IDEAS home Printed from https://ideas.repec.org/a/spr/annopr/v247y2016i2d10.1007_s10479-015-1896-3.html
   My bibliography  Save this article

Deriving advantage over a crisis by incorporating a new class of stochastic models for risk control operations

Author

Listed:
  • Panagiotis T. Artikis

    (Anglia Ruskin University)

Abstract

Modern complex organizations develop, investigate, and implement proactive risk management and crisis management programs by making extensive use of effective stochastic models. A stochastic model is formulated. Sufficient conditions of representing the formulated model as a random sum of random contractions and evaluating the corresponding characteristic function are also established. Interpretations of such a model in describing, investigating, and implementing risk frequency reduction and risk severity reduction operations are provided. Moreover, the formulated stochastic model and the conceptual framework of cindynics are used for investigating the evolution of a complex system going through a crisis generated by the occurrence of a major risk.

Suggested Citation

  • Panagiotis T. Artikis, 2016. "Deriving advantage over a crisis by incorporating a new class of stochastic models for risk control operations," Annals of Operations Research, Springer, vol. 247(2), pages 823-831, December.
    • Handle: RePEc:spr:annopr:v:247:y:2016:i:2:d:10.1007_s10479-015-1896-3
    DOI: 10.1007/s10479-015-1896-3
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10479-015-1896-3
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s10479-015-1896-3?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. H Felix Kloman, 1992. "Rethinking Risk Management*," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 17(3), pages 299-313, July.
    2. Lisa Meulbroek, 2002. "The Promise and Challenge of Integrated Risk Management," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 5(1), pages 55-66, September.
    3. N C Simpson & P G Hancock, 2009. "Fifty years of operational research and emergency response," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 60(1), pages 126-139, May.
    4. Wallace J. Hopp, 2004. "Fifty Years of Management Science," Management Science, INFORMS, vol. 50(1), pages 1-7, January.
    5. Hayes, Michael V., 1992. "On the epistemology of risk: Language, logic and social science," Social Science & Medicine, Elsevier, vol. 35(4), pages 401-407, August.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. M. J. Hermoso-Orzáez & J. Garzón-Moreno, 2022. "Risk management methodology in the supply chain: a case study applied," Annals of Operations Research, Springer, vol. 313(2), pages 1051-1075, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jiao Wang & Lima Zhao & Arnd Huchzermeier, 2021. "Operations‐Finance Interface in Risk Management: Research Evolution and Opportunities," Production and Operations Management, Production and Operations Management Society, vol. 30(2), pages 355-389, February.
    2. A. Anaya-Arenas & J. Renaud & A. Ruiz, 2014. "Relief distribution networks: a systematic review," Annals of Operations Research, Springer, vol. 223(1), pages 53-79, December.
    3. Nagarajan, Magesh & Shaw, Duncan & Albores, Pavel, 2012. "Disseminating a warning message to evacuate: A simulation study of the behaviour of neighbours," European Journal of Operational Research, Elsevier, vol. 220(3), pages 810-819.
    4. Preece, Gary & Shaw, Duncan & Hayashi, Haruo, 2013. "Using the Viable System Model (VSM) to structure information processing complexity in disaster response," European Journal of Operational Research, Elsevier, vol. 224(1), pages 209-218.
    5. Araya-Córdova, P.J. & Vásquez, Óscar C., 2018. "The disaster emergency unit scheduling problem to control wildfires," International Journal of Production Economics, Elsevier, vol. 200(C), pages 311-317.
    6. Lu, Chung-Cheng & Ying, Kuo-Ching & Chen, Hui-Ju, 2016. "Real-time relief distribution in the aftermath of disasters – A rolling horizon approach," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 93(C), pages 1-20.
    7. Wilson, Duncan T. & Hawe, Glenn I. & Coates, Graham & Crouch, Roger S., 2013. "A multi-objective combinatorial model of casualty processing in major incident response," European Journal of Operational Research, Elsevier, vol. 230(3), pages 643-655.
    8. Sperling, Martina & Schryen, Guido, 2022. "Decision support for disaster relief: Coordinating spontaneous volunteers," European Journal of Operational Research, Elsevier, vol. 299(2), pages 690-705.
    9. Gabriel Zayas‐Cabán & Emmett J. Lodree & David L. Kaufman, 2020. "Optimal Control of Parallel Queues for Managing Volunteer Convergence," Production and Operations Management, Production and Operations Management Society, vol. 29(10), pages 2268-2288, October.
    10. Marta Regina Cezar-Vaz & Laurelize Pereira Rocha & Clarice Alves Bonow & Mara Regina Santos Da Silva & Joana Cezar Vaz & Letícia Silveira Cardoso, 2012. "Risk Perception and Occupational Accidents: A Study of Gas Station Workers in Southern Brazil," IJERPH, MDPI, vol. 9(7), pages 1-16, July.
    11. Donald G. Morrison & Jagmohan S. Raju, 2004. "50th Anniversary Article: The Marketing Department in Management Science: Its History, Contributions, and the Future," Management Science, INFORMS, vol. 50(4), pages 425-428, April.
    12. Zohreh Molamohamadi & Mahmoud Asad Samani & Marjan Karimi, 2024. "Reviewing the historical milestones of risk management," SN Business & Economics, Springer, vol. 4(12), pages 1-20, December.
    13. de la Torre, Luis E. & Dolinskaya, Irina S. & Smilowitz, Karen R., 2012. "Disaster relief routing: Integrating research and practice," Socio-Economic Planning Sciences, Elsevier, vol. 46(1), pages 88-97.
    14. Esposito Amideo, A. & Scaparra, M.P. & Kotiadis, K., 2019. "Optimising shelter location and evacuation routing operations: The critical issues," European Journal of Operational Research, Elsevier, vol. 279(2), pages 279-295.
    15. Ismaila Akanni Yusuf & Agatha Nkem Amadi & Mohammed Bashir Salaudeen, 2020. "Effects of Risk Culture and Appetite on Effective Risk Management in Nigerian Banks: Case Study of United Bank for Africa Plc," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 6(2), pages 81-87, June.
    16. Steven Way & Yufei Yuan, 2014. "Transitioning From Dynamic Decision Support to Context-Aware Multi-Party Coordination: A Case for Emergency Response," Group Decision and Negotiation, Springer, vol. 23(4), pages 649-672, July.
    17. Huizhu Wang & Jianqin Zhou & Ling Zhou, 2024. "A Lattice Boltzmann Method-like Algorithm for the Maximal Covering Location Problem on the Complex Network: Application to Location of Railway Emergency-Rescue Spot," Mathematics, MDPI, vol. 12(2), pages 1-20, January.
    18. Constantinos T. Artikis, 2010. "Bernoulli Selecting Processes in Actuarial Decisions," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 219-224.
    19. Rauchecker, Gerhard & Schryen, Guido, 2019. "An exact branch-and-price algorithm for scheduling rescue units during disaster response," European Journal of Operational Research, Elsevier, vol. 272(1), pages 352-363.
    20. Wallace J. Hopp, 2008. "Management Science and the Science of Management," Management Science, INFORMS, vol. 54(12), pages 1961-1962, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:annopr:v:247:y:2016:i:2:d:10.1007_s10479-015-1896-3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.