Integrated framework of risk evaluation and risk allocation with bounded data

Authors:
Young Min Bae;Young Hoon Lee
Affiliations:
Department of Information and Industrial Engineering, Yonsei University, 262 Sungsanno, Seodaemoon-Gu, Seoul, Republic of Korea;Department of Information and Industrial Engineering, Yonsei University, 262 Sungsanno, Seodaemoon-Gu, Seoul, Republic of Korea
Venue:
Expert Systems with Applications: An International Journal
Year:
2012

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Abstract

This paper presents an integrated framework for risk evaluation and risk allocation with bounded data in a critical risk management. A risk evaluation framework using the Imprecise Data Envelopment Analysis (IDEA) method is proposed to be applied to operations of Korean Army helicopters. The risks pertaining to pilots, missions and helicopters are evaluated based on bounded data, and pilots are appropriately allocated to missions and helicopters using goal programming with bounded risk scores. Using bounded data, two risk allocation models are developed to be used with the expected value and lower/upper limit values, resulting in improved reliability of the solutions. Numerical experiments show reasonable solutions and valuable information for risk management.