BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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should adverse events occur, the impact can be accurately modeled
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all significant risks can be confidently analysed
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management believe that the future will behave much like the past
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none of above
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Detailed explanation-1: -Risk assessment includes both the identification of potential risk and the evaluation of the potential impact of the risk. A risk mitigation plan is designed to eliminate or minimize the impact of the risk events-occurrences that have a negative impact on the project.
Detailed explanation-2: -Risk assessment is a fundamental component of the risk management process. It helps to guide the evaluation of risks by defining the key parameters of the risk and how these may impact on the achievement of Institution’s objectives.
Detailed explanation-3: -Identify Threats The first step in Risk Analysis is to identify the existing and possible threats that you might face. These can come from many different sources. For instance, they could be: Human – Illness, death, injury, or other loss of a key individual.
Detailed explanation-4: -Risk management appears in scientific and management literature since the 1920s. It became a formal science in the 1950s, when articles and books with “risk management” in the title also appear in library searches. Most of research was initially related to finance and insurance.