We propose an empirical service-operation risk-classification model to provide managerial insights to service providers in terms of risk management. The model is developed through an investigation of the dependencies between the characteristics of service operations in consumer services and the...

Advances in Mathematical Modeling for Reliability discusses fundamental issues on mathematical modeling in reliability theory and its applications. Beginning with an extensive discussion of graphical modeling and Bayesian networks, the focus shifts towards repairable systems: a discussion about...

The ALARP principle is applied in many areas to regulate the tolerable level of risk. Usually the principle is operationalized by assigning a value per fatality. A cost-benefit analysis is used to trade the expected value of lives saved with the costs of technical measures required to reduce...

It is well known that, given observable data for a competing risk problem, there is always an independent model consistent with the data. It has been pointed out, however, that this independent model does not necessarily have to be one with proper marginals. One purpose of this paper is to...

Recent work in the field of competing risks enables us to start an assessment of the impact of preventive maintenance on the failure characteristics of a piece of equipment. Competing risk is the term given when more than one factor conspires to take a piece of equipment out of service. A simple...

Within reliability theory, identifiability problems arise through competing risks. If we have a series system of several components, and if that system is replaced or repaired to as good as new on failure, then the different component failures represent competing risks for the system. It is well...

Much operational reliability data available, e.g., in the nuclear industry, is heavily right-censored by preventive maintenance. The common methods for dealing with right-censored data (total time on test statistic, Kaplan-Meier estimator, adjusted rank methods) assume the s-independent...

Purpose – The purpose of this paper is to examine the risk management practices of life assurance firms and non-life insurance firms. Design/methodology/approach – Through a comparative case study methodology, the study assesses the state of risk management in both life assurance companies...

This paper examines the effect of risk on bank performance in Ghana. A panel data analysis of 18 banks over the period 1997-2008 is used in the study. The results show that lower risk levels lead to an increase in bank performance. In addition, the results show that when ownership interacts with...

Purpose – This paper reports on the foreign exchange risk-management practices among Ghanaian firms involved in international trade. The study focuses on how Ghanaian firms manage their foreign exchange risk and the problems involved in managing exchange rate exposure. It also seeks to...