The areas of risk may be our great allies m business. Very often these limits exist only in our heads- they don't have a lot in common with reality and actually they may become the main lever in our development. Successful Social Dialogue is a great tool of risk management, Lets us use occuring chances and avoid danger in requiring economic and social milieu. To summarize, there's no need to be afraid of taking risk, but get ready, observe our changing environment and use occuring chances.
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The benefit/cost (B/C) ratio method is utilized in many government and public work projects to determine if the expected benefits provide an acceptable return on the estimated investment and costs. Many authors have studied probabilis- tic cash flows in recent years. They introduced some analytical methods which determine the probability distribution function of the net present value and in- ternal rate of return of a series of random discrete cash flows. They considered serially correlated cash flows and the uncertainty of future capital investment and reinvestment rates and they presented some formulae for the B/C ratio for probabilistic cash flows. In the paper, the expected value and the variance of a probabilistic cash flow are obtained by means of moments. Then a probabilistic B/C ratio is given. Fuzzy set theory has the capability of representing vague knowledge and allows mathematical operators and programming to be applied to the fuzzy domain. The theory is primarily concerned with quantifying the vagueness in human thoughts and perceptions. The fuzzy B/C ratios are devel- oped for a single investment project and for multiple projects having equal or different lives.
The aim of this paper is a comparative analysis of contracts on electric energy at Polish Power Exchange (POLPX) and European Energy Exchange (EEX) spot markets. The approach considered in this article is based on minimization of the Conditional Value at Risk and maximization of portfolio rates of return. The analyzed portfolios were constructed with contracts noted on POLEX and EEX from 1st January 2011 to 31st December 2012.
The interest in the problem of credit risk has significantly increased within the last few dozen years. Scientific literature presents a lot of methods of the credit risk limitation whereas banks try, with various results, to bring proposed methods into effect. Credit derivatives have been ones of the most important innovations of the last years in the world financial system. Their innovation causes that they become objects of the interest of researchers as well as business entities. This paper pays attention to the definition and types of credit derivatives. The author makes also an attempt at indicating the application of these instruments.
PL
W ostatnich kilkudziesięciu latach znacznie wzrosło zainteresowanie problemem ryzyka kredytowego. Literatura naukowa podaje wiele metod i sposobów ograniczania ryzyka kredytowego. Banki natomiast próbują z różnym skutkiem wprowadzać w życie proponowane metody. Jedną z ważniejszych innowacji w światowym systemie finansowym ostatnich lat są pochodne instrumenty kredytowe. Ich innowacyjność sprawia, że są one przedmiotem zainteresowania zarówno badaczy, jak i podmiotów gospodarczych. W artykule zwrócono uwagę na definicję i rodzaje pochodnych instrumentów kredytowych, a także ich zastosowanie.
Investment management on the capital market is a complex and multifarious process and the accuracy of decisions is an indispensable condition that an investor needs to fulfill if the expected economic results are to be achieved. The paper presents the concept of the optimization of investment portfolio on the capital market of shares. The maximum value of portfolio quality measure was used as an optimization criterion. It is expressed by the index of variability R/σ of the rate of return for each share in the portfolio. The cumulation of values of R/σ index in the successive years of the investigated period allowed for an econometric estimation of the continuous functions and their maximum. The indexes of asymmetry of rate of return for particular shares in the portfolio were introduced into the functions, which enabled to increase the efficiency of the selection of shares for the portfolio. This, in turn, allowed to achieve the optimum structure of shares in the portfolio.
It can be concluded that in fact innovation activity of enterprises is associated with far greater risk of negative (in relation to the expected value) changes in the financial values and indicators than it does in the case of companies with more traditional business profiles. However, in return for the risk taken innovative entities can boast a significantly higher growth in assets, revenues from sales and generally more favorable relationships attributable risk per unit of expected value in respect of assets, revenues from sales, operating costs and total costs.
Risk is an inherent part of economic activity. In practice we distinguish many categories of risk. These classifications are useful from a practical point of view, because they help to answer the question of where sources of risk may be identified. The main goal of this paper is to present basic definitions of risk, risk structures and measurement methods. The paper is structured with that goal in mind. The author first presents a review of the literature on defining risk, analyses definitions of risk and uncertainty and looks at the measures and the structure of risk. On the grounds of his analysis he ascertains that numerous types of risk exist in every enterprise, all of which to varying degrees affect the business’s proper functioning. The analysis of the sources and structures of risk allows him to point out threats accompanying the different kinds of risk and to put forward the most effective measures for minimizing the influence of risk on financial results.
The relevance to decision research of recent advances in the philosophy of social science is considered. The critical realism of Roy Bhaskar argues for the identification of contextually contingent explanatory mechanisms at multiple levels based on concepts grounded in intersubjectively shared reality. Using examples from the author’s and other’s research on the psychology of decisions involving risk and uncertainty, this paper explores the implications of taking a critical realist approach. It is argued that critical realism has the potential to advance and unify disparate experimental and naturalistic lines of research. Furthermore, a diverse range of experimental, process-tracing and observational methods can play important complementary roles in developing fruitful critical realist explanations of decisions involving risk and uncertainty.
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The main area which Formal Safety Assessment (FSA) methodology was created for is maritime safety. Its model presents quantitative risk estimation and takes detailed information about accident characteristics into account. Nowadays, it is broadly used in shipping navigation around the world. It has already been shown that FSA can be widely used for the assessment of pilotage safety. On the basis of analysis and conclusion on the FSA approach, this paper attempts to show that the adaptation of this method to another area-risk evaluating in operating conditions of buildings-is possible and effective. It aims at building a mathematical model based on fuzzy logic risk assessment with different habitat factors included. The adopted approach lets us describe various situations and conditions that occur in creating and exploiting of buildings, allowing for automatic control of the risk connected to them.
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The article attempts to create an early warning system for the food manufacturing sector. Nearly 1,600 companies have been examined within this sector – including 118 bankrupt companies. The author focuses on the evaluation of integrated models and selection of financial indicators. These models, which classified companies in the sector in the best way, were selected. Apart from the selection of financial indicators, these ratios, which were characterized by predictive and discriminatory abilities, were chosen.
Wiele obszarów ludzkiej aktywności wymaga sprawnego działania w ekstremalnych sytuacjach. Do takich należy zaliczyć uprawianie sportów ekstremalnych oraz wykonywanie zawodów określanych jako trudne i niebezpieczne. Również podejmowanie służby na morzu czy w powietrzu, wiąże się często z realizacją zadań w środowisku zagrażającemu zdrowiu i życiu człowieka. Ryzyko jest często nieodłącznym atrybutem środowiska społecznego i występuje niemal we wszystkich dziedzinach aktywności, zarówno zawodowej, jaki i w sferze życia prywatnego. Najczęściej jednak towarzyszy ono procesom technologicznym i ekonomicznym. Problem determinant oceny ryzyka, z punktu widzenia jednostki w wybranych zawodach będzie przedmiotem niniejszych rozważań.
EN
Many fields of human activity require proficient operation in extreme situations. These situations occur during extreme sports practicing and are also a component of professions which are regarded as difficult and dangerous. Working in naval or aerial environment is often connected with execution of tasks in health and life threatening environment. The risk is often an inherent attribute of social environment and occurs in almost every field of human activity - professional, as well as related to private life. The most frequently it is accompanying technological and economical processes. The problem of risk assessment conditions from a viewpoint of an individual in selected professions will be the subject of presented considerations.
W referacie omówiono znaczenie identyfikacji zagrożeń i oceny ryzyka biznesowego, w nawiązaniu do wymagań norm ze szczególnym uwzględnieniem wymagań normy ISO 9001: 2008 i wytycznych normy ISO 9004: 2009. Podano przykłady praktycznych rozwiązań dla fazy projektowania i wdrażania systemu z uwzględnieniem uwarunkowań organizacyjnych, ich zmian i związanego z nimi ryzyka.
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Introduction. The aim of this study was the research among athletes whether and to what extent the sport discipline practiced (individual or team competition) influences the perception of risk associated with the use of doping in sport, and whether age and experience translates into the sports perception of the risks of doping. Material and methods. Three groups of athletes diverse was studied because of the nature of the sport task and the experience/time of practice. Individual disciplines were represented by combat sports (n=12, average time of practice ~6 years), group games by football players (n=9, average time of practice ~7 years) and volleyball players (n=13, average time of practice ~14 years.) The technique "Perception of risk of doping" was used to measure: a) the ranking of values that one can afford to lose in consequences of doping; b) the real probability of losing cherished values; c) personally acceptable level of risk associated with loss of value. Results. It was shown that young players who are members of the team are less mature and aware of the risks associated with the use of doping, not only from their older colleagues in the team, but also from their peers, competing individually. In the perception of young players there were both errors in risk assessment (distortion of losses) as well as illusions relating to the control of hazards, and unrealistic optimism about the possibility of avoiding the negative effects of doping. For mature players, the fear of losing public image has proven to be a strong deterrent against the temptation to use of illegal drugs; for young players, a relatively stronger remedy was the fear of losing the attributes of health and physical attractiveness. Conclusion. Due to the small size of the groups, these findings are suggestions that may serve as an inspiration for research on the wider population.
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We frequently work with the events' description besides other assessments in safety/risk assessment. In pure technical applications these events are related with the failure occurrence of equipment, a device, a system or an item. This contribution can be a complex problem for the term "failure" and its related characteristics. In this paper there are mentioned functions of an object and their description, classification of failures, main characteristics of failure, possible causes of failure, mechanisms of failure and consequences of failure and also other contributions related with failure very closely.
The aim of this paper is to present a method of constructing effective portfolios with application of Wolfs algorithm. The effective portfolios are understood as those which have the lowest risk at give rate of return, and, conversely, which have the highest returns at given risk level. In classic Markowitz model, the rate of return is understood as expected returns which in practice is replaced by a mean return. The variance of the portfolio returns is considered as the risk measure. Ready-made programs may be used to construct effective portfolios. In practice, using these application causes some problems. In order to calculate the portfolios efficiently, we have written an application in the Delphi programming language using a suitably adapted Wolf’s algorithm.
PL
Celem artykułu jest przedstawienie metody uzyskiwania portfeli efektywnych przy zastosowaniu algorytmu Wolfa, czyli portfeli, które przy danej stopie zwrotu posiadałyby najniższe ryzyko, zaś dla danego poziomu ryzyka charakteryzowałyby się najwyższą stopą zwrotu. W klasycznym modelu Markowitza przez stopę zwrotu, rozumie się oczekiwaną stopę zwrotu w praktyce zastępowaną średnią stopą zwrotu, za miarę ryzyka przyjmuje się wariancję stóp zwrotu z portfela. W celu wyznaczenia portfela efektywnego można poshiżyć się gotowymi programami. W praktyce wykorzystanie tych aplikacji stwarza pewne problemy. By sprawnie wyznaczać portfele efektywne napisaliśmy program w Delphi wykorzystujący odpowiednio dostosowany algorytm Wolfa.
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Ryzyko jest podstawową kategorią oceny bezpieczeństwa systemu zaopatrzenia w wodę. Pierwszym krokiem oceny ryzyka jest zidentyfikowanie zagrożeń i ich możliwych skutków zgodnie z obowiązującymi unormowaniami prawnymi. Jedną z metod oceny ryzyka jest metoda tzw. grafów ryzyka. Polega ona na wstępnej analizie czynników ryzyka, takich jak: częstość wystąpienia zagrożenia - F, czas trwania ekspozycji na zagrożenie - E, wielkość możliwych skutków - C oraz stopień ochrony - O, który jest odwrotnie proporcjonalny do wymienionych miar ryzyka. Drogę po gałęziach grafu ryzyka należy rozpocząć od określenia zdarzenia inicjującego/szczytowego, będącego zdarzeniem niepożądanym (np. wtórne skażenie wody w sieci wodociągowej). Przedstawiony w pracy rozbudowany graf ryzyka w odróżnieniu od standardowego (powszechnie stosowanego), uwzględnia wszystkie kombinacje możliwości występowania poszczególnych czynników ryzyka.
EN
Risk is a basic category to estimate water supply system safety. The first step in risk assessment is to identify the threats and their possible consequences taking into account law in force. One of methods for risk assessment is the method using the so called risk graphs. It relies on the preliminary analysis of such risk factors as: frequency of threat appearance - F, time of exposure to threat - E, size of the possible consequences - C and protection degree - O, that is inversely proportional to the mentioned measures of risk. The route along the branches of the risk graph should be started from the determination of the initiating/peak event which is the undesirable event (e.g. secondary water contamination in water-pipe network). The expanded risk graph presented in the work differs from the standard (commonly used) graph because it takes into consideration all combinations of the possibilities that the particular risk factors occur.
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Basic evaluation model for grid exploitation risk. Gas grids failures in Western Europe according to the failure cause. Indicator groups of risk factors. Safety factors in risk analysis.
This study aims at identifying sources of risks for corporate bankruptcy models. The applied research method includes the presentation of conditions for the bankruptcy phenomenon to occur in an unstable economy, the analysis of differentiation between the predictive capability of early warning models, and the recognition of risks related to these models. Three major types of risks of corporate bankruptcy models have been distinguished. Firstly, the risks of these models arise from the uncertainty of reliability of financial statements, inter alia, interfering with information, and difficulties in measurement of some financial categories. Secondly, the risk arises from the constraints related to the design of these models, inter alia, being the adopted assumptions, sampling and bankruptcy predictors. Thirdly, the risk of models pertains to the conditions of their practical applications, inter alia, there are cases of their limited comprehensibility, a high volatility of business environment, and the impact of non-conventional bankruptcy factors.
The recent volatility of exchange rates of practically all currencies exerts a direct influence on import/export prices, interest rate levels, state budget revenues and profits. This has had a destabilising effect on national economies and consequently triggered a financial crisis, i.e. the situation that we are currently in. One important factor is the apparent dependence of financial markets on the monetary and exchange rate policies pursued by the financial institutions of key-currency countries. These institutions, accordingly, have a great deal of responsibility for stabilising key financial markets and collaboration between the main institutions of the Triad, i.e. the US Federal Reserve, the Bank of Japan and the European Central Bank. In the absence of coherent, unified and widespread stabilisation mechanisms at the level of national economies and in the face of speculative behaviour by private and institutional investors, plus speculative strategies being commonly adopted by businesses, international financial markets remain highly turbulent and companies have to cope with a rising expense bill.
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