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principles of risk management

Questions and Answers of Principles Of Risk Management

Why do people tend to overestimate violent crimes?
Why are people generally more sensitive to the risks of air travel than road travel?
Give some examples of how societies and cultures discourage sensitivity to romantic pair bonds and procreation.
Why might somebody’s real sensitivity to risk vary from their expectations?
Why might one person be more sensitive to risks under certain regulators than others?
Why might an individual’s risk sensitivity be different when alone or with a group?
Explain why different types of information about a risk could either lower or raise sensitivity to the risk.
Explain why a person’s risk sensitivity typically changes over a lifetime.
Explain why somebody might be less sensitive in the short term to events of one type than events of another type despite both types of events occurring at the same frequency over the long term.
Why might a group become more sensitive to a risk despite becoming more remote to it?
What is the difference between proximity, anchoring, and availability as drivers of risk sensitivity?
What is altruistic punishment, and how can it be justified?
What sorts of controls is somebody likely to oppose even if he or she agrees that the risk needs to be controlled?
How do rules affect risk sensitivity?
Which of the following would people typically most overestimate or underestimate:a. positive speculative risks,b. negative speculative risks, orc. pure risks?
If we were to survey people on their assessments of both the likelihood and returns at the same time, how might the results be corrupted?
When people consider a risk, do they tend to focus on the likelihood or the returns?
What is meant by nonlinear loss averseness?
Why might a particular society be more sensitive toa. speculative risks,b. pure risks,c. reckless, demonstrative behavior,d. poorly regulated road traffic,e. socio-economic risks, orf. political
What descriptive inaccuracies are suggested when describing someone as risk sensitive or risk insensitive?
What is the difference between risk sensitivity and risk tolerance?
Reread Pedagogy Box 8.3 above about the structure of British defense acquisitions.a. Identify examples of imperfect authorities.b. Identify examples of imperfect responsibilities.c. Identify examples
Reconsider the U.S. and Australian/New Zealand processes.a. What is different and the same between them?b. Develop a process that combines the best of both.
Why should managers not be allowed to choose their own process for managing security or risk?
What could we agree with another organization if both organizations are worried about political linkage of our shared management of security or risk with irrelevant issues?
What should we do in response to complaints from two organizations that they manage risks differently?
How could we change a tendency for one organization to pass its responsibilities to another organization?
How could we develop the cultures of two organizations that are supposed to be cooperating but tend to self-reliance?
How could we mitigate problems associated with geographical separation of two cooperating organizations?
What are the five main categorical impediments to interorganizational coordination?
Of what should you be wary, when promoting a security and risk manager from one domain within the organization to responsibilities in another domain or across domains?
What is good or bad about security and risk management authorities that area. highly centralized,b. highly decentralized,c. highly specified, ord. unspecified?
What are the two main trade-offs that an organizational designer faces when structuring risk management within an organization?
Why would your internal organizational structure matter to security managers or risk managers outside of your organization?
When might we assess a culture as dysfunctional but change the structure or process?
Describe the conventional ways to develop a culture.
How could you assess a culture?
Why might personnel fail to follow a process, despite extensive training in the process?
Give some symptoms of a dysfunctional culture.
Identify a state that has experienced changes in its territorial or geopolitical control. Use the Canadian method to assess these changes
Identify an environmental disaster. Use the Canadian method to assess the environmental returns.
Choose a real official operation, such as an official attempt to provide some new service, acquire something, or counter some threat. Use the British military method for assessing operational returns.
Choose a real example of organizational failure or crisis, such as an organization caught breaking the law or delivering poor service or products. Use the Canadian method for assessing the
Choose a real disaster or catastrophe and use the Canadian method for assessing its economic returns.
Choose two real disasters or catastrophes and compare their “impact”using the official methods shown early in this chapter.
Search for a real event that someone else has described as a “disaster”or “catastrophe.” Look at the official categories of events and decide which categories apply to the event.
Why might stakeholders resist your economic valuation of human returns?
How could deaths be a misleading measure of human returns?
Why are DALYs useful?
Why are issues usefully separated from other events?
What is the difference between issues and other events?
What is the difference between returns and events?
Assume that events of a certain type occur at a linear frequency of 120 events per year:a. How many events can we predict next month?b. What is the probability of just 60 events next year?c. What is
What sorts of behaviors can be forecasted accurately with past frequencies?
What is the difference between a frequency and a probability?
Give the literal meanings of the following words as a quantitative probability or probability range:a. certainb. uncertainc. possibled. probablee. likelyf. definite g. might happen h. will happen i.
How should you use and not use a reported confidence in a probability assessment?
How could we avoid assessing an infinite number of plausible scenarios?
Why should we attempt to separate the predictable from the forecastable?
How does good analysis of a risk back to its source help an assessment of probability?
What misunderstandings should you worry about when surveying people about their estimates of likelihood or probability?
What is the difference between probability and likelihood?
In what areas of an overseas mission is uncertainty most inherent?
Where in a project would you expect to identify more uncertainty?
What is the difference between uncertainty and probability?
A life insurance policy is payable at the end of the year in which occurs the second death of two lives, aged 50 and 60. Show that the probability that the death benefit will be paid exactly 1 1years
An annuity of 1 is payable yearly to a person aged x as long as both she and another life aged y survive, and for n more years after the death ofjv (provided x is alive), except that no payments will
Roland's normal retirement benefit is a life annuity of 1000 per month, beginning at age 65. Alternatively, he decides to select an equivalent benefit paying X per month beginning at age 70, with the
The normal form of a pension benefit pays a life annuity to those retiring in years up to and including 1996, and a life annuity with 50% continuing to a surviving spouse for those retiring after
Can you solve Question 22 ifXis a yearly pension for life? If not, state what additional information is required.
Allan retires at age 65 and is entitled to a monthly pension ofX for life, with the first payment occurring immediately. In lieu of this, he may elect a pension paying 250 per month for life, with
Leslie selects an optional pension benefit which entitles her to monthly payments ofX, beginning at age 60, for 10 years certain and thereafter as long as Leslie and her spouse are both alive.Leslie
Greta, aged 55, is entitled to a pension paying 2000 per month beginning in 10 years. She is offered the option of using part of this fund to pay her recently divorced husband, aged 60, a life
Brian's normal retirement benefit is 300 per month. An actuarially equivalent joint and 50% to surviving spouse benefit pays 250 per month. Find the actuarially equivalent joint and 100% to surviving
Edward's normal retirement benefit at age 65 is 1 100 per month, with 600 continuing as a reversionary annuity to his spouse. If Edward's spouse dies before him, then Edward's benefit increases to
Tom's company offers a preretirement death benefit of 2000 for each completed year of service, payable at the end of the year of death. Tom is currently age 63, was hired at age 30, and will retire
Karen, aged 55, must choose between two actuarially equivalent retirement options. Option I offers annual payments commencing at age 65; the initial payment will be 10,000 and each subsequent payment
Repeat Example 12.6 assuming that the monthly payments reach a maximum of 700 per month, and then remain at that level for life. Use some of the values A^75 = 1080, Nje = 980, N-jj = 900 and 5*75 =
Repeat Question 13 if the retirement benefit is 60% of the average of the final 5 years' salaries.
Roger, aged 25, earns 20,000 per year. His annual retirement benefit, beginning at age 65, is 60% of his final year's salary.This benefit is paid monthly, with the first payment on the date of
Redo Question 11 if, in addition to the given information, we know that the fund has a value of 1,100,000 on December 31, 1999. There is no deposit or withdrawal on that date.
A pension fund has a value of 1,000,000 on January 1, 1999.Withdrawals of 10,000 are made from the fund on March 31, 1999, October 31, 1999, and April 30, 2000. Immediately after these withdrawals
Repeat Question 9 given that the fund has values of 1,070,000 just before the June 30 withdrawal, and 1,100,000 just after the September 30 withdrawal.
A pension fund has a value of 1,000,000 on January 1, 1999. On June 30, 1999, a withdrawal of 10,000 is made. On September 30, 1999, a further withdrawal of 20,000 is made. On December 31, 1999, the
Repeat Question 7 if we no longer assume that Miguel survives to retirement at age 65. Which commutation functions are needed to answer the question?
Miguel's retirement benefit is 1000 per month, payable for 15 years certain, beginning on January 31, 1999. Half of this benefit is financed by his company, and half is financed by a defined
Is it possible to answer Question 1 if the pension payments are guaranteed into perpetuity? If not, what additional information is required?
Is it possible to answer Question 1 if the pension payments will only continue for a maximum of 10 years? If not, what additional information is required?
Repeat Question 1 if the first monthly payment occurs one month after the date of retirement.
Repeat Question 2 if the first payment occurs one year after the time of retirement.
Repeat Question 1 if the pension payments are 48,000 per year, the first payment at the time of retirement.
Pauline, aged 20, will retire at age 60 on a pension of 4000 per month. Given Djo = 2800, A^60 = 7500 and A^6i = 7000, find the present value of all future benefits. Assume the first payment occurs
A reversionary annuity provides payments of 100 at the beginning of each month during the lifetime of Brown, aged 60, after the death of Smith, aged 65. You are given the following values from a life
George has just retired at age 65, and his retirement benefit entitles him to 1000 per month for life (starting immediately), with 500 per month continuing to his surviving spouse if he should die.
Darryl and David are both 30 years old. Annuity A pays 1 per year as long as exactly one of the men is alive. Annuity B pays 3 per year while Darryl is alive, and 2 per year to David after Darryl
Wally, aged 65, purchases an annuity paying 400 per month as long as both he and his wife, aged 60, survive, with the first payment occurring immediately. If either dies, the benefit is reduced to
Ethel, aged 60, purchases an annuity paying 80 per month for life, first payment occurring immediately, with 50 per month continuing to her husband, aged 65, if she dies. If her husband dies before
Barney is aged 55 and Hilda is aged 65. An annuity of A' per month at the beginning of each month is payable to Barney for life. If Barney dies before Hilda, a reversionary annuity of Jf — 100 per
Assume in Question 33 that if Tim dies before age 65, Yvette will receive 50 per month for life beginning at her age 55. Can you answer the question now? If not, what further data is required?
Tim is aged 40 and Yvette is aged 30. Tim purchases a deferred annuity, paying 100 per month commencing at his age 65, with payments of 50 per month continuing to Yvette for her life, beginning at

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