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Consumer risk is the probability that a product will be manufactured that is defective and shipped to the customer. A person with a customer-only focus will typically want to have a very small consumer risk. A person with a producer-only focus typically is not very concerned with consumer risk. Low consumer risk can sometimes be accomplished by rigorous testing and quality control, which, when carried to an extreme in order to reach zero consumer risk, can lead to very expensive products.
Producer risk is the probability that a product will be manufactured that is good, but is rejected by the manufacturer's internal quality control processes before it is shipped to the customer. A person with a producer-only focus will typically want to have a very small producer risk. A person with a consumer-only focus typically is not very concerned with producer risk. Low producer risk can be accomplished by lax testing and quality control, which, when carried to an extreme in order to reach zero producer risk, can lead to very poorly-performing or non-yielding products.
The key to high yielding and reliable products is in achieving a balance between these two sometimes-competing goals.
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The risk management model includes risk planning risk identification risk handling and risk monitoring.?
risk planning, risk identification, risk handling, risk monitoring
What is the five step process risk management?
The five steps are: Identify the risk Analyse the risk Evaluate or rank the risk Treat the risk Review the risk
Is risk insurance and risk insurance management are same?
According to my opinion or my experience risk insurance and risk insurance management are differ from each other. Risk Insurance is the risk that is insured Risk Insurance Management Consist of process How the Risk can be manage it include prevention of risk and minimization of risk and many other proces.
What does risk management encompass?
Risk Management encompasses the following:- Risk Identification- Risk Quantification and Analysis- Risk Response and Control
Should risk managers have knowledge on insurance?
Yes. Insurance is a method of handling risk. It involves the transfer of certain types of risk of financial loss to an insurer in return for the payment of a periodic premium. The alternative to transferring risk to an insurer is the retention of the financial risk of loss by the business enterprise. The transfer can be whole or partial. This paradigm is also one way to think of a consumer's collision insurance deductible. A deductible is the amount for which the insured is individually liable before the insurer's responsibility for payment is triggered. Therefore, an insurance consumer can choose a higher deductible and a corresponding retention of a larger part of the risk of loss. This will generally result in a lower premium, because overall, the insurer assumes less risk. Conversely, a lower deductible will generally increase the premium because the insurer is accepting a greater risk of loss. A risk manager is generally an officer or at least an employee of a business enterprise. His/her job is to assess the types of and potential magnitude of risk to the enterprise. In collaboration with others in the business, the risk manager makes recommendations as to how to handle risk exposures. The decisions will be based upon many factors. The factors include the financial ability of the enterprise to retain a level of risk exposure, an evaluation of the likelihood of the triggering event occurring, and the potential magnitude of the resulting financial loss to the enterprise. Against the foregoing, a risk manager needs sufficient knowledge of insurance and the losses for which insurance may be obtained, and its cost. Further, insurance markets do not exist for all types of losses or business activities, and the insurance that is available may not be comprehensive in form or amount. That is, there may be exceptions or exclusions to coverage that leave gaps in the protection. These gaps would have to be filled by the business enterprise's own funds or assets. Even if coverage is available, the cost of it may be disproportionately great relative to the protection afforded.
Is a pollack a producer or consumer?
is a pollack a producer, or a consumer
Is a strawberry a consumer or a producer?
Producer
Is a cactus a producer consumer or decomposer?
A cactus is a producer consumer.
Is pumpkin a consumer or producer?
Is a pumpkin a consumer,consumer or decomposed
Is a slug producer or consumer?
It is a consumer.
Is a rosette plant a producer or consumer?
no
Is a elodea a consumer or a producer?
its a producer.
Is fungi a producer consumer or producer?
Consumer
Is a carrot a producer consumer or a decomposer?
I cant tell you at the moment right now.....
Is a oak tree a producer or a consumer?
It is a producer.
Is a farmer a producer or a consumer?
consumer
Is poison ivy a producer consumer or decomposer?
they are producers - they photosynthesize
