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Risk Management Strategies

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Risk Characterization
1. What two elements are required to characterize a level of risk? Please provide an example.

A Lesson in Risk
2. Allegedly a pit-bull was in his backyard in Southern California recently, and came across an evasive intruder. The pit-bull in an attempt to protect his territory, he challenged the porcupine. The exhibit below contains photographs from a veterinarian hospital which depict the aftermath of the challenge involving 1,347 quills. The brave pit-bull survived, and hopefully learned a valuable lesson in risk.

(see attached file for diagrams)

Relate the above situation to the five different risk concepts i.e., true, estimated, acceptable, perceived, and optimal.

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Solution Summary

This solution examines risk assessment. Elements needed to determine levels of risk and the five concepts associated with risk management are discussed.

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Hi,

I have attached my response in a word document along with the original questions and case scenarios.

Thanks,
Andrew

Risk Characterization
1. What two elements are required to characterize a level of risk? Please provide an example.
The answer to this question is going to depend on your textbook or instructors notes. I will give some general guidelines but you should double check this against your textbook.
In order to characterize a level of risk several elements are required. Some sources list two elements while other sources divide these into up to four different elements.
In simple English the two elements required are:
• Identification of potential events and their likelihood of occurring.
o This is called "hazard assessment", "hazard identification" or "risk estimation" depending on the specific literature used.
• Assessing the severity of the event be if it occurred.
o This is called "exposure assessment" or "risk description" or another such term.
Example:
A family is considering camping in Yellowstone National Park this summer. They want to determine the level of risk associated with this activity. They do some research and come up with the following ...

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