Briefly describe the steps in the risk management process that should be followed by the risk manager of City Bus. b. Identify the major loss exposures faced by City Bus c. For each of the loss exposures identified in (b), identify a risk management technique or combination techniques that could be used to handle the exposure.
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
City Bus Corporation provides school bus transportation to public schools in Lancaster County. City Bus owns 50 buses that are garaged in three different cities within the county. The firm faces competition from two larger bus companies that operate in the same area. Public school boards generally award contracts to the lowest bidder, but the level of service and overall performance are also considered.
a. Briefly describe the steps in the risk management process that should be followed by the risk manager of City Bus.
b. Identify the major loss exposures faced by City Bus
c. For each of the loss exposures identified in (b), identify a risk management technique or combination techniques that could be used to handle the exposure.
d. Describe several sources of funds for paying losses if retention is used in the risk management program.
e. identify other departments in City Bus that would also be involved in the risk management program.
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
