33. In the early stages of a Risk Assessment, one must consider what when picking a subject of study:
a Scope of the problem/issue
b The extent of the risk to humans
c The probability of exposure
d Funding opportunities
Risk assessment is the evaluation of workplace risks to make the work environment a safe and secure place to work. It has the major role in protecting workers and organization operations along with adhering to the legal guideline of the law. every organization is required to manage risks in its business in order to reduce accidents or any other damage in the workplace premises. Thus, businesses must consider risk analysis, risk impact, and Cost of Solutions for performing as per statutory procedures.
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- 9arrow_forwardRisk Management at MS Company MS Company is a Trading Company involved in Import and export trade. With various suppliers from Europe and Asia, MS has to keep track of the activities of its suppliers and the entire supply chain. Indeed, MS has to ensure that quality standards and other production standards like occupation safety, labour and human rights are upheld. The shipment process also has its own challenges ranging from damage due to poor handling in shipment containers, loss of goods on transit due to theft or as a result of sea jettisoning practice, and delays in delivery. Question 1. Advise on the different types of insurance that MS could have pursued in order to mitigate against risks in its nature of business. 2. Explain how each of these the insurance types can be benefitial to MS’s business.arrow_forward1. Kirsten is trying to decide where to go for her well-earned vacation. She would like to camp, but if the weather is bad, she will have to go to a motel. Given the costs and probabilities of bad weather given below, which destination should she choose? Camping cost Motel cost Probability of bad weather Nevada $21.2 $80.9 0.2 Oregon $15.9 $84.6 0.4 California $30 $95 0.1 a. California, because its EMV = $33.14 b. Nevada, because its EMV = $33.14 c. California, because its EMV = $36.5 d. Any of the 3 choices. e. Oregon, because its EMV = $43.38 f. Nevada, because its EMV = $43.38 g. None of the 3 choices. h. Oregon, because its EMV is $36.50.arrow_forward
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- Use the identified following five cost risks , and do the qualitative analysis of risk using the risk matrix shown below? 1. Scope Creep 2. Uncertain Market Conditions 3- Inadequate Risk Assessment 4. Poorly Defined Project Requirements 5. Unforeseen Site Conditionsarrow_forwardCritically discuss risk management from the viewpoint of the customer ?arrow_forwardtrue or false 6. Certainty-equivalence methods were found to yield greater risk seeking than probability-equivalence methods.arrow_forward
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