MNO3706 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE August 2024 ; 100% TRUSTED Complete, trusted solution s and explanations. ADMIN [COMPANY NAME] MNO3706 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE August 2024 ; 100% TRUSTED Complete, trusted solution s and explanations. 1. Explain the use the technique used to measure or manage risk. (10) Measuring and managing risk involves various techniques and methodologies to identify, assess, and mitigate risks. Here's a detailed explanation of some commonly used techniques: 1. Risk Assessment Techniques 1.1. Qualitative Risk Assessment • Description : Qualitative risk assessment involves assessing risks based on subjective judgments rather than numerical data. It typically includes methods such as risk interviews, brainstorming sessions, and expert consultations. • Techniques : o Risk Matrix : A visual tool that maps risks based on their probability and impact, allowing for prioritization. o SWOT Analysis : Identifies strengths, weaknesses, opportunities, and threats related to a risk. o Delphi Technique : Gathers insights from a panel of experts through multiple rounds of questionnaires to reach a consensus on risk. 1.2. Quantitative Risk Assessment