Final exams short answers: 1. Describe risk elimination. 2. Discuss the relationship between avoidance and elimination. 3. What is risk avoidance? Give an example. 4. What is a risk management statement? 5. Describe the transfer of risk. 6. Who is responsible for compiling the risk management statement? 7. What is risk management? What factors of risk are addressed by managing risk? 8. How do you decide on items of priority? What factors are considered when deciding priority? 9. Describe the reduction of risk. 10. How does the risk management process start? 11. Name two items covered in a risk management statement. 12. Describe risk minimization. 13. Give one reason why we do not transfer all risks by using insurance. 14. How is risk reduction or minimization used in the process of risk management