Optimizing risk in non-finance sectors with Conditional Value-at-Risk strategies.
The article explores how a risk measure called Conditional Value-at-Risk (CVaR) is used in different fields beyond finance. Researchers have applied CVaR to areas like supply chain management, scheduling, energy, and medicine to make decisions in uncertain environments. By incorporating CVaR into optimization models, they can better control risk and handle various sources of uncertainty. The study provides insights into how CVaR has been used in different applications and suggests future research directions.