Emerging M&S Application in Risk Management

Authors

C. Ariel Pinto, Old Dominion UniversityFollow
Andreas Tolk, Old Dominion UniversityFollow
Michael McShane, Old Dominion UniversityFollow

Document Type

Conference Paper

Publication Date

2011

Pages

92-96

Conference Name

Emerging M and S Applications in Industry and Academia Symposium 2011, EAIA 2011 - 2011 Spring Simulation Multiconference

Abstract

There has been compelling signs of the great potential of building further synergy with academics, researchers, and industry practitioners from the areas of Modeling and Simulation (M&S) managing risk events. This paper provides an introduction to risk management and how M&S has permeated the risk management process. The trend has been to harness the advantages of M&S tools and techniques in terms of efficiency and effectiveness in managing risks. However, the more important contribution of M&S may be in how it provides a way for specialists in various disciplines or industries interact to manage risks that require multi-disciplinary approach. This becomes possible due to the capabilities of many M&S tools and techniques to be used to recognize the various objectives in risk management scenarios, as well as the need for multiple and non-commensurate performance parameters.

Original Publication Citation

Pinto, A. C., Tolk, A., & McShane, M. (2011). Emerging M&S application in risk management. Paper presented at the 2011 Spring Simulation Multiconference (SpringSim'11); 2011 Emerging M&S Applications in Industry and Academia Symposium, Boston, MA.

Repository Citation

Pinto, C. Ariel; Tolk, Andreas; and McShane, Michael, "Emerging M&S Application in Risk Management" (2011). Engineering Management & Systems Engineering Faculty Publications. 1.
https://digitalcommons.odu.edu/emse_fac_pubs/1