Planning for Risk


Learning Objectives

By the end of this chapter, you will be able to:

•  Define risk, risk management, residual and secondary risk, business and insurance risk, opportunity and threat, and the steps in a risk management process.

•  Apply the concept of risk tolerance to both level of risk and category of risk.

•  Conduct a risk identification process using document analysis, interviews, assumption analysis, and other techniques.

•  Cite the fundamental formula of risk management (R=PxI), and apply it using decision tree analysis, risk buckets, and filtering.

•  Develop risk response solutions using eight different techniques. ...

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