The overall aim of this article is to contribute to the further development of the area of risk a... more The overall aim of this article is to contribute to the further development of the area of risk analysis and risk management in the International Organization for for Standardization (ISO) standards by strengthening its scientific basis. Industrial standards, especially ISO standards, are the tools organizations use to manage their risk, through following their guidance and complying with their requirements. Organizations confirm their compliance with these standards through certification, which means that they heavily depend upon the quality of the ISO standards to enable them to effectively manage their risk. The purpose of this study is to investigate what guidance is given on key elements of risk management and how well ISO standards are aligned with state‐of‐the‐art risk management literature. Eighteen ISO standards, all addressing risk management, were reviewed in this study with regard to risk terminology and guidance. The results of the study confirm the increasing importance of risk management for business. However, the study also shows a lack of guidance on doing risk analysis in the industrial standards examined. The ISO management system standards and guidelines are not aligned with the scientific literature on risk and are not appropriate for the management of risk arising from complex interactions and emergent behavior that is inherent in present‐day sociotechnical systems.
Cooperation and communication with stakeholders is important for engineering educators as is emph... more Cooperation and communication with stakeholders is important for engineering educators as is emphasized in the CDIO standards. The School of Science and Engineering at Reykjavik University is implementing the CDIO standards and when reviewing and revising learning outcomes, i.e. CDIO standards 2 and 3, it was decided to contact stakeholders and obtain their views and recommendations regarding priorities in the program content. This work is on-going and will be carried out until the fall of 2014. This paper will discuss the methodology used by the four different departments at the School of Science and Engineering at Reykjavik University: Biomedical Engineering, Civil Engineering, Engineering Management and Financial Engineering, and Mechanical and Electrical Engineering. Although all the departments used interviews to some extent, they used different approaches and some also used focus groups and surveys. The experience of each department will be presented and discussed. This paper ...
In the last decade, or since the herring disappeared from the Icelandic fishing waters in 1967–68... more In the last decade, or since the herring disappeared from the Icelandic fishing waters in 1967–68, the capelin has been by far the most important industrial fish for the production of meal and oil in Iceland.
Í meistararitgerð í meistaranámi í verkefnastjórnun, MPM, við Háskólann í Reykjavík, var lögð fra... more Í meistararitgerð í meistaranámi í verkefnastjórnun, MPM, við Háskólann í Reykjavík, var lögð fram rannsóknarspurningin „Er hægt að verðmeta tannlæknapraxís“. Verðmati á tannlækna-praxís er skipt í hlutlæga þætti og huglæga þætti. Helstu hlutlægu þættirnir eru húsnæði, innréttingar, tæki og áhöld. Huglægu þættirnir eru viðskiptavild. Til að meta viðskiptavild þarf að skoða ársveltu, gjaldskrá, vinnutíma, tekjuöflun, kostnað, stærð og gæði á praxís og viðskilnað seljanda. Í febrúar 2013 höfðu 284 tannlæknar starfsleyfi á Íslandi. Hringt var í 30 tannlækna eða aðstandendur þeirra sem höfðu átt 39 viðskipti með tannlæknapraxís síðustu 20 ár. Oftast nefndu seljendur að tekið hafi verið tillit til tækja og áhalda, þá ársveltu og síðan húsnæðis við verðmat á tannlæknapraxís. Oftast nefndu kaupendur að tekið hafi verið tillit til tækja og áhalda, þá skjólstæðinga og síðan ársveltu við verðmatið. Af 39 viðskiptum með tannlæknapraxís voru tannlæknar eða aðstandendur þeirra mjög sáttir eða sá...
The overall aim of this article is to contribute to the further development of the area of benchm... more The overall aim of this article is to contribute to the further development of the area of benchmarking in risk management. The article introduces a two-step benchmarking model to assess the efficacy of ISO risk management systems. It furthermore aims at verifying its usefulness in terms of finding hidden risk issues and improvement opportunities. The existence of all key elements of an ISO 31000-based risk management system is examined at the beginning of this study. Then, the quality in terms of efficacy of important aspects of the risk management system is examined in more detail with special benchmarks. The application of the model to six ISO-certified organizations follows and reinforces the novelty of this study, which is to combine risk science knowledge with benchmarking theory in the application of ISO risk management standards in organizations. The results show that the benchmarking model developed in this study provides rigor when assessing and evaluating the efficacy of ...
2016 International Conference on Probabilistic Methods Applied to Power Systems (PMAPS), 2016
This paper introduces a probabilistic reliability management approach and describes a pilot test ... more This paper introduces a probabilistic reliability management approach and describes a pilot test planned by the Icelandic transmission system operator, Landsnet, in early 2017, as part of the EU GARPUR project. The pilot test will assess the viability of the approach and criteria proposed by GARPUR, in the context of real-time system operation. The mathematical formulation of reliability assessment being studied in the pilot test and the required algorithms are outlined. Data and tools needed for the pilot test are detailed, identifying the required assumptions and simplifications where existing data and tools are lacking. Finally, the preliminary methodology of the pilot test is described, followed by a discussion of the expected value of the pilot test. It is anticipated that the pilot test will provide insights into data and modelling needs for the implementation of probabilistic risk management approaches and criteria in transmission system operation.
The abalone industry in South Africa is known as one of the largest in the world. The country pro... more The abalone industry in South Africa is known as one of the largest in the world. The country produced 1000 tons in 2008 (DEAT, 2008). Most of the abalone farms are located in the Western Cape Province due to the suitable environmental conditions and established infrastructure. The growth of abalone aquaculture is expected to continue. However, access to suitable coastal land and the dependence on wild harvest of seaweed may restrict further development around main nodes of abalone farming. The government has proposed the development of the Namaqualand Mariculture Park (NMP) in the Northern Cape province of South Africa. The NMP concept involves the development of complementary marine aquaculture activities sharing common infrastructure, where access to coastal land and good quality seawater is guaranteed. The running costs of the Mariculture Park will be met by charging the tenant aquaculture operations a monthly rent. The NMP could support a diverse number of mariculture operation...
In a dynamic, environment, the decision makers make use of many different resources where two or ... more In a dynamic, environment, the decision makers make use of many different resources where two or more can act as substitutes. At each decision moment in time, the market prices will be constant, and the relative prices of accessible resources will determine the economic rationale of the process. Ignoring or downplaying the effects of substitutability of resources in dynamic economic processes may lead to mismanagement of the fish stocks and result in serious economic consequences for the respective fishing industries. For nearly five decades’ fishery managers and policy makers have used bio-economic models and methods as foundation for their management schemes. These models and methods are for the most based on the deductive methodology of economics where central assumptions are the metaphors of “equilibrium“ and “bio-economic equilibrium“. Models based on equilibrium theories are usually deterministic where dynamics of the markets are a meager part of the problem. Less attenti...
The overall aim of this article is to contribute to the further development of the area of risk a... more The overall aim of this article is to contribute to the further development of the area of risk analysis and risk management in the International Organization for for Standardization (ISO) standards by strengthening its scientific basis. Industrial standards, especially ISO standards, are the tools organizations use to manage their risk, through following their guidance and complying with their requirements. Organizations confirm their compliance with these standards through certification, which means that they heavily depend upon the quality of the ISO standards to enable them to effectively manage their risk. The purpose of this study is to investigate what guidance is given on key elements of risk management and how well ISO standards are aligned with state‐of‐the‐art risk management literature. Eighteen ISO standards, all addressing risk management, were reviewed in this study with regard to risk terminology and guidance. The results of the study confirm the increasing importance of risk management for business. However, the study also shows a lack of guidance on doing risk analysis in the industrial standards examined. The ISO management system standards and guidelines are not aligned with the scientific literature on risk and are not appropriate for the management of risk arising from complex interactions and emergent behavior that is inherent in present‐day sociotechnical systems.
Cooperation and communication with stakeholders is important for engineering educators as is emph... more Cooperation and communication with stakeholders is important for engineering educators as is emphasized in the CDIO standards. The School of Science and Engineering at Reykjavik University is implementing the CDIO standards and when reviewing and revising learning outcomes, i.e. CDIO standards 2 and 3, it was decided to contact stakeholders and obtain their views and recommendations regarding priorities in the program content. This work is on-going and will be carried out until the fall of 2014. This paper will discuss the methodology used by the four different departments at the School of Science and Engineering at Reykjavik University: Biomedical Engineering, Civil Engineering, Engineering Management and Financial Engineering, and Mechanical and Electrical Engineering. Although all the departments used interviews to some extent, they used different approaches and some also used focus groups and surveys. The experience of each department will be presented and discussed. This paper ...
In the last decade, or since the herring disappeared from the Icelandic fishing waters in 1967–68... more In the last decade, or since the herring disappeared from the Icelandic fishing waters in 1967–68, the capelin has been by far the most important industrial fish for the production of meal and oil in Iceland.
Í meistararitgerð í meistaranámi í verkefnastjórnun, MPM, við Háskólann í Reykjavík, var lögð fra... more Í meistararitgerð í meistaranámi í verkefnastjórnun, MPM, við Háskólann í Reykjavík, var lögð fram rannsóknarspurningin „Er hægt að verðmeta tannlæknapraxís“. Verðmati á tannlækna-praxís er skipt í hlutlæga þætti og huglæga þætti. Helstu hlutlægu þættirnir eru húsnæði, innréttingar, tæki og áhöld. Huglægu þættirnir eru viðskiptavild. Til að meta viðskiptavild þarf að skoða ársveltu, gjaldskrá, vinnutíma, tekjuöflun, kostnað, stærð og gæði á praxís og viðskilnað seljanda. Í febrúar 2013 höfðu 284 tannlæknar starfsleyfi á Íslandi. Hringt var í 30 tannlækna eða aðstandendur þeirra sem höfðu átt 39 viðskipti með tannlæknapraxís síðustu 20 ár. Oftast nefndu seljendur að tekið hafi verið tillit til tækja og áhalda, þá ársveltu og síðan húsnæðis við verðmat á tannlæknapraxís. Oftast nefndu kaupendur að tekið hafi verið tillit til tækja og áhalda, þá skjólstæðinga og síðan ársveltu við verðmatið. Af 39 viðskiptum með tannlæknapraxís voru tannlæknar eða aðstandendur þeirra mjög sáttir eða sá...
The overall aim of this article is to contribute to the further development of the area of benchm... more The overall aim of this article is to contribute to the further development of the area of benchmarking in risk management. The article introduces a two-step benchmarking model to assess the efficacy of ISO risk management systems. It furthermore aims at verifying its usefulness in terms of finding hidden risk issues and improvement opportunities. The existence of all key elements of an ISO 31000-based risk management system is examined at the beginning of this study. Then, the quality in terms of efficacy of important aspects of the risk management system is examined in more detail with special benchmarks. The application of the model to six ISO-certified organizations follows and reinforces the novelty of this study, which is to combine risk science knowledge with benchmarking theory in the application of ISO risk management standards in organizations. The results show that the benchmarking model developed in this study provides rigor when assessing and evaluating the efficacy of ...
2016 International Conference on Probabilistic Methods Applied to Power Systems (PMAPS), 2016
This paper introduces a probabilistic reliability management approach and describes a pilot test ... more This paper introduces a probabilistic reliability management approach and describes a pilot test planned by the Icelandic transmission system operator, Landsnet, in early 2017, as part of the EU GARPUR project. The pilot test will assess the viability of the approach and criteria proposed by GARPUR, in the context of real-time system operation. The mathematical formulation of reliability assessment being studied in the pilot test and the required algorithms are outlined. Data and tools needed for the pilot test are detailed, identifying the required assumptions and simplifications where existing data and tools are lacking. Finally, the preliminary methodology of the pilot test is described, followed by a discussion of the expected value of the pilot test. It is anticipated that the pilot test will provide insights into data and modelling needs for the implementation of probabilistic risk management approaches and criteria in transmission system operation.
The abalone industry in South Africa is known as one of the largest in the world. The country pro... more The abalone industry in South Africa is known as one of the largest in the world. The country produced 1000 tons in 2008 (DEAT, 2008). Most of the abalone farms are located in the Western Cape Province due to the suitable environmental conditions and established infrastructure. The growth of abalone aquaculture is expected to continue. However, access to suitable coastal land and the dependence on wild harvest of seaweed may restrict further development around main nodes of abalone farming. The government has proposed the development of the Namaqualand Mariculture Park (NMP) in the Northern Cape province of South Africa. The NMP concept involves the development of complementary marine aquaculture activities sharing common infrastructure, where access to coastal land and good quality seawater is guaranteed. The running costs of the Mariculture Park will be met by charging the tenant aquaculture operations a monthly rent. The NMP could support a diverse number of mariculture operation...
In a dynamic, environment, the decision makers make use of many different resources where two or ... more In a dynamic, environment, the decision makers make use of many different resources where two or more can act as substitutes. At each decision moment in time, the market prices will be constant, and the relative prices of accessible resources will determine the economic rationale of the process. Ignoring or downplaying the effects of substitutability of resources in dynamic economic processes may lead to mismanagement of the fish stocks and result in serious economic consequences for the respective fishing industries. For nearly five decades’ fishery managers and policy makers have used bio-economic models and methods as foundation for their management schemes. These models and methods are for the most based on the deductive methodology of economics where central assumptions are the metaphors of “equilibrium“ and “bio-economic equilibrium“. Models based on equilibrium theories are usually deterministic where dynamics of the markets are a meager part of the problem. Less attenti...
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