Predicting and Managing Impacts from Catastrophic Events Using Weighted Period Event Tables
AssigneeRisk Management Solutions, Inc.
InventorsShahram Taghavi, Nirmal Jayaram
Life of this patent
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Abstract
A system stochastically models events related to potential perils (e.g., hurricanes, terrorist attacks) using a weighted period event table. Both rare and likely events are captured in modeling with minimal computational overhead, allowing appropriate allocation of resources. Applications include disaster response, municipal planning, financial risk modeling and allocation.
Claims21
A computer-implemented method of modeling events, comprising:
- a. collecting individual event parameters;
- b. creating a weighted period event table responsive to the event parameters;
- and
- c. generating a model responsive to the weighted period event table.
A computer system for modeling events, comprising:
- a non-transitory computer-readable storage medium comprising executable computer program code for:
- a. collecting individual event parameters;
- b. creating a weighted period event table responsive to the event parameters;
- and
- c. generating a model responsive to the weighted period event table;
- and
- a processor for executing the computer program code.
A non-transitory computer-readable storage medium comprising executable computer program code for modeling events, the computer program code comprising instructions for:
- a. collecting individual event parameters;
- b. creating a weighted period event table responsive to the event parameters;
- and
- c. generating a model responsive to the weighted period event table.
Dependencies are inferred from the claim text.