Exam (elaborations)
MNO3706 Assignment 1 Semester 2 2024
- Course
- MNO3706 (MNO3706)
- Institution
- University Of South Africa
MNO3706 Assignment 1 Semester 2 2024
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MNO3706Assignment 1
Semester 2 2024
QUESTIONS WITH COMPLETE ANSWERS
[DATE]
[COMPANY NAME]
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, 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 use of the technique used to measure or manage risk.
(10)
Risk management involves identifying, assessing, and prioritizing risks
followed by coordinated efforts to minimize, monitor, and control the
probability or impact of unfortunate events. One common technique used to
measure or manage risk is the Risk Assessment Matrix (or Risk Matrix).
Risk Assessment Matrix:
• Identification: Determine what could go wrong.
• Assessment: Analyze the likelihood and impact of each identified
risk. This is often done using a scale (e.g., 1-5) for both likelihood and
impact.
• Matrix Creation: Create a matrix with likelihood on one axis and
impact on the other. Each risk is placed in the matrix based on its
assessed scores.
• Prioritization: Risks in the higher likelihood and impact quadrants
are prioritized for management.
• Mitigation Strategies: Develop strategies to manage, reduce, or
eliminate high-priority risks.
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