Title: The efficient trade-off between security and cost for sea ports: a conceptual model
Authors: Risto Talas, David A. Menachof
Addresses: Cass Business School, City University, 106 Bunhill Row, London EC1Y 8TZ, UK. ' Cass Business School, City University, 106 Bunhill Row, London EC1Y 8TZ, UK
Abstract: Sea ports around the world have had to introduce new security measures in the wake of the introduction of the International Maritime Organisation|s ISPS Code, but may have been unable to establish an efficient trade-off between cost and security. This paper introduces a conceptual model that uses the Markowitz (1952) theory of portfolio selection to describe the process that ports and port terminals can follow to ensure that efficient security investment decisions are made to reduce the exposure to terrorist and other unlawful activities.
Keywords: port security; supply chain security; ISPS Code; terrorism; port facility security officers; trade-offs; efficient frontiers; supply chain risks; risk management; supply chain management; SCM; sea ports.
International Journal of Risk Assessment and Management, 2009 Vol.13 No.1, pp.46 - 59
Published online: 09 Jun 2009 *Full-text access for editors Access for subscribers Purchase this article Comment on this article