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In the past three decades, much work has been conducted in the development and application of various analytical techniques used in investment decisions. Two of the most powerful of these techniques include risk analysis and portfolio analysis. Because of the portfolio analysis. Because of the speculative nature of the petroleum industry, risk analysis has become readily acceptable and widely used by most oil and gas investors. Meanwhile, portfolio analysis has gained little acceptance and remains a mystery to most of the petroleum sector. Like risk analysis, portfolio analysis evaluates projects based upon the investment's expected return and its perceived risk or uncertainty. However, perceived risk or uncertainty. However, while risk analysis limits its perspective to the merits of the individual project, portfolio analysis expands this view to portfolio analysis expands this view to include the effects and contributions that potential projects will have on the potential projects will have on the investor's entire portfolio. In turn, portfolio analysis broadens the portfolio analysis broadens the restrictive, myopic view of selecting projects based solely on individual merit projects based solely on individual merit and criteria and allows the investor to determine how potential investments will affect the goals and objectives of his overall portfolio. This analytical technique is based upon modern portfolio theory which provides a conceptual framework for provides a conceptual framework for selecting projects in order to create portfolios that offer the best combination portfolios that offer the best combination of risk and return. Within this framework, Harry Markowitz proposed a mathematical model that utilizes quantifiable risk/return parameters to create efficient and optimal portfolio's designed to meet the goals and risk preferences of the large private or preferences of the large private or institutional investor. While sophisticated investment managers have successfully applied this portfolio model to the capital markets, this quantitative method has obtained little exposure in the oil industry. Earlier studies have shown, however, that the conceptual application of portfolio analysis has much merit and utility in the decision process employed by oil and gas investors. Yet none of these qualitative applications utilize the full potential that the Markowitz model provides. provides. While not applicable in its original form, the portfolio model needs modification to meet the investment objectives and information limitations characteristic of the oil industry. It is the objective of this paper to demonstrate how a modified model can be effectively applied to the selection process of petroleum ventures. To illustrate its petroleum ventures. To illustrate its applicability, this modeling technique is applied to an investment decision involving the construction of an exploratory drilling program. In this example, this analytical technique predicts how an efficient and optimal predicts how an efficient and optimal portfolio can be constructed given an portfolio can be constructed given an opportunity set of investments and the goals of the oil and gas investor. It is believed that from this illustration investors will be able to effectively apply portfolio modeling as a tool to optimize their own selection of petroleum investments. P. 53

The purpose of this paper is to present the development of a qualitative approach to environmental risk assessment (QAERA) in transport. The approach is described as a model developed for the future software tool which will be utilizable as a risk decision support system. The basic part is aimed on developing a quantitative environmental risk assessment. Thus, this paper describes a set of 6 pillars of safety and security. Accordingly, the paper contains both chosen safety and security indicators and selected criteria for assessing the risk of launching the environmental change of global model thinking in the transport sector. The environmental risk assessment as a global model of thinking was originally based on historical experience but, nowadays, it is changing. Based on new expert knowledge, more precisely, on input of new global data, paper displays an environmental risk assessment with actual interpretation. The discussion of the paper is oriented to support research results, a new knowledge-oriented approach to global climate changes, using suitable risk assessment methods and technics. The result of the paper is a new approach for the modeling of environmental risk assessment in the transport sector.

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The paper analyses the transport of exotic fruit from tropical and subtropical areas to the shopping malls located in Central Europe. The exotic fruit belongs to the group of perishable goods. After its harvest and stowage into transport boxes, it is transported in the refrigerated containers by container vessels. Specific conditions (the temperature, the humidity of air) have to be provided in these containers so that the fruit would not be spoilt.