Developing a Risk Management System with an Optimistic Predictive Approach and Business Decision-Making

Mustafa Nazar Dawood^1,*, Mohammed Ayad Alkhafaji², Ahmed Hussian³, Hussein Alaa Diame⁴, Naseer Ali Hussien⁵, Sahar Yassine⁶, Venkatesan Rajinikanth⁷

¹Computer Technologies Engineering, Al-Turath University College, Baghdad, Iraq

²Department of Medical Devices Engineering Technologies, National University of Science and Technology, Dhi Qar, Nasiriyah, Iraq

³Medical instruments engineering techniques, Al-farahidi University, Baghdad, Iraq

⁴Technical Computer Engineering Department, Al-Kunooze University College, Basrah, Iraq

⁵Information and Communication Technology Research Group, Scientific Research Center, Al-Ayen

University, Thi-Qar, Iraq

⁶ Department of Applied Data Science, Noroff University College, Kristiansand, Norway

⁷Department of Computer Science and Engineering, Saveetha School of Engineering, Saveetha Institute of Medical and Technical Sciences, Chennai 602105, India

Emails: mustafanazar1990@gmail.com; mohammed.alkhafaji@nust.edu.iq; Ahmed Hussian@uoalfarahidi.edu.iq; Hussein.Alaa@kunoozu.edu.Iq; naseerali@alayen.edu.iq; sahar.yassine@noroff.no; v.rajinikanth@ieee.org

Abstract

Risk Management is an important task that helps to monitor the business application to eliminate the political, financial, cultural, and social consequences. The organization's risk decision is affected by several characteristics, such as lack of accountability and risk decision-making. The difficulties are resolved by applying the Machine-Learning related Business Decision Making Approach (ML-BDMA). The created framework helps to reduce the difficulties in decision-making while managing the organization's risk. The Business Decision Making process works along with the Optimistic Predictive Techniques (OPT) that are used to identify the risk which leads to attaining the business objective. This process categorizes the risk according to the qualitative characteristics of business data. The system's effectiveness was evaluated using the experimental result in which the system ensures a 98.93% performance rate, 92.25% reliability rate, 93.47% authenticity rate, 91.11% risk management rate, and 97.77% development rate while making a business decision.

^*Corresponding Author: mustafanazar1990@gmail.com

Received: February 18, 2023 Revised: May 09, 2023 Accepted: September 01, 2023

Keywords: Risk management; Business Decision Making (BDM); Optimistic Predictive Technique (OPT); reliability rate and development rate.