The International Civil Aviation Organization’s (ICAO) decision to require aviation organizations to adopt Safety Management Systems poses a major problem especially for small and medium sized aviation companies. The complexity of regulations overstrains the aviation stakeholders who seek to...

In recent years the Value at Risk (VaR) concept for measuringdownside risk has been widelystudied. VaR basically is a summary statistic that quantifies theexposure of an asset or portfolio tomarket risk, or the risk that a position declines in value withadverse market price changes. Threeparties...