Special Issue "Rational Decision Making in Risk Management"

A special issue of Administrative Sciences (ISSN 2076-3387).

Deadline for manuscript submissions: 30 November 2018

Special Issue Editor

Guest Editor
Dr. Jolanta Tamošaitienė

Faculty of Civil Engineering, Institute of Sustainable Construction, Department of Construction Management and Real Estate, Vilnius Gediminas Technical University, Vilnius 10221, Lithuania
Website | E-Mail
Phone: +37061469140
Interests: civil engineering; risk; construction, project management; decision making

Special Issue Information

Dear Colleagues,

Any activity can be risky. Risk levels can vary depending on the object, size, processes, members, and activity environments. The analyzed object or processes are subject to political, economic, and social conditions. Risk management is a process that involves defining sources of uncertainty (risk identification), estimating the consequences of uncertain events/conditions (risk analysis), and generating response strategies in the light of expected outcomes. Finally, risk management is based on feedback regarding the actual outcomes and risks. The feedback is received while carrying out identification, analysis and response generation steps repetitively throughout the relevant activity to ensure that the set objectives are met. Risk evaluation attributes are selected considering the interests and goals of object or process, as well as factors that influence decision process efficiency and value creation.

Traditionally, risk assessment processes need to consider several different criteria; therefore, Multi-Criteria Decision Making (MCDM) approaches, and other risk assessment methods are usually used for this purpose.

This Special Issue welcomes articles that offer economic, social, technical and environmental benefits from risk management solutions involving, various decision-making methods, methodologies, models, algorithms and tools for rational decision making.

Dr. Jolanta Tamošaitienė
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All papers will be peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Administrative Sciences is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Risk models, tools and techniques for risk management
  • Risk assessment processes
  • Operational research and risk management
  • Decision-making methods and risk management
  • Content and value creation and risk management
  • Decrease in risks
  • Risk management across different sectors
  • Technical risks
  • Crisis management risks
  • Risks threats
  • Corporate risk management
  • Business risk management
  • Bank risk management
  • Financial risk management
  • Enterprise risk management
  • Project management and risks
  • Budget risks
  • Infrastructure risk
  • Procurement risk
  • Strategic management and risks
  • Quantitative and risk management
  • Quality and risk management
  • Human resource and risk management
  • Decision support system for risk management

Published Papers (1 paper)

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Research

Open AccessCommunication Development and Introduction of the Risk-Sentience Auxiliary Framework (RSAF) as an Enabler to the ISO 31000 and ISO 31010 for High-Risk Environments
Adm. Sci. 2018, 8(2), 22; https://doi.org/10.3390/admsci8020022
Received: 11 May 2018 / Revised: 13 June 2018 / Accepted: 13 June 2018 / Published: 16 June 2018
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Abstract
The aim of this study was to develop, implement, and evaluate a new auxiliary enterprise risk management framework and process to serve as an enabler to the global ISO 31000 risk framework and ISO 31010 processes. This framework has been designed particularly for
[...] Read more.
The aim of this study was to develop, implement, and evaluate a new auxiliary enterprise risk management framework and process to serve as an enabler to the global ISO 31000 risk framework and ISO 31010 processes. This framework has been designed particularly for use within high-risk environments and those characterized by volatility, uncertainty, complexity, and ambiguity (VUCA). This paper proposes a methodology for optimization of structured sharing and grass-roots management of all available risk-sentience information with the assessed potential to develop into an identifiable risk in the future. The author introduces new risk terminology including risk-sentience, risk-sentience information, and risk-sentience management. The process involved the development of the Theory of Risk-Sentience (ToRS), Risk-Sentience Auxiliary Framework (RSAF) and a risk-sentience management process referred to as LUOMEAR (Learning from Uncertainties, Others Mistakes, Experiences and Anecdotal Reporting). Manchester Patient Safety Framework (MaPSaF), SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis, and a newly developed Risk-Sentience Fertility Checklist were used to conduct pre and post-trial evaluations. The findings include positive adjustments in safety culture, components of commitment to quality, communication and team-working around safety issues, access to evolving risk-information, and efficient sharing and management of recorded risk-information. Recommendations are made for more extensive application of both the proposed auxiliary risk framework and process within high-risk sectors to further explore its effectiveness and scope. Full article
(This article belongs to the Special Issue Rational Decision Making in Risk Management)
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