a/mod/assign/view.p Purpose: The purpose of this assignment is to give you the opportunity to explore the parameters of hazard risk in more detail. In this assignment you will identify and explain reasons why risk management is important and criteria that should be used in selecting risk management strategies. You will also classify types of risk, identify types of loss exposure, and explain how organizations can mitigate loss in response to a series of case studies. Completion Instructions: Using a Microsoft Word document, and following APA formatting (font, spacing, title page, headers, citing, etc.), answer each of the following questions. When you answer a question, ensure that your answer is in your own words, that you make reference to the concepts learned in modules 1-3, and that you properly cite any sources (in-text and on a References page). Please include the question number as a header before each question in your document. 1. Identify and explain at least three of the reasons why risk management can benefit organizations. 2. Identify and explain at least three of the reasons why risk management can benefit the entire economy. 3. Identify and explain the criteria that risk managers should use when selecting a risk management standard to apply to an organization. 4. There are various techniques that risk managers can use to manage hazard risks. Identify each technique and provide an example of a situation where each technique would be used. 5. Copy this chart from its Microsoft Word document and paste it into the Microsoft Word document that you have been using to answer questions 1-4. Use the chart to identify the correct risk classification for each statement presented in the chart. In the appropriate column, use the first letter of the classification to indicate the type of risk. For the quadrants of risk, use the first letter of the risk quadrant (H=hazard, O=operational, F=financial, and S=strategic), For example, for the statement "A chance of loss or no loss, but no chance of gain," you would identify the risk as "Pure and Speculative" and then enter a "P" to indicate that it was "pure risk." 6. Copy this chart from its Microsoft Word document and paste it into the Microsoft Word document that you have been using to answer questions 1-5. For each question in the chart, identify the type of loss exposure indicated. 7. There are various kinds of hazard risks or uncertainties that organizations can face in various industries. Review the three different organization types below. Provide at least three specific examples of the type of hazard risk or uncertainty they may face and provide an explanation for how each listed organization can reduce the impact of the risks or uncertainties you have identified. . A professional hockey team . A daycare centre . A nightclub
