Bus laneA bus lane or bus-only lane is a lane restricted to buses, often on certain days and times, and generally used to speed up public transport that would be otherwise held up by traffic congestion. The related term busway describes a roadway completely dedicated for use by buses, whilst bus gate describes a short bus lane often used as a short cut for public transport. Bus lanes are a key component of a high-quality bus rapid transit (BRT) network, improving bus travel speeds and reliability by reducing delay caused by other traffic.
Risk-seekingIn accounting, finance, and economics, a risk-seeker or risk-lover is a person who has a preference for risk. While most investors are considered risk averse, one could view casino-goers as risk-seeking. A common example to explain risk-seeking behaviour is; If offered two choices; either 50asasurething,ora50100 or nothing, a risk-seeking person would prefer the gamble. Even though the gamble and the "sure thing" have the same expected value, the preference for risk makes the gamble's expected utility for the individual much higher. Tsunami earthquakeIn seismology, a tsunami earthquake is an earthquake which triggers a tsunami of significantly greater magnitude, as measured by shorter-period seismic waves. The term was introduced by Japanese seismologist Hiroo Kanamori in 1972. Such events are a result of relatively slow rupture velocities. They are particularly dangerous as a large tsunami may arrive at a coastline with little or no warning. The distinguishing feature for a tsunami earthquake is that the release of seismic energy occurs at long periods (low frequencies) relative to typical tsunamigenic earthquakes.
Allocative efficiencyAllocative efficiency is a state of the economy in which production is aligned with consumer preferences; in particular, the set of outputs is chosen so as to maximize the wellbeing of society. This is achieved if every good or service is produced up until the last unit provides a marginal benefit to consumers equal to the marginal cost of production. In economics, allocative efficiency entails production at the point on the production possibilities frontier that is optimal for society.
Decision-makingIn psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either rational or irrational. The decision-making process is a reasoning process based on assumptions of values, preferences and beliefs of the decision-maker. Every decision-making process produces a final choice, which may or may not prompt action.
Risk premiumA risk premium is a measure of excess return that is required by an individual to compensate being subjected to an increased level of risk. It is used widely in finance and economics, the general definition being the expected risky return less the risk-free return, as demonstrated by the formula below. Where is the risky expected rate of return and is the risk-free return. The inputs for each of these variables and the ultimate interpretation of the risk premium value differs depending on the application as explained in the following sections.
Traffic lightTraffic lights, traffic signals, or stoplights – also known as robots in South Africa – are signalling devices positioned at road intersections, pedestrian crossings, and other locations in order to control the flow of traffic. Traffic lights consist normally of three signals, transmitting meaningful information to road users through colours and symbols including arrows and bicycles. The regular traffic light colours are red, yellow (also known as amber), and green arranged vertically or horizontally in that order.
Earthquake predictionEarthquake prediction is a branch of the science of seismology concerned with the specification of the time, location, and magnitude of future earthquakes within stated limits, and particularly "the determination of parameters for the next strong earthquake to occur in a region". Earthquake prediction is sometimes distinguished from earthquake forecasting, which can be defined as the probabilistic assessment of general earthquake hazard, including the frequency and magnitude of damaging earthquakes in a given area over years or decades.
Structural engineeringStructural engineering is a sub-discipline of civil engineering in which structural engineers are trained to design the 'bones and muscles' that create the form and shape of human-made structures. Structural engineers also must understand and calculate the stability, strength, rigidity and earthquake-susceptibility of built structures for buildings and nonbuilding structures. The structural designs are integrated with those of other designers such as architects and building services engineer and often supervise the construction of projects by contractors on site.
Soft systems methodologySoft systems methodology (SSM) is an organised way of thinking that's applicable to problematic social situations and in the management of change by using action. It was developed in England by academics at the Lancaster Systems Department on the basis of a ten-year action research programme. The Soft Systems Methodology was developed primarily by Peter Checkland, through 10 years of research with his colleagues, such as Brian Wilson.
