Describe the Three Broad Approaches to Managing Risk

question 17

Essay

Describe the three broad approaches to managing risk.

---

Definitions:

Self-managed Team

A group of employees who are provided with the autonomy to plan, execute, and control their own work tasks and processes, often without direct supervision.

Collaborative Software

Computer applications designed to help individuals work together on a common task or project, even if they are geographically dispersed.

Organizational Boundaries

The defined edge of an organization that separates it from its environment and other entities, encompassing physical, legal, and social limits.

Time

The ongoing and irreversible progression of events from the past through the present to the future.