Risk Management and Health Risk Worksheet

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What is Risk Management?

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Risk Management is the process of identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unfortunate events.

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What is Risk Assessment?

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Risk Assessment is the systematic process of evaluating the potential risks that may be involved in a projected activity or undertaking.

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True or False: Risk assessment and risk management are the same thing.

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False

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What does it mean to understand a risk?

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Understanding a risk means evaluating its potential consequences and determining if the benefits outweigh the potential downsides.

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True or False: Living in an area prone to hurricanes increases your exposure to natural hazards.

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True

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What is the first step in the risk management process?

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The first step is risk identification, which involves recognizing potential hazards that could negatively impact individuals or organizations.

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What does it mean to mitigate a risk?

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To mitigate a risk means to take steps to reduce the severity or likelihood of the risk occurring.

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What is a natural hazard?

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A natural hazard is a natural event that has the potential to cause harm to people, property, or the environment.

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What is the purpose of a risk management plan?

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The purpose of a risk management plan is to outline strategies for managing risks, including how to avoid, transfer, accept, or mitigate them.

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What is the difference between qualitative and quantitative risk assessment?

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Qualitative risk assessment involves subjective judgment about the likelihood and impact of risks, while quantitative risk assessment uses numerical values and statistical methods to evaluate risks.