**Understanding Risk and Critical Thinking: An Educational Assessment**This worksheet assesses your understanding of **risk** and your application of **critical thinking**. Read the questions carefully.**Use this image in the questions below:****Figure 1** **Worksheet 2 Diagram on Risk**_Description and Explanation of the Diagram (Figure 1):_The diagram presented is a risk matrix chart that classifies different risks based on their severity (or impact) and their probability (or likelihood) of occurrence. The matrix is divided into various colored sections representing different levels of risk:- **X-Axis (Horizontal):** This axis shows the probability or likelihood of the risk occurring. The categories are, from left to right: - Very Unlikely - Unlikely - Possible - Likely - Very Likely- **Y-Axis (Vertical):** This axis shows the severity or impact of the risk. The categories from bottom to top are: - Minimal - Low - Medium - High - Critical- **Color Coding:** - **Green:** Represents low or acceptable risk. - **Yellow:** Represents moderate risk. - **Red:** Represents high or critical risk.- **Risk Labels:** - **Risk F:** Located at the intersection of "Low" severity and "Very Unlikely" probability. - **Risk B:** Located at the intersection of "Minimal" severity and "Unlikely" probability. - **Risk E:** Located at the intersection of "Low" severity and "Possible" probability. - **Risk D:** Located at the intersection of "Medium" severity and "Likely" probability. - **Risk G:** Located at the intersection of "High" severity and "Likely" probability. - **Risk C:** Located at the intersection of "Critical" severity and "Very Likely" probability.The color-coded risk matrix helps in visually assessing which risks require more immediate attention based on their potential impact and likelihood. ### Understanding Risk ThresholdsA risk threshold indicates:a. Risks below the threshold can be removed from the matrix as they should be of no concern.b. Risks above the threshold fall within the organization's level of risk tolerance.c. The risks that fall **highest** in relation to the threshold should be considered first.d. All of the above.---**Detailed Analysis:**- **Option a:** This implies that any risks that fall below a certain threshold level are not significant enough to be a concern for the organization. They can be removed from the risk matrix, which allows for a more focused and streamlined risk management process.- **Option b:** This suggests that risks which exceed the threshold are within the acceptable range of the organization’s risk tolerance. Such risks are manageable and do not pose a threat that would require immediate and significant corrective actions.- **Option c:** This indicates that among the risks that exceed the threshold, those that rank the **highest** should be prioritized. These are the risks that require the most attention as they pose the greatest potential for impact.- **Option d:** Selecting all of the above (indicated by the blue checked radio button) means that all the concepts presented in options a, b, and c are correct and collectively describe the implications of a risk threshold.### SummaryUnderstanding and setting risk thresholds is crucial for effective risk management within an organization. By focusing on what falls within these thresholds and prioritizing accordingly, organizations can manage their risks more efficiently.

The given question pertains to a diagram illustrating risks categorized based on their…

Answered: O a. Risks below the threshold can be…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

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O a. Risks below the threshold can be removed from the matrix as they should be of no concern. O b. Risks above the threshold fall within the organization's level of risk tolerance. O c. The risks that fall highest in relation to the threshold should be considered first. Od. All of the above