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This chapter is a review of the standard risk management process used in events around the world. In the experience of the author, it is also used in all other industries and therefore will be familiar to the event stakeholders, such as the government, agencies, sponsors and subcontractors.
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Risk Process with Random Income
Journal of Mathematical Sciences, 2004Consider the ``classical risk process'' model of an insurance company that describes the dynamics of its reserve/surplus. The author deals with some results and extensions of this model, in which the risk process has a random income.
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