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.

Solutions

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 1 year ago

Next > < Previous

Related Solutions

(True and False) Circle the correct answers. (True or False) A continuous metric is one derived...

(True and False) Circle the correct answers. (True or False) A continuous metric is one derived by counting something. (True or False) Categorical data is nominal data. (True or False) The tracking signal is the MAD divided by the running sum or errors. ((True or False) Ordinal data are ranked according to some relationship to one another. (True or False) Observations that radically different than the rest are called outlaws. (True or False) The second quartile and median are the...

True/False Management Consultancy

Which of the following statements is false?Group of answer choicesSome decisions involve a limited number of alternatives.Value is the contribution of an alternative to the decision maker’s goals.For most businesses, identifying the set of alternatives is one of the more important tasks of management.Decisions help organizations accomplish goals.When determining their goals, individuals generally agree on the factors they consider and the importance they attach to the various factors.

Slack variable coefficients of 1 in the objective function. true or false

Hedger is risk-aversion; speculator is risk-taking. True False

A cost is a resource sacrificed or forgone to achieve a specific objective. TRUE OR FALSE...

A cost is a resource sacrificed or forgone to achieve a specific objective. TRUE OR FALSE Managers use assigned cost information to make decisions and implement them.TRUE OR FALSE The primary user of management accounting information is a(n) ____ Which of the following is true of financial accounting information? It is prepared based on cost-benefit analysis It is primarily used by managers to make internal business decisions. It focuses on the past-oriented financial performance of a company. It only measures...

What ratios are most important as far as mortgage management and risk identification at the financial...

What ratios are most important as far as mortgage management and risk identification at the financial institutions? Please be sure to give the applicable equations, as well as the independent numbers, which feed the equations.

Write about the risk management plan which includes identification of risk, analysis, prioritization, mitigation and avoidance,...

Write about the risk management plan which includes identification of risk, analysis, prioritization, mitigation and avoidance, monitoring, reporting. Also prepare the risk register.(According to PMBOK) Risk management plan should be regarding the project of "supplying off-grid power energy to the local farms for the agricultural cultivation."

Objective: demonstrate knowledge in captive insurers, in relation to enterprise risk management. You are the risk...

Objective: demonstrate knowledge in captive insurers, in relation to enterprise risk management. You are the risk manager of for Paymore ShoeSource, a large, publicly traded, and expensive shoe store chain. Your boss tells you that you that Paymore is planning to set up a broad insurance captive. Overhearing the conversation, a coworker who is not familiar with captives interrupts the conversation with a number of questions. Please answer the following questions for the coworker. Generally, why would a large company...

Type T (for True) or F (for False) for each statement for both Discrete and Continuous...

Type T (for True) or F (for False) for each statement for both Discrete and Continuous random variables. Question 16) X cannot map the same sample point to two different numbers. Discrete: Continuous: Question 17) The sample space (domain) must be discrete. Discrete: Continuous: Question 18 ) The range of X is uncountably infinite. Discrete: Continuous: Question 19) The area under the F(x) function is 1. Discrete: Continuous: Question 20) The cdf F(x) is differentiable everywhere. Discrete: Continuous: Question 21)...

Beta is a measure of firm-specific risk. true or false

Subjects