Exploration Systems Development (ESD) Approach to Enterprise Risk Management

The National Aeronautics and Space Administration (NASA) Exploration Systems Development (ESD) Division has implemented an innovative approach to Enterprise Risk Management under a unique governance structure and streamlined integration model. ESD's mission is to design and build the capability to extend human existence to deep space. The Enterprise consists of three Programs: Space Launch System (SLS), Orion, and Ground Systems Development and Operations (GSDO). The SLS is a rocket and launch system that will be capable of powering humans, habitats, and support systems to deep space. Orion will be the first spacecraft in history capable of taking humans to multiple destinations within deep space. GSDO is modernizing Kennedy's spaceport to launch spacecraft built and designed by both NASA and private industry. ESD's approach to Enterprise Risk Management is commensurate with affordability and a streamlined management philosophy. ESD Enterprise Risk Management leverages off of the primary mechanisms for integration within the Enterprise. The Enterprise integration approach emphasizes delegation of authority to manage and execute the majority of cross-program activities and products to the individual Programs, while maintaining the overall responsibility for all cross-program activities at the Division. The intent of the ESD Enterprise Risk Management approach is to improve risk communication, to avoid replication and/or contradictory strategies, and to minimize overhead process burden. This is accomplished by the facilitation and integration of risk information within ESD. The ESD Division risks, Orion risks, SLS risks, and GSDO risks are owned and managed by the applicable Program. When the Programs have shared risks with multiple consequences, they are jointly owned and managed. When a risk is associated with the integrated system that involves more than one Program in condition, consequence, or mitigation plan, it is considered an Exploration Systems Integration (ESI) Risk. An ESI risk may require visibility and risk handling by multiple organizations. The Integrated Risk Working Group (IRWG) is a small team of Risk experts that are responsible for collaborating and communicating best practices. In addition, the forum facilitates proper integration of risks across the Enterprise. The IRWG uses a Continuous Risk Management approach for facilitating the identification, analysis, planning, tracking, and controlling of ESI Risks. The ESD Division, Programs, and Integrated Task Teams identify ESI Risks. The IRWG maintains a set of metrics for understanding Enterprise Risk process and the overall Risk Posture. The team is also actively involved in the modeling of risk for Enterprise Performance Management. With the Enterprise being constrained in Schedule and Budget, and with significant technical complexity, the appropriate use of Risk Management techniques is crucial to the success of the Enterprise. The IRWG achieves this through the modified approach, providing a forum for collaboration on risks that cross boundaries between the separate entities

Bayesian Inference of the Multi-Period Optimal Portfolio for an Exponential Utility

We consider the estimation of the multi-period optimal portfolio obtained by maximizing an exponential utility. Employing Jeffreys' non-informative prior and the conjugate informative prior, we derive stochastic representations for the optimal portfolio weights at each time point of portfolio reallocation. This provides a direct access not only to the posterior distribution of the portfolio weights but also to their point estimates together with uncertainties and their asymptotic distributions. Furthermore, we present the posterior predictive distribution for the investor's wealth at each time point of the investment period in terms of a stochastic representation for the future wealth realization. This in turn makes it possible to use quantile-based risk measures or to calculate the probability of default. We apply the suggested Bayesian approach to assess the uncertainty in the multi-period optimal portfolio by considering assets from the FTSE 100 in the weeks after the British referendum to leave the European Union. The behaviour of the novel portfolio estimation method in a precarious market situation is illustrated by calculating the predictive wealth, the risk associated with the holding portfolio, and the default probability in each period.Comment: 38 pages, 5 figure

New long-term mass-balance series for the Swiss Alps

In this study we present 19 new or re-analysed series of glacier-wide seasonal mass balance for the Swiss Alps based on direct measurements. The records partly start around 1920 and continue until today. Previously unpublished and unevaluated observations of point winter and annual balance are compiled from various sources and archives. These highly valuable datasets have not yet been consistently evaluated and were thus unavailable to the scientific community. Using distributed modelling for spatial interpolation and extrapolation and homogenization of the point measurements, we infer continuous series of area-averaged mass balance. The results are validated against independent decadal ice volume changes from photogrammetric surveys. Six of the new seasonal series cover 60 years and more and add a substantial amount of information on the variations of regional glacier mass change. This will strengthen the worldwide collection of glacier monitoring data, especially for the data-sparse period before the 1980s. We compare our results to existing long-term series and present an updated assessment of mass-balance variability and glacier sensitivity throughout the European Alps

Critical practice of grant application and administration: an intervention

Introduction: Researchers experience increasing pressures to connect with bodies that finance their projects. In this climate, critical scholars face many obstacles as they seek to navigate the treacherous waters of securing external funds. To debate these challenges, the ACME Editorial Collective organized a panel for the 2009 Annual Meeting of the Association of American Geographers in Las Vegas. This intervention represents a follow-up discussion and collective writing process among some of the panelists and members of the audience who attended the panel. Below, we examine the neoliberalization of the current funding systems, discuss the implications for research practice, and make suggestions for critical engagement and transformation. Our suggestions, however, will not be easy to implement, as we can infer from the experience of the radical scholars of the post-1968 generation whose ascension into the upper echelons of North American and European university systems was also associated with the neoliberalization of the funding systems. This intervention represents a modest contribution in the tradition of critical research practice of creating the possibilities for progressive change

PreS2-TML peptide or guanidinium modified Gd-DOTA exhibits efficient cellular uptake

The majority of magnetic resonance contrast agents are restricted to the extracellular domains. For the development of novel, intracellular magnetic resonance contrast agents, we have designed Gd-DOTA derivatives comprising PreS2-TML peptide or ethylguanidinium as carrier moiety. Initial in vitro cell uptake studies with Jurkat cells revealed efficient contrast agent uptake for imaging purposes, in the range of 0.04 fmol/cell (PreS2-TML peptide) to 0.2 fmol/cell (ethylguanidinium) following 2 h incubations at 100 µM

Long-term uncertainty of hydropower revenue due to climate change and electricity prices

Hydropower represents the world’s largest renewable energy source. As a flexible technology, it enhances reliability and security of the electricity system. However, climate change and market liberalization may hinder investment due to the evolution of water runoffs and electricity prices. Both alter expected revenue and bring uncertainty. It increases risk and deters investment. Our research assesses how climate change and market fluctuation affect annual revenue. But this paper focuses on the uncertainty, rather than on forecasting. This transdisciplinary topic is investigated by means of a mixed method, i.e. both quantitative and qualitative. The quantitative approach uses established models in natural sciences and economics. The uncertainty is accounted for by applying various scenarios and various datasets coming from different models. Based on those results, uncertainty is discussed through an analysis discerning three dimensions of uncertainty. Uncertainty analysis requires the assessment of a large panel of models and data sets. It is therefore rarely carried out. The originality of the paper also lies on the combination of quantitative established models with a qualitative analysis. The results surprisingly show that the greenhouse gas scenarios may in fact represent a low source of uncertainty, unlike electricity prices. Like forecasting, the main uncertainties are actually case study related and depend on the investigated variables. It is also shown that the nature of uncertainty evolves. Runoff uncertainty goes from variability, i.e. inherent randomness, to epistemic, i.e. limitation of science. The reverse situation occurs with the electricity price. The implications for scientists and policy makers are discussed