Which of the Following Best Describes the Importance of Risk

question 49

Multiple Choice

Which of the following best describes the importance of risk assessment?

• A) Risk assessment allows management to determine the extent of the internal controls required to eliminate inherent risk and to minimize control risk.
• B) Risk assessment is necessary to set priorities for risks in order of frequency so the most frequently occurring risks can be eliminated in a cost effective manner.
• C) As go the risks, so go the insurance premiums and costs. Risk assessment is management's primary tool to lower insurance premiums and casualty losses.
• D) Risk assessment helps management set priorities and determine the organization's risk response.

Understand the nature and dynamics of interpersonal and intergroup conflicts in organizational settings.

Identify and describe different conflict-management styles and when they are typically used.

Recognize the role of conflict in family-owned businesses and its impact on succession planning.

Distinguish between interpersonal conflict and role conflict within organizations.

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Definitions:

Self-interest

The consideration of one's own advantage or well-being above the welfare of others.

Autonomous Interdependence

A state in relationships where individuals maintain their independence while also valuing and relying on connections with others.

Egocentric

A cognitive trait where an individual is unable to understand or assume the perspective of others, typically seen in early childhood development.

Perspective-taking Skills

The capacity to understand and interpret another person's thoughts, feelings, and viewpoints, distinct for its relevance across various social contexts.