Rethinking the risk matrix

So far risk has been mostly defined as the expected value of a loss, mathematically PL (being P the probability of an adverse event and L the loss incurred as a consequence of the adverse event). The so called risk matrix follows from such definition. This definition of risk is justified in a long term “managerial” perspective, in which it is conceivable to distribute the effects of an adverse event on a large number of subjects or a large number of recurrences. In other words, this definition is mostly justified on frequentist terms. Moreover, according to this definition, in two extreme situations (high-probability/low-consequence and low-probability/high-consequence), the estimated risk is low. This logic is against the principles of sustainability and continuous improvement, which should impose instead both a continuous search for lower probabilities of adverse events (higher and higher reliability) and a continuous search for lower impact of adverse events (in accordance with the fail-safe principle). In this work a different definition of risk is proposed, which stems from the idea of safeguard: (1Risk)=(1P)(1L). According to this definition, the risk levels can be considered low only when both the probability of the adverse event and the loss are small. Such perspective, in which the calculation of safeguard is privileged to the calculation of risk, would possibly avoid exposing the Society to catastrophic consequences, sometimes due to wrong or oversimplified use of probabilistic models. Therefore, it can be seen as the citizen’s perspective to the definition of risk

The Role of Community Colleges in the Global Knowledge-Based Economy: Urban and Rural Differences in Workforce Outcomes

The aim of this study was to investigate the question of whether or not the gap between rural and urban workforce outcomes is reduced with investment in human capital and training conducted by community colleges. In this study, rural and urban differences in employment rate, employment retention, and wage gain after receiving training were examined to determine the extent to which the gap between rural and urban workforce outcomes is reduced by investment in human capital and training conducted by community colleges. Three research questions were examined. 1. Are Mississippians in rural and urban settings equally able to secure employment after receiving specialized and advanced training? 2. Are Mississippians in rural and urban settings engaging in specialized- and advanced-skill development equally able to retain employment over time? 3. Do Mississippians in rural and urban settings experience the same wage increase after receiving specialized and advanced training? The researcher hypothesized that investment in skill development would reduce the gap between rural and urban workforce outcomes, controlling for individual and local factors. The results of this study have several implications. First, training is a critical component to gaining and retaining employment. On average, 80% of those who receive training from community colleges are able to gain employment. Of those, 54% are able to retain their jobs for the remainder of the year and training generates an annual increase of $4,633 in wages, on average. Second, the results show that there are urban and rural differences in workforce outcomes. Third, individual characteristics matter and, in all cases, those who benefit the most from training are those with 2-year degrees, confirming that community colleges play a fundamental role in providing the knowledge and skills for our workforce. Fourth, local conditions cannot be dismissed in addressing differential workforce outcomes

2020-2021, University of Memphis bulletin

University of Memphis bulletin containing the graduate catalog for 2020-2021.https://digitalcommons.memphis.edu/speccoll-ua-pub-bulletins/1440/thumbnail.jp

The estimation and management of cost over the life cycle of metallurgical research projects

The purpose of this study is to determine whether all costs over the life cycle of metallurgical research projects are included in the initial cost estimate, whether these costs are estimated accurately and whether they are managed throughout the project’s life cycle. The impetus for this study came from the observation that costs in metallurgical research projects are often not accurately estimated and are not managed over the entire life cycle of these projects. Cost estimation and cost management over the life cycle of a project were an integral part of the project and crucial to its success. The initial cost estimate can seal a project’s financial fate. Projects often overrun estimated costs because the costs are not estimated accurately enough and not well managed. The project leaders of metallurgical research projects are engineers and not always trained to estimate and manage costs effectively. Project management textbooks are of little assistance in this regard because they tend to focus on timeous delivery, and fail to include enough information on cost estimation and cost management. To facilitate an effective and objective analysis of the survey, an extensive literature review was conducted. Life cycle costing, methods of cost estimation and cost management techniques were examined in detail. An empirical study was conducted to determine whether these methods of cost estimation and cost management are being used over the entire life cycle of metallurgical research projects, and whether all costs are being included in the initial estimates of costs. It was deemed that results of the empirical study would provide useful information on the factors contributing to the success, failure or early termination of these projects. This study is a descriptive research study. The research methods used in the research design were structured and quantitative. A survey was used to gather information by way of face-to-face and telephonic interviews as well as an e-mail questionnaire. The population was small and consisted of the entities involved in metallurgical research projects in South Africa. There were only 12 entities in the population. The 10 largest entities in terms of project size were selected. A nonprobability sampling approach was used. The e-mail questionnaires were analysed manually by means of spread sheets to obtain graphical information. The processed data were used to draw conclusions. The answers to the questions were linked to the theoretical framework by means of interpretation. It was concluded that all costs over the life cycle of metallurgical research projects are not taken into account in the initial cost estimate of a project, and the cost estimates may therefore not be accurate. The final costs, including discontinuation costs, are often not included in the cost estimates. The costs are mainly managed during the growth phase of a project and not during the introduction phase when 80% of the costs are normally committed. This study emphasises the importance of including all costs during a project’s life cycle, and introduces engineers to modern cost management techniques. CopyrightDissertation (MCom)--University of Pretoria, 2009.Financial Managementunrestricte

Iowa State University, Courses and Programs Catalog 2014–2015

The Iowa State University Catalog is a one-year publication which lists all academic policies, and procedures. The catalog also includes the following: information for fees; curriculum requirements; first-year courses of study for over 100 undergraduate majors; course descriptions for nearly 5000 undergraduate and graduate courses; and a listing of faculty members at Iowa State University.https://lib.dr.iastate.edu/catalog/1025/thumbnail.jp

2021-2022, University of Memphis bulletin

University of Memphis bulletin containing the graduate catalog for 2021-2022.https://digitalcommons.memphis.edu/speccoll-ua-pub-bulletins/1441/thumbnail.jp

2012-2013, University of Memphis bulletin

University of Memphis bulletin containing the graduate catalog for 2012-2013.https://digitalcommons.memphis.edu/speccoll-ua-pub-bulletins/1432/thumbnail.jp