Ch10 Flashcards
1
Q
What are Miles and Snow 4 Risk Types?
A
1) Reactors (Risk Adverse)
2) Defenders
3) Analyzers
4) Prospectors (Risk Seeking)
2
Q
What is the TARA model for responses to risk?
A
T - Transfer
A - Accept
R - Reduction (Accept but take action to reduce risk)
A - Avoidance
3
Q
Limitations of the expected values model? (4)
A
1) The probabilities are themselves estimates and may be inaccurate
2) Expected values are long-term averages and therefore less useful for one-off decisions
3) Expected values do not consider the attitudes to the risk of decision makers
4) No consideration for the time value of money
