Which of the following best defines risk management? * A physical feature or operational attribute that renders an entity, asset, system, network, or geographic area open to exploitation or susceptible to a given hazard. The management of the consequence of something happening, described in either quantitative terms of probability or frequency. The potential for an unwanted outcome resulting from an incident, event, or occurrence, as determined by its likelihood and the associated consequences. A process of identifying the potential for an unwanted outcome, determining what to do about it from among the available alternatives, and then doing it

Which of the following best defines risk management? * A physical feature or operational attribute that renders an entity, asset, system, network, or geographic area open to exploitation or susceptible to a given hazard. The management of the consequence of something happening, described in either quantitative terms of probability or frequency. The potential for an unwanted outcome resulting from an incident, event, or occurrence, as determined by its likelihood and the associated consequences. A process of identifying the potential for an unwanted outcome, determining what to do about it from among the available alternatives, and then doing it

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

See similar textbooks

Similar questions

A risk identified as having a low frequency and a high severity should be managed by:
If a company identifies four risks with a risk score as follows: Risk An oven fire may result in the destruction of a store. A cybersecurity attack may result in the theft of customer data. A store employee getting sick may result in them backing out of their shift last minute. An employee stealing from a cash register may result in loss of cash. Which risk is the highest priority? Risk Score O An employee stealing from a cash register may result in loss of cash O A cybersecurity attack may result in theft of customer data OA store employee getting sick may result in them backing out of their shift last minute O An oven fire may result in the destruction of a store 5 15 4 6
Risk assessments will help to priorities risks and provide information on the probability of harm arising and severity of harm by understanding the hazard, combine assessments of probability and severity to produce an assessment of risk and it is used in the assessment of risk as an aid to decision making. Construction sites are dangerous places where injury or death or illness can cause to workers. Select one typical hazard at a construction site and conduct a full risk assessment for that hazard. You are allowed to make assumptions to answer this question.
According to the Institute of Internal Auditors, risk is a combination of the probability of an event and its consequence and that consequences can range from positive to negative True or False?
What is the risk that defines risks caused by natural and man-made disasters in risk management ?
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 origin
analyse the significance of scenario analysis in risk management
Risks caused by natural or manmade disasters, and therefore impossible to reliably predict, are called___
Define each of the following terms:a. Acceptable risk of overreliance (ARO)
. 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
How to compare other measures of risk with VaR(value at risk)? Choose a company and compute the various measure of risk and construct a risk management strategy.
How do organizations leverage heat maps in visualizing and prioritizing risks?