BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Through common sense
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None of these
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Through proper planning and execution
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Through deliberate or real-time approach
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Detailed explanation-1: -The deliberate approach or a real-time approach or to control risks. The process of identifying, assessing, and controlling risks arising from operational factors and making decisions that balance risk cost with mission benefits. The ability to manage risks and implement controls necessary to accomplish the mission.
Detailed explanation-2: -Each method is classified into one of the three broad categories that we use to classify risk management practices: access to external finance, operational hedging, and financial hedging with derivatives.
Detailed explanation-3: -The basic methods for risk management-avoidance, retention, sharing, transferring, and loss prevention and reduction-can apply to all facets of an individual’s life and can pay off in the long run.