Risk Management Is Part of the Planning Function of Management

question 1

Multiple Choice

Risk management is part of the planning function of management. Put the following steps of risk management in order from the first step (1) to the last (5) .

• A) Analysing, classifying, and prioritising risks.
• B) Evaluating and modifying risk reduction programs.
• C) Anticipating and seeking sources of risk.
• D) Developing a plan to avoid and manage risk.
• E) Gathering data that indicate success at avoiding or minimising risk.

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Definitions:

Special-Interest Effect

The phenomenon where policy decisions are influenced or shaped by the lobbying efforts of a small, focused group, often at the expense of the general public.

Political Parties

Organizations that seek to attain and maintain political power within a government, typically by participating in electoral campaigns, educational outreach, or protest actions.

Paired-Choice Majority Votes

A voting system in which options are matched in pairs and voted upon, with the winner of each pair moving on to compete in subsequent rounds.

Marginal Benefits

The incremental value or satisfaction derived from the use of one more unit of a good or service.