Risk Assessment

question 3

Multiple Choice

Risk Assessment:

• A) is the first step in the Risk Management Process
• B) is the process of identifying the broad range of risk exposures
• C) is the process of estimating the financial impact of each risk
• D) deals with risk identification

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Definitions:

Trade Barriers

Measures implemented by governments to regulate or limit international trade, including tariffs, quotas, and embargos, to protect domestic industries.

Power Distance

The degree to which a culture accepts unequal distribution of power.

Inequality

The uneven distribution or imbalance of resources, opportunities, and rights among individuals or groups, leading to disparities in wealth, status, and power.

Formality

The degree to which activities, procedures, or operations are structured and officially sanctioned.