Answer all of the following:

• Compare and contrast at least five different definitions of risk. Draw some conclusions about the meaning of risk by proposing your own definition of ‘risk’.
• Analyse how business risk differs from risk in general. Evaluate the components of business risk. Using various academic/theoretical viewpoints argue and justify a case for (or against) any one individual component having a higher priority over one or more components.
• Explain decision making heuristics, bias and risk preference. Assess how the existence of decision making heuristics, bias and risk preference impacts the analysis and management of risk.

Application to workplace:

Using your chosen work case problem, answer the following:

• Briefly outline your chosen workplace case problem and any relevant background.
• Examine the three decision-making heuristics to determine how each of the three heuristics could apply to your work case problem. Use appropriate examples to justify your claims.
• Looking to the 13 decision-making biases, determine which three biases which could apply to your work case problem. Explain how these would work and use appropriate examples to justify your claims.
• Apply the risk management process to your chosen work case problem and assess the risk implications your chosen work case problem present to the workplace case company. Appraise your solution by reflecting on any reservations you may have had about this process. For example, were there any shortfalls in the process you have undertaken?

 
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