Dynamic Cost Risk Assessment for Controlling the Cost of Naval Vessels

2009 ◽  
Author(s):  
Edouard Kujawski ◽  
Diana Angelis
Keyword(s):  
Risk Assessment ◽  
The Cost ◽  
Cost Risk

Risk Assessment of Competitive Procurement on Alabama Highway Projects with Texas Comparisions

1998 ◽  
Vol 1649 (1) ◽  
pp. 3-8
Author(s):  
Larry G. Crowley ◽  
Jared L. Madewell
Keyword(s):  
Risk Assessment ◽  
Project Performance ◽  
Performance Data ◽  
Specific Task ◽  
Public Agencies ◽  
Highway Projects ◽  
Construction Contracts ◽  
Cost Growth ◽  
The Cost ◽  
Risk Categories

Public agencies generally let construction contracts to the lowest responsible, responsive bidder. In following this practice, agencies recognize there are higher risks of cost growth in awarding to either unusually low bids or to certain “claim-conscious” bidders. Despite this awareness, there are few documented studies supporting or quantifying the presence of these perceived competitive procurement risks. This research undertakes that specific task. First, bids and bidders on a sample of Alabama highway projects are grouped into risk categories by information available at the project bid opening—well in advance of any potential contract award— and without considering actual project performance data. Second, the cost growth experiences of these projects are statistically analyzed based upon these risk groupings. The results indicate that cost growth on Alabama highway projects is significantly more likely when projects are awarded to unusually low bids or to certain bidder types. A similar study performed earlier on Texas highway projects provides nearly identical results. This type of analysis and the derived information can be used by public agencies to amend the procurement process and objectively disqualify unusually low bids or questionable bidders without abandoning competitive procurement principles.

scholarly journals Financial and Labor Benefits of the Individual TB Risk Assessment Model for Annual TB Screening

2020 ◽  
Vol 41 (S1) ◽  
pp. s234-s234
Author(s):  
Kristin Sims ◽  
Roger Stienecker
Keyword(s):  
Risk Assessment ◽  
Health Care ◽  
Assessment Model ◽  
Health Care Personnel ◽  
Individual Risk ◽  
Tuberculosis Screening ◽  
Hospital System ◽  
National Tuberculosis ◽  
The Individual ◽  
The Cost

Background: Since 1991, US tuberculosis (TB) rates have declined, including among health care personnel (HCP). Non–US born persons accounted for approximately two-thirds of cases. Serial TB testing has limitations in populations at low risk; it is expensive and labor intensive. Method: We moved a large hospital system from facility-level risk stratification to an individual risk model to guide TB screening based on Tuberculosis Screening, Testing, and Treatment of US Health Care Personnel: Recommendations from the National Tuberculosis Controllers Association and CDC, 2019. This process included individual TB risk assessment, symptom evaluation, TB testing for M. tuberculosis infection (by either IGRA or TST) for HCP without documented evidence of prior LTBI or TB disease, with an additional workup for TB disease for HCP with positive test results or symptoms compatible with TB disease. In addition, employees with specific job codes deemed high risk were required to undergo TB screening. Result: In 2018, this hospital system of ~10,000 employees screened 7,556 HCP for TB at a cost of $348,625. In 2019, the cost of the T Spot test increased from $45 to $100 and the cost of screening 5,754 HCP through October 31, 2019, was $543,057. In 2020, it is anticipated that 755 HCP will be screened, saving the hospital an estimated minimum of $467,557. The labor burden associated with employee health personnel will fall from ~629.66 hours to 62.91 hours. The labor burden associated with pulling HCPs from the bedside to be screened will be reduced from 629.66 hours to 62.91 hours as well. Conclusion: Adoption of the individual risk assessment model for TB screening based on Tuberculosis Screening, Testing, and Treatment of US Health Care Personnel: Recommendations from the National Tuberculosis Controllers Association and CDC, 2019 will greatly reduce financial and labor burdens in healthcare settings when implemented.Funding: NoneDisclosures: None

Cyber Resiliency Within Offshore Wind Applications

2020 ◽  
Vol 54 (6) ◽  
pp. 108-113
Author(s):  
Sarah Freeman ◽  
Jake Gentle ◽  
Tim Conway
Keyword(s):  
Risk Assessment ◽  
Offshore Wind ◽  
Wind Generation ◽  
Investment Strategies ◽  
Remote Locations ◽  
The Face ◽  
Assessment Techniques ◽  
The Cost

AbstractAs wind generation becomes more prevalent, it is critical that these resources remain secure and, perhaps more significantly, resilient in the face of cyberattacks. Additionally, the remote locations of offshore wind assets increase the cost associated with responding to cyber incidents. Existing risk assessment techniques, such as consequence prioritization and MITRE ATT&CK, can be used by the wind industry to identify potential impacts from cyberattacks. This perspective can then inform cybersecurity investment strategies for greatest impact.

A MULTI-OBJECTIVE RISK-BASED FRAMEWORK FOR MISSION CAPABILITY PLANNING

2009 ◽  
Vol 05 (02) ◽  
pp. 459-485 ◽  
Author(s):  
LAM T. BUI ◽  
MICHAEL BARLOW ◽  
HUSSEIN A. ABBASS
Keyword(s):  
Risk Assessment ◽  
Planning Process ◽  
Robustness Analysis ◽  
Planning Problem ◽  
Trade Off ◽  
Military Capability ◽  
Resource Investment ◽  
Conflicting Objectives ◽  
Metaheuristic Techniques ◽  
The Cost

In this paper, we propose a risk-based framework for military capability planning. Within this framework, metaheuristic techniques such as Evolutionary Algorithms are used to deal with multi-objectivity of a class of NP-hard resource investment problems, called The Mission Capability Planning Problem, under the presence of risk factors. This problem inherently has at least two conflicting objectives: minimizing the cost of investment in the resources as well as the makespan of the plans. The framework allows the addition of a risk-based objective to the problem in order to support risk assessment during the planning process. In other words, with this framework, a mechanism of progressive risk assessment is introduced to capability planning. We analyze the performance of the proposed framework under both scenarios: with and without risk. In the case of no risk, the purpose is to study several optimization-related aspects of the framework such as convergence, trade-off analysis, and its sensitivity to the algorithm parameters; while the second case is to demonstrate the ability of the framework in supporting risk assessment and also robustness analysis.

scholarly journals Arctic shipping insurance: towards a harmonisation of practices and costs?

Polar Record ◽  
2014 ◽  
Vol 52 (4) ◽  
pp. 393-398 ◽  
Author(s):  
Aurélie Sarrabezoles ◽  
Frédéric Lasserre ◽  
Zebret Hagouagn’rin
Keyword(s):  
Risk Assessment ◽  
Assessment Process ◽  
The Arctic ◽  
Shipping Company ◽  
Risk Assessment Process ◽  
Insurance Premiums ◽  
Insurance Policies ◽  
Arctic Shipping ◽  
Insurance Firms ◽  
The Cost

ABSTRACTInsurance is an important component of shipping costs, albeit minor when compared to capital, crew or fuel. If the literature of Arctic shipping agrees that insurance premiums are likely to be higher for Arctic shipping, no study so far has tried to assess the cost of Arctic shipping insurance premiums, nor what specific demands insurance firms might formulate before agreeing to give coverage to a shipping company, thus presenting obstacles to entry in the Arctic shipping market. We first present insurance policies and costs as they are discussed in the literature on Arctic shipping. We also sketch out how their risk-assessment process was influenced by the IMO (International Maritime Organization) and classification societies. Then we outline the results of a survey conducted between 2012 and 2013 with insurance firms on their Arctic shipping policies.

scholarly journals Internal audit risk assessment and legal risk: First evidence in the Italian experience

2007 ◽  
Vol 4 (4) ◽  
pp. 59-77
Author(s):  
Angelo Miglietta ◽  
Mario Anaclerio ◽  
Cristina Bettinelli
Keyword(s):  
Risk Assessment ◽  
Internal Audit ◽  
Audit Risk ◽  
Legal Risk ◽  
Audit System ◽  
Italian Experience ◽  
Risk Optimization ◽  
Sarbanes Oxley ◽  
Management Optimization ◽  
The Cost

The objective of this article is to analyze how Italian Firms comply with the Internal Audit rules regarding the administrative liability of entities and to explain what the effect on the organizational structure was. In particular we collected data from 21 companies listed on the S&P/MIB index by sending a questionnaire to each Internal Audit Director. We show the features of internal audit system required by the 231 Italian Decree and how risk assessment and internal audit could serve as Corporate Governance Instruments. The 231 Italian Decree, like the Sarbanes-Oxley Act enhances and extends companies’ accountability, transparency and integrity especially in business conduct. The innovativeness of this work is due to the idea of considering these elements as influential for the risk management optimization. As a consequence, a risk reduction can be achieved by improving the organizational and management models. Thought is commonly accepted that the risk optimization leads to a reduction of the cost of capital for the enterprise, there is a difficulty in estimating how much the value provided could be

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