Which ERM Component Is Comprised of Policies and Procedures Established

question 8

Multiple Choice

Which ERM component is comprised of policies and procedures established and implemented to ensure risk responses are effective?

• A)Risk assessment
• B)Control activities
• C)Information and communication
• D)Objective setting

Learn about evidence-based management and the importance of using solid evidence in decision-making processes.

Understand the three Vs of big data: volume, velocity, and variety.

Analyze the impact of big data and analytics on targeted advertising and business strategies.

Explore the concept of crowdsourcing, its effectiveness, and factors contributing to its growth.

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Definitions:

Contribution Margin

The amount of revenue remaining after deducting variable costs, which contributes towards covering fixed costs and generating profit.

Manufacturing Overhead Cost

All indirect costs associated with the production process, including indirect labor, indirect materials, and other overhead expenses not directly tied to the production of specific goods or services.

Produced Units

The total number of units of product completed in a given period of time, often used to evaluate manufacturing efficiency.

Total Variable Cost

The sum of all variable costs (costs that change with the level of output) associated with producing a specific amount of goods or services.