You have identified a large number of risks during your risk identification process. What will be your nextstep?A. You will prioritize them using the Qualitative Risk Analysis processB. Go for the Quantitative Risk AnalysisC. You develop a Risk Management PlanD. You develop a Risk Response PlanE. You will develop a Risk Monitor PlanF. None of the above.

The business scanning is a major task for management as it requires them to continuously and…

Answered: You have identified a large number of…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter9: Decision Making Under Uncertainty

Section: Chapter Questions

Problem 37P

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1. Which of the following is NOT an objective of the Monitor Risks process? a. Determine if implemented risk responses are effective b. Project assumptions are still valid c. Determine if risk management policies are being followed d. Determine methods to eliminate all residual risks
. 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
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…
2. Which of the following is not a benefit of risk mapping and prioritization? a. The results help an enterprise to communicate better its risk aggregated risk profile to key external stakeholders b. Risk maps are key graphical representations of the variance in risk appetites across different divisions within an organization c. Ranking risks by their level of severity helps an organization determine the optimal allocation of resources devoted to risk response or treatment d. Helping the enterprise identify how certain risks can offset other risks to ensure that the enterprise maintains an overall risk profile that remains within risk capacity
A requirement for scientific work is that what we have done can be reproducible, whichmeans that when using the same input and the same models, we should arrive at the sameresults. Will a risk assessment meet this requirement? it is a risk management question.
Discuss the meaning of the following two (2) risk management concept A). Risk tracking B). Risk reporting
EIGHTEEN. A risk response plan can be used to identify increasing levels of detailed risk analysis. True False
Scaffold Equipment manufactures and sells scaffolds and ladders that are used by construction firms. The products are sold directly to independent retailers in the United States. The company's risk manager knows that the company could be sued if a scaffold or ladder is defective, and someone is injured. Because the cost of products liability insurance has increased, the risk manager is considering other techniques to treat the company's loss exposures.a. Describe the steps in the risk management process.b. For each of the following risk management techniques, describe a specific action using that technique that may be helpful in dealing with the company's products liability exposure.1. Avoidance2. Loss prevention3. Loss reduction4. Noninsurance transfers
1. 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
Risk management plan what is risk management what is risk management plan how can we manage risk (you may find it easier using the seven step process diagram) who are the internal and extrenal stakeholders where do you obtain support for risk management activities how do you identify risk how do you analyse risk -Esp. What are: -likelihood of risk -impact of consequence of risk when occur explain evaluation of risk explain risk treatment in evaluation of risk management plan and how often should you do that and who should carry out evaluation For a custom-written paper, place your order now! What We Offer • On-time delivery guarantee • PhD-level professionals • Automatic plagiarism check • 100% Privacy and Confidentiality • High Quality custom-written papers
Using the basic risk management matrix, explain the following: a. When would you buy insurance? b. When would you avoid the risk? c. When would you retain the risk? d. When would you use loss control?

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