What Are the Four Major Ways of Dealing with Risk

question 140

Multiple Choice

What are the four major ways of dealing with risk?

• A) control, retention, transfer, and avoidance
• B) avoidance, retention, control, and retirement
• C) control, retention, retirement, and avoidance
• D) avoidance, retention, retrenchment, and control

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Definitions:

Supply Chains

Networks of individuals, organizations, resources, activities, and technology involved in the production and delivery of a product or service from supplier to customer.

Cross-Docking

A logistics practice where incoming shipments are unloaded directly onto outbound vehicles, minimizing storage time.

Just-In-Time

An inventory strategy companies use to increase efficiency and decrease waste by receiving goods only as they are needed in the production process, thereby reducing inventory costs.

Immediate Response System

A technology or service designed to provide instant feedback or reaction to input or inquiries, commonly used in customer service and educational settings.