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 Systems and Analytics (ABISA) Book Series Published in the United States of America by IGI Global Business Science Reference (an imprint of IGI Global) 701 E Chocolate Avenue Hershey PA, USA 17033 Tel: 717-533-8845 Fax: 717-533-8661 E-mail: cust@igi-global.com Web site: http://www.igi-global.com Copyright © 2018 by IGI Global All rights reserved No part of this publication may be reproduced, stored or distributed in any form or by any means, electronic or mechanical, including photocopying, without written permission from the publisher Product or company names used in this set are for identification purposes only Inclusion of the names of the products or companies does not indicate a claim of ownership by IGI Global of the trademark or registered trademark Library of Congress Cataloging-in-Publication Data Names: Strang, Kenneth David, 1962- editor | Korstanje, Maximiliano, editor | Vajjhala, Narasimha, 1978- editor 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 9781522547556 (ebook) Subjects: LCSH: Risk management Classification: LCC HD61 R47 2018 | DDC 658.15/5 dc23 LC record available at https://lccn.loc.gov/2017032921 This book is published in the IGI Global book series Advances in Business Information Systems and Analytics (ABISA) (ISSN: 2327-3275; eISSN: 2327-3283) British Cataloguing in Publication Data A Cataloguing in Publication record for this book is available from the British Library All work contributed to this book is new, previously-unpublished material The views expressed in this book are those of the authors, but not necessarily of the publisher For electronic access to this publication, please contact: eresources@igi-global.com. Advances in Business Information Systems and Analytics (ABISA) Book Series Madjid Tavana La Salle University, USA ISSN:2327-3275 EISSN:2327-3283 Mission The successful development and management of information systems and business analytics is crucial to the success of an organization New technological developments and methods for data analysis have allowed organizations to not only improve their processes and allow for greater productivity, but have also provided businesses with a venue through which to cut costs, plan for the future, and maintain competitive advantage in the information age The Advances in Business Information Systems and Analytics (ABISA) Book Series aims to present diverse and timely research in the development, deployment, and management of business information systems and business analytics for continued organizational development and improved business value Coverage • Business Information Security • Data Strategy • Business Systems Engineering • Business Process 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translation in other languages reserved by the publisher No part of this series may be reproduced or used in any form or by any means – graphics, electronic, or mechanical, including photocopying, recording, taping, or information and retrieval systems – without written permission from the publisher, except for non commercial, educational use, including classroom teaching purposes The views expressed in this series are those of the authors, but not necessarily of IGI Global Titles in this Series For a list of additional titles in this series, please visit: www.igi-global.com/book-series Cloud Computing Technologies for Green Enterprises Kashif Munir (University of Hafr Al-Batin, Saudi Arabia) Business Science Reference • copyright 2018 • 424pp • H/C (ISBN: 9781522530381) • US $215.00 (our price) Smart Technology Applications in Business Environments Tomayess Issa (Curtin University, Australia) Piet Kommers (University of Twente, The Netherlands) Theodora Issa (Curtin University, Australia) Pedro Isaías (Portuguese Open University, Portugal) and Touma B Issa (Murdoch University, Australia) Business Science Reference • copyright 2017 • 429pp • H/C (ISBN: 9781522524922) • US $210.00 (our price) Advanced Fashion Technology and Operations Management Alessandra Vecchi (London College of Fashion, University of London Arts, UK) Business Science Reference • copyright 2017 • 443pp • H/C (ISBN: 9781522518655) • US $200.00 (our price) Maximizing Business Performance and Efficiency Through Intelligent Systems Om Prakash Rishi (University of Kota, India) and Anukrati Sharma (University of Kota, India) Business Science Reference • copyright 2017 • 269pp • H/C (ISBN: 9781522522348) • US $175.00 (our price) Maximizing Information System Availability Through Bayesian Belief Network Approaches Emerging Research and Opportunities Semir Ibrahimović (Bosna Bank International, Bosnia and Herzegovina) Lejla Turulja (University of Sarajevo, Bosnia and Herzegovina) and Nijaz Bajgorić 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copyright 2017 • 378pp • H/C (ISBN: 9781522521570) • US $200.00 (our price) 701 East Chocolate Avenue, Hershey, PA 17033, USA Tel: 717-533-8845 x100 • Fax: 717-533-8661 E-Mail: cust@igi-global.com • www.igi-global.com Table of Contents Foreword xv Preface xxiii Section Quantitative Approaches to Risk and Uncertainty Models Chapter Strategic and Tactical Measures in Managing Enterprise Risks: A Study of the Textile and Apparel Industry 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 A Comparison of Excess Stock Market Return to Standard Marketing Metrics 20 Vicki Lane, University of Colorado – Denver, USA Madhavan Parthasarathy, University of Colorado – Denver, USA Chapter Analyzing Risk Management and Non-Performing Assets in Banks 38 Hasnan Baber, Central University of Kashmir, India Chapter How Social Culture Impacts Young Executive Decision Making in a Context of Uncertainty 55 Kenneth David Strang, State University of New York at Plattsburgh, USA Narasimha Rao Vajjhala, American University of Nigeria, Nigeria Chapter Risk Inherent in Matching Unreliability With Uncertainty 73 Roy L Nersesian, Monmouth University, USA Joe McManus, Monmouth University, USA Section Qualitative, Historical, and Philosophical Risk Perspectives Chapter Astronomical Roots of Risk Management Measures 99 Colin Read, State University of New York at Plattsburgh, USA Chapter Socio-Political Risk-Contingency-Management Framework for Practitioners and Researchers 116 Kenneth David Strang, State University of New York at Plattsburgh, USA Chapter Impact of Risk Assessment Models on Risk Factors: A Holistic Outlook 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 Chapter Beyond the Precautionary Principle: Is Terrorism a Real Risk? 154 Maximiliano E Korstanje, University of Palermo, Argentina Chapter 10 W Edwards Deming as a Guide for Reducing Risk in Project Management 174 Dennis Bialaszewski, Indiana State University, USA Section Strategic Management and Contingency Planning Practices Chapter 11 Comprehensive Risk Abatement: A Paradigm Shift 187 Bruce D McLaughlin, Lifetime Reliability Solutions, USA Chapter 12 Burst Pipes and Leaky Roofs: Small Emergencies Are a Challenge for Libraries 211 Gerald Chaudron, University of Memphis Libraries, USA Chapter 13 Perils of Lending Rare Book and Archival Materials for Exhibition: Identifying Threats and Evaluating Exposures 232 Patti Gibbons, University of Chicago Library, USA Chapter 14 Risk Management Strategies for Project Success 250 Vittal Anantatmula, Western Carolina University, USA Yang Fan, Western Carolina University, USA Section Industry Applications and Mixed Method Studies Chapter 15 Complex Interdependency of IT Security Risk in B2B Supply Chain 269 Tridib Bandyopadhyay, Kennesaw State University, USA Chapter 16 Modelling the Enablers of Supply Risk Management Using Interpretive Structural Methodology 286 Kunal Ganguly, IIM Kashipur, India Debabrata Das, IIM Kashipur, India Chapter 17 Emergent Issues in the World War Against Global Terrorism 305 Kenneth David Strang, State University of New York at Plattsburgh, USA Chapter 18 Practical Use and Effects of Scope Reductions in the Form of Reduction Lists: Cost Control at the Price of Sustainability? n analysis of supply risk assessment techniques International Journal of Physical Distribution & Logistics Management, 34(3), 397–409 doi:10.1108/09600030410545445 Zsidisin, G A., Panelli, A., & Upton, R (2000) Purchasing organization involvement in risk assessments, contingency plans, and risk management: An exploratory study Supply Chain Management, 5(4), 187–198 doi:10.1108/13598540010347307 Zsidisin, G., & Ellram, L (1999) Supply risk assessment analysis Practix, 2(4), 9–12 409 410 About the Contributors Kenneth Strang has a Doctorate in Project Management (business research, high distinction), an MBA (honors), a BS (honors), as well as a Business Technology diploma (honors) He is a certified Project Management Professional® from Project Management Institute, and is a Fellow of the Life Management Institute (distinction, specialized in actuary statistics and pension systems), from Life Office Management Association Ken has over 120 publications including several books His research interests include: Leadership, multicultural elearning, marketing new product development, knowledge management, ebusiness project management and risk management He designs and teaches multidisciplinary subjects in business and information technology, in class and online (distance education), at an accredited university He also supervises Phd and doctorate students He is associate/area editor on several journals and he serves as editor-in-chief of the International Journal of Risk and Contingency Management He has been CEO/President aof private and non-profit organizations Currently he is the CEO of APPC Research and he is a professor in the school of business and economics at the State University of New York Maximiliano E Korstanje is editor in chief of International Journal of Safety and Security in Tourism (UP Argentina) and International Journal of Cyber Warfare and Terrorism (IGI-GlobalUS) With more than 700 published papers and 25 books, Korstanje was awarded as Outstanding Reviewer 2012 International Journal of Disaster Resilience in the Built Environment University of Salford, UK, Outstanding Reviewer 2013 Journal of Place Management and Development Institute of Place, Manchester Metropolitan University, UK and Reviewer Certificate of Acknowledgement 2014 International Journal of Contemporary Hospitality Management (IJCHM), University of Central Florida, US Now he co-edits almost 10 specialized journals in such themes as human rights, mobility, tourism and terrorism Korstanje is subject to biographical records for Marquis Who`s Who in the World since 2009 He had nominated to honorary doctorates for his contribution in the study of the effects of terrorism in tourism In 2015 he was awarded as Visiting Research Fellow at School of Sociology and Social Policy, University of Leeds, UK and Visiting Professor at University of La Habana Cuba 2016 Narasimha Rao Vajjhala is an Assistant Professor at the American University of Nigeria He holds a doctorate in management in organizational leadership with specialization in information systems and technology He has over 12 years of teaching experience He is a senior member of Association of Computer Machinery (ACM) and is also a certified project management professional (PMP) His research interests include: Knowledge management, knowledge sharing in transition economies, cross-cultural management, technology acceptance, cloud computing and big data About the Contributors *** Vittal Anantatmula is a professor in the College of Business, Western Carolina University and a campus of University of North Carolina He is also the Director of Graduate Programs in Project Management and was a recipient of University Scholar Award, and excellence in teaching and research awards Dr Anantatmula is a Global guest professor at Keio University, Yokohama, Japan He is a director and board member of the Project Management Institute Global Accreditation Center He serves on editorial board of several scholarly journals In the past, he taught at the George Washington University, worked in the petroleum and power industries for several years as an electrical engineer and project manager, and as a consultant in several international organizations including the World Bank Dr Anantatmula has authored more than 60 publications, seven books, and about 50 conference papers He received his PhD from The George Washington University and he is a certified project management professional Hasnain Baber is currently working as an Assistant Professor in Department of Management Studies, Central University of Kashmir Prior to that he was in School of Business Studies, Islamic University of Science and Technology at the same position He has done his Post Graduation in Business Management with majors in Finance He has another Master’s in Public Administration before that he has completed his graduation in computer applications He is also green belt Six sigma certified from KPMG As an Assistant Professor at Central University of Kashmir, he has gained valuable experience leading postgraduate discussion sections for both management’s majors and non-majors In addition to classroom instruction, He has advised students on appropriate research topics and edited and evaluated their work He has also published more than dozens of research papers on diversified subjects of Management but his research interest is mainly focussed on Islamic Finance He is well known researcher on subjects like Islamic Housing Finance, Islamic finance and Global Financial Crisis and so on He was associated with Islamic Online University, Gambia as Tutorial Assistant in Islamic Banking and Economics He has also Served University of Roehampton as Online Instructor He is also acting as editorial board member and reviewer for some reputed publishing houses Tridib Bandyopadhyay is an Associate Professor of Information Systems and the Academic Director of the Masters of Science program at Coles College of Business in Kennesaw State University He is also a continuing Faculty Research Associate of The KSU Center for Information Security Education His research interests include Information Security and Assurance, Cyber Terrorism, and Cyber Insurance; and ICT in Development including health issues His research has been published in peer reviewed journals like ISF, CACM, ITM, IJICTE, and also in the proceedings of national and international conferences He earned his PhD in MIS from The University of Texas at Dallas Dennis Bialaszewski received his Ph D from SUNY Buffalo He also completed AACSB programs in MIS at the University of Minnesota and also Indiana University He has more than 100 publications He received the New York State Chancellor’s Award for Excellence in Teaching, He has received the Professional Productivity Award from Indiana State University He was tenured at Mississippi State University where he taught both at the graduate and undergraduate levels He served on many doctoral committees When he left Mississippi State he joined Indiana State University where he served as the Chair of the Department of Systems and Decision Sciences department for ten years, While there he received a grant from NCR/AT&T valued at $110,000 and designed the first computer lab for the Col411 ... Title: Research, practices, and innovations in global risk and contingency management / Kenneth David Strang, Maximiliano E Korstanje, and Narasimha Vajjhala, editors Description: Hershey : Business... Technology, Nagpur, India) Geetam Singh Tomar (Machine Intelligence Research (MIR) Labs, India) and Shailendra Singh (National Institute of Technical Teachers’ Training and Research, India) Business Science... multicultural elearning, marketing new product development, knowledge management, ebusiness project management and risk management He designs and teaches multidisciplinary subjects in business and information