Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events?TRUEFALSE

What are relative risks?

Risks close to the upper end of the spectrum of inherent risk are known as which of the following?

Which of the following statements about the ‘What is Risk?’, ‘Risk and Human Bias’ and ‘What is Risk Management?’ sections of the lecture material are TRUE:If the probability of a pure-risk event occurring is ‘almost certain’ but the impact is only ‘minor’ then it would normally only require a low level of risk management planning because it only has a minor impact.An individual can either lose $100 for certain (with 100% probability) or take a gamble. The gamble involves a 10% probability of losing $1,000 and a 90% probability of losing $0. A typical person exhibiting human bias would usually take the gamble, even though the rational risk-averse choice would be to take the certain loss of $100.

Which of the following risks is considered bad but survivable?Medium impactHigh probabilityHigh impactMedium probability

Determine the level of risk to yourself in this incident? What was the level of risk?