Homework Help is Here – Start Your Trial Now!
Business
Operations Management
Refer to the following risk matrix: Likelihood What's the chance the of the risk occurring? Almost Certain Consequence How severe could the outcomes be if the risk event occurred? 1 2 4 5 Insignificant Minor Significant Major Severe 10 15 Medium High Very high Extreme Extreme 4 12 16 Likely Medium Medium High Very high Extreme 12 15 Moderate Low Medium Medium High Very high 2 10 Unlikely Very low Low Medium Medium High 1 Rare Very low Very low Low Medium Medium Identify four risks associated with driving a car and relate these risks to the matrix. Use the format (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 is something that can occur, with a probability (likelihood) of happening, and predictable negative consequences.

Refer to the following risk matrix: Likelihood What's the chance the of the risk occurring? Almost Certain Consequence How severe could the outcomes be if the risk event occurred? 1 2 4 5 Insignificant Minor Significant Major Severe 10 15 Medium High Very high Extreme Extreme 4 12 16 Likely Medium Medium High Very high Extreme 12 15 Moderate Low Medium Medium High Very high 2 10 Unlikely Very low Low Medium Medium High 1 Rare Very low Very low Low Medium Medium Identify four risks associated with driving a car and relate these risks to the matrix. Use the format (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 is something that can occur, with a probability (likelihood) of happening, and predictable negative consequences.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
See similar textbooks
icon
Related questions
Question
Refer to the following risk matrix: Likelihood What's the chance the of the risk occurring? Almost Certain Consequence How severe could the outcomes be if the risk event occurred? 1 2 4 5 Insignificant Minor Significant Major Severe 10 15 Medium High Very high Extreme Extreme 4 12 16 Likely Medium Medium High Very high Extreme 12 15 Moderate Low Medium Medium High Very high 2 10 Unlikely Very low Low Medium Medium High 1 Rare Very low Very low Low Medium Medium Identify four risks associated with driving a car and relate these risks to the matrix. Use the format (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 is something that can occur, with a probability (likelihood) of happening, and predictable negative consequences.
Transcribed Image Text:Refer to the following risk matrix: Likelihood What's the chance the of the risk occurring? Almost Certain Consequence How severe could the outcomes be if the risk event occurred? 1 2 4 5 Insignificant Minor Significant Major Severe 10 15 Medium High Very high Extreme Extreme 4 12 16 Likely Medium Medium High Very high Extreme 12 15 Moderate Low Medium Medium High Very high 2 10 Unlikely Very low Low Medium Medium High 1 Rare Very low Very low Low Medium Medium Identify four risks associated with driving a car and relate these risks to the matrix. Use the format (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 is something that can occur, with a probability (likelihood) of happening, and predictable negative consequences.
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
Practical Management Science
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Business in Action
Business in Action
Operations Management
ISBN:
9780135198100
Author:
BOVEE
Publisher:
PEARSON CO
Purchasing and Supply Chain Management
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
Production and Operations Analysis, Seventh Editi…
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.
SEE MORE TEXTBOOKS