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Risk management: what does that term mean? Describe the procedure for handling risks by referring to the image.
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- A risk matrix, also called frequency-severity table is used to analyse risks.a. Describe how this matrix is utilised in the analysis of risks.Is there a distinction between the terms "risk management" and "risk assessment?"With the aid of examples, differentiate between these two risk control parameters used to measure performance or the effectiveness of risk control.
- There should be a list of the five risk-control methodologies, with short descriptions of each.Name and explain each of the basic risk management principles that must be considered when designing an appropriate outdoor playground for young childrenWhat type of risk does sensitivity analysis address?
- Explain to a company why statistical analysis is an important tool to use in risk management.It is important to include a list of the five different risk-control techniques as well as a brief explanation of each one.What exactly is risk management, and how is it defined? Explain the process of risk management using the diagram.