Rmi 2302 - Study guides, Class notes & Summaries

RMI 2302 Nyce Module 1 Exam Questions With Verified Answers What is Risk? - answerUncertainty Regarding Loss Danger does not equal what? - answerRisk Uncertainty - answerdoubt about our ability to predict future outcomes Sources of risk - answerPersonal Risks Property Risks Liability Risks Financial Risks Exposure - answerperson or property facing risk of loss Peril - answerthe immediate cause of loss Hazard - answercondition affecting the frequency or severity of loss Physical hazar...

Who uses decision making ?Individuals Organizations Government Individuals use expected ____Utility Organizations use expected ____Value What entity is able to take on risk regardless of the rewardGov't What is one of the big problems we have with modeling how decisions are made?Decisions are made is that they do not explicitly account for biases on the part of the decision maker

RMI 2302 FSU NYCE EXAM 1 Questions And Answers (Verified And Updated) Risk Likelihood - answerFrequency - the probability that a loss can occur. What 3 ways can Risk Likelihood be categorized - answerHigh - an event is expected to happen in most circumstances Medium - an even will probably happen in many circumstances Low - an event may occur at some point Risk Impact - answerSeverity - the potential effect that a loss could have if it arises. Risk prevention methods are best applied to ...

RMI 2302 Exam 1 Nyce Questions And Answers (Verified And Updated) Risk - answerUncertainty 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 - answerWhen 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 subj...

RMI 2302 Final Exam Nyce 2024 Actual Questions and Answers with complete solution

This is a comprehensive and detailed note on Risk Management for RMI 2302. Quality stuff!! U'll need it!!

RMI 2302 Exam 1 Nyce FSU Questions With Complete Solutions.

RMI 2302 Nyce Module 1 Exam Questions With Verified Answers What is Risk? - answerUncertainty Regarding Loss Danger does not equal what? - answerRisk Uncertainty - answerdoubt about our ability to predict future outcomes Sources of risk - answerPersonal Risks Property Risks Liability Risks Financial Risks Exposure - answerperson or property facing risk of loss Peril - answerthe immediate cause of loss Hazard - answercondition affecting the frequency or severity of loss Physical hazar...

RMI 2302 Nyce Module 8 Exam Questions With Verified Answers Business risk - answerDeviations in profitability. This is a very broad category of risk that is caused by operational, hazard, financial, or strategic risks. Business risk can be caused by: - answer• Prices • Regulation • Competition, etc Operation risk - answerPotential losses from internal sources: • Manufacturing processes • Fraud • Mismanagement • Employee mistakes Hazard risk - answerTypically used in ins...