Refer to the following risk matrix:LikelihoodWhat's the chance the of the risk occurring?AlmostCertainConsequenceHow severe could the outcomes be if the risk event occurred?1245InsignificantMinorSignificantMajorSevere1015MediumHighVery highExtremeExtreme41216LikelyMediumMediumHighVery highExtreme1215ModerateLowMediumMediumHighVery high210Unlikely Very lowLowMediumMediumHigh1RareVery lowVery lowLowMediumMediumIdentify four risks associated with driving a car and relate these risks to the matrix. Use theformat (X, Y) i.e. (Likelihood, Consequence) where X and Y have values ranging from 1 to 5.Note that one needs to distinguish between hazards (risk sources) and actual risks. A risk issomething that can occur, with a probability (likelihood) of happening, and predictablenegative consequences.

Here's a visual representation of the risk matrix for driving a car, with the identified risks…

Answered: Refer to the following risk matrix:…

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

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Similar questions

Can a risk matrix be used to show the inherent level of the risks in time of likelihood and magnitude? Ture or False?
Why is it preferable to use ranges of likelihood and consequences when doing risk assessments rather than exact numbers?
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.
If a company identifies four risks with a risk score as follows: Risk An oven fire may result in the destruction of a store. A cybersecurity attack may result in the theft of customer data. A store employee getting sick may result in them backing out of their shift last minute. An employee stealing from a cash register may result in loss of cash. Which risk is the highest priority? Risk Score O An employee stealing from a cash register may result in loss of cash O A cybersecurity attack may result in theft of customer data OA store employee getting sick may result in them backing out of their shift last minute O An oven fire may result in the destruction of a store 5 15 4 6
Why do risk analysts choose intervals of chance and consequence over precise numbers?
You are a risk manager of a school bus company in Hong Kong, your boss owns over 1,000 school buses. During COVID 19, almost all the school buses parked in no covered car park every day because students no need to be back to school. Your boss is considering a partial retention program for physical losses to the school buses. a) Identify the factors that your company should consider before it adopts a retention program for physical damage losses to school buses. b) If a retention program is adopted, what are the various methods you can use to pay for physical damage losses to school buses? c) Identify two risk-control measures that could be used in your company’s retention program for physical damage losses
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?
Suggest possible systematic approaches that you would use to identify risk at comapny in order to facilitate an effective risk management programme and ultimately prevent this risk catastrophe.
1) Name two (2) types of risk analysis that are qualitative and quantitative, then state the pros and cons of the use of each one.
EXPLAIN THE IMPORTANCE OF A MASTER RISKS LIST. Consider that the master risks list identifies the condition causing each risk, the potential adverse effect (consequence), outcome (frequently called the downstream effect), and the criterion or information used for ranking, such as probability, impact, and exposure
Suppose the owner of a paint factory is caught dumping toxic waste in a public landfill and is sued in a civil action under pollution laws. Assume the probability he is detected when he does this is 10 percent, and the average social cost of each violation is $200,000. Should he be liable for punitive in addition to compensatory damages? If so, for how much?
Develop a risk response matrix to outline how you would deal with each of the risks.

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