Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
7th Edition
ISBN: 9781259666094
Author: Erik W. Larson, Clifford F. Gray
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 7, Problem 3RQ
What is the difference between avoiding a risk and accepting a risk?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
In all cases you can choose to accept a risk rather than take action. Describe any five situations where accepting a risk may be the best option.
According to Bernstein (1996), which developments contributed to the emergence of the modern conception of risk? Please name one development.
Why is recognizing and describing a business risk important?
Chapter 7 Solutions
Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.Similar questions
- what is the concept of risk?arrow_forwardHow do you build a risk model?arrow_forwardYou own an online shop on a website like Etsy, where you sell laptop stickers you have designed. You have identified five risks you would like to address. When you perform a risk prioritization, you find that all five risks have similar risk scores. You meet your best friend at a local coffee shop to brainstorm about your risks and get your friend's input. While there, you write your reasoning for each risk on a separate note card-one for each risk-and place the cards in order of the priority that you and your friend have agreed on. On the walk back to your apartment, you drop the note cards, and they are now out of order. You need to re-create your prioritization from the coffee shop. Your note card choices are as follows. Notecard Letter A Risk B C D E Reasoning for priority This store is a source of income for you. You need to protect yourself by making sure you do not send merchandise to a customer until the customer's credit card clears the system and the payment is in your…arrow_forward
- Risk they say it’s in every decision we make as humans. Explain a positive or negative RISK that have been taken before or seen happening and its impact on you or the people that took such Risksarrow_forwardSince a risk is something that has yet to happen--and may never happen--how much time and effort should be spent planning and preparing for it?arrow_forward1) All of these are risk management approaches except a) Risk avoidance b) Risk acceptance c) Risk conformance d) Risk transferencearrow_forward
- It's important to name and briefly describe the five main approaches to managing risk.arrow_forwardHow do organizations account for and manage "unknown unknowns" or unforeseen risks in their risk management strategies?arrow_forwardWhy do risk analysts choose intervals of chance and consequence over precise numbers?arrow_forward
- What is risk and provide an example of it.arrow_forwardWhat the difference between risk management and uncertaintyarrow_forwardBelow are four categories of risk and ways that a company is currently handling the risks. Which risk handling options are being used? More than one answer may apply.  a. A company is handling its high R&D financial risk by taking on partners and hiring subcontractors. The partners/subcontractors are expected to invest some of their own funds in the R&D effort in exchange for sole-source, long-term production contracts if the product undergoes successful commercialization.  b. A company has decided to handle its marketing risks by offering a family of products to its customer base. Different features exist for each product offered.  c. A company has product lines with a life expectancy of ten years or more. The company is handling its technical risks by performing extensive testing on new components and performing parallel technical development efforts for downstream enhancements.  d. A company has large manufacturing costs for its high-tech products. The company will not…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Understanding BusinessManagementISBN:9781259929434Author:William NickelsPublisher:McGraw-Hill EducationManagement (14th Edition)ManagementISBN:9780134527604Author:Stephen P. Robbins, Mary A. CoulterPublisher:PEARSONSpreadsheet Modeling & Decision Analysis: A Pract...ManagementISBN:9781305947412Author:Cliff RagsdalePublisher:Cengage Learning
- Management Information Systems: Managing The Digi...ManagementISBN:9780135191798Author:Kenneth C. Laudon, Jane P. LaudonPublisher:PEARSONBusiness Essentials (12th Edition) (What's New in...ManagementISBN:9780134728391Author:Ronald J. Ebert, Ricky W. GriffinPublisher:PEARSONFundamentals of Management (10th Edition)ManagementISBN:9780134237473Author:Stephen P. Robbins, Mary A. Coulter, David A. De CenzoPublisher:PEARSON
Understanding Business
Management
ISBN:9781259929434
Author:William Nickels
Publisher:McGraw-Hill Education
Management (14th Edition)
Management
ISBN:9780134527604
Author:Stephen P. Robbins, Mary A. Coulter
Publisher:PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract...
Management
ISBN:9781305947412
Author:Cliff Ragsdale
Publisher:Cengage Learning
Management Information Systems: Managing The Digi...
Management
ISBN:9780135191798
Author:Kenneth C. Laudon, Jane P. Laudon
Publisher:PEARSON
Business Essentials (12th Edition) (What's New in...
Management
ISBN:9780134728391
Author:Ronald J. Ebert, Ricky W. Griffin
Publisher:PEARSON
Fundamentals of Management (10th Edition)
Management
ISBN:9780134237473
Author:Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:PEARSON
Inventory Management | Concepts, Examples and Solved Problems; Author: Dr. Bharatendra Rai;https://www.youtube.com/watch?v=2n9NLZTIlz8;License: Standard YouTube License, CC-BY