What is the relationship between risk assessment and risk management?
What is the relationship between risk assessment and risk management?
Homework Answers
Risk assessment is used to determine possible mishaps, their likelihood, and consequences, and tolerance for these mishaps. The result of this process may be expressed in a quantitative or qualitative way.
Risk Management is the identification, evaluation, and prioritization of risks and application of resources to minimize, monitor and control the probability or impact of these events.
Thus Risk assessment is part of Risk management.
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What is the relationship between risk assessment and risk
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