Exam (elaborations)
MNO3706 Assignment 1 Semester 2 2024
- Course
- MNO3706 (MNO3706)
- Institution
- University Of South Africa
MNO3706 Assignment 1 Semester 2 2024 QUESTIONS WITH ANSWERS
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[Date]MNO3706 Assignment
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 technique used to measure or manage risk. (10)
Risk Management Techniques
a. Risk Identification:
• Definition: The process of finding, recognizing, and describing risks.
• Tools: SWOT Analysis, Risk Breakdown Structure, Brainstorming sessions.
b. Risk Assessment:
• Qualitative Risk Assessment: Prioritizes risks based on their severity and
likelihood without using numerical data.
• Quantitative Risk Assessment: Uses numerical data to calculate the impact
and probability of risks (e.g., Expected Monetary Value, Monte Carlo
Simulation).
c. Risk Control:
• Risk Mitigation: Implementing measures to reduce the impact or likelihood
of risks.
• Risk Transfer: Shifting the risk to a third party (e.g., through insurance).
• Risk Avoidance: Changing plans to avoid the risk altogether.
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