of the examples below fall into one of these categories . Assume that you are the ent ach instance, and decide which form of risk management is being used. Write your ans appropriate blanks . Determine whether the risk is avoidance , reduction, transfer .or 1. You hold employee meetings to discuss ways of reducing acciden square 2. You purchase fire insurance. square 3. You choose not to carry a line of products that appears to be espec easy to shoplift. square square square 6. When it rains , you place rubber mats in the entryways of your busin square 7. You provide your employees with safety gear and see that it is used routinely and properly. square 8. When it rains , you place the non-skid floor mats in the entryways of y business. square 9. You put flood lamps at each exterior corner of the store. square 10. You have a silent alarm system installed that signals the nearest polic station.

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of the examples below fall into one of these categories . Assume that you are the ent ach instance, and decide which form of risk management is being used. Write your ans appropriate blanks . Determine whether the risk is avoidance , reduction, transfer .or 1. You hold employee meetings to discuss ways of reducing acciden square 2. You purchase fire insurance. square 3. You choose not to carry a line of products that appears to be espec easy to shoplift. square square square 6. When it rains , you place rubber mats in the entryways of your busin square 7. You provide your employees with safety gear and see that it is used routinely and properly. square 8. When it rains , you place the non-skid floor mats in the entryways of y business. square 9. You put flood lamps at each exterior corner of the store. square 10. You have a silent alarm system installed that signals the nearest polic station.

Answer 1

To tackle the problem presented, we'll approach each scenario systematically, assessing the nature of the action taken and categorizing it into one of the risk management strategies: avoidance, reduction, transfer, or retention. These strategies are crucial in managing risks in a business context.1. **You hold employee meetings to discuss ways of reducing accidents.** - **Explanation**: This action is focused on minimizing the likelihood and potential impact of accidents within the workplace. By discussing ways to reduce accidents, you're implementing measures that aim to lower the risk. - **Answer**: Reduction2. **You purchase fire insurance.** - **Explanation**: Buying insurance is a way of transferring the financial burden associated with a specific risk (in this case, fire) to another party, the insurance company. - **Answer**: Transfer3. **You choose not to carry a line of products that appears to be especially easy to shoplift.** - **Explanation**: By not stocking items that are prone to being shoplifted, you're avoiding the risk of theft altogether. - **Answer**: Avoidance4. **You move your store from an isolated corner to a busy mall.** - **Explanation**: Moving to a busier location can decrease the risk of theft or break-ins due to higher foot traffic and potentially better security. This action can be seen as reducing the likelihood of such events. - **Answer**: Reduction5. **You bond your employees who handle cash.** - **Explanation**: Bonding employees is a form of risk transfer. It provides financial protection against losses from fraudulent acts by employees. - **Answer**: Transfer6. **When it rains, you place rubber mats in the entryways of your business.** - **Explanation**: Placing rubber mats to prevent slipping during rain is a preventive measure to reduce the risk of falls and injuries. - **Answer**: Reduction7. **You provide your employees with safety gear and see that it is used routinely and properly.** - **Explanation**: Providing and enforcing the use of safety gear is a direct action to reduce the risk of workplace injuries. - **Answer**: Reduction8. **When it rains, you place the non-skid floor mats in the entryways of your business.** - **Explanation**: Similar to the action mentioned in point 6, placing non-skid mats is a measure taken to reduce the risk of slips and falls. - **Answer**: Reduction9. **You put flood lamps at each exterior corner of the store.** - **Explanation**: Installing flood lamps enhances visibility and security, reducing the risk of theft or vandalism. - **Answer**: Reduction10. **You have a silent alarm system installed that signals the nearest police station.** - **Explanation**: A silent alarm system is a security measure that, while it does not prevent a crime from occurring, ensures a rapid response, potentially reducing the severity of the event. - **Answer**: ReductionIn summary, the actions taken in these scenarios align with the following risk management strategies:- **Avoidance**: 3. Choosing not to carry easily shoplifted items.- **Reduction**: 1. Discussing accident reduction, 4. Moving to a busier location, 6. Placing rubber mats, 7. Providing safety gear, 8. Placing non-skid floor mats, 9. Installing flood lamps, 10. Installing a silent alarm system.- **Transfer**: 2. Purchasing fire insurance, 5. Bonding employees who handle cash.

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