• Journal of Information Technology Applications and Management
• /
• 제25권1호
• /
• pp.67-85
• /
• 2018

We propose a noise reduced risk aversion index for measuring risk aversion through a laboratory experiment to overcome disadvantages of the multiple pricing list format developed by Holt and Laury (2002). We use randomized multiple list choices with coarser classification and reward weighting, supplement the rank of risk aversion with extra individual characteristics of risk attitude, and construct an index of risk aversion by standardizing the risk aversion ranking with quantile normalization. Our method reduces multiple switching problems that noisy decision makers mistakenly commit in experimental approaches, so that it is free of the framing effect which severely occurred in the HL. Furthermore, the index doesn't utilize any specific utility function or probability weighting, which allows researcher to hold the independence axiom. Since our noise reduced index of risk aversion has many good traits, it is widely used and applied to reveal fundamental characteristics of risk-related behaviors in economics and finance regardless of experimental environment.

• 산업경영시스템학회지
• /
• 제29권1호
• /
• pp.94-100
• /
• 2006

The risk management is an organized method for identifying and measuring risk and for selecting, developing, and implementing options for the handling of risk. The risk management covers all programatic and technical factors which affect the system development performance, cost, and schedule. While technical issues are primary concern for systems engineering, the three elements(performance, cost, and schedule) must be balanced for a successful risk management process. This paper proposes the risk management process for the KSLV-I(Korea Space Launch Vehicle-I) program using computer-aided systems engineering tool, Cradle. The risk management process of KSLV-I program is similar to the general risk management process, but it has its own specific features to manage large-scale complex characteristics of KSLV-I program.

• 한국재난정보학회 논문집
• /
• 제20권1호
• /
• pp.147-155
• /
• 2024

연구목적: 본 연구는 재난 안전 사각지대에 있는 소규모의 민간 건축물을 대상으로 건축물의 위험징후를 분석하고 계측기술을 개발하기 위한 건축물 모니터링 시스템 설치 방안을 제시하는 것을 목적으로 한다. 연구방법: 건축물 위험거동의 원인, 모니터링 계측 기기의 구성요소, 계측기기 설치 위치, 관리 방안 등을 제시한다. 연구결과: 계측기기는 필수적으로 가속도센서, 기울기센서, 자이로센서, GPS 등이 포함된다. 계측장치는 기둥의 높이와 단면적을 고려해야 한다. 결론: 본 연구의 결과는 소규모 민간 건축물에서 발생할 수 있는 건축물 붕괴로부터 발생하는 재난을 대비하여 재난 안전 역량 강화를 할 수 있다.

• 국제학술발표논문집
• /
• The 3th International Conference on Construction Engineering and Project Management
• /
• pp.1231-1236
• /
• 2009

Many work-related risk factors can cause construction site hazards. Therefore, safety management begins with measuring the magnitude of risk involved in a project. This study proposes a methodology for risk assessment of major trades at a particular construction site. To assess risk, this methodology integrates hazard severity and frequency, and their magnitude is calculated based on actual work-site hazards. This methodology also considers the influence factors that affect the frequency of work-related hazards. To select the appropriate influence factors, a two step approach is deployed. First, the predominant factors are identified through a literature review. Second, a selective process filters out the influence factors that are difficult to analyze quantitatively, and these extracted factors are weighted using expert surveys. Finally, the factors are combined and a quantitative risk assessment methodology is proposed.

• 한국경영과학회지
• /
• 제28권2호
• /
• pp.17-33
• /
• 2003

The explosive growth of the internet-based transactions requires not only a secure payment system but also an appropriate trust measuring methodology and secure transaction protocols to guarantee the minimal risk for the transacting entities involved in specific transactions. Especially, in internet auction systems where either buyers or sellers or both can be more than one in one transaction, providing those systems that make sure no one transacting entity takes a major risk becomes critical. In this paper, an improved trust measuring method using a relationship-based internet community for an auction system is proposed. The proposed system incorporates fuzzy set and calculation concepts to help build trust matrices and models, which is used to measure the level of risk involved in a specific auction trade concerned. Also, to optimize the auction trade process in terms of cost and time, the proposed system recommends a differentiated trade protocol according to the risk level involved in each auction trade. To test the appropriateness of the proposed trusted auction system, a prototype system has been developed under a Windows-NT environment.

• 한국안전학회지
• /
• 제17권3호
• /
• pp.73-80
• /
• 2002

The RBI technique proposed by API is composed of three steps. The qualitative RBI method can be used for the purpose of screening the components with high risk. And the quantitative RBI method employs complex risk evaluation model for predicting component risk in a quantitative manner. The inspection program can be optimized based on the results obtained by these RBI technique. The forementioned RBI technique has been applied to a common hydrodesulfurizer unit and the technique is critically evaluated for studying its benefits and limitations, which is the main issue of this thesis. It's conducted that the RBI method can provide a method for defining and measuring the component risk, and also provide a powerful tool for managing many of the important elements of a process plant.

• 아태비즈니스연구
• /
• 제5권2호
• /
• pp.37-50
• /
• 2014

Banking institutions have been facing variety of difficulties but the major cause of serious banking problems relates to lax credit standards for borrowers and counterparties, poor portfolio risk management, or a lack of attention to changes in economic or other circumstances that can lead to deterioration in the credit standing of a bank's counterparties. Although credit risk is an important factor that financial institutions should cope with, but the determinants of measuring credit risk have been studied less. This paper attempts to explore the determinants of credit risk measurement and to identify the factors that contribute to credit risk measurement practices in Indian banks and to compare credit risk measurement practices followed by Indian public and private sector banks, the empirical study has been conducted and views of employees of various banks have been tested using statistical tools. This study explored the phenomenon from different perspectives and revealed that single-name credit risk measurement and portfolio credit risk measurement are the key components that contribute to credit risk measurement in Indian banks. From the descriptive and analytical results, it can be concluded that Indian banks efficiently measure credit risk. The results also indicate that there is a significant difference between the Indian public and private sector banks in single-name credit risk measurement while, these banks do not significantly differ in portfolio credit risk measurement aspect.

• KDI Journal of Economic Policy
• /
• 제39권3호
• /
• pp.43-62
• /
• 2017

This paper proposes an integrated risk-management framework that includes 1) measuring the risk of credit portfolios, 2) implementing a (macro) stress test, and 3) setting risk limits using the estimated systematic latent factor specific to capture the housing market cycle. To this end, we extract information from a set of real-estate market variables based on the FAVAR methodology proposed by Bernanke, Boivin and Eliasz (2005). Then, we show the method by which the estimated systematic factor is applied to risk management in the housing market in an integrated manner within the Vasicek one-factor credit model. The proposed methodology is well fitted to analyze the risk of slow-moving and low-defaultable forms of capital, such as alternative investments.

• The Journal of Asian Finance, Economics and Business
• /
• 제6권4호
• /
• pp.249-260
• /
• 2019

The study examines the impact of financial risk, convenience risk, non-delivery risk; return policy risk and product risk on online consumer behavior of Malaysian consumers. The research employed a self-administered survey to collect empirical data from 245 Malaysian online shoppers by using convenience sampling. Cronbach alpha was calculated to confirm the reliability of the data and then normality was assessed. Confirmatory Factor Analysis was then conducted to test the model using the goodness-of-fit tests. And finally, structural equation modeling is used to test the hypotheses and draw conclusions. IBM SPSS AMOS version 22.0 was utilized for data analysis. The research indicates that product risk, convenience risk, and return policy risk have a significant and positive impact on online shopping behavior. Financial risk is found to have insignificant and negative effects on consumer behavior. In addition, the non-delivery risk is found to have a significant and negative impact on online shopping behavior. The findings provide a useful model for measuring and managing perceived risk in online shopping which may result in an increase in participation of Malaysian consumers and reduce their cognitive deficiencies in the e-commerce environment. Several managerial implications are discussed along with the scope for future research.

• Communications for Statistical Applications and Methods
• /
• 제30권1호
• /
• pp.75-94
• /
• 2023

The growing trend of cyber risk has put forward the importance of cyber risk management. Cyber risk is defined as an accidental or intentional risk related to information and technology assets. Although cyber risk is a subset of operational risk, it is reported to be handled differently from operational risk due to its different features of the loss distribution. In this study, we aim to detect the characteristics of cyber loss and find a suitable model by measuring value at risk (VaR). We use the loss distribution approach (LDA) and the time series model to describe cyber losses of financial and non-financial business sectors, provided in SAS^® OpRisk Global Data. Peaks over threshold (POT) method is also incorporated to improve the risk measurement. For the financial sector, the LDA and GARCH model with POT perform better than those without POT, respectively. The same result is obtained for the non-financial sector, although the differences are not significant. We also build a two-dimensional model reflecting the dependence structure between financial and non-financial sectors through a bivariate copula and check the model adequacy through VaR.