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PrepQuestions-Topic1-Summer2011 - The following questions...

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Prep Questions Topic 1 Introduction and Overview Summer 2011 I would strongly advise that you prepare these questions. Do not hand these in as part of your  homework.   P1. Refer to the article  Risks Under the Big Top . The high wire act accident in Kazakhstan in  1983 injured Sasha.  What was the peril and what was the hazard in this loss incident?  P2.Refer to the following article in the bulk pack: “ What’s a Reputation Worth?”  Identify and  discuss the elements of the cost or burden of risk as they are illustrated in this article.   P3.Refer to the bulk pack article  U.S. Study Points to Driver Error in Many Toyota Crashes a. What is the peril involved in this study? Explain carefully.  b. The article mentions several examples of hazards.  Identify two examples which  could be considered a hazard? Explain carefully exactly why it is a hazard. 
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Unformatted text preview: The following questions are from Chapter 1 in your text. P4. Define and carefully explain the two elements present within the definition of risk . P5. In defining risk, what is the difference between possibility of a loss vs. probability of a loss . P6. Define and give examples of a legal hazard . P7. Distinguish between hazard risk and business risk . P8. For a firm or key decision maker, why might subjective and objective risk differ? P9. Distinguish between diversifiable and nondiversifiable risk . Provide examples to illustrate the difference. P10. Be sure you understand how the book defines the ‘ cost of risk’ . Be able to define and apply each of the three elements of the cost of risk discussed in Chapter 1....
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