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A category of economic risk is:
Liability risk
Personal risk
Property Risk
All of the answers are correct
None of the answers are correct
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- From a risk management perspective, what are possible interpretations of 'probability'?How to compare other measures of risk with VaR(value at risk)? Choose a company and compute the various measure of risk and construct a risk management strategy.How can the accuracy of a prediction model be assessed? Detailed explanation?
- What are the advanatges and limitations of using each Quantitaive Risk Assessments such as Bayesian Network, Fault Tree Analysis, Event Tree Analysis and Bow Tie Analysis in the oil refinery storage industry?Use the following information to answer multiple-choice Questions 21 to 30. A fibre glass company is considering the possibility of introducing a new product. Because of the expense involved in developing the initial moulds and acquiring the necessary equipment to produce fibreglass, it has decided to conduct a pilot study to make sure that the market will be adequate. They estimate that the pilot study will cost £12,000. Furthermore, the pilot study can be either successful or unsuccessful. The basic decisions are to build a large manufacturing facility, a small manufacturing facility, or no facility at all. With a favourable market, the company can expect to make £100,000 from the large facility or £60,000 from the smaller facility. If the market is unfavourable, however, they estimate that they would lose £40,000 with a large facility, while they would lose only £30,000 with the small facility. The company estimates that the probability of a favourable market given a successful…Risk assessments will help to priorities risks and provide information on the probability of harm arising and severity of harm by understanding the hazard, combine assessments of probability and severity to produce an assessment of risk and it is used in the assessment of risk as an aid to decision making. Construction sites are dangerous places where injury or death or illness can cause to workers. Select one typical hazard at a construction site and conduct a full risk assessment for that hazard. You are allowed to make assumptions to answer this question.
- MCQs: Managers need to examine internal and external factors for risk management. External factors for risk may include all except, The economic environment Competitor’s activity Work culture and practice New technological changes SWOT analysis is commonly suggested method for: Controlling risk factors of an organization Implementing a new process Quality Improvement Managing challenges and opportunities During a change scenario manager need to, Understand and communicate the context of change Facilitate processes and operations Be innovative and tolerant of risk taking All of the aboveAccording to the Institute of Internal Auditors, risk is a combination of the probability of an event and its consequence and that consequences can range from positive to negative True or False?As part of its business plan, ABC Corp is developing a set of worst-case scenarios. What one(s) should ABC Corp focus one? Select an answer: worst-case scenarios that involve key dependencies all conceivable worst-case scenarios any worst-case scenarios that investors might notice worst-case scenarios that do not require preparedness
- How can organizations utilize predictive analytics to foresee potential risks and strategize accordingly?Senior executives at an oil company are trying to decide whether to drill for oil in a particular field. It costs the company $750,000 to drill. The company estimates that if oil is found the estimated value will be $3,650,000. At present, the company believes that there is a 48% chance that the field actually contains oil. Before drilling, the company can hire an expert at a cost of $75,000 to perform tests to make a prediction of whether oil is present. Based on a similar test, the probability that the test will predict oil on the field is 0.55. The probability of actually finding oil when oil was predicted is 0.85. The probability of actually finding oil when no oil was predicted is 0.2. What is the EMV if the company hires the expert?All about statistics views in risk management