1. The traditional Risk Management Matrix for one risk has 4 different recommendations depending on Severity and Frequency spectrum from low to high. See Table 3.4: Fill in the recommended solution for each a through d: a. High Severity of Losses and Low Frequency of Losses b. Low Severity of Losses and Low Frequency of Losses c. High Severity of Losses and high Frequency of Losses d. Low Severity of losses and High Frequency of Losses 2. What are the 5 main parts to the risk management process? See Figure 3.2 3. Define the terms loss prevention and loss reduction. Provide examples of each. 4. Notable Notions Risk Map Figure 3.3 in the text uses 4 risks. List ant briefly explain each. See "key" at the bottom of Figure 3.3 5. Using the basic risk management matrix, explain the following: a. When would you buy insurance? b. When would you avoid the risk