Exam (elaborations)
MNO3706 Assignment 1 Semester 2 2024
- Course
- MNO3706 (MNO3706)
- Institution
- University Of South Africa
MNO3706 Assignment 1 Semester 2 2024 QUESTIONS AND ANSWERS
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MNO3706Assignment 1
Semester 2 2024
[Company address]
, 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 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 is Risk Assessment which includes the
following steps:
• Identification: Recognize potential risks that could affect the project or
organization.
• Analysis: Evaluate the nature of the risk and its potential impact.
• Evaluation: Determine the risk's likelihood and consequences to prioritize its
management.
• Treatment: Develop strategies to mitigate, transfer, accept, or avoid the risk.
• Monitoring and Review: Continuously observe the risk environment and review
the effectiveness of risk management strategies.
Risk assessment techniques can include qualitative methods like risk matrices or
quantitative methods such as statistical analysis and modeling.
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