• There are several techniques available for managing risk. For each of the following risks and risk-control methods, give an example of how the method can be implemented.

• Avoidance: the risk of sinking (by human).

• Loss prevention: the risk of family head’s premature death because of a heart attack.

c. Loss reduction (in general): the risk of burning a car because of fire.

• Loss reduction (by duplication): the risk of losing accounting documentation.

• Loss reduction (by separation): the risk of losing all money by pickpockets during a vacation.

• Loss reduction (by diversification): the risk of our bankruptcy because of the bankruptcy of our main customer.

Answer rating: 100% (QA)

1 Risk avoidance Risk of sinking by human Do not go to nearby rivers or water tanks so that sinking ... View the full answer