This book provides an investor-friendly presentation of the premises and applications of the quantitative finance models governing investment in one asset class of publicly traded stocks, specifically real estate investment trusts (REITs). The models provide highly advanced analytics for REIT investment, including: portfolio optimization using both historic and predictive return estimation; model backtesting; a complete spectrum of risk assessment and management tools with an emphasis on early warning systems, risk budgeting, estimating tail risk, and factor analysis; derivative valuation; and incorporating ESG ratings into REIT investment. These quantitative finance models are presented in a unified framework consistent with dynamic asset pricing (rational finance). Given its scope and practical orientation, this book will appeal to investors interested in portfolio optimization and innovative tools for investment risk assessment.

State of the art risk management techniques and practices supplemented with interactive analytics All too often risk management books focus on risk measurement details without taking a broader view. Quantitative Risk Management delivers a synthesis of common sense management together with the cutting-edge tools of modern theory. This book presents a road map for tactical and strategic decision making designed to control risk and capitalize on opportunities. Most provocatively it challenges the conventional wisdom that "risk management" is or ever should be delegated to a separate department. Good managers have always known that managing risk is central to a financial firm and must be the responsibility of anyone who contributes to the profit of the firm. A guide to risk management for financial firms and managers in the post-crisis world, Quantitative Risk Management updates the techniques and tools used to measure and monitor risk. These are often mathematical and specialized, but the ideas are simple. The book starts with how we think about risk and uncertainty, then turns to a practical explanation of how risk is measured in today's complex financial markets. * Covers everything from risk measures, probability, and regulatory issues to portfolio risk analytics and reporting * Includes interactive graphs and computer code for portfolio risk and analytics * Explains why tactical and strategic decisions must be made at every level of the firm and portfolio Providing the models, tools, and techniques firms need to build the best risk management practices, Quantitative Risk Management is an essential volume from an experienced manager and quantitative analyst.

This book explains how investor behavior, from mental accounting to the combustible interplay of hope and fear, affects financial economics. The transformation of portfolio theory begins with the identification of anomalies. Gaps in perception and behavioral departures from rationality spur momentum, irrational exuberance, and speculative bubbles. Behavioral accounting undermines the rational premises of mathematical finance. Assets and portfolios are imbued with "affect." Positive and negative emotions warp investment decisions. Whether hedging against intertemporal changes in their ability to bear risk or climbing a psychological hierarchy of needs, investors arrange their portfolios and financial affairs according to emotions and perceptions. Risk aversion and life-cycle theories of consumption provide possible solutions to the equity premium puzzle, an iconic financial mystery. Prospect theory has questioned the cogency of the efficient capital markets hypothesis. Behavioral portfolio theory arises from a psychological account of security, potential, and aspiration.

Risk, Uncertainty, and Profit is a groundbreaking work of economic theory, distinguishing between risk, which is by nature measurable and quantifiable, and uncertainty, which can be neither be measured nor quantified. We begin with an analysis of the functions of profit, risk and uncertainty in the economy. Frank H. Knight introduces his work with a discussion on profit and how there are conflicts about its nature between various economic theorists. As the title implies, the author's chief concern is the interplay between making a profit, incurring risk, and determining if there is uncertainty. Risks are different from uncertainty in that they can be measured and protected against. For example a location chosen for a factory or farm may have a measured risk of flooding in a given year. Businesses, insurers and investors alike can be made aware of this, and behave according to the quantified risk.

Explores SMS as it is implemented in aviation based on examples from several countries and regions, namely the UK, USA, and Australia. Presents a socio-historical analysis of how SMSs emerged in high-risk industries. Provides insights to explain the existing limitations of SMS. Proposes new avenues to reach beyond the limitations of SMS. Discusses the COVID-19 pandemic within the framework of risk analysis.

This is a book about the development of dependable, embedded software. It is for systems designers, implementers, and verifiers who are experienced in general embedded software development, but who are now facing the prospect of delivering a software-based system for a safety-critical application. It is aimed at those creating a product that must satisfy one or more of the international standards relating to safety-critical applications, including IEC 61508, ISO 26262, EN 50128, EN 50657, IEC 62304, or related standards. Of the first edition, Stephen Thomas, PE, Founder and Editor of FunctionalSafetyEngineer.com said, "I highly recommend Mr. Hobbs' book."

Residential Exposure Assessment: A Source Book is the result of a multiyear effort known as the Residential Exposure Assessment Project (REAP) which was initiated by the Society for Risk Analysis and the International Society of Exposure Analysis. This textbook is the primary product of the REAP and it contains contributions from over 30 professionals from a variety of disciplines such as chemistry, biology, physics, engi neering, industrial hygiene, toxicology, pharmacology, and environmental law, reflecting the diverse knowledge and resources necessary to assess and manage potential exposures occurring in and around the home. Expert working groups were organized for each of the 13 chapters to address such issues as U. S. legislation relevant to products used in and around the residence, methods for measuring and modeling exposures across multiple pathways and routes, and distributional data available for key residential exposure factors. This volume is a compendium of information about predictive methods and tools, monitoring methods, data sources, and key variables that characterize exposures in the residential setting. It presents approaches for doing exposure assessments in and around all types of residences. The purpose of the Source Book is to provide a resource for use in educational programs and for "practitioners" of residential exposure assessment. Accordingly, this book is intended for risk assessors, exposure assessors, students, initi ates new to the concept of risk assessment, industrial hygienists assessing health hazards in the home, engineers, and monitoring specialists."

This book provides an overview of the latest developments in the field of risk analysis (RA). Statistical methodologies have long-since been employed as crucial decision support tools in RA. Thus, in the context of this new century, characterized by a variety of daily risks - from security to health risks - the importance of exploring theoretical and applied issues connecting RA and statistical modeling (SM) is self-evident. In addition to discussing the latest methodological advances in these areas, the book explores applications in a broad range of settings, such as medicine, biology, insurance, pharmacology and agriculture, while also fostering applications in newly emerging areas. This book is intended for graduate students as well as quantitative researchers in the area of RA.

Despite the growing interest in security amongst governments, organizations and the general public, the provision of much security is substandard. This book explores the problems facing security, and sets out innovative proposals to enhance the effectiveness of security in society, at national and organizational levels.

This volume offers new, convincing empirical evidence on topical risk- and risk management-related issues in diverse settings, using an interdisciplinary approach. The authors advance compelling arguments, firmly anchored to well-accepted theoretical frameworks, while adopting either qualitative or quantitative research methodologies. The book presents interviews and surveys with risk managers to gather insights on risk management and risk disclosure in practice. Additionally, the book collects and analyzes information contained in public reports to capture risk disclosure and perceptions on risk management impacts on companies' internal organization. It sheds light on financial and market values to understand the effect of risk management on actual and perceived firm's performance, respectively. Further, it examines the impacts of risk and risk management on society and the economy. The book improves awareness and advances knowledge on the complex and changeable risk and risk management fields of study. It interweaves among topical, up-to-date issues, peculiar, under-investigated contexts, and differentiated, complementary viewpoints on the same themes. Therefore, the book is a must-read for scholars and researchers, as well as practitioners and policy makers, interested in a better understanding of risk and risk management studies in different fields.

Provides an insight to safety managers in analyzing bad events and the ways to deal with them. Covers randomness, uncertainty, and predictability in detail. Explains concepts including reverse stress testing, real-time monitoring, and predictive maintenance in a comprehensive manner. Presents mathematical analysis of incidents and accidents using statistics and probabilities theories.

This book is a joint endeavour of the three partner universities to develop a book with in-depth and state-of-art analysis for the academic community of East Asia and the world. Past disasters, like the 2008 Great Sichuan Earthquake in China and the 2011 Great East Japan Earthquake, saw good efforts of East Asian countries in helping each other. Such a trend has been further strengthened in these countries' recent cooperation and mutual support in their fight against Covid-19 pandemic. While China, Japan, and South Korea are geographically and culturally contiguous and hence may share some characteristics in their risk management principles and practices, there may also be many significant differences due to their different socioeconomic and political systems. The commonalities and variances in East Asia risk management systems are also reflected by their recent responses to the Covid-19 challenges. While all three countries demonstrated overall success in controlling the epidemic, the measures taken by them were different. This research will be of interest to policymakers, scholars and economists.

COMMUNICATING IN R!SK, CRISIS, AND HIGH STRESS SITUATIONS LEARN THE UNIFYING PRINCIPLES BEHIND RISK, CRISIS, AND HIGH STRESS COMMUNICATION WITH THIS STATE-OF-THE-ART REFERENCE WRITTEN BY A MAJOR LEADER IN THE FIELD Communicating in Risk, Crisis, and High Stress Situations: Evidence-Based Strategies and Practice is about communicating with people in the most challenging circumstances: high stress situations characterized by high risks and high stakes. The ability to communicate effectively in a high stress situation is an essential communication competency for managers, engineers, scientists, and professionals in every field who can be thrust into demanding situations complicated by stress. Whether you are confronting an external crisis, an internal emergency, or leading organizational change, this book was written for you. Communicating in Risk, Crisis, and High Stress Situations brings together in one resource proven scientific research with practical, hands-on guidance from a world leader in the field. The book covers such critical topics as trust, stakeholder engagement, misinformation, messaging, and audience perceptions in the context of stress. This book is uniquely readable, thorough, and useful, thanks to features that include: Evidence-based theories and concepts that underlie and guide practice Tools and guidelines for practical and effective planning and application Experience-based advice for facing challenges posed by mainstream and social media Provocative case studies that bring home the key principles and strategies Illuminating case diaries that use the author's breadth and depth of experience to create extraordinary learning opportunities The book is a necessity for managers, engineers, scientists, and others who must communicate difficult technical concepts to a concerned public. It also belongs on the bookshelves of leaders and communicators in public and private sector organizations looking for a one-stop reference and evidence-based practical guide for communicating effectively in emotionally charged situations. Written by a highly successful academic, consultant, and trainer, the book is also designed as a resource for training and education.

Threats to an organization's operations, such as fraud, IT disruption or poorly designed products, could result in serious losses. Understand the key components of effective operational risk management with this essential book for risk professionals and students. Fundamentals of Operational Risk Management outlines how to implement a sound operational risk management framework which is embedded in day-to-day business activities. It covers the main operational risk tools including categorisation, risk and control self-assessment and scenario analysis, and explores the importance of risk appetite and tolerance. With case studies of major operational risk events to illustrate each concept, this book demonstrates the value of ORM and how it fits with other types of risk management. There is also guidance on the regulatory treatment of operational risk and the importance of risk culture in any organization. Master the essentials and improve the practice of operational risk management with this comprehensive guide.

This book provides in-depth guidance on how to use multi-criteria decision analysis methods for risk assessment and risk management. The frontiers of engineering operations management methods for identifying the risks, investigating their roles, analyzing the complex cause-effect relationships, and proposing countermeasures for risk mitigation are presented in this book. There is a total of ten chapters, mainly including the indicators and organizational models for risk assessment, the integrated Bayesian Best-Worst method and classifiable TOPSIS model for risk assessment, new risk prioritization model, fuzzy risk assessment under uncertainties, assessment of COVID-19 transmission risk based on fuzzy inference system, risk assessment and mitigation based on simulation output analysis, energy supply risk analysis, risk assessment and management in cash-in-transit vehicle routing problems, and sustainability risks of resource-exhausted cities. The most significant feature of this book is that it provides various systematic multi-criteria decision analysis methods for risk assessment and management, and illustrates the application of these methods in different fields. This book is beneficial to policymakers, decision-makers, experts, researchers and students related to risk assessment and management.

What existential threats does humanity face? And how can we secure our future? 'The Precipice is a powerful book . . . Ord's love for humanity and hope for its future is infectious' Spectator 'Ord's analysis of the science is exemplary . . . Thrillingly written' Sunday Times We live during the most important era of human history. In the twentieth century, we developed the means to destroy ourselves - without developing the moral framework to ensure we won't. This is the Precipice, and how we respond to it will be the most crucial decision of our time. Oxford moral philosopher Toby Ord explores the risks to humanity's future, from the familiar man-made threats of climate change and nuclear war, to the potentially greater, more unfamiliar threats from engineered pandemics and advanced artificial intelligence. With clear and rigorous thinking, Ord calculates the various risk levels, and shows how our own time fits within the larger story of human history. We can say with certainty that the novel coronavirus does not pose such a risk. But could the next pandemic? And what can we do, in our present moment, to face the risks head on? A major work that brings together the disciplines of physics, biology, earth and computer science, history, anthropology, statistics, international relations, political science and moral philosophy, The Precipice is a call for a new understanding of our age: a major reorientation in the way we see the world, our history, and the role we play in it.

This book discusses and chronicles various types of manufacturing processes, including casting and molding, machining, joining, shearing, and forming. It refers to repetitive, discrete, job shop, process manufacturing (continuous), and process manufacturing (batch). It also offers detailed examples from the nuclear, electronic, plastics, adhesives, inks, packaging, chemical, and pharmaceutical industries. Advanced Manufacturing Operations Technologies: Principles, Applications, and Design Correlations in Chemical Engineering Fields of Practice fills the gap in the connection between production and regulated applications in several industries. It highlights established concepts and provides a new fresh outlook by concentrating on and creating linkages in the implementation of practices in manufacturing and safe clean energy systems. Case studies for the overall design, installations, and construction of manufacturing operations in various industries as well as the standard operating procedures are offered. The book also discusses the correlation between design strategies including step-by-step processes to ensure the reliability, safety, and efficacy of products. The fundamentals of controlled techniques, quality by design, risk assessment, and management are covered in support of operations applications and continuous improvement. This comprehensive book is helpful to all professionals, students, and academicians in many scientific disciplines that utilize fundamental principles of chemical engineering. It is engineering-driven and will be of use to those in industrial and manufacturing, chemical, biochemical, mechanical engineering, and automated control systems fields.

OpRisk Awards 2020 Book of the Year Winner! The Authoritative Guide to the Best Practices in Operational Risk Management Operational Risk Management offers a comprehensive guide that contains a review of the most up-to-date and effective operational risk management practices in the financial services industry. The book provides an essential overview of the current methods and best practices applied in financial companies and also contains advanced tools and techniques developed by the most mature firms in the field. The author explores the range of operational risks such as information security, fraud or reputation damage and details how to put in place an effective program based on the four main risk management activities: risk identification, risk assessment, risk mitigation and risk monitoring. The book also examines some specific types of operational risks that rank high on many firms' risk registers. Drawing on the author's extensive experience working with and advising financial companies, Operational Risk Management is written both for those new to the discipline and for experienced operational risk managers who want to strengthen and consolidate their knowledge.

Digital Asset Valuation and Cyber Risk Measurement: Principles of Cybernomics is a book about the future of risk and the future of value. It examines the indispensable role of economic modeling in the future of digitization, thus providing industry professionals with the tools they need to optimize the management of financial risks associated with this megatrend. The book addresses three problem areas: the valuation of digital assets, measurement of risk exposures of digital valuables, and economic modeling for the management of such risks. Employing a pair of novel cyber risk measurement units, bitmort and hekla, the book covers areas of value, risk, control, and return, each of which are viewed from the perspective of entity (e.g., individual, organization, business), portfolio (e.g., industry sector, nation-state), and global ramifications. Establishing adequate, holistic, and statistically robust data points on the entity, portfolio, and global levels for the development of a cybernomics databank is essential for the resilience of our shared digital future. This book also argues existing economic value theories no longer apply to the digital era due to the unique characteristics of digital assets. It introduces six laws of digital theory of value, with the aim to adapt economic value theories to the digital and machine era.

Risk is the single most prevalent and enduring factor that influences every individual, organization, and society. We often seek protection from negative risk events, but also seek to take advantage of opportunities arising from positive risk events. We may feel overwhelmed by messages encountered in daily interactions with media and society, contributing to a sense of ambiguity over how to act in response to risk-related information and misinformation. We seek to leverage evidence and reason to find our own balance between both positive and negative outcomes in an uncertain world. This ground-breaking book delivers practical concepts and tools that empower readers to leverage innovations in risk science to improve their abilities to interpret, assess, communicate, and handle risk. It provides a practical non-quantitative approach to understanding risk and to making better decisions involving risk. Think RISK covers several key themes in risk science: a) The main goals and strategies for understanding and managing risk b) How readers can inform their risk stances by considering their own individual values and mission c) The difference between risk and safety, and how that difference is critical for managing risk d) The role of psychological factors when understanding and managing risk e) The role of communication when understanding and managing risk, and f) The general importance and incentives for effectively understanding and managing risk. Written for business professionals in all private and public sectors, this book will also be relevant to non-business professionals such as medical practitioners and policymakers and would be an ideal fit for executive education and seminar-style courses in universities, corporate books clubs and training seminars. Because it's based on foundational and scientifically accepted ideas and principles, the book should remain relevant for many years.

Highly practical and useful for practitioners - cuts through a highly technical and complex subject in a useable and easy to follow way but without 'dumbing down'. Focuses on the facilitation of risk management, an area that is glossed over or simply ignored in other books on risk management. Brand new chapters on virtual facilitation and the role of group bias in the assessment of risk.