Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

Question: Risk assessment refers to the overall process of risk identification, risk analysis and risk evaluation; in the scope of the Risk Management Planning Process. Risk identification generates a list of the risks that may have an impact on the project and create uncertainty about whether or not it will achieve or exceed its objectives. Risk analysis is the systematic use of available information to develop an understanding of the risk. Risk evaluation is the process of comparing the estimated level of risk against risk criteria to determine the significance of the risk. Applying this process helps a project team make informed decisions about how to take action towards controlling/managing risks.

Applying your understanding of the stages of the Risk Assessment Process, how do you believe you have applied these steps in order to make informed decisions in your personal or professional life?

In your response, consider the following:

Is there a conscious (or subconscious) process you explore when evaluating your options and how they may impact your desired outcome? Ex. You write down pro's & con's for a potential decision.

What information do you use when ‘weighing your options'? Ex. Historical results/outcomes, feedback from a trusted source, etc.

What "criteria" do you use to decide what's MOST important to you when making your decision? Ex. Your personal morals, company policy, the opinion of others, etc.

Read and Reply to the discussion post with 6 sentences minimum. By agreeing or disagreeing with the post and why!!!

Post 1: Is there a conscious (or subconscious) process you explore when evaluating your options and how they may impact your desired outcome? Ex. You write down pro's & con's for a potential decision.

I do believe there is a subconscious and conscious process we use. We are not always aware of the process but I do believe there is a go to method we all use when calculating any risks. The process I explore when evaluating my options are brainstorming and writing down all of the possible threats that can occur and solutions that can go along with them.

What information do you use when ‘weighing your options'? Ex. Historical results/outcomes, feedback from a trusted source, etc.

Information used when weighing my options are looking into the history outcomes of the project or similar projects. I believe that knowing what to expect can help to better situate for future risks. It is also wise to seek counsel from peers or sources who are experienced in that field. It is also best to make a risk analysis with the information given to help understand the root cause and a risk evaluation to determine the impact of the risk.

What "criteria" do you use to decide what's MOST important to you when making your decision? Ex. Your personal morals, company policy, the opinion of others, etc.

Personally, I like to jot down all of the possible risks that may occur. After forming that list, I like to think of solutions that will can help. Once I have both the possible threats and solutions, I like to arrange the list in order of high risk threats and low risk threats. By doing so I know what to prioritize.

Post 2: Is there a conscious (or subconscious) process you explore when evaluating your options and how they may impact your desired outcome?

I actually don't use a specific step by step process to evaluate my options or how they'll impact the outcome I want. However, I do ask myself questions to get to my decision. The questions may vary based on the job or the personal situation at hand but here are some samples of the types of questions I'd ask myself:

What's best for me or the organization?

What's the most efficient process?

What decision will bring the most benefits?

What impact will my decision have?

Will I be satisfied with my choice and outcome?

What's the worst that could happen?

What information do you use when ‘weighing your options'?

When weighing my options I use information from the answers to the questions I ask myself. Depending on the circumstance I would also use information from peers, managers, people I look up to, people who have had similar experiences, or research online. Google is my go to. If I know someone has experienced something similar I'll ask how they handled it or what they learned. Sometimes you can learn from others mistakes and avoid them by taking a different approach.

What "criteria" do you use to decide what's MOST important to you when making your decision?

My criteria for what's important when making decisions is based on facts, my beliefs, my opinion of what I think is best, the desired goals, people influences, and the effect it'll have. With work I'd also consider what meets the company's standards, guidelines, and objectives.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92851009
  • Price:- $20

Priced at Now at $20, Verified Solution

Have any Question?


Related Questions in Accounting Basics

Corporate accounting assignment -assessment task - select

Corporate Accounting Assignment - Assessment task - Select two public limited companies listed on the Australian Securities Exchange (ASX) that are in the same industry. Go to the website of your selected companies. Then ...

Question - on december 31 2016 wildhorse co had 1375000

Question - On December 31, 2016, Wildhorse Co. had 1,375,000 shares of $7 par common stock issued and outstanding. At December 31, 2016, stockholders' equity had the amounts listed here. Common Stock$9,625,000Additional ...

Question - consider dereks budget information materials to

Question - Consider Derek's budget information: materials to be used totals $64,500; direct labor totals $200,400; factory overhead totals $398,600; work in process inventory January 1, $188,400; and work in progress inv ...

Question - cranberry corporation has 3396000 of current

Question - Cranberry Corporation has $3,396,000 of current year taxable income. Use Corporate tax rate schedule. If the current year is a calendar year ending on December 31, 2017, calculate Cranberry's regular income ta ...

Question - jozy altidore invested 6000 at 5 annual interest

Question - Jozy Altidore invested $6,000 at 5% annual interest, and left the money invested without withdrawing any of the interest for 12 years. At the end of the 12 years, Jozy withdrew the accumulated amount of money. ...

Question in this case management is presented with several

Question: In this case, management is presented with several decision options. For this assignment, you are required to provide a two to three single-spaced written memo evaluating options and providing recommendations. ...

Question what is meant by the term tax morality if for

Question: What is meant by the term "tax morality"? If for example, your company has a subsidiary in Russia where some believe tax evasion is a fine art, should you comply with Russian tax laws or violate the laws as do ...

Question assignmen t descriptionclassroom discussion

Question: Assignmen t Description Classroom discussion requires the active participation of students and the instructor to create robust interaction and dialogue. Every student is expected to engage in dialogue by partic ...

Question -a identify at least two reasons why an accrual

Question - a. Identify at least two reasons why an accrual accounting income statement is more useful for analyzing business performance than a cash flow based income statement. b. Describe what would be reported on the ...

Question - pickle incorporated acquired a 10000 bond

Question - Pickle Incorporated acquired a $10,000 bond originally issued by its 80%-owned subsidiary on January 2, 2013. The bond was issued in a prior year for $11,250, matures January 1, 2018, and pays 9% interest at D ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As