When comparing "unique-event" and "super-event" risks, what's the difference
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When comparing "unique-event" and "super-event" risks, what's the difference?
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- Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What does the Institute of Supply Management code of ethics say about financial conflicts of interest?Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What should Sharon do in this situation?What type of risk does sensitivity analysis address?
- What is the margin of safety (MOS), and for what is it used?Explain briefly the purpose of a risk map.10 CASE STUDY Tyrone is a College senior who is majoring in journalism. In 2013 his home was destroyed by fire. This year he owns a high mileage 2015 BMW. He owns expensive clothes, television set, stereo set, and other personal property in a rented apartment. He also has a waterbed in his rented apartment that has leaked water in the past. Tyrone runs five miles daily in a nearby public park that has the reputation of being extremely dangerous because of drug dealers. His father who worked to help him pay his tuition fee was killed by gang members in a drive by shooting. Define the following terms using examples from the case study: i. Property risk ii. Personal risk iii. Hazard iv. Peril A. B. C. Identify two (2) risks that Tyrone may be associated with due to the premature death of his father. For each of the following risks of loss exposures, explain an appropriate risk management technique that could be used to deal with the exposure. i. Liability lawsuit against Tyrone arising…
- Define failure mode and effects analysis (FMEA)Case study : Unilever Wall's Ice Cream in Vietnam In April 1996, whers first proposal to set up a partnership with the "Vietnam Milk Corporation" to construct a factory was refused by Vinamilk (the govemmental dairy producing corporation), Unilever received approval from the Ministry of Planning and Investment for a US$22 million to set up its own factory to produce and sell Wall's ice cream in Vietnam. Since economic improvements had begun to increase people's incomes in the early 1990s, ice cream sales in Vietnam's cities had been on the rise. The plant, scheduled to open in early 1997, was to be situated in Cu Chi district, 35 kms north west of Ho Chi Minh City, close to the popular tourist attraction of the Cu Chi tunnels and in an industrial zone attracting an increasing number of foreign investors seeking to avoid high land and labor costs in the city. The factory was to be equipped with the latest production technology and designed to have an initial capacity of some 12…Read and analyze the following article. Manila Bay Beach Nourishment Project After years of being known for its polluted waters, Manila Bay suddenly got a facelift as the government decided to take a big risk by overlaying mounds of artificial white sand (dolomite) on a part of the bay's naturally gray shoreline. This project, which is spearheaded by the Department of Environment and Natural Resources (DENR), was instantly met with harsh disapproval. In September, the overlaying of the dolomite in Manila Bay beach or the beach nourishment project caught public attention, stirring curiosity and setting off waves of people flocking to the area to get a glimpse of the "white sands". Many criticized the project, throwing allegations at the DENR, calling the project a health hazard and a waste of public funds. But the DENR emphasized that the beach nourishment with the use of dolomite is a significant component of the rehabilitation aimed to protect the coastal resources in the area and…
- Case study : Eskom Holding company a south african state owned company produces 95% of all electricity utilized in South Africa and 45% of electricity utilized on the African continent. Since November 2007 and due to an ever increasing deficit in electricity supply versus electricity demand, the power utility introduced various stages of forced power interruptions, referred to as loadshedding, to prevent a total crash in the electricity supply grid. Various adversities have been attributed to these power interruptions including slow or negative national economic growth, employee layoffs, and general discomfort experienced by communities due to frequent power outages. Yet, since 2007 to 2018, Eskom introduced electricity tarrif increases at an annual average rate of 14%, higher than average annual consumer inflation rate of 5.5%. Moody's, one of the main international credit rating agencies regards eskom as a main source of contingent liability risk for the SA Government. The…Explore the role of risk management within the Wilson approach and its impact on system reliability and performance.Please see the question and scenario.