Answer to Question #212594 in Management for DANI

Question #212594

assignment of Risk Management and Insurance.

I) GIVE SHORT ANSWERS.

1)What does mean the risk manager and steps of risk management process and mention all pure risk of management according to this question demonstrate the following tasks of project.


2) case study

Obbo Burka Gari the loss of earned income .Because of the cost of major surgery have increased substantially in recent years. For example ,an open heart surgery can cost more than 3 million birr; a kidney transplant can cost more than 1millon birr.Unless these persons have adequate health insurance, private savings ,and financial assets, or other sources of income to meet these expenditures, they will be financially insecure. Which affects of personal risk ?


1
Expert's answer
2021-07-02T15:28:02-0400

A risk manager is someone who is in charge of managing an organization's risks and reducing the negative impact of losses on the organization's goals. Risk management is one of the most critical things a project manager does on a daily basis. Steps in the risk management process work together to create a simple and effective risk management system. To begin, determine the danger. You and your team identify, define, and describe risks that could have an impact on your project's outcome. You can use a variety of methods to identify project risks. This is where you start putting together your project risk register. Examine the danger. Once the risks have been identified, the likelihood and consequences of each risk must be determined. You gain a better understanding of the risk's nature and how it might affect the project's goals and objectives. This data is also recorded in your project risk register. Assess and rank the danger. You decide if the danger is tolerable or whether it is severe enough to require treatment. Treat the hazard. This step involves assessing your highest-ranking risks and devising a strategy for treating or modifying them to achieve acceptable risk levels. Finally, keep an eye on the risk. You may effectively de-risk your project by putting a framework around that uncertainty. As a result, you'll be able to make considerably more assured progress toward your project's objectives. Unpleasant surprises and roadblocks can be avoided, and golden possibilities identified, by identifying and managing a complete list of project risks.

The possibility of losses affecting an individual or family is known as personal risk. Every aspect of life is surrounded by risk, so people are prone to managing risk in all circumstances. Individuals can also use formal risk management strategies such as risk identification and management. Safety, health, property, Force Majeure, and pure risks are all examples of potential risks. When one believes in one's physical ability, strength, agility, response time, and reflexes to prevent an incident, greater risks are tolerated. A worker may overestimate his or her strength and thus take greater risk while exerting force, or an employee may overestimate his or her agility and hence accept the risk of a poorly prepared work area. This aspect also applies to circumstances when an experienced worker will use his or her years of experience and knowledge of the task to justify completing the job in a riskier manner. Personal reality events can last a long time — perhaps a lifetime — in the minds of people. They have the potential to influence a person's decision to conduct tasks related with an event, as well as make them intolerant of any danger associated with a similar task. A worker who has never experienced a significant consequence firsthand, on the other hand, will be willing to take on greater risk since they may be suspicious that something serious might genuinely happen. To lessen their unconscious risk acceptance, newer workers need to hear firsthand details of previous serious accidents. The cost of noncompliance can influence a person's decision to accept risk, and the cost of noncompliance can influence a person's decision to accept risk. If the cost of noncompliance (taking a risk), such as losing a job or getting a fee or penalty, is considerable, the person may choose to act in a less risky method.


Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
New on Blog