Assessment Techniques Used to Assess Risk Are Grouped into Two

question 63

Essay

Assessment techniques used to assess risk are grouped into two categories. What are these categories? Define each.

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Definitions:

Price

is the amount of money expected, required, or given in payment for something.

Product Quality

Product Quality is the degree to which a product or service meets or exceeds the customer's expectations in terms of reliability, durability, design, functionality, and price.

Perception

The process by which individuals interpret and organize sensation to produce a meaningful experience of the world.

Everyday Low

A pricing strategy where a retailer aims to provide products at low prices on a consistent basis instead of relying on sales or discounts.