Risk Management Fundamentals
Instructions
*** Please answer the following questions. Please cite all scholarly work used. Unit Overview and Resources are attached. ***Question 1: Risk Management FundamentalsHow will you apply risk management fundamentals to formulating your emergency operations plan? What are the top two major risks from your hazard profile and why? Briefly describe how you will manage these risks in your plan?** My plan is a typhoon that hits the U.S. Territory of Tinian in the Northern Mariana Islands. **
Answer
Question 1: Risk Management FundamentalsRisk management is defined as the process of analyzing, estimating and evaluating the possible risks and threats, and subsequently identifying the best approaches and procedure necessary to minimize and mitigate the associated impacts (Department of Homeland Security, 2011). Fundamentals that are associate with risk management can be applied in formulating emergency operations plan by applying the aspect of prioritizing the most important operation depending on the objective, such as planning, preparation, response or recovery. The fundamentals can also be utilized through the process of coordinating the economic application of key resources that will enhance our capability to control and monitor the emergency operations to ensure effectiveness and e...
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