Hazardis the cause of a possible loss.is loss possibilities due to negligence resulting in bodily harm or property damage to others.is a risk that carries a chance of either loss or gain.increases the likelihood of loss through some peril.is the chance that something may be lost.

Risk is an important term associated with organizations and environment. It indicates the likelihood…

Answered: Hazard is the cause of a possible loss.…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter9: Decision Making Under Uncertainty

Section: Chapter Questions

Problem 37P

See similar textbooks

Similar questions

Imagine 5 different events that would cause losses that would be covered by renter's insurance. Write a one-sentence description of each event and a description and estimate of the amount of losses that would result if you experienced the event.
which of the following does not denote the type of classification of risks? a) Risk can be classified according to the nature of the attributes of the risks b) Risks can be classified according to its denominations c) Risks can be classified according to the timescale of impact after the event occurs d) Risk can be classified according to its origin
Risk is best defined as: the uncertainty of loss OB. the cause of loss the increased chance of loss financial loss
The at risk rules do not apply to activities carried on for the production of income. True or false.
Mr. and Mrs. Trump have applied to the Trustworthy Insurance Co. for insurance on Mrs. Trump's diamond tiara. The tiara is valued at $97,000. Trustworthy estimates that the jewelry has a 2.8% chance of being stolen in any one year. Use expected values to determine the annual insurance premium p. (Round your answer to two decimal places.) p ≥ $
Which types of events are considered part of a comprehensive risk management plan? Select all that apply, then click Submit below Marriage Illness Liability Disability Death Deductible Property loss
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.
. Draw a basic Risk Matrix (Probability vs. Impact) and plot the following FIVE (5) risks. Loss of physical assets Loss of human capital Technology/ equipment failure Operational loss Loss of supply Public Liability
Suppose that a car-rental agency offers insurance for a week that costs $100. A minor fender bender will cost $3500, whereas a major accident might cost $16,000 in repairs. Without the insurance, you would be personally liable for any damages. What should you do? Clearly, there are two decision alternatives: take the insurance, or do not take the insurance. The uncertain consequences, or events that might occur, are that you would not be involved in an accident, that you would be involved ina fender bender, or that you would be involved in a major accident. Develop a payoff table for this situation. What decision should you make using each of the following strategies?a) aggressive strategyb) conservative strategyc) opportunity-loss strategy
Which of the following best defines risk management? * A physical feature or operational attribute that renders an entity, asset, system, network, or geographic area open to exploitation or susceptible to a given hazard. The management of the consequence of something happening, described in either quantitative terms of probability or frequency. The potential for an unwanted outcome resulting from an incident, event, or occurrence, as determined by its likelihood and the associated consequences. A process of identifying the potential for an unwanted outcome, determining what to do about it from among the available alternatives, and then doing it.
Which of the following risk responses is not considered risk transfer? a. Joining a third-party trust fund for employee benefits to settle retirement pay b. Paying for property insurance c. Transferring the location of warehouses away from major fault times and flood-prone areas d. Creating advances to employee accounts for losses in inventory and cash shortages
Draw a basic Risk Matrix (Probability vs. Impact) and plot the following. Loss of physical assets Loss of human capital Technology/ equipment failure Operational loss Loss of supply Public Liability

SEE MORE QUESTIONS

Recommended textbooks for you

Practical Management Science

Operations Management

ISBN:

9781337406659

Author:

WINSTON, Wayne L.

Publisher:

Cengage,

Practical Management Science

Operations Management

ISBN:

9781337406659

Author:

WINSTON, Wayne L.

Publisher:

Cengage,

SEE MORE TEXTBOOKS

Hazard is the cause of a possible loss. is loss possibilities due to negligence resulting in bodily harm or property damage to others. is a risk that carries a chance of either loss or gain. increases the likelihood of loss through some peril. is the chance that something may be lost.