Computer trading and systemic risk: a nuclear perspective

Financial markets have evolved to become complex adaptive systems highly reliant on the communication speeds and processing power afforded by digital systems. Their failure could cause severe disruption to the provision of financial services and possibly the wider economy. In this study we consider whether a perspective from the nuclear industry can provide additional insights

Negotiating the 'trading zone'. Creating a shared information infrastructure in the Dutch public safety sector

Our main concern in this article is whether nation-wide information technology (IT) infrastructures or systems in emergency response and disaster management are the solution to the communication problems the safety sector suffers from. It has been argued that implementing nation-wide IT systems will help to create shared cognition and situational awareness among relief workers. We put this claim to the test by presenting a case study on the introduction of ‘netcentric work’, an IT system-based platform aiming at the creation of situational awareness for professionals in the safety sector in the Netherlands. The outcome of our research is that the negotiation with relevant stakeholders by the Dutch government has lead to the emergence of several fragmented IT systems. It becomes clear that a top-down implementation strategy for a single nation-wide information system will fail because of the fragmentation of the Dutch safety sector it is supposed to be a solution to. As the US safety sector is at least as fragmented as its Dutch counterpart, this may serve as a caveat for the introduction of similar IT systems in the US

Expert Elicitation for Reliable System Design

This paper reviews the role of expert judgement to support reliability assessments within the systems engineering design process. Generic design processes are described to give the context and a discussion is given about the nature of the reliability assessments required in the different systems engineering phases. It is argued that, as far as meeting reliability requirements is concerned, the whole design process is more akin to a statistical control process than to a straightforward statistical problem of assessing an unknown distribution. This leads to features of the expert judgement problem in the design context which are substantially different from those seen, for example, in risk assessment. In particular, the role of experts in problem structuring and in developing failure mitigation options is much more prominent, and there is a need to take into account the reliability potential for future mitigation measures downstream in the system life cycle. An overview is given of the stakeholders typically involved in large scale systems engineering design projects, and this is used to argue the need for methods that expose potential judgemental biases in order to generate analyses that can be said to provide rational consensus about uncertainties. Finally, a number of key points are developed with the aim of moving toward a framework that provides a holistic method for tracking reliability assessment through the design process.Comment: This paper commented in: [arXiv:0708.0285], [arXiv:0708.0287], [arXiv:0708.0288]. Rejoinder in [arXiv:0708.0293]. Published at http://dx.doi.org/10.1214/088342306000000510 in the Statistical Science (http://www.imstat.org/sts/) by the Institute of Mathematical Statistics (http://www.imstat.org

A Roadmap to Reduce U.S. Food Waste by 20 Percent

The magnitude of the food waste problem is difficult to comprehend. The U.S. spends $218 billion a year -- 1.3% of GDP -- growing, processing, transporting, and disposing of food that is never eaten. The causes of food waste are diverse, ranging from crops that never get harvested, to food left on overfilled plates, to near-expired milk and stale bread. ReFED is a coalition of over 30 business, nonprofit, foundation, and government leaders committed to building a different future, where food waste prevention, recovery, and recycling are recognized as an untapped opportunity to create jobs, alleviate hunger, and protect the environment -- all while stimulating a new multi-billion dollar market opportunity. ReFED developed A Roadmap to Reduce U.S. Food Waste as a data-driven guide to collectively take action to reduce food waste at scale nationwide.This Roadmap report is a guide and a call to action for us to work together to solve this problem. Businesses can save money for themselves and their customers. Policymakers can unleash a new wave of local job creation. Foundations can take a major step in addressing environmental issues and hunger. And innovators across all sectors can launch new products, services, and business models. There will be no losers, only winners, as food finds its way to its highest and best use

The Role of Evidence in Establishing Trust in Repositories

This article arises from work by the Digital Curation Centre (DCC) Working Group examining mechanisms to roll out audit and certification services for digital repositories in the United Kingdom. Our attempt to develop a program for applying audit and certification processes and tools took as its starting point the RLG-NARA Audit Checklist for Certifying Digital Repositories. Our intention was to appraise critically the checklist and conceive a means of applying its mechanics within a diverse range of repository environments. We were struck by the realization that while a great deal of effort has been invested in determining the characteristics of a 'trusted digital repository', far less effort has concentrated on the ways in which the presence of the attributes can be demonstrated and their qualities measured. With this in mind we sought to explore the role of evidence within the certification process, and to identify examples of the types of evidence (e.g., documentary, observational, and testimonial) that might be desirable during the course of a repository audit.

Use of COTS functional analysis software as an IVHM design tool for detection and isolation of UAV fuel system faults

This paper presents a new approach to the development of health management solutions which can be applied to both new and legacy platforms during the conceptual design phase. The approach involves the qualitative functional modelling of a system in order to perform an Integrated Vehicle Health Management (IVHM) design – the placement of sensors and the diagnostic rules to be used in interrogating their output. The qualitative functional analysis was chosen as a route for early assessment of failures in complex systems. Functional models of system components are required for capturing the available system knowledge used during various stages of system and IVHM design. MADe™ (Maintenance Aware Design environment), a COTS software tool developed by PHM Technology, was used for the health management design. A model has been built incorporating the failure diagrams of five failure modes for five different components of a UAV fuel system. Thus an inherent health management solution for the system and the optimised sensor set solution have been defined. The automatically generated sensor set solution also contains a diagnostic rule set, which was validated on the fuel rig for different operation modes taking into account the predicted fault detection/isolation and ambiguity group coefficients. It was concluded that when using functional modelling, the IVHM design and the actual system design cannot be done in isolation. The functional approach requires permanent input from the system designer and reliability engineers in order to construct a functional model that will qualitatively represent the real system. In other words, the physical insight should not be isolated from the failure phenomena and the diagnostic analysis tools should be able to adequately capture the experience bases. This approach has been verified on a laboratory bench top test rig which can simulate a range of possible fuel system faults. The rig is fully instrumented in order to allow benchmarking of various sensing solution for fault detection/isolation that were identified using functional analysis