FloodA flood is an overflow of water (or rarely other fluids) that submerges land that is usually dry. In the sense of "flowing water", the word may also be applied to the inflow of the tide. Floods are an area of study of the discipline hydrology and are of significant concern in agriculture, civil engineering and public health. Human changes to the environment often increase the intensity and frequency of flooding, for example land use changes such as deforestation and removal of wetlands, changes in waterway course or flood controls such as with levees, and larger environmental issues such as climate change and sea level rise.
Flood warningA flood warning is closely linked to the task of flood forecasting. The distinction between the two is that the outcome of flood forecasting is a set of forecast time-profiles of channel flows or river levels at various locations, while "flood warning" is the task of making use of these forecasts to make decisions about whether warnings of floods should be issued to the general public or whether previous warnings should be rescinded or retracted.
Systems modelingSystems modeling or system modeling is the interdisciplinary study of the use of models to conceptualize and construct systems in business and IT development. A common type of systems modeling is function modeling, with specific techniques such as the Functional Flow Block Diagram and IDEF0. These models can be extended using functional decomposition, and can be linked to requirements models for further systems partition.
Financial riskFinancial risk is any of various types of risk associated with financing, including financial transactions that include company loans in risk of default. Often it is understood to include only downside risk, meaning the potential for financial loss and uncertainty about its extent. A science has evolved around managing market and financial risk under the general title of modern portfolio theory initiated by Harry Markowitz in 1952 with his article, "Portfolio Selection".
Statistical modelA statistical model is a mathematical model that embodies a set of statistical assumptions concerning the generation of sample data (and similar data from a larger population). A statistical model represents, often in considerably idealized form, the data-generating process. When referring specifically to probabilities, the corresponding term is probabilistic model. A statistical model is usually specified as a mathematical relationship between one or more random variables and other non-random variables.
Scientific modellingScientific modelling is a scientific activity, the aim of which is to make a particular part or feature of the world easier to understand, define, quantify, visualize, or simulate by referencing it to existing and usually commonly accepted knowledge. It requires selecting and identifying relevant aspects of a situation in the real world and then developing a model to replicate a system with those features.
Market riskMarket risk is the risk of losses in positions arising from movements in market variables like prices and volatility. There is no unique classification as each classification may refer to different aspects of market risk. Nevertheless, the most commonly used types of market risk are: Equity risk, the risk that stock or stock indices (e.g. Euro Stoxx 50, etc.) prices or their implied volatility will change. Interest rate risk, the risk that interest rates (e.g. Libor, Euribor, etc.) or their implied volatility will change.
Conceptual modelA conceptual model is a representation of a system. It consists of concepts used to help people know, understand, or simulate a subject the model represents. In contrast, a physical model focuses on a physical object such as a toy model that may be assembled and made to work like the object it represents. The term may refer to models that are formed after a conceptualization or generalization process. Conceptual models are often abstractions of things in the real world, whether physical or social.
Risk-seekingIn accounting, finance, and economics, a risk-seeker or risk-lover is a person who has a preference for risk. While most investors are considered risk averse, one could view casino-goers as risk-seeking. A common example to explain risk-seeking behaviour is; If offered two choices; either 50asasurething,ora50100 or nothing, a risk-seeking person would prefer the gamble. Even though the gamble and the "sure thing" have the same expected value, the preference for risk makes the gamble's expected utility for the individual much higher. Operational riskOperational risk is the risk of losses caused by flawed or failed processes, policies, systems or events that disrupt business operations. Employee errors, criminal activity such as fraud, and physical events are among the factors that can trigger operational risk. The process to manage operational risk is known as operational risk management.
Foreign exchange riskForeign exchange risk (also known as FX risk, exchange rate risk or currency risk) is a financial risk that exists when a financial transaction is denominated in a currency other than the domestic currency of the company. The exchange risk arises when there is a risk of an unfavourable change in exchange rate between the domestic currency and the denominated currency before the date when the transaction is completed. Foreign exchange risk also exists when the foreign subsidiary of a firm maintains financial statements in a currency other than the domestic currency of the consolidated entity.
Retention basinA retention basin, sometimes called a retention pond, wet detention basin, or storm water management pond (SWMP), is an artificial pond with vegetation around the perimeter and a permanent pool of water in its design. It is used to manage stormwater runoff, for protection against flooding, for erosion control, and to serve as an artificial wetland and improve the water quality in adjacent bodies of water. It is distinguished from a detention basin, sometimes called a "dry pond", which temporarily stores water after a storm, but eventually empties out at a controlled rate to a downstream water body.
Risk aversionIn economics and finance, risk aversion is the tendency of people to prefer outcomes with low uncertainty to those outcomes with high uncertainty, even if the average outcome of the latter is equal to or higher in monetary value than the more certain outcome. Risk aversion explains the inclination to agree to a situation with a more predictable, but possibly lower payoff, rather than another situation with a highly unpredictable, but possibly higher payoff.
Civil engineeringCivil engineering is a professional engineering discipline that deals with the design, construction, and maintenance of the physical and naturally built environment, including public works such as roads, bridges, canals, dams, airports, sewage systems, pipelines, structural components of buildings, and railways. Civil engineering is traditionally broken into a number of sub-disciplines. It is considered the second-oldest engineering discipline after military engineering, and it is defined to distinguish non-military engineering from military engineering.
Detention basinA detention basin or retarding basin is an excavated area installed on, or adjacent to, tributaries of rivers, streams, lakes or bays to protect against flooding and, in some cases, downstream erosion by storing water for a limited period of time. These basins are also called dry ponds, holding ponds or dry detention basins if no permanent pool of water exists. Detention ponds that are designed to permanently retain some volume of water at all times are called retention basins.
Urban floodingUrban flooding is the inundation of land or property in a built environment, particularly in more densely populated areas, caused by rainfall overwhelming the capacity of drainage systems, such as storm sewers. Although sometimes triggered by events such as flash flooding or snowmelt, urban flooding is a condition, characterized by its repetitive and systemic impacts on communities, that can happen regardless of whether or not affected communities are located within designated floodplains or near any body of water.
Sediment basinA sediment basin is a temporary pond built on a construction site to capture eroded or disturbed soil that is washed off during rain storms, and protect the water quality of a nearby stream, river, lake, or bay. The sediment-laden soil settles in the pond before the runoff is discharged. Sediment basins are typically used on construction sites of or more, where there is sufficient room. They are often used in conjunction with erosion controls and other sediment control practices.
Mathematical optimizationMathematical optimization (alternatively spelled optimisation) or mathematical programming is the selection of a best element, with regard to some criterion, from some set of available alternatives. It is generally divided into two subfields: discrete optimization and continuous optimization. Optimization problems arise in all quantitative disciplines from computer science and engineering to operations research and economics, and the development of solution methods has been of interest in mathematics for centuries.
Risk neutral preferencesIn economics and finance, risk neutral preferences are preferences that are neither risk averse nor risk seeking. A risk neutral party's decisions are not affected by the degree of uncertainty in a set of outcomes, so a risk neutral party is indifferent between choices with equal expected payoffs even if one choice is riskier. In the context of the theory of the firm, a risk neutral firm facing risk about the market price of its product, and caring only about profit, would maximize the expected value of its profit (with respect to its choices of labor input usage, output produced, etc.
100-year floodA 100-year flood is a flood event that has on average a 1 in 100 chance (1% probability) of being equaled or exceeded in any given year. The 100-year flood is also referred to as the 1% flood. For coastal or lake flooding, the 100-year flood is generally expressed as a flood elevation or depth, and may include wave effects. For river systems, the 100-year flood is generally expressed as a flowrate. Based on the expected 100-year flood flow rate, the flood water level can be mapped as an area of inundation.
