TRUE or FALSE Objective of engineering risk management is early and continuous identification, management, and resolution...

TRUE or FALSE

Objective of engineering risk management is early and continuous identification, management, and resolution of risks such that engineering a system is accomplished within cost, delivered on time, and meets performance requirements.

A risk is an event that, if it occurs, adversely affects the ability of an engineering system project to achieve its outcome objectives.

An event is uncertain if there is indefiniteness about its outcome.

Epistemic uncertainty refers to uncertainty about an event due to incomplete knowledge.

A system’s elements may include people, cultures, organizations, policies, services, techniques, technologies, information/data, facilities, products, procedures, processes, and other human-made (or natural) entities.

General systems theory is a philosophy that considers how to view and pursue scientific inquiry.

Daniel Bernoulli formed the idea that valuing monetary loss or gain from a gamble or lottery should be measured in the context of a player’s personal circumstance and existing wealth.

Risk management always involves “cost-benefit-risk” tradeoff and analyses.

Expert Solution

1.Q : TRUE, Its objective is the early and continuous identification of risks and including those within and also external to the engineering system project.

2.Q : TRUE ,risk is an event which can adversely affect the ability to achieve its outcome objectives.

3.Q : yes is An event is uncertain if there is indefiniteness about its outcome. TRUE

4.Q : TRUE ,this statement is true epistemic uncertainty about an event due to incomplete knowledge.

5.Q : FALSE ,A system’s elements may include people, cultures, organizations, policies, services, techniques, technologies, information/data, facilities, products, procedures, processes, and other human-made (or natural) entities.

6.Q : TRUE ,A general system theory is the philosophy that considers how to view and pursue scientific inquiry

7.Q: Daniel Bernoulli formed the idea that valuing monetary loss or gain from a gamble or lottery should be measured in the context of a player’s personal circumstance and existing wealth.

TRUE

8.Q: FALSE, Risk management not always involves “cost-benefit-risk” tradeoff and analyses.

orchestra answered 2 years ago

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