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RMI 2302 Exam 1 Nyce Questions and Answers 100% Pass
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RMI 2302 Exam 1 Nyce Questions and Answers 100% Pass Risk - ANSWER-Uncertainty regarding loss. There are different magnitudes of risk based on the decision maker: individual, organization, and society. Danger does not equal risk. Information does not alter risk. Uncertainty - ANSWER-When you d...

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  • November 11, 2024
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RMI 2302 Exam 1 Nyce Questions and

Answers 100% Pass


Risk - ANSWER✔✔-Uncertainty regarding loss. There are different magnitudes of risk based on the

decision maker: individual, organization, and society. Danger does not equal risk. Information does not

alter risk.


Uncertainty - ANSWER✔✔-When you do not know the outcome, there is uncertainty. Multiple outcomes

can also lead to uncertainty. Uncertainty is doubt about our ability to predict future outcomes. Because

uncertainty is subjective, it can differ across individuals even when the risk is the same. Information can

alter uncertainty. Reduction in uncertainty can be a good thing.


Loss - ANSWER✔✔-what you could have had, but don't, can be considered a loss.


Risk Likelihood - ANSWER✔✔-Frequency - the probability that a loss can occur. This can be described as

high, medium, or low.


Risk Impact - ANSWER✔✔-Severity - the potential effect that a loss could have if it arises. The magnitude

can also be described as high, medium, or low.


Pure Risk - ANSWER✔✔-"will there be a loss or no loss?" There are clear expectations. These risks only

involve two possible outcomes.


Static Risk - ANSWER✔✔-"is the risk changing through time?" These risks do not change through time.


Speculative Risk - ANSWER✔✔-"will there be a loss, no loss, or a gain?"



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Dynamic Risk - ANSWER✔✔-the chances of something happening now and happening later are different.

They change through time.


Fundamental Risk - ANSWER✔✔-risks that effect everyone / a large portion of the population at the

same time.


Particular Risk - ANSWER✔✔-risks that effect individuals / a small group of people at a given time.


Core Risk - ANSWER✔✔-organizational level risk - these are directly associated with what an organization

or business does.


Secondary Risk - ANSWER✔✔-organizational level risk - these have nothing to do with what an

organization or business does.


Personal Risks - ANSWER✔✔-related to life, health, and safety on the individual level


Property Risks - ANSWER✔✔-related to the potential damage to physical property / material things /

stuff


Liability Risks - ANSWER✔✔-having to take responsibility for your actions / inactions


Financial Risks - ANSWER✔✔-savings and investments


Intangible Hazards - ANSWER✔✔-attitudes or culture


Moral Hazard - ANSWER✔✔-behavioral changes - effects the frequency / severity of loss


Morale Hazard - ANSWER✔✔-indifference - effects the frequency / severity of loss


Societal Hazard - ANSWER✔✔-legal or cultural attitude - effects the frequency / severity of loss


Physical Hazards - ANSWER✔✔-property / tangible conditions (aka tangible hazards)


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