ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is something with an element of danger that might cause harm?
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Risk
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Opinion
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Problem
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Hazard
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Explanation:
Detailed explanation-1: -A hazard is a source or a situation with the potential for harm in terms of human injury or ill-health, damage to property, damage to the environment, or a combination of these.
Detailed explanation-2: -All forms of risk, whether they are classified as speculative or hazard risks, comprise common elements. This notion is illustrated in Figure 2, which highlights the following four basic components of risk: (1) context, (2) action, (3) conditions, and (4) consequences.
Detailed explanation-3: -Step 1: Risk Identification. Step 2: Risk Assessment. Step 3: Risk Treatment. Step 4: Risk Monitoring and Reporting. 27-Sept-2021
There is 1 question to complete.