Explain the importance of focusing risk management efforts

Assignment Help Risk Management
Reference no: EM131924645

Assignment

THE FOLLOWING BOOK MUST BE USED AS REFERENCE:

Popov, G., Lyon, B. K., & Hollcroft, B. (2016). Risk assessment: A practical guide to assessing operational risks. Hoboken, NJ: Wiley

USING THE ABOVE BOOK ANSWER THE 5 QUESTIONS BELOW:

1) Describe how communication should occur in the risk assessment process and why it is important to the workplace.

2) Your organization wants to expand its two-dimensional risk assessment model (that currently uses severity and likelihood) to a four-dimensional model. What two additional risk factors would you recommend be added? Explain your choices.

3) Explain the importance of focusing risk management efforts on hazards with a high potential for harm, even if these hazards are few in number?

4) Compare and contrast quantitative, semi-quantitative, and qualitative risk models. Include a discussion of the advantages and disadvantages of each.

5) It has come to your attention that maintenance workers have not been following the Lockout/Tagout procedures to control the unexpected release of electricity when working on equipment. Discussion with the workers and their supervisors has revealed that they do not follow the procedures because there have not been any incidents in the past several years. They claim that following the procedures slows down the maintenance process.

Applying the principles of the psychometric paradigm, discuss what actions you could take to change the maintenance workers' risk perceptions from low to high.

Reference no: EM131924645

Questions Cloud

Summarize relationship to marketing myopia : Marketing Myopia Essay, the marketing concept consists of elements that concern market segmentation and how it relates to target markets.
Expected return and standard deviation of portfolio : What are the expected return and standard deviation of a portfolio consisting of 70 percent of Stock A and 30 percent of Stock B ?
Compare main types of assessments in the cognitive domain : Compare and contrast the 2 main types of assessments in the cognitive domain.Write concisely but substantively, giving detailed (i.e., specific).
Explain the additional marketing effort : Would there be any additional marketing effort necessary if a producer created a revolutionary new product and offered it exclusively on the Internet?
Explain the importance of focusing risk management efforts : Explain the importance of focusing risk management efforts on hazards with a high potential for harm, even if these hazards are few in number?
How can CCNY gain greater exposure : How can CCNY gain greater exposure throughout the various mass media channels we are discussing this semester. The two main goals for the mass communication.
What is the inventory period : The firm carries an average inventory of $4,800 and has an average accounts payable balance of $4,400. What is the inventory period 12.39 days
Discuss five reasons phonological awareness is important : Discuss 5 reasons phonological awareness is important.Review the passage below and analyze the spelling errors.
Discuss the learning organizational abilities : Explain how your company's culture and learning organizational abilities may support or detract from a change initiative.

Reviews

Write a Review

Risk Management Questions & Answers

  Who are your internal stakeholders

What could be the impact of Christine‘s injury do to the organisation - What would you do if you took a job as a supervisor and walked into a similar situation?

  What steps would you take to make sure that each aspect

What steps would you take to make sure that each aspect of the framework was incorporated into your risk management plan? Is this framework realistic? What else would you add to the framework?

  Why is direct investment considered risky

Identify the various ways of entering the global marketplace. Firms use the following strategies, in descending order of risk and profit.

  What amount would need to be established as a hedge

WAC stands for the weighted average coupon of the pipeline, which is 4.5 percent. What amount would need to be established as a hedge for this?

  What is annualized return from these two investments

What is your annualized return from these two investments if, in six months, MMEE is selling for $48 per share? What about $36 per share?

  Explain the advantages and disadvantages of irs

The CFO of XYZ Ltd has taken a 5 year term loan of $300m at 8% per annum. Explain the advantages and disadvantages of IRS.

  How will you leverage partnerships

What are the means available to you to launch a new venture? These means include who you are (values, attributes), what you know (knowledge, skills), whom you know (networks), and financial resources? What can you do based on these means?

  Owners equity account on the balance sheet

If the owner contributes money to the business from his/her personal savings, it will be recorded in the owners' equity account on the balance sheet.

  Can concentration risks be reduced via cdos

Can concentration risks be reduced via CDOs? Please elaborate. Explain distressed debt. Why do institutions prefer to sell distressed debt?

  Provide an overview of the challenges faced in zanzibar

Read academic paper - State of Information Security in Zanzibars public sector and What role might International E-Governance standards have to play

  Forecast for this pair exchange rate

What is the 1 month and the 6 month forecast for this pair’s exchange rate? Which currency is becoming stronger and by what %?

  Interested directors may vote at meeting

"Interested" directors may vote at a meeting if their interest is known by the Board.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd