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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 do you mean by risk analysis in food department?
In the food industry, risk analysis is looking at all of the things that could go wrong, quantifying them and thinking of the best course of action for each problem.
Basically, examining all of the worst case scenarios proactively.
What are the five steps in the Monroe motivated sequence?
attention, concern, satisfaction, visualization, action.
Why should organisations have comprehensive risk assessment procedures?
Organizations should have comprehensive risk assessment procedures for a few different reasons. One of the main reasons is to assess threats and to know the protocol to react to such threats.
What are internal hedging techniques available for foreign currency risks?
Bilateral & Mutual netting
Leading &lagging
Matching
Restructuring
All steps.
What are the major risk factors in a project?
These are the major risk factors in project:
- Increase in the price of the materil
- Naturaly disaster occure
- Time problems
How do you manage a project time?
The primary purpose of project time management is to develop and control the project schedule. Any project has a timeline by which it is expected to be completed and a well managed project is expected to complete by the set timelines.
This is accomplished by performing the following components:
1. Define activities - Identify all the work activities that need to be scheduled to produce the project deliverables.
2. Sequence activities - Identify the dependencies among the activities that need to be scheduled so that they can be scheduled in the correct order.
3. Estimate activity resources - For each schedule activity, estimate the types of resources needed and the quantity for each type.
4. Estimate activity durations - Estimate the time needed to complete each schedule activity.
5. Develop schedule - Analyze the data created in the previous steps to develop the schedule.
6. Control schedule - Control changes to the project schedule.
What are advantages of risk prevention?
if your preventing all the risks you drasticly reduce any chance of injuries
What must the underwriter protect against when more poor risks than good risks apply for insurance?
Restriction of Coverage, Acceptance only at a higher rate, refusal to accept the risk.
What step in crm process is focused on determining probability and severity of hazard occurring?
The step in CRM process is focused on determining probability and severity of hazard occurring is accessing hazards.
What type of controls take the form of barriers and guards or signs to warn that a hazard exists?
Physical Control
To put it simply--- Gandhi risked his own life. For the sake of his country, and for the sake of his people's freedom. Gandhi believed in equality, and wanted to free India from British rule, but he wanted to enforce it by taking a non-violent approach. Despite his non-violence, he still risked the well-being of himself, as well as his family, because he was arrested and also beaten numerous times.
What ensures that an organization's systems are developed with an acceptable risk level?
To ensure that an organization's systems are developed with an acceptable risk level, a comprehensive risk management framework should be implemented. This includes conducting thorough risk assessments to identify potential vulnerabilities, employing security best practices during the development process, and integrating regular testing and validation phases. Additionally, ongoing monitoring and updates are essential to adapt to new threats and to maintain compliance with relevant regulations and standards. Engaging stakeholders and fostering a culture of security awareness further helps in mitigating risks effectively.
What are the hindrances that you face in perception?
1. Selective Perception
Any characteristic that makes a person, object, or event stand out will increase the probability that it will be perceived. It is impossible for an individual to internalize and assimilate everything that is seen .Only certain stimuli can be taken in selectively. Selectivity works as a shortcut in judging other people by allowing us to "speed-read" others, but, not without the risk of drawing an inaccurate picture. The tendency to see what we want to see can make us draw unwarranted conclusions from an ambiguous situation.
2. Halo Effect
The halo effect (Murphy & Anhalt, 1992) occurs when we draw a general impression on the basis of a single characteristic. For example, while appraising the lecturer, students may give prominence to a single trait, such as, enthusiasm and allow their entire evaluation to be tainted by how they judge the instructor on that one trait which stood out prominently in their estimation of that person. Research suggests that it is likely to be most extreme when the traits to be perceived are ambiguous in behavioral terms, when the traits have moral overtones, and when the perceiver is judging traits with which he or she has had limited experience.
3. Contrast Effects
Individuals do not evaluate a person in isolation. Their reaction to one person is influenced by other persons they have encountered recently. For example, an interview situation in which one sees a pool of job applicants can distort perception. Distortions in any given candidate‟s evaluation can occur as a result of his or her place in the interview schedule.
4. Projection
This tendency to attribute one‟s own characteristics to other people - which is called projection - can distort perceptions made about others. When managers engage in projection, they compromise their ability to respond to individual differences. They tend to see people as more homogeneous than they really are.
5. Stereotyping
Stereotyping-judging someone on the basis of our perception of the group to which he or she belongs. Generalization is not without advantages (Hilton & Hippel, 1996). It is a means of simplifying a complex world, and it permits us to maintain consistency. The problem, of course, is when we inaccurately stereotype. In organizations, we frequently hear comments that represent stereotypes based on gender, age, race, ethnicity, and even weight. From a perceptual standpoint, if people expect to see these stereotypes, that is what they will perceive, whether or not they are accurate.
6. First-impression error
Individuals place a good deal of importance on first impressions. First impressions are lasting impressions. We tend to remember what we perceive first about a person, and sometimes we are quite reluctant to change our initial impressions. First-impression error means the tendency to form lasting opinions about an individual based on initial perceptions. Primacy effects can be particularly dangerous in interviews, given that we form first impressions quickly and that these impressions may be the basis for long-term employment relationships.
What are some examples of risk assessment software?
"Acertus is a great software for risk assessment. It enables organizations to identify, measure, risk in all aspects of the organization. Acertu is a web-based risk management software solution designed to improve how organizations assess risk, security and regulatory compliance."
What are CRM services and how much do they cost?
"A CRM service is a Customer Relationship Management service that collects data on customers, via a special software, and that data can help create customer specific offers that will help to generate sales. These services can cost millions of dollars."
Is Saleforce CRM better compaired to other companies?
"It's a matter of opinion, but it is a very highly regarded company. Forbes called it ""The World's Most Innovative Company."" They offer many services that help you to simplify life."
Integrate CRM into all phases of missions and operations
Make risk decisions at appropriate levels
Accept no unnecessary risk
Apply the process cyclically and continuously
Do not be risk adverse
How many steps are there in the risk management process?
For any Project, Risk Management involves the below processes:
• Plan Risk Management - A process to determine the how of risk management: how to conduct risk management for the project at hand.
• Identify Risks - A process to identify and document the risks that might occur for a given project.
• Perform Qualitative Risk Analysis - A process used to estimate the overall probability for risks to occur and their impact and to prioritize them accordingly for further analysis.
• Perform Quantitative Risk Analysis - A process used to analyze numerically the effect of identified risks on meeting the project objectives.
• Plan Risk Responses - A process used to prepare a risk response plan in order to increase the positive impact and decrease the negative impact of risks on the project.
• Monitor and Control Risks - A process used for tracking identified risks, identifying new risks, executing risk response plans, and evaluating the effectiveness of executing responses throughout the lifecycle of the project.
