The International Organization for Standardization is the first globally recognized standard related to risk management: a) True b) False
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The International Organization for Standardization is the first globally recognized standard related to risk management:
a) True
b) False
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- Classify the following risks into variation, foreseen uncertainty, unforeseen uncertainty, and chaos:a. A hurricane on the U.S. East Coast floods a regional warehouse destroying alarge amount of stockRisks are prioritized based on the application of assessment criteria , and consideration of the organization's risk appetite . Select one: True FalseConsider a product that is "settled in." Its MTBF distribution has been found to be normal with a mean of 10,000 hours and a standard deviation of 100 hours. Answer the following questions: (a) Calculate the probability of a breakdown before 8,000 hours? (b) Calculate the probability of a breakdown before 9,000 hours? (c) Would you prefer a policy of “preventive maintenance” or a policy of “breakdown maintenance” on this product? Explain your choice.
- All of the following are correct about stress testing except: a. It is done under normal going concern environment. b. It is done to determine if the financial institution is able to survive a liquidity crisis under extreme stress conditions. c. It is done when needed such as in a company specific crisis. d. In volatile conditions, stress testing using at least one scenario is required.Which of the following risk responses is not considered risk transfer? a. Joining a third-party trust fund for employee benefits to settle retirement pay b. Paying for property insurance c. Transferring the location of warehouses away from major fault times and flood-prone areas d. Creating advances to employee accounts for losses in inventory and cash shortagesLily believed that a prospective insured's building might be considered a highly protected risk. Which one of the following buildings is most likely to be considered a highly protected risk? A small building located in the middle of a very rural area A masonry noncombustible industrial complex that relies on its own water supply An office building without any public fire protection A large fire-resistive building with automatic sprinkler systems
- which of the following does not denote the type of classification of risks? a) Risk can be classified according to the nature of the attributes of the risks b) Risks can be classified according to its denominations c) Risks can be classified according to the timescale of impact after the event occurs d) Risk can be classified according to its originGrain dust is pound for pound more explosive than coal dust or gunpowder. Ignited by an electrostatic discharge or other cause, it has ripped apart grain silos and has killed or wounded many workers over the years. When 54 people were killed during Christmas week 1977, grain handlers and the U.S. government finally decided to combat dust accumulation.10 Ten years, 59 deaths, and 317 serious injuries later, a compromise standard was agreed on that designates dust accumulation of one-eighth inch or more as dangerous and impermissible in silos in the United States. Nevertheless, on Monday, June 8, 1998, a series of explosions killed seven workers performing routine maintenance at one of the largest grain elevators in the world, demolishing one of the 246 concrete, 120-feet-high silos that stretch over a length of one-half mile in Haysville, Kansas. Discuss grain facility explosions as a case study of workplace safety and rule making: Which ideas concerning acceptable risk apply here? My…An early warning security fence has three major components each must perform in order for the system to perform. Their reliabilities are .4, .3, and .2. The system reliability is equal to:
- EIGHTEEN. A risk response plan can be used to identify increasing levels of detailed risk analysis. True FalseNo Pain Corp Omar Amman, the CEO of No Pain Corp (NPC), is under stress. They produce transcutaneus electrical nerve simulation units (TENS) for pain control. Amman faces a new opportunity and is not sure how to go about it. Recently, the the Department of Health of Canada has approved low current TENS devices to be sold directly to consumers without a doctor’s note. This will come into effect in three months. In the past, one needed a doctor’s note and could rent the device from some companies. These TENS machines, as they are called in Canada, are popular, since the older population has found them to be effective in pain control with almost no side effects. Amman can sell the device via drug-stores and pharmacies as well as on Amazon. But, Amman is not sure. Amman used to work as a supply chain manager for a power-tool company. Back then, it was a huge logistical “pain,” no pun intended, to work with large retailers and to attend to their fulfilment needs. Those retailers used to…No Pain Corp Omar Amman, the CEO of No Pain Corp (NPC), is under stress. They produce transcutaneus electrical nerve simulation units (TENS) for pain control. Amman faces a new opportunity and is not sure how to go about it. Recently, the the Department of Health of Canada has approved low current TENS devices to be sold directly to consumers without a doctor’s note. This will come into effect in three months. In the past, one needed a doctor’s note and could rent the device from some companies. These TENS machines, as they are called in Canada, are popular, since the older population has found them to be effective in pain control with almost no side effects. Amman can sell the device via drug-stores and pharmacies as well as on Amazon. But, Amman is not sure. Amman used to work as a supply chain manager for a power-tool company. Back then, it was a huge logistical “pain,” no pun intended, to work with large retailers and to attend to their fulfilment needs. Those retailers used to…