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Advances in Risk Analysis with Big Data

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  • Tsan‐Ming Choi
  • James H. Lambert

Abstract

With cloud computing, Internet‐of‐things, wireless sensors, social media, fast storage and retrieval, etc., organizations and enterprises have access to unprecedented amounts and varieties of data. Current risk analysis methodology and applications are experiencing related advances and breakthroughs. For example, highway operations data are readily available, and making use of them reduces risks of traffic crashes and travel delays. Massive data of financial and enterprise systems support decision making under risk by individuals, industries, regulators, etc. In this introductory article, we first discuss the meaning of big data for risk analysis. We then examine recent advances in risk analysis with big data in several topic areas. For each area, we identify and introduce the relevant articles that are featured in the special issue. We conclude with a discussion on future research opportunities.

Suggested Citation

  • Tsan‐Ming Choi & James H. Lambert, 2017. "Advances in Risk Analysis with Big Data," Risk Analysis, John Wiley & Sons, vol. 37(8), pages 1435-1442, August.
    • Handle: RePEc:wly:riskan:v:37:y:2017:i:8:p:1435-1442
    DOI: 10.1111/risa.12859
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    References listed on IDEAS

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    1. Yaoming Zhou & Jiuh‐Biing Sheu & Junwei Wang, 2017. "Robustness Assessment of Urban Road Network with Consideration of Multiple Hazard Events," Risk Analysis, John Wiley & Sons, vol. 37(8), pages 1477-1494, August.
    2. Baozhuang Niu & Zongbao Zou, 2017. "Better Demand Signal, Better Decisions? Evaluation of Big Data in a Licensed Remanufacturing Supply Chain with Environmental Risk Considerations," Risk Analysis, John Wiley & Sons, vol. 37(8), pages 1550-1565, August.
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    4. Desheng Wu & Shuzhen Chen, 2017. "Benchmarking Discount Rate in Natural Resource Damage Assessment with Risk Aversion," Risk Analysis, John Wiley & Sons, vol. 37(8), pages 1522-1531, August.
    5. Kun Xie & Kaan Ozbay & Abdullah Kurkcu & Hong Yang, 2017. "Analysis of Traffic Crashes Involving Pedestrians Using Big Data: Investigation of Contributing Factors and Identification of Hotspots," Risk Analysis, John Wiley & Sons, vol. 37(8), pages 1459-1476, August.
    6. Ali Jamshidi & Shahrzad Faghih‐Roohi & Siamak Hajizadeh & Alfredo Núñez & Robert Babuska & Rolf Dollevoet & Zili Li & Bart De Schutter, 2017. "A Big Data Analysis Approach for Rail Failure Risk Assessment," Risk Analysis, John Wiley & Sons, vol. 37(8), pages 1495-1507, August.
    7. Abdollah Shafieezadeh & Eun J. Cha & Bruce R. Ellingwood, 2015. "A Decision Framework for Managing Risk to Airports from Terrorist Attack," Risk Analysis, John Wiley & Sons, vol. 35(2), pages 292-306, February.
    8. Luca Allodi & Fabio Massacci, 2017. "Security Events and Vulnerability Data for Cybersecurity Risk Estimation," Risk Analysis, John Wiley & Sons, vol. 37(8), pages 1606-1627, August.
    9. Kenneth D. Nguyen & Heather Rosoff & Richard S. John, 2017. "Valuing Equal Protection in Aviation Security Screening," Risk Analysis, John Wiley & Sons, vol. 37(12), pages 2405-2419, December.
    10. Mohammad R. Zolfaghari & Elnaz Peyghaleh, 2015. "Implementation of Equity in Resource Allocation for Regional Earthquake Risk Mitigation Using Two‐Stage Stochastic Programming," Risk Analysis, John Wiley & Sons, vol. 35(3), pages 434-458, March.
    11. Jonathan Welburn & Vicki Bier & Steven Hoerning, 2016. "Import Security: Assessing the Risks of Imported Food," Risk Analysis, John Wiley & Sons, vol. 36(11), pages 2047-2064, November.
    12. Sai Ho Chung & Hoi Lam Ma & Hing Kai Chan, 2017. "Cascading Delay Risk of Airline Workforce Deployments with Crew Pairing and Schedule Optimization," Risk Analysis, John Wiley & Sons, vol. 37(8), pages 1443-1458, August.
    13. Enrico Biffis & Erik Chavez, 2017. "Satellite Data and Machine Learning for Weather Risk Management and Food Security," Risk Analysis, John Wiley & Sons, vol. 37(8), pages 1508-1521, August.
    14. Yu‐Ru Lin & Drew Margolin & Xidao Wen, 2017. "Tracking and Analyzing Individual Distress Following Terrorist Attacks Using Social Media Streams," Risk Analysis, John Wiley & Sons, vol. 37(8), pages 1580-1605, August.
    15. Armando López‐Cuevas & José Ramírez‐Márquez & Gildardo Sanchez‐Ante & Kash Barker, 2017. "A Community Perspective on Resilience Analytics: A Visual Analysis of Community Mood," Risk Analysis, John Wiley & Sons, vol. 37(8), pages 1566-1579, August.
    16. Laurens M. Bouwer, 2013. "Projections of Future Extreme Weather Losses Under Changes in Climate and Exposure," Risk Analysis, John Wiley & Sons, vol. 33(5), pages 915-930, May.
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    2. Catherine Marinagi & Panagiotis Reklitis & Panagiotis Trivellas & Damianos Sakas, 2023. "The Impact of Industry 4.0 Technologies on Key Performance Indicators for a Resilient Supply Chain 4.0," Sustainability, MDPI, vol. 15(6), pages 1-31, March.
    3. Dmitry Ivanov, 2022. "Viable supply chain model: integrating agility, resilience and sustainability perspectives—lessons from and thinking beyond the COVID-19 pandemic," Annals of Operations Research, Springer, vol. 319(1), pages 1411-1431, December.
    4. Suyuan Luo & Tsan-Ming Choi, 2024. "Great partners: how deep learning and blockchain help improve business operations together," Annals of Operations Research, Springer, vol. 339(1), pages 53-78, August.
    5. Choi, Tsan-Ming & Guo, Shu & Luo, Suyuan, 2020. "When blockchain meets social-media: Will the result benefit social media analytics for supply chain operations management?," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 135(C).
    6. Hosseini, Seyedmohsen & Ivanov, Dmitry & Dolgui, Alexandre, 2019. "Review of quantitative methods for supply chain resilience analysis," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 125(C), pages 285-307.
    7. Morshadul Hasan & Ariful Hoque & Thi Le, 2023. "Big Data-Driven Banking Operations: Opportunities, Challenges, and Data Security Perspectives," FinTech, MDPI, vol. 2(3), pages 1-26, July.
    8. Ping-Chen Chang, 2022. "Reliability evaluation and big data analytics architecture for a stochastic flow network with time attribute," Annals of Operations Research, Springer, vol. 311(1), pages 3-18, April.
    9. Alessandro Mazzoccoli & Maurizio Naldi, 2022. "An Overview of Security Breach Probability Models," Risks, MDPI, vol. 10(11), pages 1-29, November.
    10. Sharma, Rohit & Jain, Geetika & Paul, Justin, 2023. "Does the world need to change its vaccine distribution strategy for COVID-19?," Technovation, Elsevier, vol. 126(C).
    11. Ivanov, Dmitry, 2020. "Predicting the impacts of epidemic outbreaks on global supply chains: A simulation-based analysis on the coronavirus outbreak (COVID-19/SARS-CoV-2) case," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 136(C).
    12. Terje Aven & Roger Flage, 2020. "Foundational Challenges for Advancing the Field and Discipline of Risk Analysis," Risk Analysis, John Wiley & Sons, vol. 40(S1), pages 2128-2136, November.
    13. Yasheng Chen & Mohammad Islam Biswas, 2021. "Turning Crisis into Opportunities: How a Firm Can Enrich Its Business Operations Using Artificial Intelligence and Big Data during COVID-19," Sustainability, MDPI, vol. 13(22), pages 1-17, November.
    14. Daniel Eisenberg & Thomas Seager & David L. Alderson, 2019. "Rethinking Resilience Analytics," Risk Analysis, John Wiley & Sons, vol. 39(9), pages 1870-1884, September.

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