scholarly journals Empirical approach to risk management strategies of Mediterranean mussel farmers in Greece

2021 ◽  
Vol 50 (4) ◽  
pp. 455-472
Author(s):  
John A. Theodorou ◽  
Ioannis Tzovenis ◽  
George Katselis
Keyword(s):  
Risk Management ◽  
Harmful Algal Blooms ◽  
Algal Blooms ◽  
Risk Mitigation ◽  
Management Strategies ◽  
Mitigation Strategies ◽  
Alternative Source ◽  
Empirical Survey ◽  
Insurance Contracts ◽  
Risk Management Strategies

Abstract Risk perception and risk responses of Greek mussel farmers are important for understanding their risk behavior and the likely success of different risk mitigation strategies. This allows policy makers and actuarial companies to decide what risk management products to offer to address specific types of risks. Results from an empirical survey showed that ex-farm prices and health/disability status of farmers are perceived as the most important sources of risk. Risk management decisions were strongly influenced by the attitudes of mussel farmers rather than their socioeconomic status or perception of risk sources. Financial reserves and an alternative source of stable income are both preferred by mussel farmers as risk management strategies, while optimizing farm management to produce at the lowest possible cost is commonly practiced to eliminate losses. Farmers recommend that for certain types of risks that lead to total losses, e.g. anoxia, tsunamis, harmful algal blooms (HABs), insurance contracts should be provided by the public sector, as in similar situations in agriculture. For other needs, customized insurance contracts should be provided by the actuarial market.

Risk Management Strategies for Project Success

2018 ◽  
pp. 250-267
Author(s):  
Vittal S. Anantatmula ◽  
Yang Fan
Keyword(s):  
Risk Management ◽  
Project Success ◽  
Risk Mitigation ◽  
Management Strategies ◽  
Management Plan ◽  
Mitigation Strategies ◽  
Risk Management Plan ◽  
Industrial Sectors ◽  
Risk Management Strategies ◽  
Risk Mitigation Strategies

As projects are associated with risks due to the presence of uncertainties and unknowns, risk management assumes importance in project success. This chapter is an attempt to examine various risk mitigation strategies that are commonly employed if different industrial sectors. The chosen risk strategy would also largely depend either on individual's or organization's propensity to take risks. The authors summarize the findings of a research study in this chapter. The research results show that effort and details of a risk management for a project are governed by risks associated with cost and time and not necessarily with the project scope. Also, many organizations prefer a contingency budget to the project plan to developing a detailed risk management plan.

scholarly journals Analyse, Enhance and Reiterate Risk management strategies, implemented in Information Technology Project Management, amidst COVID-19

2021 ◽  
Vol 8 (S1-Feb) ◽  
pp. 49-57
Author(s):  
Remya Nair ◽  
J Meenakumari
Keyword(s):  
Information Technology ◽  
Risk Management ◽  
Project Management ◽  
Risk Mitigation ◽  
Management Strategies ◽  
Mitigation Strategies ◽  
Global Perspective ◽  
Risk Management Strategies ◽  
Risk Mitigation Strategies

The global perspective of human life drastically changed after the spread of COVID-19. The world reduced itself, to a digital cocoon. Education, work, commerce, shopping, industry, sales - all walks of life, transformed mostly into a digital mode. The IT (Information Technology) and ITES (IT Enabled services) saw a tremendous transformation in the operational aspects. ‘WFH (Work from Home)’ enabled the resources to work from their preferred locations. These factors increased the risk of data management and data security. The security of the network and the personal devices used to handle the sensitive and confidential data aggregated the risk factors in project management. The significant challenges faced by the IT sector project management were (1)Global Travel restrictions (2) Forecast of Global Recession in near future and resultant minimization of budget allocated to new projects (3)Negative growth Impact from multiple domains, resulting in reduction of new projects and reducing the scope for existing ones (4)Initial adaptation glitches due to the quantum leap in the digital channels (5)Manage constant fluctuating attitudes and anxieties of employees on personal aspects, job security, drastic change in work environment(6) Unprecedented and unpredictable exorbitant influence of macro environment in the routine enterprise activities. The chances of non-availability of critical resource due to health issues, the network issues faced in the remote locations, the unpredictable exposure of data - all these were contributing elements that increased the risk management complexity. In future, many IT companies have decided to operate mainly in the WFH mode as the operational expenses are drastically reduced. The implementation of efficient and effective risk management strategies become crucial considering the long-term implementation of ‘not from office’ operating model. The trust of the multinational clients, commitment of meeting the deadlines, maintaining the confidentiality and sensitivity of data, protecting the unintended intrusion from the digital malicious practices - all are the additional significant risks and challenges, as the probability for the occurrence of these events have increased exponentially due to the latest work arrangements. This paper attempts to evaluate the current risk mitigation strategies and analyse the gaps in the current system. The aim is to effectively manage the upcoming threats and risks in the long-term implementation of the current working (WFH) scenarios. The overall objective of the paper is to (1) analyse the present-day risks (2) evaluate the contemporary ideas that could be modified into solid framework for better risk mitigation strategies in long-term (3) what to anticipate in the future risk analysis and management processes related to IT Project Management.

Modeling of Risk Management Strategies for SMEs Using ANN under Various Levels of Operational Risks

2012 ◽  
Vol 433-440 ◽  
pp. 1683-1691 ◽  
Author(s):  
Piyush Singhal ◽  
Gopal Agarwal ◽  
M L Mittal
Keyword(s):  
Risk Mitigation ◽  
Management Strategies ◽  
Network Models ◽  
Mitigation Strategies ◽  
Neural Network Models ◽  
Safety Stocks ◽  
Operational Risks ◽  
Multiple Sourcing ◽  
Risk Management Strategies ◽  
Artificial Neural Network Models

In competitive world, it becomes essential for the firms to consider the risks and uncertainties as the core concerns. To control the risks, various strategies like multiple sourcing, horizontal/ vertical integrations, buffer stocks etc are employed. But, out of many available risk mitigation strategies, SMEs usually prefer to keep excess safety stocks to manage the operational risks as they have feeble control and position in supply chain as well as limited means to employ other strategies, which requires skills and resources. Keeping appropriate safety stocks becomes a very complex and crucial problem for SMEs as excess stocks reduces the efficiency and shortage of it may make their position vulnerable in supply chains. Concerning to this issue, this paper focuses on operational risks with SME perspectives and explores the appropriate safety inventory levels using artificial neural network models and the results are further simulated with various settings of risk scenarios.

RISK ANALYSIS OF ANNUITY CONVERSION OPTIONS IN A STOCHASTIC MORTALITY ENVIRONMENT

2014 ◽  
Vol 44 (2) ◽  
pp. 197-236 ◽  
Author(s):  
Alexander Kling ◽  
Jochen Ruß ◽  
Katja Schilling
Keyword(s):  
Risk Management ◽  
Management Strategies ◽  
Joint Analysis ◽  
Extensive Literature ◽  
Insurance Company ◽  
Minimum Income ◽  
Stochastic Mortality ◽  
Insurance Contracts ◽  
Risk Management Strategies ◽  
Guaranteed Minimum Income

AbstractWhile extensive literature exists on the valuation and risk management of financial guarantees embedded in insurance contracts, both the corresponding longevity guarantees and interactions between financial and longevity guarantees are often ignored. The present paper provides a framework for a joint analysis of financial and longevity guarantees, and applies this framework to different annuity conversion options in deferred unit-linked annuities. In particular, we analyze and compare different versions of so-called guaranteed annuity options and guaranteed minimum income benefits with respect to the value of the option and the resulting risk for the insurer. Furthermore, we examine whether and to what extent an insurance company is able to reduce the risk by typical risk management strategies. The analysis is based on a combined stochastic model for both financial market and future survival probabilities. We show that different annuity conversion options have significantly different option values, and that different risk management strategies lead to a significantly different risk for the insurance company.

scholarly journals Adaptation Potential of Farmers’ Own Risk Management Strategies in Smallholder Agriculture: Some Evidence from India

2021 ◽  
Author(s):  
Pratap Singh Birthal ◽  
Jaweriah Hazrana ◽  
Digvijay Negi
Keyword(s):  
Risk Management ◽  
Agricultural Production ◽  
Risk Mitigation ◽  
Management Strategies ◽  
Farm Size ◽  
Risk Exposure ◽  
Indian Agriculture ◽  
Management Measure ◽  
Risk Management Strategies ◽  
And Coping

Abstract Farmers in developing countries are more exposed to frequent climatic shocks, and they, in the absence of a well-functioning market for crop insurance, rely on their own risk management strategies to reduce adverse effects of climatic shocks on agricultural production. This study evaluates adaptation benefits of farmers’ own risk management strategies in Indian agriculture, and comes out four key highlights. One, farmers, based on their historical exposures to climatic shocks, resource endowments and access to information and credit, often use more than one risk management measure at a time. Two, all risk management strategies, including the mitigation, transfer and coping, contribute towards improving agricultural productivity and reducing downside risk exposure, but it is the risk mitigation strategy that is more efficient. Three, joint adoption of risk management strategies generates even larger adaptation benefits. Four, although joint adoption of these strategies is positively associated with farm size, with information and liquidity constraints relaxed probability of their joint adoption is likely to increase on smaller farms.

scholarly journals Risk Mitigation Analysis in a Supply Chain of Coffee Using House of Risk Method

2021 ◽  
Vol 10 (2) ◽  
pp. 111-124
Author(s):  
Bambang Herry Purnomo ◽  
◽  
Bertung Suryadharma ◽  
Ridha Ghaniy Al-hakim ◽  
◽  
...  
Keyword(s):  
Risk Management ◽  
Supply Chain ◽  
Risk Mitigation ◽  
Management Strategies ◽  
Management Approach ◽  
Coffee Beans ◽  
Risk Management Strategies ◽  
Risk Sources ◽  
Two Phases ◽  
Ground Coffee

Perusahaan Daerah Perkebeunan (PDP) Kahyangan Jember in East Java is a regional company owned by The Jember Regency Government that is engaged in the plantation business. PDP Kahyangan Jember implements supply chain management in its business, however there are still some problems in its implementation and management. Some of the issues are the quantity of ground coffee production that does not meet the targeted quantity, decreased coffee beans quality, and reduced coffee yields. These problems can be reduced using a risk management approach. This study aimed to identify the activities of the ground coffee supply chain in PDP Kahyangan Jember and its risks, to determine the level of the risks, and to develop a risk management strategy for PDP Kahyangan Jember ground coffee supply chain. This study used the House of Risk (HOR) method which consists of two phases, i.e. HOR 1 and HOR 2. HOR 1 is used to identify risks in the supply chain. HOR 2 is used to develop a strategy for handling these risks. The HOR 1 analysis results show there are 28 risk events and 33 risk sources, with 15 priority risk sources being considered in the risk management strategies preparation. The results of HOR 2 analysis show eight priority management strategies that can be implemented by PDP Kahyangan Jember.

scholarly journals Risk Mitigation Strategies in Implementing Scrum Framework for Internet-Based IT Companies in Indonesia

2020 ◽  
Vol 3 (1) ◽  
pp. 50
Author(s):  
Flourensia Sapty Rahayu ◽  
Toni Indrawan ◽  
Shafinah Kamarudin
Keyword(s):  
Risk Mitigation ◽  
Qualitative Content Analysis ◽  
Management Strategies ◽  
Mitigation Strategies ◽  
Analysis Method ◽  
Content Analysis Method ◽  
Risk Management Strategies ◽  
Risk Mitigation Strategies ◽  
Risk Breakdown Structure ◽  
Information Technology Companies

To date many Information Technology Companies in Indonesia implement Scrum Framework which is one of the frameworks that uses Agile principles.  The implementation of the Scrum Framework does not guarantee that these companies will be free from risk, since many risks will also appear during the implementation of the framework itself.  Therefore, risk management strategies are needed to mitigate these risks.  This research is a qualitative research to manage risk due to the implementation of Scrum Framework in software development of IT companies, especially in Indonesia.  Interviews have been conducted to the Scrum stakeholders in three IT Companies to gather some initial data to be analyzed further using Qualitative Content Analysis Method and Risk Breakdown Structure.  Our finding show that there is 17 Risk Registers and their Mitigation Strategies for the implementation of Scrum Framework in Indonesian IT Companies. Furthermore, it can be used as guidelines for decision making about whether to implement this framework in their core businesses.

scholarly journals A MANAGEMENT RISKS OF ENTERPRISE IS IN MODERN TERMS MENAGE

2021 ◽  
Author(s):  
Lesia Sarana ◽  
Olena Bilan ◽  
Inna Bitiuk
Keyword(s):  
Risk Management ◽  
Risk Mitigation ◽  
Action Plan ◽  
Management Strategies ◽  
Risk Identification ◽  
Monitoring And Control ◽  
Advantages And Disadvantages ◽  
The Future ◽  
Risk Management Strategies ◽  
Reactive Strategy

The article examines the definition of "risk" and "risk management" based on the scientific works of domestic scientists. There are six main interrelated stages (risk identification, risk analysis, risk assessment, action plan development, risk mitigation, risk monitoring and control) of risk management, which will prevent problems or adverse events through effective crisis management and prevention occurrence of additional costs at the enterprise. The end result of each stage of risk management is a decision. Usually the output is more solutions. An unacceptable level of risk requires stopping the current process and taking measures to reduce the risk. If the risk is acceptable and not insignificant and the profit potential is significant, a precautionary plan is usually used to mitigate it. A system model of risk management is developed and the characteristics of its constituent elements are given (risk management strategy; identification of processes and risks; risk management; monitoring of risks and their impact; optimization of corporate risk management system). Proactive and reactive risk management strategies are researched and characterized, indicating the advantages and disadvantages of strategies. Reactive strategy is used to solve problems after they arise, without planning for the long term. In some cases, unforeseen problems can arise, both internal and external. In such cases, the company must respond quickly. Proactive strategies are designed to anticipate challenges, threats and opportunities. This approach focuses on planning for the future. In addition, it helps to identify and prevent potential hazards before they appear. In this way, he can predict the future and achieve better results. Planning for the future will bring favorable results for the organization in all aspects. If the company follows a purely reactive approach, it will be exposed to enormous risk. However, there are problems that business cannot avoid, especially problems related to the external environment. In these circumstances, the organization must act quickly, and pre-planning does not work. Thus, businesses should apply both strategies in risk management.

scholarly journals Applying ISO:31000:2018 as Risk Management Strategy on Heavy Machinery Vehicle Division

2020 ◽  
Vol 4 (2) ◽  
pp. 198-202
Author(s):  
Ananto Yusuf Wicaksono
Keyword(s):  
Risk Management ◽  
Management Strategies ◽  
Treatment Strategies ◽  
Risk Identification ◽  
Mitigation Strategies ◽  
Ideal Condition ◽  
Heavy Machinery ◽  
Risk Management Strategies ◽  
Iso 31000 ◽  
Project Site

The operation of heavy machinery vehicles and extensive project site areas are constrained in a general contractor services business, they need risk management to overcome obstacles that interfere project.. Transporting heavy machinery vehicles from one project location to another project site using low bed movers have a risk. Ideal condition for company heavy machinery vehicle with minimum transport. Despite their completion to represent low budget to manage project, it mitigation time, embarkation and debarkation is a challenge too. The aim of this research is to observe level of effectiveness in applying ISO 31000:2018 risk management standard in heavy machinery operations. We apply expert judgment in risk assessment techniques using questioner. This was distributed to respondents who had experience operating heavy machinery vehicles for at least 3 years. Heavy machinery vehicle operators must have enough experience and maintenance of heavy machinery just conduct routinely based on a manual book. From the results of risk identification,  there are 20 risks. Based on the results of the risk assessed from probability and impact variables, damaged risk to the undercarriage parts (R12)  as a top priority treatment risk. Risk management will be identified as mitigation strategies based on 5 aspects. They are avoided risk, risk control, separating risk, moving risk and accepting risk. Results of identification from treatment strategies will be assessed based on mitigation duration and mitigation costs, to find out the most optimal strategy for dealing with these risks. It can concluding assessment of risk management strategies well, if mitigation strategies separate risks. is the most optimal mitigation strategy.

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