Mba 5640 : Take Home Exam

The safety aspect for risk management will evaluate the potential for human loss of life and or injury. The potential for major incident or accident, such as fire, explosion, or spill, including environmental damage. The necessity for security within the company is a highly need aspect of safety that can lead to risk. The revenues aspect for risk management will evaluate the loss of customer base, recovering of capital loss and recognizing uncoverable capital loss, and loss of opportunity in marketing of the product. The necessity for revenue risk management is key. The costs aspect for risk management will evaluate the costs that were incurred due to preventable problems. Also, costs due to increased warehouse space, vendor changes, and discount changes. A significant risk in cost for this company is the cost of legal defense. The legal aspect for risk management will evaluate regulatory compliance failures and actions that could result

Risk is defined by the probability of injury, harm, loss or danger. We all take risks every day, and don’t even think about implications.

Risk – A risk in a health and social care setting is when there is a strong possibility of harm occurring through a hazard.

When working in a health and social environment, it is important that the surrounding nature is safe and free of any potential harm. A hazard is something that can possibly cause you this danger. Hazards range from something being misplaced to a broken object. When identifying a hazard, risk assessments would take place to find out the best and quickest solution to prevent any danger. The definition of a risk is the probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action.

Weigh up the risk: a risk is the likelihood that a hazard will cause harm

In this assignment, I will be explaining the potential hazards and the harms that could emerge within a health and social care setting. Hazards and risks are things that must be monitored in every setting, especially those within health and social care. Hazards and risks are different, as hazards are objects or situations which have the potential to harm someone, whereas a risk is the possibility that a person will be harmed or gain injuries due to being exposed to the hazard.

Risk refers to any potential problems that would threaten the likelihood of success for or any project. These potential problems might prevent a project from achieving some or all of its objectives by increasing time and cost. Risk factors can even

Risk: A risk is the chance, high or low, that any hazard will actually cause somebody harm. (the likelihood of it happening).

3. What are personal, property, and liability risks? What are examples of personal, property, and liability risk? Each of these types of risks is contained in various insurance policies and some policies may cover all three. Personal risks are those involving illness, injury, or death to a person or the loss of income due to disability, illness, or death. Property risks are damage to or loss of property due to fire, floods, robbery, or other perils such as earthquakes and hurricanes. Liability risks are those caused by negligence that results in property or personal damage.

| Risk(in relation to any potential injury or harm)The likelihood and consequence of that injury or harm occurring.

Defined by Coopers textbook, risk is the exposure to the consequences of uncertainty and has two elements: the likelihood of something happening that has an impact on the project objectives, and the positive or negative consequences of something impacting the project objectives (Cooper, Grey, Raymond, & Walker, 2005)

There is no single definition of risk. Many insurance authors traditionally have defined risk for uncertainty. A risk is an uncertainty concerning the occurrence of a loss.

Risk can be defined as “The possibility of a (negative) event occurring”. Risk and uncertainty go hand in hand. When you are certain about something that you do then there is less or no risk involved. There is more risk when there is uncertainty about a particular outcome and you still go for it.

The bond between risk and return cannot be disregarded due to its significance in business. It is vital to comprehend the correlation between risk and return. Further, knowing how it is affected by time is also paramount (Baker & Riddick, 2013). Investment risk refers to the possibility you may need money investments, or the investments may not probably keep pace with price increases. Notably, all investments are exposed to ascertain the level of risk. However, the level of threat does vary depending on the kind of investment. Investments that carry higher levels of risks are those that have the potential to deliver high investment returns such as the example of growth assets. Investments

The odds that a confirmed return on an investment will be lesser than the expected return. Financial risk is further divided into the many categories: Sovereign risk, Economic risk, Payment system risk, Exchange rate risk, Capital risk, Refinancing risk, Delivery risk, Country risk, Default risk, Basic risk, Interest rate risk, Liquidity risk, Operations risk, Political risk, underwriting risk, Settlement risk, and Reinvestment risk.