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MNO3706 Assignment 1 (Detailed Answers) Semester 2 - Due August 2024
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MNO3706 Assignment 1 (Detailed Answers) Semester 2 - Due August 2024
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MNO3706ASSIGNMENT 1 (SEMESTER 2)
DUE DATE: August 2024
Written Assignment Submission Guidelines:
Please ensure that your assignment is submitted electronically through the myUnisa platform no
later than …August 2024. Kindly note that fax or email submissions will not be accepted.
NB: Assignment submitted to the lecturer(s) through email will not be considered.
QUESTION 1
1. Techniques to Measure or Manage Risk
Risk measurement and management are essential aspects of maintaining workplace safety, financial
stability, and operational efficiency. Various techniques are used to identify, assess, and mitigate
risks effectively. One commonly used technique is Risk Assessment, which involves systematically
identifying potential hazards, evaluating the likelihood and impact of these hazards, and
implementing measures to control or eliminate them. The process typically includes the following
steps: hazard identification, risk analysis, risk evaluation, and risk control. This technique helps
prioritize risks based on their severity and likelihood, allowing organizations to focus on the most
critical areas.
Another widely used technique is the Risk Matrix, a tool that visualizes risks by plotting them on a
matrix according to their probability and impact. This visual representation helps in quickly
identifying high-priority risks that require immediate attention. Risks are often categorized into low,
medium, high, and extreme levels, enabling organizations to allocate resources effectively to
manage them.
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