Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
7th Edition
ISBN: 9781259666094
Author: Erik W. Larson, Clifford F. Gray
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 7, Problem 3RQ
What is the difference between avoiding a risk and accepting a risk?
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Students have asked these similar questions
Why is recognizing and describing a business risk important?
what is the concept of risk?
You own an online shop on a website like Etsy, where you sell laptop stickers you have designed. You have identified five risks you would like to address. When you perform a risk prioritization, you find that all five risks have similar risk scores.
You meet your best friend at a local coffee shop to brainstorm about your risks and get your friend's input. While there, you write your reasoning for each risk on a separate note card-one for each risk-and place the cards in order of the priority that you and
your friend have agreed on. On the walk back to your apartment, you drop the note cards, and they are now out of order. You need to re-create your prioritization from the coffee shop.
Your note card choices are as follows.
Notecard Letter
A
Risk
B
C
D
E
Reasoning for priority
This store is a source of income for you. You need to protect yourself by making sure you do not send merchandise to a customer until the customer's credit card clears the system and the payment is in your…
Chapter 7 Solutions
Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.Similar questions
- How do you build a risk model?arrow_forwardSince a risk is something that has yet to happen--and may never happen--how much time and effort should be spent planning and preparing for it?arrow_forward1) All of these are risk management approaches except a) Risk avoidance b) Risk acceptance c) Risk conformance d) Risk transferencearrow_forward
- It's important to name and briefly describe the five main approaches to managing risk.arrow_forwardHow do organizations account for and manage "unknown unknowns" or unforeseen risks in their risk management strategies?arrow_forwardHow does risk transfer differ from risk mitigation in risk management strategies?arrow_forward
- Below are four categories of risk and ways that a company is currently handling the risks. Which risk handling options are being used? More than one answer may apply. a. A company is handling its high R&D financial risk by taking on partners and hiring subcontractors. The partners/subcontractors are expected to invest some of their own funds in the R&D effort in exchange for sole-source, long-term production contracts if the product undergoes successful commercialization. b. A company has decided to handle its marketing risks by offering a family of products to its customer base. Different features exist for each product offered. c. A company has product lines with a life expectancy of ten years or more. The company is handling its technical risks by performing extensive testing on new components and performing parallel technical development efforts for downstream enhancements. d. A company has large manufacturing costs for its high-tech products. The company will not…arrow_forwardWhat the difference between risk management and uncertaintyarrow_forwardExplain the term Risk taking?arrow_forward
- Is it possible to skip the process of determining risk interactions? Why or why not?arrow_forwardExplain the types of risk and give example Compliance Risks Hazard Risks Control Risks Opportunity Risksarrow_forwardDo you agree that the organization should treat risk management as a discrete event rather than continuous process? Why or why not?arrow_forward
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