The Initial Step in the Risk Management Process Is to

question 22

Multiple Choice

The initial step in the risk management process is to

• A)Determine the level of acceptable risk.
• B)Assess the risk potential.
• C)Identify the risks.
• D)Set aside budget funds for managing the risks.
• E)Appoint a risk manager.

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Definitions:

Spaceship-Earth

A metaphor suggesting that Earth operates like a spaceship, with finite resources that must be managed wisely to sustain life.

Ecocentrism

A philosophical standpoint recognizing the inherent value of all living and non-living parts of the environment, advocating for a nature-centered rather than human-centered conservation ethic.

Environmental Wisdom

is a philosophy that emphasizes living in harmony with the natural world, recognizing the interdependence of all living beings.

Economic Growth

The increase in the inflation-adjusted market value of the goods and services produced by an economy over time.