Question: 1. Define Risk management. 2. Differentiate between a risk averse entrepreneur and a risk seeking entrepreneur. 3. Give four categories of hazard-based risks and provide

1. Define "Risk management".

2. Differentiate between a risk averse entrepreneur and a risk seeking entrepreneur.

3. Give four categories of hazard-based risks and provide an example of each.

4. Outline any six of the early warning signs that indicate that an organisation is at risk.

5. Describe the four elements of the integrated risk management framework.

Businesses are often faced with operational risks and decisions must be made to alleviate such risks.

Discuss typical operational decisions that are made to deal with operational risks.

6 a. Explain how an entrepreneur would benefit from incorporating a risk management approach in

their business.

b. Discuss how scenario building can be used as an important tool in risk management. In your

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