◽  
Cost Effective ◽  
Simulation Based

scholarly journals A prospective study of costs associated with the evaluation of allergic reactions to radiological contrast media

2022 ◽  
Vol 33 (3) ◽  
Author(s):  
M Sobrino-García
Keyword(s):  
Contrast Media ◽  
Real Life ◽  
Indirect Costs ◽  
Cost Effective ◽  
Allergic Reactions ◽  
Total Cost ◽  
Safe Management ◽  
A Prospective Study ◽  
Mean Cost ◽  
Care Costs

Background: The prevalence of hypersensitivity reactions to radiological contrast media (RCM) is increasing due to the greater performance of diagnostic and therapeutic tests that require RCMs. Objective: We carried out a year-long real-life observational study to prospectively evaluate the patients referred to the Allergy Service from Primary Care, Emergency Room, and other Services with suspected moderate to severe RCM hypersensitivity. Methods: To study the costs of RCM hypersensitivity evaluation, we systematically recorded direct and indirect costs. Results: Sixty-nine patients with previous reactions to RCM were evaluated in the Allergy Service from June 1st, 2017, to May 31st, 2018. Total direct health care costs were € 10715.84, with a mean cost per patient of € 155.30 ± 77.08. Specifically, direct non-health costs reached € 1605.42 (mean € 23.27 ± 41.14), and indirect costs were € 6490.85 (mean € 94.07 ± 110.61). In summary, the total cost was € 18812.11, which means a mean cost of € 272.64 ± 164.77. Conclusions: Our study reflects that the costs of an elective evaluation of hypersensitivity to RCM are low. This fact reaffirms that correct and safe management of these patients could be cost-effective, so our efforts should be directed to implement the necessary logistics.

scholarly journals METHODOLOGICAL APPROACH TO CREATING A MODEL OF COST-EFFECTIVE MECHANISM FOR MANAGING INNOVATIVE ACTIVITY OF HOTEL ORGANIZATIONS

2021 ◽  
pp. 68-76
Author(s):  
T. P. Levchenko ◽  
M. B. Moldazhanov ◽  
V. V. Purichi ◽  
I. V. Strishkina
Keyword(s):  
Innovation Management ◽  
Methodological Approach ◽  
Cost Effective ◽  
Innovative Activity ◽  
Effective Management ◽  
Management Mechanism ◽  
Effective Mechanism ◽  
Scenario Modeling ◽  
Proposed Model ◽  
Activity Management

The transition of hotel organizations to a qualitatively new level of development can be ensured by the formation and use of a cost-effective innovation management mechanism. The article attempts to create a model of a cost-effective management mechanism that could take into account the multifaceted relationships of indicators and indicators of innovative activity. The operation of this mechanism implies the use of indicative control tools, as well as factor and scenario modeling. The author considers the mechanism from the perspective of implementing five interconnected blocks: subjects, goals and tasks, objects, processes and resulting effects. The content of the resulting effects of the implementation of innovative processes based on the calculation of integral indicators of innovative activity and its elements. Based on the proposed model of a cost-effective mechanism for managing the innovative activity of hotel organizations, an analysis of trends in the level of innovative activity was carried out at using the example of three hotel in Sochi, their graphical interpretation is presented. As part of the presented model, scenario modeling of innovative activity management was carried out as one of its tools, a graph of the ratio of indicators of innovative activity of hotel organizations in Sochi was built.

Methodological Approach to Assessing the Economic Efficiency of Digital Projects Applying Internet of Things Platforms

2021 ◽  
Vol 152 (6) ◽  
pp. 134-142
Author(s):  
Aleksandr Yu. Mishin ◽  
Keyword(s):  
Internet Of Things ◽  
Economic Efficiency ◽  
Methodological Approach ◽  
Objective Assessment ◽  
Cost Effective ◽  
Scientific Work ◽  
Point Of View ◽  
Scientific Publications ◽  
Economic Point ◽  
Iot Platforms

One of the key ones and most cost-effective technology from an economic point of view for the real sector is the Internet of Things (IoT) technology, which is usually provided in the form of Internet of Things (IoT) platforms, still does not have its own framework for assessing its economic efficiency. The author proposes a methodological approach based on a combination of classical methods of investment analysis and an architectural approach. From the information point of view the scientific work is based on cost-effectiveness studies of IoT projects, domestic and foreign scientific publications, IT cases and research on taxonomy of IoT platforms. The proposed approach may serve as the basis both for preparation of financial business cases and for facilitating the development of tools for objective assessment of the project initiatives attractiveness as part of implementation of the state digital development programs in Russia.

A Model for Estimating the Savings from Dimensional vs. Keyword Search

2009 ◽  
pp. 146-157
Author(s):  
Karen Corral ◽  
David Schuff ◽  
Robert D. St. Louis ◽  
Ozgur Turetken
Keyword(s):  
Search Engine ◽  
Search Strategy ◽  
Keyword Search ◽  
Cost Effective ◽  
Quantitative Model ◽  
Total Cost ◽  
Search Approach ◽  
The Cost ◽  
Keyword Searches ◽  
A Company

Inefficient and ineffective search is widely recognized as a problem for businesses. The shortcomings of keyword searches have been elaborated upon by many authors, and many enhancements to keyword searches have been proposed. To date, however, no one has provided a quantitative model or systematic process for evaluating the savings that accrue from enhanced search procedures. This paper presents a model for estimating the total cost to a company of relying on keyword searches versus a dimensional search approach. The model is based on the Zipf-Mandelbrot law in quantitative linguistics. Our analysis of the model shows that a surprisingly small number of searches are required to justify the cost associated with encoding the metadata necessary to support a dimensional search engine. The results imply that it is cost effective for almost any business organization to implement a dimensional search strategy.

scholarly journals Economic evaluation of the Good School Toolkit: an intervention for reducing violence in primary schools in Uganda

2018 ◽  
Vol 3 (2) ◽  
pp. e000526 ◽  
Author(s):  
Giulia Greco ◽  
Louise Knight ◽  
Willington Ssekadde ◽  
Sophie Namy ◽  
Dipak Naker ◽  
...  
Keyword(s):  
Cost Effectiveness ◽  
Primary Schools ◽  
Physical Violence ◽  
Controlled Trial ◽  
Cost Effective ◽  
Cluster Randomised Controlled Trial ◽  
Total Cost ◽  
Good School ◽  
Randomised Controlled ◽  
The Cost

IntroductionThis paper presents the cost and cost-effectiveness of the Good School Toolkit (GST), a programme aimed at reducing physical violence perpetrated by school staff to students in Uganda.MethodsThe effectiveness of the Toolkit was tested with a cluster randomised controlled trial in 42 primary schools in Luwero District, Uganda. A full economic costing evaluation and cost-effectiveness analysis were conducted alongside the trial. Both financial and economic costs were collected retrospectively from the provider’s perspective to estimate total and unit costs.ResultsThe total cost of setting up and running the Toolkit over the 18-month trial period is estimated at US$397 233, excluding process monitor (M&E) activities. The cost to run the intervention is US$7429 per school annually, or US$15 per primary school pupil annually, in the trial intervention schools. It is estimated that the intervention has averted 1620 cases of past-week physical violence during the 18-month implementation period. The total cost per case of violence averted is US$244, and the annual implementation cost is US$96 per case averted during the trial.ConclusionsThe GST is a cost-effective intervention for reducing violence against pupils in primary schools in Uganda. It compares favourably against other violence reduction interventions in the region.

scholarly journals Health Economic Evaluation of Type 2 Diabetes Mellitus: A Clinical Practice Focused Review

2015 ◽  
Vol 8 ◽  
pp. CMED.S20906 ◽  
Author(s):  
Andreas Liebl ◽  
Kamlesh Khunti ◽  
Domingo Orozco-Beltran ◽  
Jean-Francois Yale
Keyword(s):  
Diabetes Mellitus ◽  
Type 2 Diabetes ◽  
Health Economic ◽  
Type 2 Diabetes Mellitus ◽  
Drug Therapy ◽  
Glycemic Control ◽  
Cost Effective ◽  
Treatment Intensification ◽  
Total Cost

Type 2 diabetes mellitus (T2D) is a growing healthcare burden primarily due to long-term complications. Strict glycemic control helps in preventing complications, and early introduction of insulin may be more cost-effective than maintaining patients on multiple oral agents. This is an expert opinion review based on English peer-reviewed articles (2000–2012) to discuss the health economic consequences of T2D treatment intensification. T2D costs are driven by inpatient care for treatment of diabetes complications (40%–60% of total cost), with drug therapy for glycemic control representing 18% of the total cost. Insulin therapy provides the most improved glycemic control and reduction of complications, although hypoglycemia and weight gain may occur. Early treatment intensification with insulin analogs in patients with poor glycemic control appears to be cost-effective and improves clinical outcomes. Key Messages • Type 2 diabetes mellitus is a growing burden on healthcare services. • Despite the high cost of drug therapy versus diet and lifestyle interventions, treatment intensification with insulin analog therapy is a cost-effective strategy for improving clinical outcomes in patients with poor glycemic control.

scholarly journals Identifying interventions with Gypsies, Roma and Travellers to promote immunisation uptake: methodological approach and findings

2020 ◽  
Vol 20 (1) ◽  
Author(s):  
Lisa Dyson ◽  
Helen Bedford ◽  
Louise Condon ◽  
Carol Emslie ◽  
Lana Ireland ◽  
...  
Keyword(s):  
Ecological Model ◽  
Service Providers ◽  
Methodological Approach ◽  
Intervention Mapping ◽  
Intervention Development ◽  
Cost Effective ◽  
Social Ecological Model ◽  
Social Ecological ◽  
The Social ◽  
The Uk

Abstract Background In the UK, Gypsy, Roma and Traveller (GRT) communities are generally considered to be at risk of low or variable immunisation uptake. Many strategies to increase uptake for the general population are relevant for GRT communities, however additional approaches may also be required, and importantly one cannot assume that “one size fits all”. Robust methods are needed to identify content and methods of delivery that are likely to be acceptable, feasible, effective and cost effective. In this paper, we describe the approach taken to identify potential interventions to increase uptake of immunisations in six GRT communities in four UK cities; and present the list of prioritised interventions that emerged. Methods This work was conducted in three stages: (1) a modified intervention mapping process to identify ideas for potential interventions; (2) a two-step prioritisation activity at workshops with 51 GRTs and 25 Service Providers to agree a prioritised list of potentially feasible and acceptable interventions for each community; (3) cross-community synthesis to produce a final list of interventions. The theoretical framework underpinning the study was the Social Ecological Model. Results Five priority interventions were agreed across communities and Service Providers to improve the uptake of immunisation amongst GRTs who are housed or settled on an authorised site. These interventions are all at the Institutional (e.g. cultural competence training) and Policy (e.g. protected funding) levels of the Social Ecological Model. Conclusions The “upstream” nature of the five interventions reinforces the key role of GP practices, frontline workers and wider NHS systems on improving immunisation uptake. All five interventions have potentially broader applicability than GRTs. We believe that their impact would be enhanced if delivered as a combined package. The robust intervention development and co-production methods described could usefully be applied to other communities where poor uptake of immunisation is a concern. Study registration Current Controlled Trials ISRCTN20019630, Date of registration 01-08-2013, Prospectively registered.

Three‐dimensional seismic exploration—A cost‐effective approach

Geophysics ◽  
1989 ◽  
Vol 54 (7) ◽  
pp. 815-823
Author(s):  
F. M. Peterson ◽  
W. C. Reynish
Keyword(s):  
Data Processing ◽  
Field Data ◽  
Three Dimensional ◽  
Cost Effective ◽  
Seismic Exploration ◽  
Effective Solution ◽  
Total Cost ◽  
Oil Companies ◽  
Cost Effective Approach ◽  
Data Field

Three‐dimensional (3-D) seismic prospecting is generally perceived as a very expensive tool that is not suitable for use by other than major oil companies or for the solution of conventional exploration geophysics problems. We illustrate how 3-D techniques were used to provide a very cost‐effective solution to a specific exploration project. A basic geologic and historical seismic outline establishes the economic and environmental framework for the survey. Drilling results and comparisons with conventional data illustrate the effectiveness of the 3-D approach. This survey was carried out during February of 1982 in the Black Creek basin of northwestern Alberta. Prolific and abundant Devonian Keg River pinnacle reefs with reserves in the 0.2 to 100 million barrel recoverable categories provide the exploration target. A prospective area of approximately [Formula: see text] was covered with a 165 ft subsurface grid of 1200 percent CDP data. Field data were acquired with a conventional 96-trace dynamite crew using a rolling, crossed‐array technique. Data processing was carried out with a flexible, conventional seismic processing package, including wavelet deconvolution, surface‐consistent statics, 3-D migration, and geologic slice displays. Total cost of the survey was $50,000 Canadian per sq mi. This paper demonstrates the interpretive power of 3-D surveys.

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