BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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is a condition, property or situation with the potential for loss
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Risk assessment of hazards identified through a review of the potential unsafe-acts
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includes personal injury, death, physical or mental ill-health, damage to property.
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Risk ranking is a process by which risks can be prioritised for action
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Detailed explanation-1: -Risk: Uncertainty arising from the possible occurrence of given events that would result in loss with no opportunity for gain.
Detailed explanation-2: -A peril is a potential event or factor that can cause a loss, such as the possibility of a fire that could engulf a house. A hazard is a factor or activity that may cause or exacerbate a loss, such as a can of gasoline left outside the house door or a failure to regularly have the brakes of a car checked.
Detailed explanation-3: -The levels are Low, Medium, High, and Extremely High. To have a low level of risk, we must have a somewhat limited probability and level of severity. Notice that a Hazard with Negligible Accident Severity is usually Low Risk, but it could become a Medium Risk if it occurs frequently.
Detailed explanation-4: -Pure risk, also referred to as absolute risk, is usually divided into three categories: Personal pure risks are risks affecting an individual that result in a loss or reduction of personal assets. Unemployment is an example of pure risk.