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Risk Management
Risk Management involves the identification and analysis of loss exposures to persons and entities. It also addresses the kinds of actions that may be taken to minimize the financial impact of those risks, such as risk avoidance, risk reduction and risk transfer. This topic should address types of risk (for example, "pure" risk vs. "financial" risk) and should differentiate between personal risk management techniques and commercial risk management techniques. In the latter respects, the topic can dovetail into many issues addressed in the Insurance topic.
2,845 Questions
What are insurance principles of risk reduction of portfolio risk?
insurance principles are the set guiding basis for different type of risks that occurs in every day life.They include:
principle of insurable interest
principle of subjugation
principle of indemnity
principle of utmost good faith(uberrima fides)
principle of contribution
Physical Controls
When an initial tissue viability risk assessment may be required?
describe pre-disposing
factors, including shearing forces, which may exacerbate risk of impaired tissue viability and skin breakdown
Failing to properly maintain the system and unprofessionalism are some of the factors that can cause the controls that have been established for a prolonged period of time to lose their effectiveness.
What is the role of process management?
Process management is crucial for optimizing and controlling organizational workflows to enhance efficiency and effectiveness. It involves designing, monitoring, and improving processes to ensure they align with business goals, reduce waste, and increase productivity. By implementing best practices and leveraging data, process management helps organizations respond to changes in the market and improve customer satisfaction. Ultimately, it fosters a culture of continuous improvement and innovation.
What is the first step in the technological design process?
The first step in the technological design process is to identify and define the problem or need. This involves understanding the requirements and constraints of the project, as well as gathering relevant information to ensure a clear and focused approach to finding a solution. Once the problem is well-defined, the design process can progress to brainstorming and generating potential solutions.
What are the four common risk mitigation strategies?
Controlling, Avoiding, Transferring and Assuming
Avoiding, Mitigating, Transferring, and Accepting
There are three basic categories of controls. Physical controls may take the form of barriers and guards or signs to warn individuals and units that a hazard exists.
What is the goal of composite risk management?
to manage risk.
The purpose of risk management is to identify potential problems before they occur so that risk-handling continjencies can be planned and implemented as required across the project, business to mitigate adverse impacts on achieving the target objectives
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Practicality in lesson 2
What are the 4 steps of management?
The four steps of management are planning, organizing, leading, and controlling. Planning involves setting objectives and determining a course of action to achieve them. Organizing entails arranging resources and tasks to implement the plan effectively. Leading focuses on motivating and guiding team members, while controlling involves monitoring progress and making adjustments to ensure goals are met.
Why is it necessary to have a risk management plan?
The Risk Management plan is the heart and soul of Risk Management. It guides the project team in carrying out risk related activities in the project. In this section we are going to learn in detail about this valuable piece of document that will be used by the Risk Manager throughout the project's lifecycle.
Let us start off with the Purpose of the Risk Management Plan.
The purpose of the Risk Management Plan is to define how risks will be managed, monitored and controlled throughout the project.
It details how risk management processes of the Project Risk Management knowledge area will be carried out, thereby increasing the chances of success of the project processes. The risk management plan is a subsidiary of the Project Management Plan which you might already know is a collection of various subsidiary plans and components. Do you remember the earlier chapter on the Project Risk Management knowledge areas?? TheRisk Management Plan is created during the first process namely "Plan Risk Management".
What does risk management directly affect?
Risk management deals with a variety risk deals with mitigating companies possible risk losses and compliance in the work place.
Cost risk analysis/assessment provides a program level cost estimate.
Being overconfident or complacent can cause loss of effectiveness over time.
What is dudamobile.com and what are the risks?
Duda allows anyone to convert or create a website that's optimized for desktop, tablet or mobile in minutes.
What information proves that you have applied the risk management activities?
there are intense market competition for this kind of product, and 30% market share is an ambitious but possible target
records show your company failed with 15% of its new products to achieve the targets for capturing market share
the product has been exspensive to develop and it is emperative that this cost is recovered
