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Give a Real Life Example of Mitigating a Risk, Avoiding

question 59

Essay

Give a real life example of mitigating a risk, avoiding a risk, transferring a risk and retaining a risk.


Definitions:

Attributonial Bias

A cognitive bias that affects the way we determine who or what is responsible for an event or action, often leading to error in judgment.

Cognitive Dissonance

A psychological discomfort experienced when holding contradictory beliefs or values, or when behavior and beliefs do not align, often leading to a change in beliefs or behaviors to reduce the dissonance.

Small Amount

A quantity that is less than average or nominal, often referring to a minimal or insignificant portion of something.

Opinion

A belief or judgment that rests on grounds insufficient to produce complete certainty.

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