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Analysis and Evaluation of Climate Risk Management Systems Using Gray Relational Analysis

Authors: Vedaswaroop Meduri;

Analysis and Evaluation of Climate Risk Management Systems Using Gray Relational Analysis

Abstract

Climate change is further disrupting businesses through increasing climate risks such as flooding and severe winds, resulting in higher costs and lower revenues. In response, FM Global launched the Climate Risk Report, which addresses these climate risks and helps businesses improve their resilience while building long-term confidence. The report is aimed at executives, including CEOs, CFOs and risk managers, to help them make informed decisions about climate resilience investments. Research significance: This research is important as it improves climate risk management and decision-making for businesses facing increasing climate challenges. Combining data from over 60,000 engineering visits, AI and predictive analytics, the Climate Risk Report provides an accurate and comprehensive climate risk assessment. This methodology helps businesses categorize risks into actionable insights and build resilience through data-driven choices. By emphasizing data quality and using advanced technologies, this research deepens the understanding of climate-related losses, helping companies reduce billions worth of potential damages and increase overall climate resilience. Methology: Alternatives: 1. AI-Powered Resilience System, 2. Climate Risk Prediction Model, 3. Data Quality Profiling Framework, 4. Integrated Climate Analytics Dashboard, 5. Predictive Hazard Mitigation Platform, 6. Actionable Climate Risk Mapper, and 7. Scalable Resilience Engineering Toolkit. Evaluation criteria include Scalability, Recognition, Complexity, Adoption Difficulty. Result: According to the results, Predictive Hazard Mitigation Platform ranked highest, while Data Quality Profiling Framework ranked lowest. Conclusion: AI for Predictive Hazard Mitigation Platform has the highest value for Climate Risk Report in education according to the Gray Relation Analysis (GRA) approach.

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Powered by OpenAIRE graph
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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
2
Top 10%
Average
Average
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