Quantifying, Aggregating, and Modelling Risks

Herfried Kohl

Chapter 4 in Managing SMEs in Times of Rapid Change, Uncertainty, and Disruption, 2024, pp 99-145 from Springer

Abstract: Key Topics in This Chapter: Mainly Quantitative In this chapter we start dealing with some selected aspects of the quantitative side of risk management, mainly including the following: Balancing efforts and benefits of risk management. The concept of risk aggregation. Sketch of the top five entry-level probability distribution functions. Principles of risk aggregation, modelling, and simulation. Making risks measurable and comparable: Risk measures and their classification. The value-at-risk and related measures. Standard risk models: The individual and the collective risk model. Risk portfolios. The Monte Carlo simulation method. Decisions under risk and uncertainty.

Date: 2024
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DOI: 10.1007/978-3-031-71272-2_4

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