Briefly respond to each of the following questions. Briefly explain the importan

Question

Briefly respond to each of the following questions. Briefly explain the importance of having an risk management plan. What issues could arise if you do not have an integrated risk management plan? How do you determine which risks are critical to plan for? Briefly describe one technique for risk quantification. What are its benefits and limitations? When in the risk management lifecycle are proactive and reactive risk management actions typically identified? Why are these actions undertaken at this stage?

Explanation / Answer

1. if the works and plans are not integrated, they all the resources can be used for the individuals' greeds. and there wont be any relation between one work to another. the total fuctioning can be in a smooth way. take an example of construction of a building: here the total works are lilke construct pillars, construct walls, wiring, slab or roof and slab. if the work is not linked with one another, then it can not be fuctions well.

2. the probability of occuring loss is called risk. and if the actual outcome is different from expected outcome it is also called risk. financial risk can be measured interms of value and non financial risk can be defined as loss time, reputation and human lives.

3. when we estimated the expected risk factors then we plans in a proactive way. otherwise if we take measures to minimise the loss after the risk, then we should take reactive measures.

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