Your search for: risk AND management AND in AND medicine

Recognizing that robust decision making is vital in risk management, this book provides concepts and algorithms for computing the best decision in view of the worst-case scenario. The main tool used is minimax, which ensures robust policies with guaranteed optimal performance that will improve ...

Recognizing that robust decision making is vital in risk management, this book provides concepts and algorithms for computing the best decision in view of the worst-case scenario. The main tool used is minimax, which ensures robust policies with guaranteed optimal performance that will improve further if the worst case is not realized. The applications considered are drawn from finance, but the design and algorithms presented are equally applicable to problems of economic policy, engineering design, and other areas of decision making.Critically, worst-case design addresses not only Armageddon-type uncertainty. Indeed, the determination of the worst case becomes nontrivial when faced with numerous--possibly infinite--and reasonably likely rival scenarios. Optimality does not depend on any single scenario but on all the scenarios under consideration. Worst-case optimal decisions provide guaranteed optimal performance for systems operating within the specified scenario range indicating the uncertainty. The noninferiority of minimax solutions--which also offer the possibility of multiple maxima--ensures this optimality.Worst-case design is not intended to necessarily replace expected value optimization when the underlying uncertainty is stochastic. However, wise decision making requires the justification of policies based on expected value optimization in view of the worst-case scenario. Conversely, the cost of the assured performance provided by robust worst-case decision making needs to be evaluated relative to optimal expected values.Written for postgraduate students and researchers engaged in optimization, engineering design, economics, and finance, this book will also be invaluable to practitioners in risk management.

The Caduceus, two entwined snakes set upon a rod, was the ancient symbol of Hermes, the Greek god of merchants. Today, it is a common and popular symbol of the medical and allied professions. This book traces the use of the caduceus symbol and answers the question of how it came to be the symbol of ...

The Caduceus, two entwined snakes set upon a rod, was the ancient symbol of Hermes, the Greek god of merchants. Today, it is a common and popular symbol of the medical and allied professions. This book traces the use of the caduceus symbol and answers the question of how it came to be the symbol of medicine. The book covers its origins in the Greco-Roman world, its use by a medical publisher in the early 19th century, the U.S. army's adoption of the symbol in 1902, and its widespread use after World War I.