Rmi 2303 Study guides, Class notes & Summaries

RMI 2302 FSU NYCE EXAM 1 Questions And Answers (Verified And Updated) Risk Likelihood - answerFrequency - the probability that a loss can occur. What 3 ways can Risk Likelihood be categorized - answerHigh - an event is expected to happen in most circumstances Medium - an even will probably happen in many circumstances Low - an event may occur at some point Risk Impact - answerSeverity - the potential effect that a loss could have if it arises. Risk prevention methods are best applied to ...

Exam 2 RMI 2302 - FSU Dr. Nyce Exam Questions With Verified Answers Who uses decision making ? - answerIndividuals Organizations Government Individuals use expected ____ - answerUtility Organizations use expected ____ - answerValue What entity is able to take on risk regardless of the reward - answerGov't What is one of the big problems we have with modeling how decisions are made? - answerDecisions are made is that they do not explicitly account for biases on the part of the decision...

RMI 2302 Nyce Module 1 Exam Questions With Verified Answers What is Risk? - answerUncertainty Regarding Loss Danger does not equal what? - answerRisk Uncertainty - answerdoubt about our ability to predict future outcomes Sources of risk - answerPersonal Risks Property Risks Liability Risks Financial Risks Exposure - answerperson or property facing risk of loss Peril - answerthe immediate cause of loss Hazard - answercondition affecting the frequency or severity of loss Physical hazar...

RMI 2302 Exam 2 Questions And Answers (Verified And Updated) free market - answerfails to protect consumer interests requiring the government to find appropriate ways to protect us from ourselves; rewards those people who understand consumer behavior and can exploit consumer's weaknesses In a world dominated by rational behavior... - answerthe government could focus on externalities and focus less on consumers Jeremy Bentham - answer(19th century) Urged politicians to design policies tha...

RMI 2302 Nyce Module 2 Exam Questions And Answers (Verified And Updated) A Scientific View of Risk - answerProbability of a person suffering an adverse effect from some activity or exposure over a given period of time/involvement. -ADDS A TIME ELEMENT Risk Reduction and Public Policy - answerRisk Reduction has costs (both monetary and non- monetary) Requires putting a value on human life How much are you worth? Parents? Grandparents? How do you balance risk/reward? Can drive highway de...

RMI 2302 Final Exam Nyce Exam Questions With Verified Answers The number of years between same-sized natural disaster events is also known as - answerReturn Period Frequency and magnitude of natural disasters typically have a _____ ? - answerInverse relationship Risks of "high concern" in the Global Risk Report 2014 - answer1. Food crisis 2. Water crisis 3. Political instability Today, most developed countries have gone from _____ death rates and _____ birth rates to _____ death rate...

RMI 2302 Nyce Module 8 Exam Questions With Verified Answers Business risk - answerDeviations in profitability. This is a very broad category of risk that is caused by operational, hazard, financial, or strategic risks. Business risk can be caused by: - answer• Prices • Regulation • Competition, etc Operation risk - answerPotential losses from internal sources: • Manufacturing processes • Fraud • Mismanagement • Employee mistakes Hazard risk - answerTypically used in ins...

RMI 2302 Chapter 1- Basic Of Risk Exam Questions With Verified Answers What is Risk? - answerUncertainty Regarding Loss How to measure risk? - answerIn Standard Deviation or Variation Can information alter risk? - answerNo, but it can alter uncertainty Pure Risk - answerA category of risk in which loss is the only possible outcome; there is no beneficial result Speculative Risk - answerA category of risk that, when undertaken, results in an uncertain degree of gain or loss. Static Risk ...

RMI 2302 Exam 1 Nyce Questions And Answers (Verified And Updated) Risk - answerUncertainty regarding loss. There are different magnitudes of risk based on the decision maker: individual, organization, and society. Danger does not equal risk. Information does not alter risk. Uncertainty - answerWhen you do not know the outcome, there is uncertainty. Multiple outcomes can also lead to uncertainty. Uncertainty is doubt about our ability to predict future outcomes. Because uncertainty is subj...