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RMI 300: Exam |Questions with 100% Correct Answers Rated A+
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RMI 300: Exam |Questions with 100%Correct Answers Rated A+
avoidance - ✔making decisions with the intention of eliminating either some existing
potential for loss or a future potential for loss from a new venture
risk (loss) control - ✔actions that reduce frequency or severity of loss or both
prevention - ✔any measure that lessens the probability of loss but does not eliminate it
reduction - ✔any effort that lessens the sizes of losses that do occur
pre-loss - ✔actions taken prior to loss, even though effect is realized only when loss occurs
segregation - ✔lower an organizations dependence on any single asset, activity, or person
and as a result each loss is smaller in size
separation - ✔divide assets/activities into 2 or more separate units
duplication - ✔reproduce assets as back-up
crisis management - ✔plans of action to prepare for an emergency
, post-loss - ✔actions taken after a loss occurs
Heinrich's Domino Theory - ✔1) problem begins with social environment
2) social environment leads to fault in people
3) fault in people results in unsafe act
4) unsafe act leads to accident
5) accident results in injury
Haddon's Release of Energy Theory - ✔1) accidents result from release of excess energy
2) loss control is possible by:
- suppressing build-up of energy
- enhancing accident-retarding conditions
risk financing - ✔paying for losses not avoided/prevented
retain - ✔do not shift risk, but rather pay for losses directly out of own funds as they occur
transfer - ✔shift risk to another party
risk attitude - ✔offered through mission/vision
risk tolerance - ✔outcome of translated risk attitude
retention - ✔pay for losses directly out of the organization's own funds
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