RMI-4347 Lecture Notes - Lecture 3: Flowchart, Moral Hazard
14 Mar 2019
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Document Summary
Plan risk management: consider the 4 cs, costs, consequences, context, choices. Risk control fundamentals: risk control is any conscious action or inaction to minimize at the optimal cost, the probability, frequency, severity, or unpredictability of loss , two theories, human approach (domino theory, engineering approach (energy release theory) Social environment and ancestry affect work personality traits that lead to faults of persons: 2. Faults of person contribute to unsafe acts or unsafe conditions: 3. Unsafe acts/unsafe conditions cause accidents: 4. Injuries result from accidents: risk control focused on any one step can interrupt the step and prevent the accident. Energy release theory: the sudden transfer or release of energy from a source to an object causes injury. The five primary risk control techniques: avoidance, loss prevention, does not eliminate the chance of loss, loss reduction, reduce the severity of financial impact of losses and claims that are not prevented, segregation, separation, or duplication, transfer.
