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MNO3706 Assignment 1 Semester 2 2024
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MNO3706 Assignment 1 Semester 2 2024 QUESTIONS WITH DETAILED ANSWERS
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MNO3706Assignment 1
Semester 2 2024
QUESTIONS WITH ANSWERS
, MNO3706 Assignment 1 Semester 2 2024
1. Explain the use the technique used to measure or manage risk. (10)
2. Clarify the fundamental principles of learning. (10)
3. Explain the four (4) step teaching method. (10)
1. Explain the Techniques Used to Measure or Manage Risk (10)
Risk measurement and management are essential in various fields,
including finance, business, healthcare, and engineering. Techniques used
to measure and manage risk include:
1. Risk Assessment: A process that involves identifying potential
hazards and analyzing what could happen if a hazard occurs. It
typically includes qualitative and quantitative methods.
2. Risk Matrix: A tool used to define the level of risk by considering the
probability of an event against the severity of its impact.
3. Quantitative Risk Analysis: Involves the use of numerical methods,
such as statistical analysis, to quantify the probability and impact of
risks. Common techniques include Monte Carlo simulation, decision
trees, and Value at Risk (VaR).
4. Qualitative Risk Analysis: Involves assessing risks based on
subjective judgment, often using categories such as high, medium, or
low risk.
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