Asked by Chevelle Rhule on May 25, 2024
Verified
Risk management focuses on anticipating risk in situations and factoring risk alternatives into the decision-making process.
Risk Management
Involves anticipating risks and factoring them into decision making.
- Understand the principle of risk management and its significance in the process of making decisions.
Verified Answer
TA
Trexie Anne TisadoMay 30, 2024
Final Answer :
True
Explanation :
Risk management involves identifying potential risks and developing strategies to mitigate or manage them. This requires anticipating different scenarios and considering the likelihood and impact of each risk. These risk alternatives are then factored into the decision-making process to ensure that the best possible outcome is achieved with minimal negative consequences.
Learning Objectives
- Understand the principle of risk management and its significance in the process of making decisions.