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RHM 425 Exam 1 Questions And Answers
Typology: Exams
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Risk Management Cycle - correct answer ✅-Identify: Recognize all risk inherent to particular kind of event you are contemplating -Analyze: Frequency and Severity -Prioritize -Respond: Accept, Avoid, Mitigate, Transfer -Monitor Define and explain the concepts of frequency and severity in the context of risk management. - correct answer ✅-Frequency: How often it will happen -Severity: If it does happen, how bad is it going to be? Can the loss be easily absorbed or will it hurt them? List and explain the 4 actions that can be taken to deal with an identified risk. - correct answer ✅-Accept: not going to worry about it, know it's going to happen -Avoid: do something to get rid of the risk
-Mitigate: take action to lessen the frequency and/ or severity of the risk -Transfer: put the risk on somebody else (indemnification; insurance) List and explain the three elements of a legally enforceable contract. - correct answer ✅-Competent Parties: the people or entities who are agreeing together must have legal capacity to do so. -Mutuality of Exchange: it is not a contract if both parties are not obligated to do something. -Subject Matter must be legal: You can not go to court and enforce a contract if the contract requires illegal activity The Uniform Commercial Code requires that food sold to the public have 2 characteristics. List and define them. - correct answer ✅1) Warranty of the food- having a contract to provide food
List and explain the 4 types of data collection that can be used to analyze risks that have been identified. - correct answer ✅1) Details of the event- what is it?, What is the purpose? Where will it be held?