A requirement for scientific work is that what we have done can be reproducible, which means that when using the same input and the same models, we should arrive at the same results. Will a risk assessment meet this requirement? it is a risk management question.
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A requirement for scientific work is that what we have done can be reproducible, which
means that when using the same input and the same models, we should arrive at the same
results. Will a risk assessment meet this requirement?
it is a risk management question.
Step by step
Solved in 3 steps
- Risk assessmentFor many enterprises, normal risk assessment occurs on a regular schedule. These are often annual occurrences, but monitoring the ongoing risk mitigation and state of identified risks should be a continuous activity. We monitor and react to risk constantly in our daily lives; a conscious monitoring of our organization’s risk mitigation position should occur as well. It’s a good idea to schedule periodic risk reviews ahead of time. Take the time each month to review the highest probable and largest impact risk along with the mitigation strategy that will allow for continuous improvement.Periodically re-examine the risk. Has the environment changed in a way that has impacted the risk? Will you require more or less mitigation? A risk trigger is an indicator that signals that the risk event has occurred or is about to occur. In other words, what may cause the impact or the risk to occur? This provides you with a level of reaction that may limit the impact to your…Risk assessmentFor many enterprises, normal risk assessment occurs on a regular schedule. These are often annual occurrences, but monitoring the ongoing risk mitigation and state of identified risks should be a continuous activity. We monitor and react to risk constantly in our daily lives; a conscious monitoring of our organization’s risk mitigation position should occur as well. It’s a good idea to schedule periodic risk reviews ahead of time. Take the time each month to review the highest probable and largest impact risk along with the mitigation strategy that will allow for continuous improvement.Periodically re-examine the risk. Has the environment changed in a way that has impacted the risk? Will you require more or less mitigation? A risk trigger is an indicator that signals that the risk event has occurred or is about to occur. In other words, what may cause the impact or the risk to occur? This provides you with a level of reaction that may limit the impact to your…EIGHTEEN. A risk response plan can be used to identify increasing levels of detailed risk analysis. True False
- Linda is upset: she has to make another trip to the dry cleaners because they did not get a stain out of her new jacket as they had promised. This is an example of A.performance risk B.financial risk C.time-loss risk D.opportunity riskSome new product launches fail and this leaves a negative impact on the profitability of the company. Using a particular product as an example, discuss 1. What steps should the company launching the product take in order to mitigate product launch failure or to address the situation in the event of a failure of the launch of that product. Companies that are developing a formalized risk management process are encouraged to develop a risk or threat profile and use their intuition to create an inventory of risks that seem most relevant to their operations. At that stage, they are encouraged to rank risks using which of the following approaches? a The risks with the greatest impact on staff and the highest anticipated frequency of occurring take top priority b The risks with most significant impact on the business and the highest probability of occurring take top priority c The risks with the highest probability of occurring and the highest anticipated frequency take top priority d The risks with the highest anticipated frequency of occurring and the most significant public visibility take top priority
- The Platinum Star Hotel in Kingston, NY, is considering doing overbooking in order to deal with the constant problem they have with no-shows. The table given below presents the number of no-shows and the probability of each occurring. Number of Shows (d) Probability of No-shows Occurring P(d) 0 0.10 1 0.07 2 0.12 3 0.02 4 0.07 5 0.01 6 0.04 7 0.19 8 0.22 9 0.16 a) What would be your recommendation for overbooking if the average rate per room per night is S125 and the cost of not honoring a reservation is $155? b) What is the expected loss for your overbooking choice? c) State the reasoning for selecting your overbooking choice?Topford supplies X-Data DVDs in lots of 50, and they have a reported defect rate of 0.5% so the probability of a disk being defective is 0.005. It follows that the probability of a disk being good is 0.995. What is the probability of getting at least one defective disk in a lot of 50? Group of answer choices None of the above 0.0562 Approximately 0 0.02461. Which of the following Risk Management Processes covers the determination of the likelihood and consequence of risks identified on the effective and efficient pursuit of business activities? Group of answer choices Risk mitigation and avoidance Risk monitoring None of the choices Risk identification Risk qualification and prioritization
- Dash and Lily Corporation wanted to raise funds for the poor. The first prizefor a raffle is P500,000 (with aprobability of 0.001) and the second prize is P250,000 (with a probability of0.003). What is a fair price to pay for a single ticket in this raffle? a. Give: what are the given information. b. Requirement: what is requirement. c. Solution: show step by step solution d. Answer: what is the final answer e. Analysis: identify the use of the result in risk managementJSA data is analyzed through a sequential breakdown of relevant steps and safety hazards in each step determined. Consequently, the identified hazards are then categorized into different risk levels, and preventive measures are determined. How does this help with prioritizing risks and could there be a pitfall if prioritizing does not occur?A firm produces 2 different alarm systems A and B. System A detects withprobability 0.93 and costs 2 times expensive then system B. System B detectsfire with probability 0.8. Which option is better: to set two systems B or onesystem A?