Question

What two values are required to assess the level of risk and what is this process called? Apply your answer to the changing oil in your car example.

Answer 1

The values that are required to assess the level of the risk are the the number of risks identified, cost of risk, severity of risk etc and the process is called risk assessment where these values are used to to assess the risk identify the level of the risk in the company , all these value are used to identify how much the risk can bother the company me and make them suffer.number of risk identify and the cost of risk gives the detail about how much the risk will be costing is they are not resolved as soon as possible. applying these values to the example of changing oil in your car here, the race car that we I've brought the wrong oil for the car and the cost of this can lead to seizure of the engine of the car .