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Risk management: what does that term mean? Describe the procedure for handling risks by referring to the image.
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- 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.Is there a distinction between the terms "risk management" and "risk assessment?"With the aid of examples, differentiate between these two risk control parameters used to measure performance or the effectiveness of risk control.
- Name and explain each of the basic risk management principles that must be considered when designing an appropriate outdoor playground for young childrenThere should be a list of the five risk-control methodologies, with short descriptions of each.What type of risk does sensitivity analysis address?
- Explain to a company why statistical analysis is an important tool to use in risk management.It is important to include a list of the five different risk-control techniques as well as a brief explanation of each one.What exactly is risk management, and how is it defined? Explain the process of risk management using the diagram.