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Studies from KULeuven Have Provided New Data on Risk Management

February 28, 2014

By a News Reporter-Staff News Editor at Insurance Weekly News -- Investigators discuss new findings in Risk Management. According to news reporting from Brussels, Belgium, by VerticalNews journalists, research stated, "On the basis of the combination of the well-known knapsack problem and a widely used risk management technique in organizations (that is, the risk matrix), an approach was developed to carry out a cost-benefits analysis to efficiently take prevention investment decisions."

The news correspondents obtained a quote from the research from KULeuven, "Using the knapsack problem as a model and combining it with a well-known technique to solve this problem, bundles of prevention measures are prioritized based on their costs and benefits within a predefined prevention budget. Those bundles showing the highest efficiencies, and within a given budget, are identified from a wide variety of possible alternatives."

According to the news reporters, the research concluded: "Hence, the approach allows for an optimal allocation of safety resources, does not require any highly specialized information, and can therefore easily be applied by any organization using the risk matrix as a risk ranking tool."

For more information on this research see: An Approach for Optimal Allocation of Safety Resources: Using the Knapsack Problem to Take Aggregated Cost-Efficient Preventive Measures. Risk Analysis, 2013;33(11):2056-2067. Risk Analysis can be contacted at: Wiley-Blackwell, 111 River St, Hoboken 07030-5774, NJ, USA. (Wiley-Blackwell -; Risk Analysis -

Our news journalists report that additional information may be obtained by contacting G.L.L. Reniers, KULeuven, HUB, Center Econ & Corp Sustainabil CEDON, B-1000 Brussels, Belgium.

Keywords for this news article include: Europe, Belgium, Brussels, Risk Management

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Source: Insurance Weekly News

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