BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The residual risk for each of thesehazards may have a different level, depending on the assessedprobability and severity of the hazardous incident.
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Overall residual risk of a mission must be determined when more than one hazard is identified.
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Leaders and soldiers at all levels are responsible and accountable for managing risks by ensuring that hazards and associated risks are Identified during planning, preparation, and execution of operations.
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Determining overall mission riskby averaging the risks of all hazards is not valid.
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Detailed explanation-1: -The five steps of RM-identify the hazards, assess the hazards, develop controls and make risk decisions, implement controls, and supervise and evaluate-are used across the Services to help them operate as a joint force. RM must be embedded in Army culture.
Detailed explanation-2: -Risk management is the process to identify, assess, and control risks and make decisions that balance risk cost with mission benefits (JP 3-0). The Army uses risk management (RM) to help maintain combat power while ensuring mission accomplishment in current and future operations.
Detailed explanation-3: -Risk management is the process of identifying, assessing and controlling financial, legal, strategic and security risks to an organization’s capital and earnings.
Detailed explanation-4: -The process of putting a strategic plan of managing identified threats and exploiting opportunities into action is called the implementation of the risk management plan.