BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Creating value This principle emphasizes that the underlying purpose of risk management is to assist an organization create and protect value – i.e. to achieve those ambitions that are expressed by its objectives. This requires that risks are detected, understood and modified as necessary.
Detailed explanation-2: -The 4 essential steps of the Risk Management Process are: Identify the risk. Assess the risk. Treat the risk. Monitor and Report on the risk.
Detailed explanation-3: -A successful risk management program helps an organization consider the full range of risks it faces. Risk management also examines the relationship between risks and the cascading impact they could have on an organization’s strategic goals.
Detailed explanation-4: -Comment: Risk management is responsibility of a whole project team. They should identify the risks as early as possible and come up with the ways to deal with them. 3.