2024 | OriginalPaper | Chapter
4. Quantifying, Aggregating, and Modelling Risks
Author : Herfried Kohl
Published in: Managing SMEs in Times of Rapid Change, Uncertainty, and Disruption
Publisher: Springer Nature Switzerland
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Key Topics in This Chapter: Mainly Quantitative
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Balancing efforts and benefits of risk management.
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The concept of risk aggregation.
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Sketch of the top five entry-level probability distribution functions.
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Principles of risk aggregation, modelling, and simulation.
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Making risks measurable and comparable: Risk measures and their classification.
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The value-at-risk and related measures.
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Standard risk models: The individual and the collective risk model.
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Risk portfolios.
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The Monte Carlo simulation method.
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Decisions under risk and uncertainty.