Which of the following risk responses would be most likely to be given consideration for an organization which is a trade importer and exporter? Group of answer choices Avoid risk Share risk Accept risk Reduce risk
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Which of the following risk responses would be most likely to be given consideration for an organization which is a trade importer and exporter?
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- Classify the following risks into variation, foreseen uncertainty, unforeseen uncertainty, and chaos:h. A drug is found to have dangerous side effects following its launchDetermine the type of risk response being described in each case.Mr. Author annually publishes a new version of his textbook. He acknowledges that some students will use the old version instead. He also understands that some students will obtain a fake copy of his book. This will like reduce his sales volume. a. Avoidanceb. Mitigationc/ AcceptanceABC Corporation does not want to be liable for transportation losses. It sells only with the terms FOB Shipping point. a. Avoidanceb. Mitigationc. AcceptanceEmployees are required to participate in the annual earthquake drill. They are reminded to keep calm to avoid stampedes. a. Avoidanceb. Mitigationc. Acceptance. 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
- 8. Ms. Rabiya Mateo and Ms. Sandra Lemonon, two real-estate investment partners, are assessing the relative risks of a prime property in Taguig City, and a comparable property in a similarly vibrant area of Iloilo City. One partner discounts heavily the value of the Taguig property because of the potential earthquake damage. The Taguig City-averse partner is most likely influenced by which element of risk management analysis? a. Risk Prioritization b. Risk Severity c. Risk Psychology d. Risk ResponseThe medical team at Birzeit Hospital are not sure whether to buy the COVID-19 vaccine from supplier A, B, or C. The analysis of previous experience dealing with the three suppliers reveals the following vaccine quality: Percent of ineffective vaccines Probability for Supplier A Probability for Supplier B Probability for Supplier C 2 0.60 0.50 0.70 5 0.30 0.30 0.00 7 0.10 0.20 0.30 The hospital buys 25000 vaccines each year which means that the probability to get 2% ineffective vaccines is 0.60 from supplier A, 0.50 from supplier B, and 0.70 from supplier C. Develop a decision tree to show your recommended alternative (supplier).What are the advanatges and limitations of using each Quantitaive Risk Assessments such as Bayesian Network, Fault Tree Analysis, Event Tree Analysis and Bow Tie Analysis in the oil refinery storage industry?
- Consider a project to Design, build and launch a Website for a small company. Develop a Risk Assessment matrix with the following:• At least two Risks identified • Impact of risk • Likelihood of risk occurrence • Degree of Impact • Action on Trigger • Response PlanUnder the COSO framework, the Enterprise Risk Management provides value creation by enabling the management through the following, except A. By avoiding to make decision on risks that are assessed to have a higher impact on its operation. B. Responding in a manner that reduces the likelihood of downside outcomes and increases the upside. C. None of the choices given D. Dealing effectively with potential future events that create uncertaintyThere are certain subjects that Mr. Peter must consider when negotiating with his supplier. Explain any four subjects Mr. Peter must discuss with his supplier. Note, you are required to There are certain subjects that Mr. Peter must consider when negotiating with his supplier. Explain any four subjects Mr. Peter must discuss with his supplier. Note, you are required to paraphrase the relevant theory before you apply it to the scenario. paraphrase the relevant theory before you apply it to the scenario.
- The CEO of a car manufacturing company is about to launch new car. However, there are opposite views regarding the launch. The marketing manager expects that the car will generate high revenue and profit. However, the lead designer reported that although the design met required industry and law standards and requirements, tests showed a low risk that the car could malfunction (), possibly injuring a user. By deciding to launch the car as designed, what criterion of decision making was ignored ( )? A Economic Feasibility. B Rationality. C) Ethicalness. D Legality. E PracticalityExhibit 20-2Below is a payoff table involving three states of nature and two decision alternatives. Decision States of Nature Alternative s1 s2 s3 A 80 45 –20 B 40 50 15 P(s1) = .1, P(s2) = .6, and P(s3) = .3.Refer to Exhibit 20-2. The expected value of the best alternative equals _____. a. 12 b. 38.5 c. 29 d. 105Peter Martin will help his brother who wants to open a grocery store. Peter initially believes there is a 50-50 chance that his brother's food store will be successful. Peter is considering doing market research. Based on historical data, there is a 0.8 probability that the market research will be favorable given a successful store. Furthermore, there is a 0.7 probability that the market research will be unfavorable given an unsuccessful store. a) If the market research is favorable, what is Peter's revised probability of a successful store for his brother?b) If the market survey is unfavorable, what is Peter's revised probability of a successful store for his brother?c) If the initial probability of a successful store is 0.60 (instead of 0.50), find the probabilities of (a) and (b).