The efficient trade-off between security and cost for sea ports: a conceptual model. (10th June 2009)

• Record Type: Journal Article
• Authors: Talas, Risto; Menachof, David A.
• Is Part Of: International journal of risk assessment and management. Volume 13:Number 1(2009)
• Page Start: 46
• Page End: 59
• Publication Date: 2009-06-10
• Subjects: 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; Risk assessment -- Periodicals; Risk management -- Periodicals; 361.1
• Languages: English
• ISSNs: 1466-8297

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.