ITM 102 Study Guide - Midterm Guide: Small Claims Court, Equitable Remedy, Appellate Court

• School: Ryerson University
• Department: Information Technology Management
• Course: ITM 102
• Professor: Else Grech

Document Summary

Risk management process of identifying, evaluating, and responding to the possibility of harmful effects. Identification identify the risk: evaluation look at all of the alternatives you can use to, response choose which of the alternatives is the best. Strategies for risk management: risk avoidance, risk reduction, risk shifting shift onto another party. (i. e. independent contractor to use crane instead of own person. Company can get sued, but independent contractor will get the suit. Also insurance and exclusion clasuses. : rick acceptance. Insurance contract where one person agrees to pay money for another party suffering a loss: exclusion and limitation clauses contractual term that changes the usual rules of liability. May attempt to exclude all risk of liability or it may exclude liability for certain types of acts or certain types of losses, or it may limit the amount of compensation that is available.