Research, practices, and innovations in global risk and contingency management

Research, Practices, and Innovations in Global Risk and Contingency Management Kenneth David Strang State University of New York, USA & APPC Research, Australia Maximiliano E.. Korstanj

Research, Practices, and Innovations in Global

Risk and Contingency

Management

Kenneth David Strang

State University of New York, USA & APPC Research, Australia

Maximiliano E Korstanje

University of Palermo, Argentina

Narasimha Vajjhala

American University of Nigeria, Nigeria

A volume in the Advances in Business Information

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Names: Strang, Kenneth David, 1962- editor | Korstanje, Maximiliano, editor

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Title: Research, practices, and innovations in global risk and contingency

management / Kenneth David Strang, Maximiliano E Korstanje, and Narasimha

Vajjhala, editors.

Description: Hershey : Business Science Reference, [2018]

Identifiers: LCCN 2017032921| ISBN 9781522547549 (hardcover) | ISBN

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Table of Contents



Foreword xv Preface xxiii

Section 1 Quantitative Approaches to Risk and Uncertainty Models Chapter 1

StrategicandTacticalMeasuresinManagingEnterpriseRisks:AStudyoftheTextileand

ApparelIndustry 1

Rita Lai-ying Chan, BNU-HKBU United International College, China

Phyllis Lai-lan Mo, City University of Hong Kong, China

Karen K L Moon, Seoul National University, South Korea

Chapter 2

AComparisonofExcessStockMarketReturntoStandardMarketingMetrics 20

Vicki Lane, University of Colorado – Denver, USA

Madhavan Parthasarathy, University of Colorado – Denver, USA

Kenneth David Strang, State University of New York at Plattsburgh, USA

Narasimha Rao Vajjhala, American University of Nigeria, Nigeria

Chapter 5

RiskInherentinMatchingUnreliabilityWithUncertainty 73

Roy L Nersesian, Monmouth University, USA

Joe McManus, Monmouth University, USA

Section 2 Qualitative, Historical, and Philosophical Risk Perspectives Chapter 6

K Madhu Kishore Raghunath, National Institute of Technology, India

S L Tulasi Devi, National Institute of Technology, India

Chandra Sekhar Patro, Gayatri Vidya Parishad College of Engineering, India

Vittal Anantatmula, Western Carolina University, USA

Yang Fan, Western Carolina University, USA

Section 4 Industry Applications and Mixed Method Studies Chapter 15

ComplexInterdependencyofITSecurityRiskinB2BSupplyChain 269

Tridib Bandyopadhyay, Kennesaw State University, USA Chapter 16 ModellingtheEnablersofSupplyRiskManagementUsingInterpretiveStructuralMethodology 286

Kunal Ganguly, IIM Kashipur, India Debabrata Das, IIM Kashipur, India Chapter 17 EmergentIssuesintheWorldWarAgainstGlobalTerrorism 305

Kenneth David Strang, State University of New York at Plattsburgh, USA Chapter 18 PracticalUseandEffectsofScopeReductionsintheFormofReductionLists:CostControlatthe PriceofSustainability? 326

Andreas Økland, Norwegian University of Science and Technology, Norway Nils O E Olsson, Norwegian University of Science and Technology, Norway Conclusion 345

Compilation of References 364

About the Contributors 410

Index 416

Foreword xv Preface xxiii

Section 1 Quantitative Approaches to Risk and Uncertainty Models Chapter 1

StrategicandTacticalMeasuresinManagingEnterpriseRisks:AStudyoftheTextileand

ApparelIndustry 1

Rita Lai-ying Chan, BNU-HKBU United International College, China

Phyllis Lai-lan Mo, City University of Hong Kong, China

Karen K L Moon, Seoul National University, South Korea

Thisstudyexaminesthestrategicandtacticalmeasurescompaniesexploitasasourceofcompetitiveadvantagetooutliveriskchallengesandtoseizetheattendantopportunitiesinavolatileeconomicenvironment.Resultsfromaseriesofin-depthinterviewswithseniorexecutivesofHongKong-basedsuccessfulenterprisesinthetextileandapparelindustryshowthattheparticipantcompanieshave,thoughnotunderthebannerofenterpriseriskmanagement(ERM),adoptedtovaryingextentsaproactive,enterprise-wideandholisticapproachtocombatandmanagerisks.ThefindingsoftheERMmaturityanalysisattestthatthetendencytouseformalapproachestomanageriskissuesispositivelyrelatedtoanorganization’ssize,scopeofoperations,andlegalstructure.Theanalysesalsounderpinthateffectiveenterpriseriskmanagementshouldembraceproactive,futureandexternalorientedstrategicinitiativesthatcreateandenhanceorganizationalresiliencethroughtheinvolvementofinternalaswellasexternalstakeholders

Chapter 2

AComparisonofExcessStockMarketReturntoStandardMarketingMetrics 20

Vicki Lane, University of Colorado – Denver, USA

Madhavan Parthasarathy, University of Colorado – Denver, USA

Marketingmetricsprovidemeasuresoftheimpactofvariousmarketingstrategies.Thispaperexaminesexcessstockmarketreturnasapotentialmeasuretoincludeinthemetricarsenal.Excessstockreturnreflectsinvestors’viewsofthelikelyimpactofaparticularstrategy.Investorsformexpectationsabouthowthestrategywillaffectfuturecashflows.Consequently,astock’spricechangestoreflectinvestor

“votes”aboutthestrategy’simpactonfirmvalue.Bytappingintoeventstudytechniquesformeasuring

theimpactofanannouncement,firmscanbetterunderstandthevalueofaparticularmarketingstrategy.An assessment of various marketing measures indicates that excess stock market return comparesfavorablytoothermetrics.Excessreturnyieldsunbiasedestimates,allowsdirectcausalinference,isfutureoriented,includesallcashflows,accountsforopportunitycosts,factorsinrisk,andtakesintoaccountthetimevalueofmoney

Chapter 3

AnalyzingRiskManagementandNon-PerformingAssetsinBanks 38

Hasnan Baber, Central University of Kashmir, India

Allfinancialinstitutionsfaceriskstosomedegree.Whentalkingaboutriskitmustbeanalysedwhichconditionscarriesmoreriskthananother.Thus,abankmustevaluateboththereturnandtheriskimplantedintheportfolio.Banksmustmeasuretheanticipatedprofitandassesstheprudenceofthevariousriskstalliedtobesurethattheresultattainsthestatedgoalofmaximizingshareholdervalue.ThisstudywasconductedinHDFCbankinIndia.Thestudyhasusedbothprimaryandsecondarydata.Theaimofthechapterwastoinspectthedifferentpracticesfollowedbythebanktodifferenttypesofriskswhichabankfaceswhencreditisgivenandhowthesepracticeshasassistedthebanktodroptheconsequenceoftheriskontheeffectivenessandoperations.ThechapteralsorevealsthecontemporarydevelopmentsintheNon-PerformingAssetlevelsofthebankandhowbankhasbeensuccessfulinreducingthepaceofNPAstocurtailtheloadofsecuritization

Chapter 4

HowSocialCultureImpactsYoungExecutiveDecisionMakinginaContextofUncertainty 55

Kenneth David Strang, State University of New York at Plattsburgh, USA

Narasimha Rao Vajjhala, American University of Nigeria, Nigeria

Inthischapter,weexploresocialsciencetheoriesthatcouldexplainhowexecutivesmakedecisionsincontextswithahighdegreeofuncertainty.Inparticularwefocusonhowemergingyoungexecutivesrespondtoriskinsituationsofuncertainty.First,weconductaliteraturereviewfollowedbyacriticalanalysisofsocio-culturaldecision-makingliterature.Thenweperformedacontrolledexperimentusingasampleofsenioruniversitystudentstorepresentyoungexecutives.Acontextofuncertaintywasdesignedwhichrequiredtheparticipantstoworkinsmallteamsandmakeadecisionbasedonincompleteanduncertaininformationaboutamanagerialcasestudy.Inthisway,weintendedtoillustratewhataspectsofcultureimpactsdecisionmakinginacontextofuncertainty

Chapter 5

RiskInherentinMatchingUnreliabilityWithUncertainty 73

Roy L Nersesian, Monmouth University, USA

Joe McManus, Monmouth University, USA

Solarandwindareunreliablesourcesofenergy.Severalyearsago,therewasaneclipseoverEuropeduringcalmweatherreducingrenewable(windandsolar)powertonil–without100%backup,thelightswouldhavegoneout.Electricitydemandisuncertain,butitsuncertaintycanbebracketedwithinknownparametersbasedonananalysisofpastdemand.Meetinguncertaindemandwithreliablesupply(fossilfuel,nuclear,hydroexceptindryseasons)isthenormalcourseofbusinessforanoperatingutility.Matchingupunreliablesupplywithuncertaindemandisanewlyemergingtrendwiththeadventofrenewables.Atfirst,whensolarandwindmademinutecontributionstosatisfyingelectricitydemand,thechallenge

Section 2 Qualitative, Historical, and Philosophical Risk Perspectives Chapter 6

AstronomicalRootsofRiskManagementMeasures 99

Colin Read, State University of New York at Plattsburgh, USA

Themean-varianceapproachhasremainedthedefactomethodtocharacterizeriskeversinceMarkowitz’developmentofModernPortfolioTheory.Thismean-varianceunderpinninggoesbackmuchfurther,though,toanerabeforemodernstreetlightingwhenhumankindheldafascinationwiththecosmosandthemovementoftheplanets.Atthesametime,physicistsandmathematicianswereemployedtoallowgamblerstoimprovetheiroddsingamesofchance.Thetechniquesarenowappliedtothemoredown-to-earthchallengesofthecharacterizationofriskandoptimizationofreward.Idescribetheworkofthepioneerswhocollectivegaveusthemean-variancetool.ThisretrospectiveanalysisofthehistoryofriskandfinancialmarketsarosefromthecollectiveinnovationsofDanielBernoulli,CarlFriedrichGauss, Louis Bachelier, Jacob Marschak, Harry Markowitz, William Sharpe, Paul Samuelson, andFischerBlackandMyronScholes.Theircontributionshelpedestablishourunderstandingofthescienceofriskmanagement

Chapter 7

Socio-PoliticalRisk-Contingency-ManagementFrameworkforPractitionersandResearchers 116

Kenneth David Strang, State University of New York at Plattsburgh, USA

Inthischapter,anewriskandcontingencymodelisdevelopedtoarticulateemergingglobalparadigmfactorsthatwerenotprevalentinthecommunityofpractice5-6yearsago.Thegenerallyaccepteddefinitionsofriskanduncertaintyareclarifiedandtheliteratureisreviewedtorevealfournewcategoriesofglobaluncertaintythatimpactriskandcontingencyplanninginthemicroenvironment,taskenvironmentandinternaltoorganizations.Someoftheemergingfactorsincludethebigdataparadigm,fearofglobalterrorism, economic instability, climate change, international trade agreement changes, along withdomesticandworkplaceviolence.Afteradetailedliteraturereview,thefactorsaresummarizedandpresentedinavisualmodel.Theimplicationsoncurrentandfuturepracticearediscussed,closingwithrecommendationsforfutureresearch

Chapter 8

ImpactofRiskAssessmentModelsonRiskFactors:AHolisticOutlook 134

K Madhu Kishore Raghunath, National Institute of Technology, India

S L Tulasi Devi, National Institute of Technology, India

Chandra Sekhar Patro, Gayatri Vidya Parishad College of Engineering, India

Worldisvicinityfullofopportunitiesgiventheamountofeconomicandnon-economictransactionstakingplaceeverymoment.Withubiquitousopportunitiesallaround,businessescanassumeinherentriskeverywhereinoneortheotherway.Inthischapter,theauthorshavedeliberatedthegeneralbusiness

scenariotoprovethegiveninferences.Thereaderswillcomeacrosswhytheriskmanagementisgainingsomuchgravityandacrossriskstrategyoftopbusinessplayers.Thechapterwillbringintolightthevariousriskfactorsinbusinessandstudythevariousriskassessmentmodelspresenttofortifythenegativityoftheseriskfactors.Simultaneously,theauthorswilldrawempiricalevidenceontheeffectiveness,qualitativeandquantitativeriskmodelshaveonriskfactorsinpublicandprivatebusinessorganisations

Chapter 9

BeyondthePrecautionaryPrinciple:IsTerrorismaRealRisk? 154

Maximiliano E Korstanje, University of Palermo, Argentina

Thischaptercentersonthediscussionaroundterrorism.Whilesomescholarsemphasizeonterrorismasarisk,othersalertonthelimitationsofthinkingterrorismwithinthefieldofrisk.Thisdoesnotmeanthatterrorismdoesnotexist,itisabigproblemforurbanizedcontexts,butitescapestothecontroloflaycitizens.FollowingNiklasLuhman’sdefinitionweexertacriticismonthosewhothinkterrorismasarisk.Thispieceinterrogatedontheepistemologicalborderofterrorismaswellastheinterestofpublicsandaudiencestoconsumetheothers`mourningasaformofentertainment.Thistrendwasfacilitatedbytheunificationofriskandthreatnotions.Aswehaveexplained,terrorismas-a-riskformsanideologicaldiscourseinorderfortheglobalelitetokeepitsprivilegepositionbutalsotoopenthedoorstowardsanewfaceofcapitalism,wehavedubbedThanaCapitalism.Whilepeoplewatchtheothers`sufferinginordertoconfirmtheirstatus,itproducesaviciouscirclewhichisconducivetowhatBaudrillarddubbedas“thespectacleofdisasters”

Chapter 10

W.EdwardsDemingasaGuideforReducingRiskinProjectManagement 174

Dennis Bialaszewski, Indiana State University, USA

Thereisamajordifferencebetweencompletingaprojectandcompletingaprojectthatisjudgedasaprojectcompletedinaqualitymanner,itisnotenoughtojustgetsomethingdone!!!Whatismuchmoreimportantistocompleteaprojectwhatisjudgedastobeaworkofquality.Ifoneaimsatqualityattheonsetonecanmaximizetheprobabilityofcompletingtheprojectwhilereducingtheriskoffailure.OneoftheearliestpioneersinthefieldofQUALITYisW.EdwardsDeming.SomeconsiderJapan’spostWorldWar2economicrecoveryastrulymiraculousandthepersongivenmuchofthecreditforguidingJapantothisrecoverywasanAmericannamedW.EdwardsDeming.DemingdidthisbyreinforcingtheimportanceofapplyingprinciplesofTotalQualityManagementthroughtherecovery,ThePrimeMinisterofJapanawardedDr.DemingwithoneofthemostprestigiousawardsthatcanbeearnedinJapanwhenheawardedDemingJapan’sOrderoftheSacredTreasure,SecondClass.Thisarticlewilldetailtheimportanceoftheseprinciplesforreducingrisk

Section 3 Strategic Management and Contingency Planning Practices Chapter 11

ComprehensiveRiskAbatement:AParadigmShift 187

Bruce D McLaughlin, Lifetime Reliability Solutions, USA

ConventionalAnalyticalandMaintenanceproceduresareassimilatedintoaComprehensiveRiskAbatementStrategycomprisingProcess,Objectives,BalancedProgressMethodologyandLinesofCommunicationbetweenprocessandobjectives.ThisComprehensiveRiskAbatementStrategy(EnterpriseWellnessWay)

Chapter 12

BurstPipesandLeakyRoofs:SmallEmergenciesAreaChallengeforLibraries 211

Gerald Chaudron, University of Memphis Libraries, USA

Librariescanfacedifferentkindsofemergencybutplanningforeverycontingencyisanimmensechallenge.Overwhelmedwithbooksandarticlesthatfocusmainlyonthecatastrophicevents,librarianstendtoplacemoreemphasisonmanagingtheriskofhurricanesandfloodsleavingthenunderpreparedforthemoremundaneandcommonemergencieslikeburstpipesandleakyroofs.Thischapterusestwocasestudiesofsmallwateremergenciestoexaminehoweachlibrarymanagedthoseemergenciesandwhatlessonswerelearned.Theyshowthatwhilebothincidentswerewater-related,theywereverydifferentintermsofsource,size,impact,recoverytime,andfrequency.Librariesshouldbeplanningforsmalldisastersfirst,andthenscalinguppreparationtoaccountforthelargerevents,ratherthanthereverse.Morelibrariesmaydosuchplanningiftheyarepreparingforaprobablescenarioratherthanonethatisonlyapossibility

Chapter 14

RiskManagementStrategiesforProjectSuccess 250

Vittal Anantatmula, Western Carolina University, USA

Yang Fan, Western Carolina University, USA

Asprojectsareassociatedwithrisksduetothepresenceofuncertaintiesandunknowns,riskmanagementassumesimportanceinprojectsuccess.Thischapterisanattempttoexaminevariousriskmitigationstrategiesthatarecommonlyemployedifdifferentindustrialsectors.Thechosenriskstrategywouldalsolargelydependeitheronindividual’sororganization’spropensitytotakerisks.Theauthorssummarizethefindingsofaresearchstudyinthischapter.Theresearchresultsshowthateffortanddetailsofariskmanagementforaprojectaregovernedbyrisksassociatedwithcostandtimeandnotnecessarilywith

Section 4 Industry Applications and Mixed Method Studies Chapter 15

ComplexInterdependencyofITSecurityRiskinB2BSupplyChain 269

Tridib Bandyopadhyay, Kennesaw State University, USA

Managersoftendecidetointegratesupplychainsofcollaboratingfirms.Whethersuchdecisionsareforcompetitiveposture,costsavingoroperationalefficiencies,itisimportanttounderstandthatsupplychainsintegratenotonlytheflowofgoodsbutalsotheinformationprocessesandassetsandmoreoftenthannot,theITnetworksofthefirms.Thustwodevelopmentsoccur.First,ITsecuritylossesofonefirmcollocateattheotherfirm’sserversasinformationassetslikedemandforecastsareshared.Second,theIntranetsofbothfirmsgetconnectedwiththehelpofVPNorsimilartechnologies,makingitpossiblethatabreachcantravelfromonefirmtotheother.ThisinturnmakesITsecurityrisksofSCfirmsstrategicallyinterdependent.ThischapteranalyzessuchinterdependentITsecurityrisksandprovidesinsightsforSCandITmanagerswhoarepoisedtocollaboratewithotherdownstreamorupstreampartnerfirms

Chapter 16

ModellingtheEnablersofSupplyRiskManagementUsingInterpretiveStructuralMethodology 286

Kunal Ganguly, IIM Kashipur, India

Debabrata Das, IIM Kashipur, India

Thepurposeofthispaperistodevelopastructuralframeworkforsupplyriskmanagementprocess(SRMP)andestablishitslinkwithSupplierSelection(SS).InterpretativeStructuralModelling(ISM)approachisusedtodevelopthestructuralframework.TheenablersforSRMPareidentifiedthroughextensiveliteraturereviewandfurtherdiscussionheldwithmanagers/seniorengineersinanIndianAutomobilemanufacturingcompany.Inthesecondstageofthework,thestructuralframeworkisdevelopedwheretheenablersareclassifiedintofourcategoriesbasedontheirdrivingpoweranddependence.TheidentificationofenablersandtheirlinkagesforSRMPwhichinfluencesSSshedslightontheproblemofsupplyriskmanagementefforts.Thiscanenablemanagersindecidingthepriorityofvariousenablersandlinkagesbetweenthem.ThiscanalsohelpsupplychainmanagerstotakeproactivestepsinimprovingtheseenablersandconsiderSupplyRiskfortheSSprocess

Chapter 17

EmergentIssuesintheWorldWarAgainstGlobalTerrorism 305

Kenneth David Strang, State University of New York at Plattsburgh, USA

Thechapterexaminestheimpactofglobalterrorismonthetopmost-impactednations.Globalterrorismcontinuestoimpactmanynations.Therearetwoimpacts–actualattackscausingdeathsinjuriesand/orpropertydamageaswellastheemergingcultureoffearwherehumanrightshaveregressed–bothimpacttheriskandcontingencymanagementcommunityofpractice.Thecriticalanalysismethodisintegratedwithameta-analysisofselectedstudies.Retrospectiveandinductiveanalysistechniquesareapplied.Theriskofglobalterrorismisreviewedandcalculatedforthemost-impactednations.Therecommendationsaddresstheemergentrisksforcontingencyplanningspecialists,practitionersandresearcherstoconsider.Additionally,futureresearchdirectionsareprovided

Chapter 18

PracticalUseandEffectsofScopeReductionsintheFormofReductionLists:CostControlatthe

PriceofSustainability? 326

Andreas Økland, Norwegian University of Science and Technology, Norway Nils O E Olsson, Norwegian University of Science and Technology, Norway Scopemanagementintheformofreductionlistswasintegratedinthequalityassuranceschemefor Norwegianpublicprojectsin2001.Thisarticlepresentsfindingsontheactualuseofreductionlistsfor majorpublicconstructionprojectsProjectrepresentativeswerecontactedtoobtaininformationaboutthe actualuseofpre-definedpotentialscopereductions.Eightofthe14studiedprojectsdidnotimplement anyofthepredefinedreductions.Sixprojectsimplementedsomeofthereductions.Thescopereductions onthereductionlistsareveryspecificanddetailed,unlikegeneraltheoryonscopemanagementandcost control.However,thefindingsfromthestudyareinlinewiththegeneraltheory;itwasthemostgeneral scopeandcostreductionsthatwhereusedinpractice.Thestudysubsequentlylookedintotherelationship betweenscopereductionsandsustainability.Althoughthemostfrequentlyobservedreductionwasofthe category“reducedqualityorfunctionality”,sustainabilitywasrarelyaffectedwiththenotableexception oftherailwayinfrastructureprojects Conclusion 345

Compilation of References 364

About the Contributors 410

Index 416

Theissueofevidenceisalsoonethatdominatescurrentpoliticaldiscourse,especiallyintermsoftheemergenceofsuchphrasesas“fakenews,”“alternativefacts”andthenotionofpost-truthpolicymaking.

xv

I think the people in this country have had enough of experts from organisations with acronyms saying that they know what is best and getting it consistently wrong.

GovewasreferringtothoseexpertsandtheirassociatedgroupsthathadmadeforecastsaroundthelikelyperformanceoftheUKeconomypost-Brexit.Ofcourse,suchjudgmentsareshroudedbyuncertaintyasafunctionoftherangeofpossibleoutcomesassociatedwiththedecisiontoleavetheEUandtherolethatemergencecouldplayinshapingtheprocessesatwork.Ofcourse,thekeyissuehereiswhetherexperts,whenworkingwithintheirdomainofknowledge,arebettersuitedtomakingjudgementsaboutpotentialoutcomesthannon-experts(researchincludingsomepoliticians).TheironyinthisepisodeisthatGovewasoneofthosepoliticianswhostoodbytheinferencethatleavingtheEU

‘could’allowthegovernmenttoputanextra£350millionaweekintotheNationalHealthService–afigurethatincludedthemoneypaidintotheEUbutdidnottakeaccountofanymoniesthatreturnedtotheUK-afairlybasicaccountingerror!

Despitethiserror,Gove(2016)continuedwithhistiradeagainstexpertise:

The trouble with technocrats is because they believe they’re smart, expert indeed, they don’t do what all humans should—and all politicians must—acknowledge when they’ve made mistakes, learn from errors and adjust their assumptions Because to do so would be to challenge their conception of themselves

as bearers of superior insights who are not as susceptible to error as the rest of us (p 27)

comingfromthosepoliticianswhoperpetuatedthatmisleadingclaim.Govewaslatertoclaimthathiscommentsweretakenoutofcontextandthathisconcernwasnotwithexpertiseingeneralbutwithaparticularclassofexperts(Gove,2017).Whatthatmeansisnotclear,however,anditcouldbearguedthatthedamagetothestandingofexpertswasdoneasfaraselementsofsocietywereconcerned.Themovetochallengeempiricalevidencebytheuseofnormativeargumentshascontinuedandtheresulthasbeenashiftawayfromtheevidentialbasisofdecisionmakingtowardsamorenormativeperspec-tivewithinpublicdialogue.Thisprocesshasconsiderableimplicationsforthewaysinwhichriskisidentified,calculated,andmanagedandthedifficultiesassociatedwiththeprovisionofearlywarningsaboutthepotentialforfailure

Thesecondsetofissuesraisedbythecontextoftheopeningquotehighlightsthechallengesaroundthespeedandscalethatsurroundssomepotentialhazardsandthemannerinwhichtheycanescalateintoacrisiswithinahighly-interconnectedworld(Fischbacher-Smith&Smith,2015).Thisisespeciallyproblematicwhereeventsinonepartoftheglobecanhaveconsequencesacrossspace,placeandtime.AnyconflictontheKoreanPeninsula,forexample,wouldhaveconsequencesbeyondthatgeographicallocation,irrespectiveoftheuseofnuclearweaponsinthatconflict.Theimportanceoftheregionasaneconomichubandthedestabilizingeffectthatanyconflictwouldhaveontheregionwouldhaveglobalimplications.Giventhetensionsintheregionandtheconcentrationofmilitaryresources,thetensionsalsopointtothepotentialspeedoftheshiftthatcouldtakeplacebetweenthevariousphasesofthecrisis,astheproblemsthathavebeengeneratedovertimebecomeexposedbyasetofperturbationsthatallowtheinherentvulnerabilitiesthatexistwithinthesystemtoactasaforcemultiplier(Smith,1990a,1995).Theprocessesofcrisisincubationhaveprovedtobeakeyfactorinthewaysthathazardouseventscandevelopandescalateintoacrisis(Reason,1997;Turner,1976,1978).Thesearealsoissuesthatspeaktothewiderchallengesfacingorganisationsaroundthepotentialforcrisisarisingoutoftheinsufficientmanagementofriskanduncertainty

Theinterplaybetweenleadership,organisationalcultures,andsystemsdesignsitatthecoreofthechallengesfacingriskandcrisismanagementtheoryandpracticeandthecalculativepracticesthatareusedtoquantifythehazardsthatariseasafunctionofnormalandabnormalactivities.Thecalculationofriskisespeciallyproblematicintheglobalisedenvironmentinwhichmanyorganisationsoperateandmanyofthechaptersinthisvolumespeaktothosechallengesanddosoinatimelymanner

Asidefromthegeo-politicalhazardsthatfaceorganisations,thedevastationcausedbynaturalhazardshasalsoprovedtobeachallengeforbothpublicandprivatesectororganisations.Asthisbookwenttopress,theHurricanesHarveyandIrmacauseddevastationacrosstheCaribbeanandintosouthernUSA.Thesegeo-physicaldisastersrequiredthedeploymentofimmediateandeffectivecrisismanagementplansinordertohelpmitigatethedamagecausedbythesehurricanes.Thisinterventionisanecessaryelementofthemanagementofdisastersandhighlightstheimportantrolethathumanagencyplansforbothsocio-technicalandgeo-physicalformsofhazard.Riskmanagementis,therefore,aglobalprocessthatisrequiredtodealwithboththepotentialscaleandtheinherentuncertaintythatispresentinex-tremeevents

Risk and Globalisation

Beyondthescaleandimmediacyofinternationalconflictsanddisasters,issuesaroundglobalriskmanagementhavealsoprovedtobesignificantchallengesinanincreasinglyinterconnectedglobalen-vironment(BrintonMilward&Raab,2006;Fischbacher-Smith&Smith,2015).Partofthechallengefacingorganisationsisthatmanyofthehazardsthattheyfaceareessentiallyindeterminateintermsoftherangeofcalculativepracticesthatarenormallyusedtomanagethoseproblems–putanotherway,thereisinsufficientapriorievidencetoallowforaformalcalculationofthevariousfailuremodesandeffectsassociatedwiththehazards.Whencombinedwiththechallengestoexpertjudgementthentheresultisthatanysuchanalysisofthe‘risks’doesnotalwaystakeaccountoftheprobabilitiesofthoseeventsandtheanalysisisshapedbymorenormative,ratherthanempirical,perspectives(Beck,1986,1992;Giddens,1990).Thisisespeciallyproblematicforextremeevents—thatislow-probability,high-

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Thesecondissue,andonewhichisrelatedtotheissueoftheempiricalbasisforassessment,relatestothewaysinwhichtheworse-casescenariosrelatingtoextremeeventsisconsidered.Thereisoftenatendencyamongstmanagerstodenythepotentialoftheworse-casescenarioandthiscanoftenarisefromthetrustthatexistsinthevarioussourcesoftheinformationrelatingtothehazard,theeffectsoftheprevailingparadigminwhichthehazardisframed,andtheabilitiesoftheinterestedpartiestomoveawayfromtheirownviewsofthenatureoftheissue(Adamski&Westrum,2003;Weber&Stern,2011;Westrum,1993).Climatechangehasprovedtobeonesuchhazardwheretherehasbeenconsiderabledebatearoundthenatureoftherisk,theimportanceoftheevidenceintermsofaburdenofproof,andtheroleplayedbypowerfulinterestsintermsofshapingpolicy(McCright&Dunlap,2003;Schneider,2009;Smith,1990b)

tentialscaleoftheeventandthedifficultiesassociatedwithinterventioninahighlyinter-connectedproblem(Fischbacher-Smith&Smith,2015).Theglobalfinancialcrisisof2007-08providedbothaclearindicationoftheinterconnectednatureoffinancialinstitutions,thespeedatwhichfailurewithinasectorcanoccurandthedamagethatcouldtakeplaceacrosscountriesandorganisations,aswellasthelackofunderstandingandcontrolthatmanymanagershadabouttheirorganisations,products,andservices(Acharya&Richardson,2009;Crotty,2009;Jabłecki,2016).Thepotentialpointsoffailurewithinsuchaninterconnectedsystemhighlightedthelimitedscopeforinterventionacrossglobalsup-plychainsandmakesthemanagementofriskwithinthemasignificantchallenge(Fischbacher-Smith

Climatechangealsoillustratesathirdchallengerelatingtotheassessmentofrisk,namelythepo-&Smith,2015;Kleindorfer&Saad,2005;Manuj&Mentzer,2008).Thisinterconnectednatureofharmisnotonlyanissuefortheprivatesectorbutalsoonethatevenpublicmanagementhascometorecognize.Forexample,thepotentialforglobalpandemicsanddiseaseoutbreakscontinuestochallengetheresourcebaseofpublicmanagementorganisations,mostnotablyhealthcare,andsuchpublichealthproblemswillcontinuetobeanareathatwillchallengethecapabilitiesofpublicsectororganisationstomitigatetherisks

Finally,thereisalsotheissueoftoxicleadershipwithinorganisationsandtheactionsofmanagerscanplayamajorroleinthecreationoftheproblemsthattheirorganisationssubsequentlyhavetoface.Leadersandmanagerscanbecometheauthorsoftheirownmisfortune(Fischbacher-Smith,2016)as

theyfailtorecognizetherolethatthereownactsofomissionandcommissioncanplayintheonsetoffailure.Inaddition,organisationsalsoneedtoconsidertheroleplayedbyinsidersingeneratingthreats,ofwhichleadersareasub-set,andthisisalsoachallengeforriskmanagementthatwillcontinuetochallengetheprocessesofriskmanagement(Fischbacher-Smith,2015a)

Thisvolumerepresentsanimportantsetofdiscussionsaboutthenatureofriskandthewaysthatuncertaintycanbemanagedwithinorganisations.Ithighlightsthechallengesthatwillcontinuetofaceboththepracticeofmanagementandthedevelopmentofthetoolsandtechniquesneededtomanageriskinahighlyinterconnectedenvironment.Perhapsneverbeforehastherebeenaneedtotakeaccountoftheviewsofexpertswhoresearchthekeyissuesthatfaceoursocieties.Inanageofalternativefactsandpost-truthpolitics,policymakersneedtoembracethechallengesandinsightspresentedbyauthorsinthisvolume.ToparaphrasetheHollywoodfilmindustry,thedayaftertomorrowmayprovetobetoolate

Allison,G.T.(1969).ConceptualmodelsandtheCubanmissilecrisis.The American Political Science

Beck,U.(1992).Risk society: Towards a new modernity(M.Ritter,Trans.).London:SAGE.

Boisot,M.H.(1995).Information space: A framework for learning in organizations, institutions and

Nicols,T.(2017).The death of expertise.NewYork,NY:OxfordUniversityPress.

Otto,S.(2016).The war on science.Minneapolis,MN:MilkweedEditions.

Pauchant,T.C.,&Mitroff,I.I.(1992).Transforming the crisis-prone organization: Preventing individual

organizational and environmental tragedies Jossey-BassPublishers.

Reason,J.T.(1997).Managing the risks of organizational accidents.Aldershot,UK:Ashgate.

Zio,E.,&Aven,T.(2013).Industrialdisasters:Extremeevents,extremelyrare.Somereflectionsonthe

treatmentofuncertaintiesintheassessmentoftheassociatedrisks.Process Safety and Environmental

Protection,91(1),31–45.doi:10.1016/j.psep.2012.01.004

Anotheritemwhichisrarelydiscussedineditedbooksbutitmaybeofkeeninteresttoreadersisthatwesharehowwedesignedthecontentbyapplyingastrategicmanagementmethodology.Thatisthemethodweusedtodeveloptheproposal,thethemes,call-for-chaptersandwealsousedtheoutcomestoinformthelogicalsequencing.Weclosebysuccinctlysummarizingeachchapter,groupedbytheme

Rationale and Goals of the Book

Publicandnot-for-profitorganizationsaroundtheworldfacearangeofrisksincludingtradecommercefluctuations,regulatorycompliance,operationaluncertainty,reputationloss,datasecuritybreachesandterrorism(Nedaei,Rasid,Sofian,Basiruddin,&Kalkhouran,2015,USADHS,2016&Losha,Strang&Vajjhala,2017).Weshowinthiseditedbookthatthewaythatpractitionersviewriskandcontingencyplanninghaschangedovertheyearsfromamath-groundedstatisticalbasistowardsacontemporaryem-phasisonaholisticapproachthatencompassesnumerousmacroaswellasmicroenvironmentalfactors.Forexample,decadesagoriskmanagerspurchasedinsurancetocovermathematicallyprojectedlossesandthebiggestenvironmentalfactorwasavoidingthe50-yearfloodzone.Nowriskplannershavetoinsureanddevelopcontingencyplansforclimatewarmingimpacts,internationalcurrencyfluctuations,changing(orBrexiting)tradeagreements,terrorism,databreachesandransomattacksfromtheInternet.Thesehaveallhappenedduring2016-2017

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maticcollectionofchaptersseekingtolinktheoreticalmodelswithpracticalstudiesofbusinessesornon-profits.Thethemesandchaptersinthisbookaddressriskfromaholisticviewpointandadoptanevidence-basedapproachtoinvestigateimportantriskandcontingencymanagementissues

Thisbookaddressesthegapintheriskandcontingencymanagementliteraturebyprovidingathe-Thepurposeofthispeer-reviewededitedbookistofocusoncurrentandfuturerisk-contingencymanagementissues,practicesandmodels.Themaingoalsofthiseditedbookinclude:

• Toprovideanall-encompassingholisticdiscussionofriskmanagementandperception

• Givereadersinnovationsonempiricalrisk-contingencymanagementresearchandcasestudies

• Strengthenthecurrentriskandcontingencymanagementbodyofknowledge(closegaps)

• ExpandtheunderstandingofriskmanagementfromvarioussocialandculturalperspectivesOurtargetaudiencewasprimarilyriskorcontingencymanagementpractitioners.Weanticipatedscholars,researchers,policymakers,anddecisionmakersinvolvedinuncertaintyanalysis,riskmanage-ment/mitigationandcontingencyplanningwouldbeinterestedinthisbook

Applying Strategic Management to Design the Book

Thissectioncontainsatechnicaldiscussionofhowweappliedastrategicmanagementmethodologytodesignthisbook.Wefeltitwasworthsharingthatknowledgewithresearchersandpractitioners.Weapproachedthisendeavorasaresearchprojectfromapost-positivistideology(Strang,2015),usingtheaforementionedgoalsofdiscoveringinnovativerisk-contingencymanagementpracticesastheunitofanalysis.Thismeansthatwedidnotjustacceptwhatwasavailabletopublish,butrather,wesearchedforneworrevisedempiricalmaterialthatwouldaddressourmandatetoclosethegapinrisk-contingencymanagementliterature

WeuseabusinessplanningmethodologycalledSWOT-TOWSwhichisconsideredanessentialprocedureforhighperformingorganizationsanditisalsousedaroundtheworldforinternationalcapac-itybuilding(Strang,2017).TheSWOT-TOWSacronymmeansStrengths-Weaknesses-Opportunities-Threatsfollowedbyareverseofthesamefactorstoformulateastrategicgrowthorcontingencyplan.

Thisprocedureisconsideredadefactomethodologyusedinbusinesspracticeforanewservice/product

design(Strang&Chan,2010).Thus,wefeltitwasidealfordevelopingourbook.Earlyintheplanningprocess,Strangledusthroughthismethodology

Weappliedthemethodologythroughnumerousemailconversationsbetweenthethreeeditors,Dr.MaxKorstanje(fromArgentina),Dr.RaoVajjhala(fromNigeriaandlatertravelingthroughAlbaniaandIndia),andStrang(basedintheUSA).Theinitialmotivationforthisbookcamefromthethreeeditorsworkingonagrantproposalinthespringof2017.Weusedprojectmanagementtechniquestofasttrack

togetherusingfluentcommunicationsandtheresponsibilitiesflowedintuitivelybetweenthem.Itwasanaccomplishmenttocompletethisentireprojectinlessthansixmonths(lateApril-earlySeptember).SWOT Analysis

ThefollowingisanenumeratedsummaryofourSWOT(beforetheTOWSprocedure)whichisdiscussed

below.Inthelistbelow,IJRCMreferstotheInternational Journal of Risk and Contingency Management.

Strengths

1. AccesstoarticlesonIGIGlobaleEditorialDiscovery®agementauthors

toidentifyleadingrisk-contingencyman-2. AccesstoIJRCMTableofContents(TOC)andEditorialPrefacestosearchforthemeideas3. AccesstoIJRCMauthorswithexperienceusingtheeEditorialDiscovery®system

4. Effortrequiredvs.wecouldspendtimeonotherprojects(e.g.,grants,articles,otherbooks)5. Noguaranteethatscholarsorpractitionerswillbuybook(sharedroyaltyisnotamotivatingfactorthoughbecauserecognitionandknowledgesharingaremoreimportantgoals)

Opportunities

1. Focusonsummaryofacademicstateoftheartinrisk-contingencymanagement

2. Focusonextension/applicationofrisk-contingencymanagementtoindustrypractice

3. Focusonextension/applicationofrisk-contingencymanagementtoorganizationallearning4. Focusonextension/applicationofrisk-contingencymanagementtocollegeteaching

5. Focusonextension/applicationofrisk-contingencymanagementtostrategy&decisionmaking6. Promote/citeourrelevantresearchoutsideofscholarlyjournals(usingeditedbooks)

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1. Externalcompetitivebooks(whichwedevelopedusingClarviateandEndNoteanalysis)

2. Internal(IGIGlobal)competitivebooks(Risk&DecisionMaking,CyberTerrorism,etc.)3. EvaluateIGIGlobalreputationvs.otherpublishers(OxfordPublishers,Springer-Palgrave,Nova,etc.)*

First,wecametoanagreementinprinciplethatwewishedtocollaborateonaneditedpeer-reviewedbookthatwasfocusedoncurrentandfuturerisk-contingencymanagementissues.Wewantedtoattracthighqualitycontentthatwasrelevanttotheriskandcontingencymanagementfieldofpractice,atalllevelsofanalysis:Individualresearcher,projectteam,organizational,andcountryorindustry.Wealsounanimouslyconcurredthattoachieveahigh-qualityoutcomethatweneededtohaveapeerreviewedbook.WeintendedtohaveStrangactascoordinatorofthepeerreviewsallowingbothothereditorsKorstanjeandVajjhalatoperformdouble-blindedpeerreviewsalongwithafinalaccept-rejectdecisiononeverychapter(excepttheirown–shouldaneditorsubmitachapter)

Strangconductedabriefliteratureanalysissoastoestablishalistofcompetitivebooksonriskandcontingencymanagementrelatedtopics(perthreats1-2above).Toaddressthethirdthreat,KorstanjeconductedextensiveresearchwithbookindexesanddeterminedthatIGIGlobalhadanexcellentreputa-tion–inthetop20to50publishersaccordingtowhicheverindexonewasexamining(Robinson-García,Jiménez-Contreras,Fuente-Gutiérrez&Torres-Salinas,2014;Tausch,2011)

tablepublisher,weanticipatedmanyauthorswhomhadpublishedinIJRCMwouldserveastheinitialknowledgebaseofscholars.ThisgaveustheadvantagethatscholarswhohadpublishedinIJRCMwouldhavehadexperiencewithallaspectsrequiredforthebook,including:Scholarlyresearchstudies,APAstyleguides,IGIGlobaleEditorialDiscovery®manuscriptworkflowsystem,andwiththeeditors.StrangwastheeditorinchiefforIJRCMandKorstanjealongwithVajjhalaweretheassociateeditorsofIJRCMsotheeditorshaveexperiencewiththetopics,andthecontributorstoIJRCMhadexperiencewiththeseeditors

SinceIJRCMwasascholarlyjournalwithahealthyassortmentofindexesandprintedbyarepu-Furthermore,wewereconfidentthattheexistingcontributingauthorsofIJRCMwouldhaveatleastsomerelevantmaterialalreadypublishedtouseasafoundationwithwhichtobuildonandenhancetomakeastrongcontributiontothebook.Weconductedabriefproduct/serviceresourceanalysis.SinceweexpectedtosourcethechaptersfromexistingIJRCMcontributingauthors,andsincewealreadyhadthelastvolume6number4for2017completed(intype-settingstage),weestimatedthenumberofpotentialeligiblecontributingauthorswithinthe6volumesand4issuespervolume.Ofcourse,noteverycontributingIJRCMauthorwouldbeinapositiontowriteanewchapterforabookduetomanyreasonssobasedoneditorialexperienceweuseda50%likelihoodprobability.Therefore,theexpectednumberofeligiblebookchapterauthorswasestimatedtobe:6vol*4issues*4meanarticles*50%likelyresponse=48expectedvalueestimatedofpotentialnumberofchapters

SincewehadidentifiedIGIGlobalasthemostdesiredpublisher,wepitchedourproposaltothem.Onceourproposalwasacceptedbythepublisher,wehadallagreedonabooksizeof135,000-180,000wordswhichequatestoapproximately13chapters(135000/10000wordsonaverageperchapter).Weanticipatedinvitingawell-knowninternationalfigureheadtowritetheforewordandtheeditorswouldwritetheintroductoryprefaceaswellastheconcludingchapter.Therefore,wewereconfidentthatwe

otherbookprojects.Weestimatedthistobe:1yearfromcall-for-proposalstoIGIGlobalcopyediting+6months=1.5yearstomarket.SincewestartedtheprojectinApril2017(withtheproposal),weestimatedthatthebookwouldhitthemarketbyOctober2018

TOWS Analysis

tionexercise.Thisisnotoftenusedinbusinessbutitisavaluablemethodologytomoredeeplyanalyzethecriticalsuccessfactorsforacapacitybuildingorinanewproduct/serviceproject(Strang,2017).TOWSisastrategicmethodologytoidentifymostlikelysynergisticcombinationsoftheSWOTele-mentsbyleveragingstrengthstoovercomethreatsandtakeadvantageofopportunitieswhileeliminatingweaknesses.Generally,thepurposeoftheTOWSmethodologyistoreducethethreatsandweaknesseswhilecapitalizingonopportunitiesusingstrengths.Whengoalimportanceweightsareadded,alongwithcompetitivealternativeactionratings,theoutcomeisaweightedscoringmatrixofprioritizedgoalsforcapacitybuildingorastrategyforanewproduct/servicedesign.Inthisway,anorganizationcanprioritizewhattodowhileensuringthatexistingresourcesareusedandthatthemostlikelyopportuni-tiesaretargetedwhileminimizingthreatsandaccountingforknownweaknesses

WethenconductedaThreats-Opportunities-Weaknesses-Strengths(TOWS)competitivefactorintegra-AnediteddiagramoftheSWOT-TOWSstrategicanalysismatrixisshowninFigure1.WeaddedathirddimensiontothetwoaxesofthemodeltoincorporateallthreestrategicthemeswhichemergedfromourSTOW-TOWSanalysis.ThemostimportantTOWScomponentsarediscussedbelowwiththeproposedbooktheme/titleidentifiedbybubbles(andlinkedtotheanalysiswithreferencenumbers-letters).1. UniversityTeachingandOrganizationalLearningusingContingencyorRiskManagementResearch2. IntegratingContingencyorRiskManagementResearchintoOrganizationalStrategyorPractices3. Othervariationsofthematictitlecouldbe,

a. FromScholarlyRiskManagementtoOrganizationalStrategy

Figure 1 Strategic positioning of proposed book content by theoretical dimension

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b. FutureResearchinGlobalRiskandContingencyManagement:WhatisKnownandNeededc. GlobalRiskandContingencyManagement:Research,PracticesandInnovations

“Research,PracticesandInnovationsinGlobalRiskandContingencyManagement”

8. Usingthistitle,StrangdevelopedthestrategicanalysisdiagramtomodeltheSWOT-TOWS,a. Theoreticaldimension1:applyingintoteachingvs.applyingforindustrylearning

b. Theoreticaldimension2:integratingintopracticevs.asanorganizationstrategy

c. Theoreticaldimension3:interdisciplinarycasesvs.cross-disciplinaryconcepts

Quality Selection Criteria

Strang,KorstanjeandVajjhaladevelopedthechapterqualityselectioncriteriausingtheirexperienceandtemplatesinusewithIJRCM.Withthisinmindtheeditorsfirmlyestablishedacriterionthateverychaptermustbeuniquefromanypreviouslypublishedliteratureandmorethan20%-40%enhancedfrompreviouspublishedarticlespublished.Itshouldbenotedthatauthorswerepermittedtoextensivelyaug-mentthebestoftheirpreviousworkthatwaspublishedinpeer-reviewedjournalsaslongastheysoughtappropriatepermissionsforanymaterialorimagethatwasdirectlytakenfromelsewhere.Additionally,werequiredthatauthorsshouldhaveatleast10-20referenceswith2-5datedwithinthelasttwo(2)yearstoensurethebookwouldhavecontemporarymoderncontent.Theeditorsfinalizedtheselectioncriteriaaslistedbelow.WedevelopedaneightitemLikertratingscalealongwithseveralqualitativefactorstouseasselectioncriteriaandinpeerreviews

Edited Book Selection and Peer Review Criteria

◦ Doesthechapterprovidesufficientbackgroundinformationandliteraturereviewregardingitstopic.Includeinyourassessmentthoughtsandrecommendationsastohowtheauthor(s)canaugmentthisareaofthemanuscript

• Listanddescribeindetailanytopic(s)orinformationrelatedtothediscussioninthechapterwhichappearstobemissing.Pleaseprovidesuggestionsastowhattopic(s)orinformationtheauthor(s)canaddtoensurethatthescopeofthechapter’scontentsiscomplete

• Pleasesupplyadetaileddiscussionastowhetherornottheinformationinthischapterclearlyillustratestheissues,problems,andtrendsrelatedtothethemeofthisproposedbook.Pleaseofferyourconstructiveandanalyticalassessmentandlistsuggestionsforimprovementand/orenhancement

• Pleaseprovideyouropinionastowhetherornottheissues,problems,andtrendsdescribedinthischapteraregivenappropriateemphasis.Supplyspecificrecommendationsastohowtheauthor(s)canimproveinthisarea.Adequateemphasiswasprovidedtoaddresstheissuesandproblemsdescribedinthischapter

• Giveanexplanationofanyseriousover-emphasisorunder-emphasisofanyissues/problemsinthechapter.Pleaseprovidecriticalandconstructiveassessmentbyofferingsuggestionsastohowthechaptercanbeimprovedandenhancedinthisarea

• Inyouropinion,whataretheweaknessesofthischapter?Pleasedescribehowthesespecificweaknessescontributetotheineffectiveaspectsofthischapter.Weaskthatyoucarefullylistspe-cificsuggestionsforimprovementand/orenhancement

• Inyouropinion,whatarethestrengthsofthischapter?Pleasedescribehowthesespecificstrengthscontributetothevalueandqualityaspectsofthischapterandhowsaidstrengthscanbeutilizedtomaketheweakareasofthechaptermoreeffective

• Pleasedescribewhetherornotthischapterisproperlydirectedtotheproposedtargetaudienceofthebooktowhichitwassubmitted

• Pleasedescribeyourthoughtsontheeffectivenessoftheorganizationofthechapter.Howcanthe

“flow”ofthischapterbeimproved?Pleasebespecific.(mustbeatleast7,000wordsbutnolongerthan12,000words)

• Pleaseprovideyouropinionastowhetherornotthereferencesusedinthischapteraresufficient,appropriate,andup-to-date.Ifnot,pleasesuggesttherelevantreferencesyoufeelarenecessaryfortheauthor(s)toinclude;(atleast10-20referenceswith2-5datedwithin2015-2017)

WethenlaunchedoureditedbookprojectinearlyMay2017.Korstanjedevelopedthecall-for-chapters(CFC)withsomehelpfromStrang.TheCFCwasreleasedontheInternet

StrangusedtheIGIGlobaleEditoralDiscovery®state-of-the-artmanuscriptworkflowmanagementsystemtodevelopalonglistofpotentialauthorswhomhadalreadypublishedgoodqualityarticlesinriskandcontingencymanagementtopics.Weconcentratedonauthorswhomhadpublishedgoodquality

articlesintheInternational Journal of Risk and Contingency Managementbutwealsolookedbeyond

forpotentialrelevantscholars

StrangrequestedadatabaseexportoftheeligibleauthorsandIGIGlobalstaffprovidedthis.Strangthendevelopedanemail-mergeinvitationletterandsentthistoapproximately170eligibleauthorsduringthefirstweekofMay2017.ThetargetdateforchapterswassetatJuly30,2017.Allchaptersneededtobeatleast7,000words(nomorethan12,000)andmeettheotherrigorouscriteriaspecifiedinthe

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CFC.TheoriginaltargetdateforcompletingthebookandhandingofftoIGIGlobalwasNovember15,2017.Theeditorswereconfidentthattheywouldachievethattargetdatebycarefullymanagingitasaproject.Welaterusedthissamelistof170qualifiedscholarsasasourcetoinvitepeerreviewers.Editorial Review Board

torialReviewBoardofDirectors(ERBD)usingthelistdiscussedaboveaswellastheirscholarlynet-works.FinalmembershipintheERBDwascontingentoneachscholaractivelyparticipatinginthebookdevelopmentcontentaswellasdouble-blindreviewingatleastthree(3)chaptersincludingprovidingauthorswithrelevantconstructivefeedback.ThefollowingERBDmembersfulfilledtheirrequirementsandthustheyareformallyrecognizedastheBoardofDirectorsfortheeditedbook.Wethankthemfortheirprofessionalcommunityofpracticevolunteerservice

Inparalleltotheabove,StrangandKorstanjeinvitedrelevantscholarstobecomemembersoftheEdi-EditorialReviewBoardofDirectors(alphabeticalbysurname):HasnanBaber,DennisBialaszewski,KaushikChakraborty,GeraldChaudron,KunalGanguly,PattiGibbons,MaximilianoKorstanje,VickiLane,BruceMcLaughlin,RoyNersesian,AndreasØkland,NilsO.E.Olsson,MadhuKishoreRaghunath,ColinRead,DenisFischbacher-Smith,KennethStrang,NarasimhaVajjhala,andMichaelZiolkowski.Wealsoacceptedvolunteerstoreviewchaptersonanad-hocbasis.Notallofthevolunteerscompletedtheirreviewsontimesowewerenotabletousethoseresults.However,allchaptersreceivedatleastthree(3)doubleblindpeerreviews.Thefollowingscholarswereinvitedtoperiodicallyreviewpaperssowesincerelywanttothankthosewhomwereabletoprovideauthorswithtimelyconstructivefeedback.Invitedad-hocreviewers(randomorder):VittalAnantatmula,JoeMcManus,MadhuKishoreRaghunath,TulasiDevi,MaryBethLock,ChandraSekharPatro,YangFan,MadhavanParthasarathy,KunalGanguly,JanTerjeKarlsen,PhyllisMo,AbhijeetKumar,AnuKumar,RebeccaHamilton,RichardAmponsah,RobertBrooks,TizianaGuzzo,FernandoFerri,PatriziaGrifoni,KatjaFirus,AbrahamSilvers,PadmaPradhan,AdenikeMoradeyo,AlisaMosley,AndreaTillman-Hawkins,PrabirBandyopdhyay,HafidaMoussaoui,HamedFazlollahtabar,JamesSmith,MahdiSheykhlar,ManojKumar,AnthonyPratkanis,DineshKumar,EshetieBerhan,ErmiasTesfaye,GordonKanyoke,PravalShukla,DalyBasil,ZhaohaoSun,MarleneTurner,YuriRaydugin,HadisZeydabadi,andRubenJunSunXing

Strangcoordinatedtheworkofreceivingthesubmittedchapters,cleaningthem,allocatingthemfordouble-blindpeerreviews,andmanagingtheprocess

Double Blind Peer Review

Thedouble-blindpeerreviewsenhancedthequalityofthisbook.AllERBDandinvitedad-hocpeerreviewerswererequestedtoreviewachapter.Strangensuredthateverychapterreceivedatleastthree(3)doubleblindpeerreviewswithconstructivefeedback,andinfactmostauthorsreceivedfour(4)ormore.Reviewersusedthe“EditedBookSelectionandPeerReviewCriteria”explainedearlier.Thefirstintroductoryprefacechapter(writtenbytheeditors)wasnotpeerreviewedbutnotdoubleblinded(allEBRDwereinvitedtoreviewitandeveryoneknewitwastheopeningchaptersaswellastheauthors).Nonetheless,someusefulconstructivefeedbackwasprovidedforimprovingtheprefaceaswell.Additionally,allauthorswererequiredtospecificallyexplainhowtheyaddressedthepeerreviewconstructivecommentswhentheysubmittedtheirrevision.Chapterswerenotacceptedunlessauthors

andsomechapterswererejectedduetonotmeetingtheselectioncriteriaorbecausetheauthor(s)didnotrespondtothepeerreviewconstructivefeedback.Wewantedtosharesomeofthepeerreviewstoillustratetherigorandqualityoftheprocess(withpermission)aselaborateduponbelow

Whileallpeerreviewersworkedhard,especiallythosewhomadeittotheERBD,wewanttorecognizethebestofthebestso-to-speak,forthiseditedbook.EditorRaoVajjhalapeerreviewedeverychapterotherthanhisown,andheco-wroteboththisprefaceandthefinalchapter.Hisconstructivecommentswereverydetailedinallofhispeerreviews.Itwasnotonlythecontentofhisconstructivecriticismthatcaughtmyattentionbutratherthecourteousyethelpfulandinsightfulmannerinwhichhepresentedhissuggestions.Toillustratethisbelowisanexample(withpermission)fromoneofhisreviews.ImaginetheamountofworkbotheditorsKorstanjeandVajjhalaaccomplishedreading23submissionsandtakingthetimetofilloutapeerreviewformthatitselfspannedseveralpagesonthecomputerscreen

Thischaptercanbeturnedintoaninterestingsetofworkbutthiswouldrequireacompleterewriteofthechapterthroughaproperlystructuredformat

• Weakintroductionandbackgroundinformation

• Inadequateliteraturereview,especiallylackofreferencestocurrentliterature(lastfiveyears)

• Theresearchquestionsarenotframedclearly,authorsneedtoindicatewhatthecentralresearchquestionis?

• Linktoriskisalsomissing

• Thediscussionoftheresultsneedstobeclearlydoneapartfromidentificationofresearchdesignandmethodandthereasonforselectingthisoption

• Conclusionandidentificationofpossiblethemesforfutureresearch

• Referencesandcitationsarenotintheproperformat,theauthorsneedtocompletelyrewritethereferenceentriesintheformatallowedinthebook

Theeditorsofthebookdidnotreceiveanyspecialtreatmentwhenitcametotherigorousdouble-blindpeerreviews.However,thisdidnotimpacttheprocess.Forexample,hereisanexampleconstructive

commentfromoneofthefour(4)peerreviewersofEmergent Issues in the World War against Global

Terrorism:

• Whatarethestrengthsofthischapter?Isthischapterisproperlydirectedtotheproposedtargetaudienceofthebooktowhichitwassubmitted.Howcanthe“flow”ofthischapterbeimproved?

• Won’tfuturereadersthinkofthisasaAustralianandUSAcentricpaper?Page2:It’s[the]USA

• Page2:Ithinkyoumean“developed”country…

• Page12Iwouldchangethistotheislandlocatedoffofthesouth-eastcoastofIndiaSriLanka(theislandlocatedatthebottomofIndia)

• derlingthischapterbasedontheworkofStrangandAlamieyeseigha(2015)wascredibleinthatdatacontainedover125,087terroristacts–acensusnotasample.”

Page15:Editthepunctuationattheendofthissentence?“Firstofall,theretrospectivedataun-• Conclusionspage15:Aretheauthorssayingtheseare“probabilities”or“proportions”becausetheylooklikeproportions…

Next,wewantedtohighlightandformallyrecognizethebestofthebestfromtheERBDpeerreviewers(excludingtheeditors).Thiswasadifficultdecision.ColinReadcameacrossasatactfulyetthorough

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Finally,wewanttoillustratethehardandsincereworkoftheauthorswhocontributedtothisbook.BelowisanexamplefromauthorsandERBDmembersAndreasØklandandNilsOlsson.BelowisanexamplefromauthorandERBDmemberVickiLaneshowinghowsheaddressedthepeerreview

Blinded Reviewer: Underemphasis of practical application of the proposed approach Please clarify

research questions Practical application can be discussed.

Dr Lane: This is discussed on the following pages: p 19, “Yet, by itself, it does not impart details about

why it triumphed or failed with consumers.” p 20, “Still, as a measure of discounted future cash flow, it is what investors expect will happen Not, what actually happens This bothers some mar- keters, perhaps causing a disconnect to its acceptance.” p 20, “As for measurement issues, ER has both pros and cons A challenge in using ER is purging noise from other concurrent events … Most marketers have little experience with stock data and some do not understand it Indeed, of CMO’s surveyed, 55% indicate their staff does not understand other financial metrics (Jefferey, p 105) While many in finance see stock return as the actual measure of owners wealth, marketers may not While finance managers are schooled in maximizing the wealth of the firm, marketers are taught to satisfy consumers Research shows these are linked, but how so is not obvious to everyone

As this paper shows, there are many steps in understanding how strategy impacts consumers, how consumers affect long term returns for the firm, how investors form expectations about returns, how stock price reflects these expectations, and how ER measures changes in financial value Given their orientation, finance people see what happens to stock return as paramount, important in and

of itself as a metric of success On the other side, marketers may see stock return as far removed from consumers Even if understood as a measure of a strategy’s future success, some might see

it simply as a prediction.

Thenextsectionsuccinctlyoutlinestheremainingcontentofthebook

Summary of Book Themes and Chapters

Thefirstthemeofthebookfocusesonthetraditionalandemergingprobabilistic,quantitativeapproachestoexamineuncertaintytheories,concepts,models,andapplications.Thetopicscoveredinthebookunderthisthemeincludeinnovationsforquantifyingandmanagingenterpriselevelrisksinthetextileandapparelindustry.Weincludedempiricalstudiesexaminingstockmarketperformanceriskandcriti-calsuccessfactorsinthebankingindustry.Weaddedaninterestingquantitativeempiricalstudyaboutuncertaintybehaviorinexecutivedecisionmakingfollowedbyaninnovativequantitativemodelforbalancinguncertaintyinsolarelectricitygenerationplants

Thesecondthemeprovidedacross-sectionalreviewofvarioustheories,conceptsandframeworksthatcouldbeusefulforextendingthequantitativetopicsofthefirsttheme.Thesechaptersstartwithahistoricaldiscussionaboutuncertainty,followedbyasocio-culturalframeworkforcontemporaryriskmanagement.Thenextchapterinsomewaysintegratesconceptsofthefirsttwointoanewholisticapproachforriskassessment.Thechapterprovidesideasabouthowtomanagequalityinthecontextofprojectrisk.Thefinalchapterdiscussesthephilosophicalbasisforterrorismanditpresentssomeinsightfulpointsaboutthefutureofriskmanagementintheeraofglobalterrorism

eredunderthisthemeincludeengineeringriskanalysis,knowledgemanagementcontingencyplanning,andriskmitigationinprojectmanagement.Thefirstchapterbuildsandsharesauniquemodelusingacombinedqualitativeandquantitativebasis.Thenexttwochapterslookatdifferentperspectivesofcon-tingencyplanningfornaturalorman-madedisasterswhilethefinalchapterdiscusseshowcontingencyplanningcanbeundertakeninthecross-disciplinaryprojectmanagementpractice.Interestinglyweseethatallofthesecouldworktogetherinprojectmanagement

Thethirdthemeofthebookreviewsbestpracticesinstrategiccontingencyplanning.Thetopicscov-Thefourththemeisamixedmethodcompilationofspecialpurposeindustryapplicationstudiesofriskandcontingencyplanning.Thefirstchapterexaminesriskplanningintheinformationtechnologysecuritydisciplinewithinthesupplychainindustry.Thisisfollowedbyachapterthatdevelopsauniquestructuralequationmodelofriskfactorsforasupplychaincasestudy.Thenextchapterexaminestheimpactandprobabilityofglobalterrorismattacksusingabigdataanalyticsquantitativeapproach.Thefinalchapteragaingoesbacktoacross-disciplinaryapproach,usingprojectmanagement,toreduceriskinlargepublicprojectsbycontrollingscope

WeusedtheoutcomeoftheSWOT-TOWStodividethechaptersintotheselogicalthemes:

1. QuantitativeApproachestoRiskandUncertaintyModels

a. StrategicandTacticalMeasuresinManagingEnterpriseRisksintheTextileApparelIndustryb. AComparisonofExcessStockMarketReturntoStandardMarketingMetrics

c. AnalyzingRiskManagementandNon-PerformingAssetsinBanks

d. HowSocialCultureImpactsYoungExecutiveDecisionMakinginaContextofUncertaintye. RiskInherentinMatchingUncertaintyWithUnreliability

2. Qualitative,Historical,andPhilosophicalRiskPerspectives

a. AstronomicalRootsofRiskManagementMeasures

b. Socio-PoliticalRisk-Contingency-ManagementFrameworkforPractitionersandResearchersc. ImpactofRiskAssessmentModelsonRiskFactors:AHolisticOutlook

c. EmergentIssuesintheWorldWarAgainstGlobalTerrorism

d. PracticalUseandEffectsofScopeReductionsintheFormofReductionLists:AToolforCostControlofLargePublicProjects

Quantitative Approaches to Risk and Uncertainty Models

Inthefirstchapter,“StrategicandTacticalMeasuresinManagingEnterpriseRisksintheTextileApparelIndustry”,theauthorsconductaqualitativeempiricalresearchstudytoexaminesixHongKong-basedcompaniesalongthetextile-apparelpipelinewithmajorproductionoperationsinmainlandChina.Thefindingsofthisstudydemonstratethatcompanieswhichhavesurvivedcriticalchallengesoverthepastdecadehavebeenabletosurvivebecausetheyhavepracticedriskmanagementatenterpriselevel.Theauthorsemphasizethatriskmanagementisanintegralaspectofoperationalresponsibilitiesandbusinessdecisionsinstrategicplanningandimplementation

Investorsarealwaysinterestedinadviceabouthowtomanagealternativeriskstrategiesinthestockmarket.Sointhenextchapter,“AComparisonofExcessStockMarketReturntoStandardMarketingMetrics”,theauthorsdescribetheprocessandimportanceofmeasuringthefinancialvalueofmarketingstrategywithexcessstockmarketreturn.Theauthorsprovideanoverviewoftheeventstudymethod,whichisatechniqueexaminingtheexcessreturntothestockpriceofthefirmafterrealizingtheinfor-mationrelevanttothefinancialsuccessofthefirm.Inthischapter,theauthorsillustratehowexcessreturnisusefulasametricforjudgingthesuccessofmarketingstrategy

agementandNon-PerformingAssetsinBanks”.Theauthorexplorestheriskmanagementstrategiesinthecontextofnon-performingassetsinthebanks.Theauthorinvestigateshowvariouscredit,market,andoperationalrisksassociatedwiththebankingsectorimpactperformance.ThischapteralsoincludesanevaluationoftheriskmanagementpracticesinoneofthelargestprivatesectorbanksinIndia.Theauthoralsoanalyzestheroleofthesupervisioninstrengtheningtheriskmanagementpracticesofthebank.Finally,theauthoranalyzesthetrendsinthenon-performingassetsofthebankcasestudy.Wetakeaslightlydifferentdirectioninthechapter,“HowSocialCultureImpactsYoungExecutiveDecisionMakinginaContextofUncertainty”,wheretheauthorsexplorethevarioussocialsciencetheoriesfromaquantitativeperspectivethatexplainhowemergingyoungexecutivesrespondtoriskinsituationsofuncertainty.Theauthorsconductaliteraturereviewandfollowitupwithacriticalanalysisofsocio-culturaldecision-makingliterature.Inthischapter,theauthorsperformacontrolledexperimentusingasampleofsenioruniversitystudentstorepresentyoungexecutives.Theauthorsillustratetheculturalaspectsthatimpactdecisionmakinginthecontextofuncertainty

Inthechapter,wecontinuetheanalysisofriskinthefinancialindustrywith“AnalyzingRiskMan-Inthelastchapterofthissectionweturntoadifferentinteresttopic,“RiskInherentinMatchingUncertaintyWithUnreliability”wheretheauthorpresentstwotypesofrisks.Thefirstsetofrisksdealswithsurplusesandshortagesresultingfromtheintroductionofhigherlevelsofelectricityfromrenew-ablefuelsmainlysolarandwind.Thesecondcategoryofriskisfromtheconventionalutilitymodelforfossilfuelandnuclearinvestmentdecisionmakingthreatenedbytheintrusionofsignificantcontributionsofrenewableenergytosatisfyingelectricitydemand.Theauthordemonstratesinthischapterthatthesystemperformancecanbeimprovedbytransformingbaseloadgenerationtovariableloadgeneration

Qualitative, Historical, and Philosophical Risk Perspectives

Inthefirstchapterofthistheme,“AstronomicalRootsofRiskManagementMeasures”,westartwithgroundtruththeories,historicalconcepts,andequationsunderlyinguncertainty.Inthischapter,theauthordescribesthestudyofriskindecisionmaking,includingtheevolutionofriskandtheimprove-mentsineconomictheoryandappliedmathematicaltechniques.Thischapteralsocovershowmeasuresofriskareincorporatedintosophisticatedmodelsoffinance.ThechapterbeginswiththedescriptionofthefirstanalyticmodelofriskdevelopedbythetwoBernoullicousinsintheirunderstandingofthegameofchance.Thechapterthencontinueswiththedescriptionofhowtheappliedmathematiciansofthenineteenthcenturymeasuredandincorporatedriskintomathematics.Theauthorthenproceedstodiscusstherisk-returntradeoffaswellasMarkowitz’sModernPortfolioTheory.Thischapterhighlightsthedifferencebetweenriskanduncertaintyusingahistoricalcontextualapplication.Inthischapter,theauthordescribestheworkofpioneersofthemean-variancetool,includingDanielBernoulli,LouisBachelier,JacobMarschak,CarlFriedrichGauss,HarryMarkowitz,WilliamSharpe,PaulSamuelson,FischerBlack,andMyronScholes.Thischapterincludesseveralcontributionsthathelpedunderstandthescienceofriskmanagement

Inthesecondchapter,aninterestingqualitativeriskholisticframeworkisdevelopedwhichintegratessomeoftheprinciplesandconceptsexplainedearliertoguidefutureresearch.In“Socio-PoliticalRisk-Contingency-ManagementFrameworkforPractitionersandResearchers”,theauthorhasdevelopedanewriskandcontingencymodeltoarticulatetheemergingglobalparadigmfactorsthatwerenotpreva-lentinthecommunityofpracticeinthelastfewyears.Inthischapter,fournewcategoriesofglobaluncertaintythatimpactriskandcontingencyplanninginthemicroenvironment,taskenvironment,andinternaltoorganizationsaredescribed.Thischapteralsoincludesavisualmodelencompassingsomeoftheemergingfactorsincludingthebigdataparadigm,fearofglobalterrorism,economicinstability,climatechange,internationaltradeagreementchangesalongwithdomesticandworkplaceviolence.Itseemedanespeciallygoodprogressionandfittothebooktointroduceanotherperspectiveonariskmanagementframework.Inthechapter“ImpactofRiskAssessmentModelsonRiskFactors:AHolisticOutlook”,theauthorsidentifythevariousfactorsofriskinanorganization.Theauthorsarticulatevariousquantitativeandqualitativemodelsthatareavailabletovariousorganizationsintendingtocurbrisk.Theauthorshaveanalyzedboththequantitativeandqualitativemodelsinbothpublicandprivateorganizations.Thevariousqualitativerisktoolscoveredinthischapterincludetheriskprobabilityandimpactassessment,theprobabilityandimpactmatrix,riskcategorizationandriskurgencyassessment,andexpertjudgment.Thesevariousquantitativemodelsforriskanalysisdiscussedinthischapterincludebusinessriskmapping,probabilitydistributions,sensitivityanalysis,expectedmonetaryvalueanalysis,costaswellasscheduleriskanalysis,andmodellingandsimulation.Thischapteremphasizesontheimportanceofriskmanagementanduseofriskmodelsindealingwithriskfactorsandidentifyingriskmanagementstrategiestoprepareforanyunexpectedeventswhileachievingthestrategicgoalsoftheorganization

Next,wewantedtotakeanotherviewofsocio-politicalrisk,perhapsthedarksideormaybethedevil’sadvocateperspective–isterrorismarisktobemanaged?Inthenextchapter,“BeyondthePrecautionaryPrinciple:IsTerrorismaRealRisk?”,theauthoraddressestheepistemologicalbordersofrisk,inter-rogatingtheroleofmediaconfiguringterrorismasoneofthemostterriblerisksthattheWestfacesinthefuture.Inthischapter,theauthoradvocatesthatterrorismisahazardbecausemoderncitizenshavenopossibilitytoavoidtheireffects.Inthischapter,theauthoradvocatesthatterrorismas-a-riskforms

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Qualityhasalwaysbeenimportantinreducinguncertaintyandrisk.Therefore,itmadesensetoclosewithachapterdedicatedtoreducingriskbyapplyingqualitymanagementwithinthecross-disciplinaryframeworkofprojectmanagement.Inthefinalchapterofthistheme,“DemingasaGuideforReducingRiskinProjectManagement”,theauthordemonstrateshowtheriskoffailurecanbereducedthroughtheincorporationoftheprinciplesoftotalqualitymanagement(TQM)intoprojectmanagement.Theauthordiscussesareal-worldsituationbasedonhisvastprojectmanagementexperiencewheretotalqualitymanagementwasemployedduringthemanagementoftheproject.Theauthorusesthe14principlesoftotalqualitymanagementdevelopedbyW.EdwardsDemingasthebackgroundforthischapter.Inthischapter,theauthordemonstrateshowtheapplicationoftheprinciplesoftotalqualitymanagementcanhelpeliminatethetwotoppitfallsinprojectmanagement,namely,schedulemanagementandcostmanagement

Strategic Management and Contingency Planning Practices

tingencyplanning–withoutcallingitbythattheory.Theauthorisanengineeratheartandaskilledmanagementconsultantinpractice.Inhischapter,“ComprehensiveRiskAbatement:AParadigmShift”,theauthorprovidesacomprehensiveriskabatementstrategyforanorganizationtoexecutethiscontin-gencyplan.Inthischapter,theMatrixManagementofRiskAbatementstrategyisdiscussedandtheimplicationsforpractitionersisexplained.Theauthorpresentsasinglecomprehensiveriskabatementstrategy,EnterpriseWellnessWay,thatincludesprocessobjectives,balancedprogressmethodology,andlinesofcommunicationbetweenprocessandobjectives.Thischapterprovidesaclearexplanationofhowtheproposedcomprehensiveriskabatementstrategyovercomessomeoftheshortcomingsofotherriskabatementstrategies

Thefirstchapterofthesetopickicksoffwithatrulyinsightfulyetsimpleapproachtoimprovingcon-Wehadtwoinsightfulcasestudiesabouthowtoconductcontingencyplanningtoaddressnaturalorman-madedisasters.Thefirstofthosetwochapters,“BurstPipesandLeakyRoofs:SmallEmergenciesAreaChallengeforLibraries”,theauthorexaminessmall-scalewaterdisastersusingacasestudyap-proach.Inthischapter,theauthorusestwouniversitylibrarycasestudiestodemonstratehowemergenciesoccurandpresentsriskmitigationandpreventionstrategies.Healsoexplainshowanon-profitdisastermanagementandrecoverystrategies.ThefirstcasestudycoveredtheimpactoftheMcWherterLibraryfloodattheUniversityofMemphis.Interestinglyheexamineshowdisasterimpactedthelibraryandhowtheyhandledtheaftermathofthefloodintermsofrecoveryandrestoration.ThesecondcasestudycoveredtheMitchellMemorialLibraryandtheproblemstheyhadtofacebecauseofleakyroofs.Boththesecasesprovideanexcellentsetofexamplesonriskmitigationandpreventionaswellashowdisastersshouldbehandledapartfromprovidingusefulguidelinesforpreparingforsimilardisastersinfuture.Inthenextchapteraboutnaturaldisastercontingencyplanningentitled“PerilsandRisksofLend-ingRareBookandArchivalMaterialsforExhibition:IdentifyingThreatsandEvaluatingExposures”,theauthordiscussesabouttherisksthatspecialcollectionlibrariesface.Specialcollectionlibrariesareresponsibleforstorageofimportanthistoricalandculturalheritagetreasures.Thesespecialcollection

outreachstrategy.Hence,protectionofthesespecialcollectionmaterialsisquitesignificantbecauseoftheimplicationsonpublicrelationsbecauseofanylosses.Inthischapter,theauthorexplorestherisksassociatedwithloansinthesespecialcollectionlibrariesandalsoofferssolutionsandrecommendationsonmitigatingandreducingtheserisks

Weclosedthissectionwithacross-disciplinaryprojectmanagementstudyabouthowtohandlecontingencyplanningandriskmanagementacrossanytypeofproject.In“RiskManagementStrategiesforProjectSuccess”,theauthorsdescribearesearchefforttoidentifythecommonlyusedriskmitiga-tionapproachesusedbyvariousorganizationsusingthepremisethattheseapproacheswillhelpprojectmanagersunderstandculturalandbehavioralissues.Understandingtheseculturalandbehavioralissueswillhelpprojectmanagersdevelopbetterriskmanagementplansaddressingtheseissues.Theobjectiveofthischapteristounderstandhowriskismanagedinprojectsandhowriskvariesdependingonthetypeofindustry.Theauthorsconductedasurveyofmorethanonehundredprojectmanagementprofes-sionalsandpresentthefindingsofthissurvey

Industry Applications and Mixed Method Studies

Thisthemewasfocusedonappliedspecialpurposeindustrystudiesofriskmanagement.Westartedthissectionwithadiscussionaboutdatasecurityriskmanagement.Thisisatopicthatalmosteverypublic,privateornon-profitorganizationneedstobeconcernedwith.In“ComplexInterdependencyofITSecurityRiskinB2BSupplyChains”,theauthorconceptuallydecomposesITsecurityriskintermsofthelikelihoodofabreachandthepotentiallossfromthatbreach.TheintentionofthisconceptualdecompositionistoanalyzetheinterplaybetweentheseinterdependenciesinITsecurityriskasfacedbysupplychainfirms.TheauthorseekstoinvestigatewhethertheinterdependenciesinITsecurityriskarecausedbyinterconnectionbetweenthefirms.Theauthoralsoexamineshowtheextentofinterconnectionandtheextentofprocessintegrationaffectthesupplychainfirms’incentivestoinvestinITsecurity.Wecontinuedthetrendofexaminingapplicationsinthesupplychainindustrywithadiscussionofhowriskwasaddressedusingaquantitativemodel.Inthechapter“ModelingtheEnablersofSup-plyRiskManagementUsingInterpretiveStructuralMethodology”,theauthoridentifiestheenablersofsupplyriskmanagementprocessthatinfluencessupplierselectioninselectionchains.ThischapterincludesadetaileddescriptionandexplanationoftheidentifiedenablersusingInteractiveStructuralModeling(ISM).Theauthorsalsoexplainthemanagerialimplicationsofthisresearchindetail.TheauthorusesanexploratoryresearchforformulatingrelevantfactorsthatprovidethebasisforinquiriesintoissuesfacedbysupplyriskmanagementprocessandsupplierselectionrelatedtotheautomobileindustryinIndia.Thischapterincludesanextensivereviewofliteratureaswellassurveysofopinionsofexpertsinthisarea

Inthenextchapter,wechangeddirectiontolookatanempiricalstudyofglobalterrorismusingbigdataanalytics.In“EmergentIssuesintheWorldWaragainstGlobalTerrorism”,theauthorexaminestheimpactofglobalterrorismonthetopmost-impactednations.Inthischapter,thetwomajorimpacts-theactualattackscausingdeathinjuriesandpropertydamage,andtheemergingcultureoffearwherehumanrightsareregressedarecovered.Theauthorhasadoptedthecriticalanalysismethodandintegratedthiswithameta-analysisofselectedstudies.Thischapterreviewstheriskofglobalterrorismandprovidesrecommendationsaddressingtheemergentrisks.Thischapterhighlightsemergentrisksinthewaragainstglobalterrorismprovidingaguidelineforcontingencyplanningandresearch

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Inthefinalchapterofthisthemeweagainwantedtotakeacross-disciplinaryperspectivetoriskman-The Rest of the Book

Thefollowingchaptersarearrangedintheaforementionedsequencesoastoallowthereadertochooseanareaofinterestandproceedfromspecificexamplestoageneralcross-disciplinaryapproachwithineachtheme.Thethemesstartwithcontemporaryindustrystudiesinsteadofahistoricalperspective,andinourthemewherewediscussphilosophythetopicspresentinterestingsomewhatcontrastingviews.Weclosethebookwithabrandnewthought-provokingchapterthatdiscussedwhatwethinkarethestrengthsandweaknessesofourbook.Wethenexplorewhatwebelievearethemostcontroversialriskandcontingencymanagementissuesthatmustbeexaminedinthefuturetoclosethegapintheliterature

Kenneth David Strang

State University of New York at Plattsburgh, USA

Cabells.(2017).White list of quality publishers; Black list of predatory publishers and journals.Retrieved

September2,2017fromhttp://www.cabells.com

Nedaei,B.H.,Rasid,S.Z.,Sofian,S.,Basiruddin,R.,&Kalkhouran,A.A.(2015).Acontingency-basedframeworkformanagingenterpriserisk.Global Business & Organizational Excellence,34(3),

54–66.doi:10.1002/joe.21604

inUSAnot-for-profits.InL.L.West&A.C.Worthington(Eds.),Emerging Business Models and

Managerial Strategies in the Nonprofit

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