A risk response plan can be used to identify increasing levels of detailed risk analysis. True False
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- Risk management: what does that term mean? Describe the procedure for handling risks by referring to the image.A risk matrix, also called frequency-severity table is used to analyse risks.a. Describe how this matrix is utilised in the analysis of risks.Name and explain each of the basic risk management principles that must be considered when designing an appropriate outdoor playground for young children
- What type of risk does sensitivity analysis address?Match the appropriate Risk Management Document with the description The document with the purpose of guidng risk managment decision making Risk Management Cost of Risk Assessement The document which outlines the fundumental guidelines of risk mangement within the enterprise Risk Management Policy Statement (RMPS) The document which is clear, concise and preferablly short Risk Management Mission Statement (RMMS) Standard Operating Procedure (SOP) The more detailed document which may include explicit instructions to a person performing the function The document which is developed through the risk management function, but circulated and communicated through the enterprise >What are the differences between risk management procedures and the other four forms of audit tests?
- 1. What is the most the real estate investor would be willing to pay for additional information? Use Minimum Expected Regret (Minimum EOL) 2. Use the alternative method to verify EVPItrue or false 6. Certainty-equivalence methods were found to yield greater risk seeking than probability-equivalence methods.Define each of the following terms:a. Acceptable risk of overreliance (ARO)
- SCENARIO 2: Misleading for Good Purpose Vince is the inspector in charge of their local police station. The police station building is in direct need of repairs, but hasn’t received any grants from the government for years. One day, a typhoon hits a nearby area that damages most of the houses and shops. Although Vince’s police station gets partially damaged, most of the structure remains intact. Due to the incident, the government will send a disaster assessment team to ascertain the level of damage and will provide relief money for the affected areas. The Deputy Superintendent Mr. Simon, orders Vince and says: “Hire some laborers and destroy the remaining structure of the police station building. When the disaster assessment team comes, tell them that the building collapsed because of the typhoon, and ask them to give priority in funding the rehabilitation of our police station. After all, it is one of the most important public offices in town.” Vince wants to do the right thing and…Explain briefly the purpose of a risk map.The motivation of study : Why do we need a risk assessment? What are the benefits of it with respect to OHS? Roles and Responsibilities of Engineers in OHS Aim of Risk Assessment