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Master the Art of Risk Management

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Questions and Answers

Which of the following best defines risk management?

The coordination and application of resources to maximize opportunities

The monitoring and control of international markets

The identification, evaluation, and prioritization of risks (correct)

The management of legal liabilities

What is the purpose of risk management?

To eliminate all risks

To maximize the realization of opportunities

To minimize the impact of unfortunate events (correct)

To control international markets

What are the sources of risks?

Uncertainty in international markets, political instability, threats from project failures

Legal liabilities, credit risk, accidents

Natural causes and disasters, deliberate attack from an adversary

All of the above (correct)

How are negative events classified in risk management?

As risks (B) Signup and view all the answers

Which institutions have developed risk management standards?

Both A and B (C) Signup and view all the answers

Which of the following is NOT a component of an early warning system?

Response system (C) Signup and view all the answers

What is one of the main functions of an early warning system?

Risk analysis (A) Signup and view all the answers

What is the purpose of involving communities at risk in an early warning system?

To facilitate public education and awareness of risks (A) Signup and view all the answers

What does risk analysis involve in the context of an early warning system?

Collecting data and undertaking risk assessments (A) Signup and view all the answers

What is one of the key functions of an early warning system?

Monitoring and warning (B) Signup and view all the answers

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