True or false : 1-Normalization of risk is when the greater the prevalence of a

Question

True or false : 1-Normalization of risk is when the greater the prevalence of a technology is associated with greater risk. 2-General systems theory argues that an open system eventually tends toward a state of most probable distribution. 3-Complex systems are characterized by a large number of variables or elements and rich interactions among elements. 4-Enterprise systems are a network of interdependent people, processes and supporting technology fully under control of a single entity. 5-Daniel Bernoulli formed the idea that valuing monetary loss or gain from a gamble or lottery should be measured in the context of a player’s personal circumstance and existing wealth. 6-Potency factor describes when fast growth rate of technology is associated with perception of higher levels of risk, while its gradual establishment is seen as less threatening. 7-Risk management always involves “cost-benefit-risk” tradeoff and analyses. 8-With uncertainty and complexity, risk management has to be a sporadic process 9-Successfully engineering today’s systems requires deliberate and continuous attention to the management of risk. 10-The probabilistic description of risk is the chance an unwanted event occurs.

11-Expected Value of Perfect Information (EVPI) refers to the average amount that an investor would pay to purchase perfect information.

Explanation / Answer

1. False . Normalization of risk is when the greater the prevalence of a technology is associated with lower risk

2.. True .

3. True.

4. False. Enterprise systems are a network of interdependent people, processes and supporting technology not fully under control of a single entity

5. True.

6.Not sure

7.False. Risk management not always involves “cost-benefit-risk” tradeoff and analyses.

8.True

9.True

10.False. Risk can be seen as relating to the probability of uncertain future events.

11.False.Expected Value of Perfect Information (EVPI) refers to the Maximum amount that an investor would pay to purchase perfect information.

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