Ascertaining the financial loss from non-dependable events in business interactions by using the Monte Carlo method

Risk Assessment in business interactions is carried out to determine beforehand the occurrence ofundesirable events and their associated consequences. In the literature, various approaches have beenproposed by which an interaction initiating agent can ascertain the occurrence of undesirable event/s...

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Main Authors:	Hussain, Omar, Dillon, Tharam S.
Other Authors:	Makoto Takizawa and A Min Tjoa
Format:	Conference Paper
Published:	IEEE Computer Society 2009
Subjects:	non-dependable events financial risk risk assessment dependable events uncertainty
Online Access:	http://doi.ieeecomputersociety.org/10.1109/ARES.2009.136 http://hdl.handle.net/20.500.11937/9172

id	curtin-20.500.11937-9172
recordtype	eprints
spelling	curtin-20.500.11937-91722018-08-08T04:54:56Z Ascertaining the financial loss from non-dependable events in business interactions by using the Monte Carlo method Hussain, Omar Dillon, Tharam S. Makoto Takizawa and A Min Tjoa non-dependable events financial risk risk assessment dependable events uncertainty Risk Assessment in business interactions is carried out to determine beforehand the occurrence ofundesirable events and their associated consequences. In the literature, various approaches have beenproposed by which an interaction initiating agent can ascertain the occurrence of undesirable event/s and determine their consequences in an interaction. But all of those approaches just consider those events that are related on the performance of the other agent, with whom the interaction initiating agent is forming an interaction with. It is possible that there are also such events that are not dependant on the other agent?s performance, but will directly or in-directly have an impact on the successful completion of the interaction. In this paper we will highlight the importance of considering such event/s during the process of risk assessment, and propose a methodology by which the interaction initiating agent can determine and quantify their effect on the successful completion of its business interaction. 2009 Conference Paper http://hdl.handle.net/20.500.11937/9172 http://doi.ieeecomputersociety.org/10.1109/ARES.2009.136 IEEE Computer Society fulltext
repository_type	Digital Repository
institution_category	Local University
institution	Curtin University Malaysia
building	Curtin Institutional Repository
collection	Online Access
topic	non-dependable events financial risk risk assessment dependable events uncertainty
spellingShingle	non-dependable events financial risk risk assessment dependable events uncertainty Hussain, Omar Dillon, Tharam S. Ascertaining the financial loss from non-dependable events in business interactions by using the Monte Carlo method
description	Risk Assessment in business interactions is carried out to determine beforehand the occurrence ofundesirable events and their associated consequences. In the literature, various approaches have beenproposed by which an interaction initiating agent can ascertain the occurrence of undesirable event/s and determine their consequences in an interaction. But all of those approaches just consider those events that are related on the performance of the other agent, with whom the interaction initiating agent is forming an interaction with. It is possible that there are also such events that are not dependant on the other agent?s performance, but will directly or in-directly have an impact on the successful completion of the interaction. In this paper we will highlight the importance of considering such event/s during the process of risk assessment, and propose a methodology by which the interaction initiating agent can determine and quantify their effect on the successful completion of its business interaction.
author2	Makoto Takizawa and A Min Tjoa
author_facet	Makoto Takizawa and A Min Tjoa Hussain, Omar Dillon, Tharam S.
format	Conference Paper
author	Hussain, Omar Dillon, Tharam S.
author_sort	Hussain, Omar
title	Ascertaining the financial loss from non-dependable events in business interactions by using the Monte Carlo method
title_short	Ascertaining the financial loss from non-dependable events in business interactions by using the Monte Carlo method
title_full	Ascertaining the financial loss from non-dependable events in business interactions by using the Monte Carlo method
title_fullStr	Ascertaining the financial loss from non-dependable events in business interactions by using the Monte Carlo method
title_full_unstemmed	Ascertaining the financial loss from non-dependable events in business interactions by using the Monte Carlo method
title_sort	ascertaining the financial loss from non-dependable events in business interactions by using the monte carlo method
publisher	IEEE Computer Society
publishDate	2009
url	http://doi.ieeecomputersociety.org/10.1109/ARES.2009.136 http://hdl.handle.net/20.500.11937/9172
first_indexed	2018-09-06T18:32:26Z
last_indexed	2018-09-06T18:32:26Z
_version_	1610884051898466304

Ascertaining the financial loss from non-dependable events in business interactions by using the Monte Carlo method

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