This paper presents a functional approach to HAZOP studies in which the plant is divided along strictly functional lines starting from the purpose of the plant and continuing down to the function of a single node, e.g. a pipe section. The approach leads to nodes with simple functions such as liquid transport, gas transport, liquid storage, gas-liquid contacting etc. From the functions of the no...

In an effort to bolster soundness standards in banking, the 2006 international regulatory agreement of Basel II requires globally active banks to include operational risk in estimating regulatory and economic capital to be held against major types of risk. This paper discusses practical issues faced by a bank in designing and implementing an operational risk capital model. Focusing on the use o...

In this paper a data mining approach for classification of stocks into clusters is presented. After classification, the stocks could be selected from these groups for building a portfolio. It meets the criterion of minimizing the risk by diversification of a portfolio. The clustering approach categorizes stocks on certain investment criteria. We have used stock returns at different times along ...

In this essay we propose a risk protection approach for minimizing a nonlinear unconstrained problem with uncertain parameters. By minimizing the average of second order approximations of the original objective function at p sample values of the parameters, we avoid unsatisfactory results due to unfortunate specification of the unknown parameters. We demonstrate that the computational cost of t...

This work presents a novel interactive possibilistic linear programming (PLP) approach for solving the multiproduct aggregate production planning (APP) problem with imprecise forecast demand, related operating costs, and capacity. The proposed approach attempts to minimize total costs with reference to inventory levels, labor levels, overtime, subcontracting and backordering levels, and labor, ...

The paper derives many existing risk measures and premium principles by minimizing a Markov bound for the tail probability. Our approach involves two exogenous functions v(S) and (S,p) and another exogenous parameter ≤ 1. Minimizing a general Markov bound leads to the following unifying equation: , . z S v S E E p = ^ ] h g 8 6 B @ For any random variable, the risk measure p is the solution to ...