Home // International Journal On Advances in Software, volume 7, numbers 3 and 4, 2014 // View article

Aspects of Modelling and Processing Complex Networks of Operations' Risk

Authors:
Udo Inden
Despina T. Meridou
Maria-Eleftheria Ch. Papadopoulou
Angelos-Christos G. Anadiotis
Iakovos S. Venieris
Claus-Peter Rückemann

Keywords: Integrated risk management; resolution of object and time; semantic models and technology; high-end computing.

Abstract:
“Landscape of risk” (RL) is a metaphor to de- scribe agglomerations of interdependent risk. The idea is to integrate the full scale, variety, velocity, variability and the related determinants of a complex operations’ system into one computable model. The atomic elements of this network are managed nodes being exposed to risk, thus becoming source or target of unplanned events, of positive or negative impacts and propagation effects. Management is understood as continuing effort of operations’ intelligence to realise and evaluate risk and to effectively act on it. The challenges are vast increases of the resolution of object and time and the accelerating change, of particularly technological innovation. These are reasons that RLs become more and dynamic, that models need to identify and capture interdependency across local and global levels and life-cycles, that learning needs to be directly integrated into the managerial workflows. Therefore, the RL concept allows for the integration of the “Big V” of data (volume, velocity, variability etc.) as well as for human and machine intelligence respectively learning. We discuss various problems and alternative models as well as architectures for processing complex landscapes and provide a first formal semantic model about the managerial handling of risk of for the management of unplanned events.

Pages: 501 to 525

Copyright: Copyright (c) to authors, 2014. Used with permission.

Publication date: December 30, 2014

Published in: journal

ISSN: 1942-2628