Related Research Articles
Project management is the process of leading the work of a team to achieve all project goals within the given constraints. This information is usually described in project documentation, created at the beginning of the development process. The primary constraints are scope, time, and budget. The secondary challenge is to optimize the allocation of necessary inputs and apply them to meet pre-defined objectives.
Risk management is the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
Uncertainty or Incertitude refers to epistemic situations involving imperfect or unknown information. It applies to predictions of future events, to physical measurements that are already made, or to the unknown. Uncertainty arises in partially observable or stochastic environments, as well as due to ignorance, indolence, or both. It arises in any number of fields, including insurance, philosophy, physics, statistics, economics, finance, medicine, psychology, sociology, engineering, metrology, meteorology, ecology and information science.
Cost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives. It is used to determine options which provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business requirements. A CBA may be used to compare completed or potential courses of action, and to estimate or evaluate the value against the cost of a decision, project, or policy. It is commonly used to evaluate business or policy decisions, commercial transactions, and project investments. For example, the U.S. Securities and Exchange Commission must conduct cost-benefit analyses before instituting regulations or deregulations.
Decision analysis (DA) is the discipline comprising the philosophy, methodology, and professional practice necessary to address important decisions in a formal manner. Decision analysis includes many procedures, methods, and tools for identifying, clearly representing, and formally assessing important aspects of a decision; for prescribing a recommended course of action by applying the maximum expected-utility axiom to a well-formed representation of the decision; and for translating the formal representation of a decision and its corresponding recommendation into insight for the decision maker, and other corporate and non-corporate stakeholders.
Risk analysis is a technique used to identify and assess factors that may jeopardize the success of a project or achieving a goal.
Financial modeling is the task of building an abstract representation of a real world financial situation. This is a mathematical model designed to represent the performance of a financial asset or portfolio of a business, project, or any other investment.
Predictive analytics is a form of business analytics applying machine learning to generate a predictive model for certain business applications. As such, it encompasses a variety of statistical techniques from predictive modeling and machine learning that analyze current and historical facts to make predictions about future or otherwise unknown events. It represents a major subset of machine learning applications; in some contexts, it is synonymous with machine learning.
A chief information security officer (CISO) is a senior-level executive within an organization responsible for establishing and maintaining the enterprise vision, strategy, and program to ensure information assets and technologies are adequately protected. The CISO directs staff in identifying, developing, implementing, and maintaining processes across the enterprise to reduce information and information technology (IT) risks. They respond to incidents, establish appropriate standards and controls, manage security technologies, and direct the establishment and implementation of policies and procedures. The CISO is also usually responsible for information-related compliance. The CISO is also responsible for protecting proprietary information and assets of the company, including the data of clients and consumers. CISO works with other executives to make sure the company is growing in a responsible and ethical manner.
Intellectual property assets such as patents are the core of many organizations and transactions related to technology. Licenses and assignments of intellectual property rights are common operations in the technology markets, as well as the use of these types of assets as loan security. These uses give rise to the growing importance of financial valuation of intellectual property, since knowing the economic value of patents is a critical factor in order to define their trading conditions.
Egon Brunswik Edler von Korompa was a psychologist who made contributions to functionalism and the history of psychology.
IT portfolio management is the application of systematic management to the investments, projects and activities of enterprise Information Technology (IT) departments. Examples of IT portfolios would be planned initiatives, projects, and ongoing IT services. The promise of IT portfolio management is the quantification of previously informal IT efforts, enabling measurement and objective evaluation of investment scenarios.
Value measuring methodology (VMM) is a tool that helps financial planners balance both tangible and intangible values when making investment decisions, and monitor benefits.
A risk matrix is a matrix that is used during risk assessment to define the level of risk by considering the category of probability or likelihood against the category of consequence severity. This is a simple mechanism to increase visibility of risks and assist management decision making.
Calibrated probability assessments are subjective probabilities assigned by individuals who have been trained to assess probabilities in a way that historically represents their uncertainty. For example, when a person has calibrated a situation and says they are "80% confident" in each of 100 predictions they made, they will get about 80% of them correct. Likewise, they will be right 90% of the time they say they are 90% certain, and so on.
Robyn Mason Dawes was an American psychologist who specialized in the field of human judgment. His research interests included human irrationality, human cooperation, intuitive expertise, and the United States AIDS policy. He applied linear models to human decision making, including models with equal weights, a method known as unit-weighted regression. He co-wrote an early textbook on mathematical psychology.
Information technology risk, IT risk, IT-related risk, or cyber risk is any risk relating to information technology. While information has long been appreciated as a valuable and important asset, the rise of the knowledge economy and the Digital Revolution has led to organizations becoming increasingly dependent on information, information processing and especially IT. Various events or incidents that compromise IT in some way can therefore cause adverse impacts on the organization's business processes or mission, ranging from inconsequential to catastrophic in scale.
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value, often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is "effect of uncertainty on objectives".
Professor Karl Claxton is a health economist at the University of York.
Operations management for services has the functional responsibility for producing the services of an organization and providing them directly to its customers. It specifically deals with decisions required by operations managers for simultaneous production and consumption of an intangible product. These decisions concern the process, people, information and the system that produces and delivers the service. It differs from operations management in general, since the processes of service organizations differ from those of manufacturing organizations.
References
- ↑ Ian Grant (12 September 2007). "Book review: How to Measure Anything, by Douglas W Hubbard". Computer Weekly . Retrieved 1 June 2022.
- ↑ Steven James Landry, ed. (2017). Handbook of Human Factors in Air Transportation Systems. CRC Press. pp. 204–205. ISBN 9781351653145.
- ↑ Veljko Krunic (2020). Succeeding with AI: How to make AI work for your business. Simon and Schuster. p. 109. ISBN 9781638356318.
- ↑ Reviews of How to Measure Anything: Finding the Value of Intangibles in Business:
- Fraser, Malcolm (June 2011), "Review of 2nd ed", People & Strategy: 58
- Roulac, Stephen, "Review", New York Journal of Books
- ↑ Reviews of The Failure of Risk Management:
- MacKenzie, Cameron A. (2010), "Review", Risk Analysis, 30 (3): 524–525, doi:10.1111/j.1539-6924.2010.01381.x
- Michaelson, Gail (2010), "Review of The Failure of Risk Management", ISACA Journal, 2
- ↑ Reviews of How to Measure Anything in Cybersecurity Risk:
- Austin, Richard (2016), Cipher Book Review E134, IEEE Computer Society Technical Committee on Security and Privacy
- Samuelson, Douglas A., "Reducing cybersecurity risk", Analytics, INFORMS
- ↑ "Fall 2021 FSA Exam Book List | SOA".
- ↑ Shepherd, Keith; Hubbard, Douglas; Fenton, Norman; Claxton, Karl; Luedeling, Eike; de Leeuw, Jan (2015-07-08). "Policy: Development goals should enable decision-making". Nature. 523 (7559): 152–154. Bibcode:2015Natur.523..152S. doi: 10.1038/523152a . ISSN 0028-0836. PMID 26156358.
- ↑ "ROIowa". CIO. Retrieved 2018-11-19.
- ↑ "Case Study: Red light, green light". IT World Canada. Retrieved 2018-11-19.
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