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Statement
The essence of risk management lies in maximizing the areas where we have some control over the outcome while minimizing the areas where we have absolutely no control over the outcome.
1. Explain the concept of risk management and its objectives.
2. Describe the steps in the risk management process.
3. Explain the major risk-control techniques, including avoidance, loss prevention, and loss reduction.
4. Explain the major risk-financing techniques, including retention, non-insurance transfers, and insurance.
5. Apply the principles of risk management to a personal risk management program.
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a. Why is the short-run demand for uranium relatively inelastic? Explain with a graph.
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Describe supply chain relationships, strategies, performance measures, and risk management.
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