RiskIn simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is "effect of uncertainty on objectives".
Traffic flowIn mathematics and transportation engineering, traffic flow is the study of interactions between travellers (including pedestrians, cyclists, drivers, and their vehicles) and infrastructure (including highways, signage, and traffic control devices), with the aim of understanding and developing an optimal transport network with efficient movement of traffic and minimal traffic congestion problems.
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.
Self-organizing mapA self-organizing map (SOM) or self-organizing feature map (SOFM) is an unsupervised machine learning technique used to produce a low-dimensional (typically two-dimensional) representation of a higher dimensional data set while preserving the topological structure of the data. For example, a data set with variables measured in observations could be represented as clusters of observations with similar values for the variables.
TrafficTraffic comprises pedestrians, vehicles, ridden or herded animals, trains, and other conveyances that use public ways (roads) for travel and transportation. Traffic laws govern and regulate traffic, while rules of the road include traffic laws and informal rules that may have developed over time to facilitate the orderly and timely flow of traffic. Organized traffic generally has well-established priorities, lanes, right-of-way, and traffic control at intersections.
Traffic collisionA traffic collision, also called a motor vehicle collision (car crash in case cars are involved in the collision), occurs when a vehicle collides with another vehicle, pedestrian, animal, road debris, or other moving or stationary obstruction, such as a tree, pole or building. Traffic collisions often result in injury, disability, death, and property damage as well as financial costs to both society and the individuals involved.
Risk managementRisk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
Risk assessmentRisk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. More precisely, risk assessment identifies and analyses potential (future) events that may negatively impact individuals, assets, and/or the environment (i.e. hazard analysis).
Traffic lightTraffic lights, traffic signals, or stoplights – also known as robots in South Africa – are signalling devices positioned at road intersections, pedestrian crossings, and other locations in order to control the flow of traffic. Traffic lights consist normally of three signals, transmitting meaningful information to road users through colours and symbols including arrows and bicycles. The regular traffic light colours are red, yellow (also known as amber), and green arranged vertically or horizontally in that order.
M25 motorwayThe M25 or London Orbital Motorway is a major road encircling most of Greater London. The motorway is one of the most important roads in the UK and one of the busiest. Margaret Thatcher opened the final section in 1986, making the M25 the longest ring road in Europe upon opening. The Dartford Crossing completes the orbital route but is not classed as motorway; it is classed as a trunk road and designated as the A282. In some cases, including notable legal contexts such as the Communications Act 2003, the M25 is used as a de facto alternative boundary for Greater London.
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".
Three-phase traffic theoryThree-phase traffic theory is a theory of traffic flow developed by Boris Kerner between 1996 and 2002. It focuses mainly on the explanation of the physics of traffic breakdown and resulting congested traffic on highways. Kerner describes three phases of traffic, while the classical theories based on the fundamental diagram of traffic flow have two phases: free flow and congested traffic.
Crash test dummyA crash test dummy, or simply dummy, is a full-scale anthropomorphic test device (ATD) that simulates the dimensions, weight proportions and articulation of the human body during a traffic collision. Dummies are used by researchers, automobile and aircraft manufacturers to predict the injuries a person might sustain in a crash. Modern dummies are usually instrumented to record data such as velocity of impact, crushing force, bending, folding, or torque of the body, and deceleration rates during a collision.
M62 motorwayThe M62 is a west–east trans-Pennine motorway in Northern England, connecting Liverpool and Hull via Manchester, Bradford, Leeds and Wakefield; of the route is shared with the M60 orbital motorway around Manchester. The road is part of the unsigned Euroroutes E20 (Shannon to Saint Petersburg) and E22 (Holyhead to Ishim). The motorway, which was first proposed in the 1930s, and conceived as two separate routes, was opened in stages between 1971 and 1976, with construction beginning at Pole Moor near Huddersfield and finishing at that time in Tarbock on the outskirts of Liverpool.
Elastic mapElastic maps provide a tool for nonlinear dimensionality reduction. By their construction, they are a system of elastic springs embedded in the data space. This system approximates a low-dimensional manifold. The elastic coefficients of this system allow the switch from completely unstructured k-means clustering (zero elasticity) to the estimators located closely to linear PCA manifolds (for high bending and low stretching modules). With some intermediate values of the elasticity coefficients, this system effectively approximates non-linear principal manifolds.
Controlled-access highwayA controlled-access highway is a type of highway that has been designed for high-speed vehicular traffic, with all traffic flow—ingress and egress—regulated. Common English terms are freeway, motorway and expressway. Other similar terms include throughway (or thruway) and parkway. Some of these may be limited-access highways, although this term can also refer to a class of highways with somewhat less isolation from other traffic. In countries following the Vienna convention, the motorway qualification implies that walking and parking are forbidden.
Risk compensationRisk compensation is a theory which suggests that people typically adjust their behavior in response to perceived levels of risk, becoming more careful where they sense greater risk and less careful if they feel more protected. Although usually small in comparison to the fundamental benefits of safety interventions, it may result in a lower net benefit than expected or even higher risks. By way of example, it has been observed that motorists drove closer to the vehicle in front when the vehicles were fitted with anti-lock brakes.
Road traffic safetyRoad traffic safety refers to the methods and measures used to prevent road users from being killed or seriously injured. Typical road users include pedestrians, cyclists, motorists, vehicle passengers, horse riders, and passengers of on-road public transport (mainly buses and trams). Best practices in modern road safety strategy: The basic strategy of a Safe System approach is to ensure that in the event of a crash, the impact energies remain below the threshold likely to produce either death or serious injury.
Financial risk managementFinancial risk management is the practice of protecting economic value in a firm by managing exposure to financial risk - principally operational risk, credit risk and market risk, with more specific variants as listed aside. As for risk management more generally, financial risk management requires identifying the sources of risk, measuring these, and crafting plans to address them. See for an overview. Financial risk management as a "science" can be said to have been born with modern portfolio theory, particularly as initiated by Professor Harry Markowitz in 1952 with his article, "Portfolio Selection"; see .
Risk matrixA risk matrix is a matrix that is used during risk assessment to define the level of risk by considering the category of probability or likelihood against the category of consequence severity. This is a simple mechanism to increase visibility of risks and assist management decision making. Risk is the lack of certainty about the outcome of making a particular choice. Statistically, the level of downside risk can be calculated as the product of the probability that harm occurs (e.g.
