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RMI 2302 CHAPTER 1- BASIC OF RISK What is Risk? - Answer- Uncertainty Regarding Loss How to measure risk? - Answer- In Standard Deviation or Variation Can information alter risk? - Answer- No, but it can alter uncertainty Pure Risk - Answer- A category of risk in which loss is the only possible outcome; there is no beneficial result Speculative Risk - Answer- A category of risk that, when undertaken, results in an uncertain degree of gain or loss. Static Ris...

RMI 2302 NYCE EXAM 2 Risk/ Reward - Answer- - Individuals - Organizations - Gov't/ Society Individuals (risk/ reward) - Answer- - Measured using expected utility - How much reward is necessary to induce you to take risk? - Similarly, how much are you willing to pay to avoid risk? This is actually the entire basis of insurance, people willing to pay to avoid risk Ex) - $5 wealth - 50/50 chance of ending up with $1 or $9 dollars - utility function is the sq. root function...

FSU - Nyce RMI 2302- Exam 1 Review + Modules 1-5 Chapter Quizzes What effect do political incentives have on the discount rate used to make governmental decisions? A) Increase the discount rate B) Decrease the discount rate C) The discount rate is unaffected D) There is no way of knowing the effect on the discount rate - Answer- A) Increase the discount rate True or False: Normative Questions ask what "should" be. - Answer- True. Callie is a supervisor at a firm...

RMI 2302 MODULE 1 (NYCE) What is Risk? - Answer- Many Definitions: -Individual -Organization -Society "Uncertainty Regarding Loss" Using the Term Risk - Answer- Which is riskier? -Jumping off of a 1-story building -Jumping off of a 25-story building What is a "high risk driver" Danger/=Risk Risk Measurement - Terminology - Answer- -Frequency/Likelihood -Severity/Impact -Expected Value (Loss) -Risk Profile Risk Measurement - Degree of Risk - Answer...

FSU - RMI 2302 - Charles Nyce - EXAM 1 Risk has many definitions (individual, organizational, or societal), but what is the most common/broad one? - Answer- Uncertainty regarding loss True or false: Danger does NOT equal Risk - Answer- True What are the four ways of ANALYZING OR MEASURING risk discussed in module 1? - Answer- Frequency/likelihood, Severity/impact, Expected value/loss, and the Risk profile What does variation/standard deviation mean when discussing risk? -...

RMI 2302 NYCE MODULE 1 What is Risk? - Answer- Uncertainty Regarding Loss Danger does not equal what? - Answer- Risk Uncertainty - Answer- doubt about our ability to predict future outcomes Sources of risk - Answer- Personal Risks Property Risks Liability Risks Financial Risks Exposure - Answer- person or property facing risk of loss Peril - Answer- the immediate cause of loss Hazard - Answer- condition affecting the frequency or severity of lo...

RMI 2302 EXAM 1 Increase the discount rate - Answer- What effect do political incentives have on the discount rate used to make governmental decisions? Frequency, severity, expected value, standard deviation - Answer- Which is the best measure of risk? Speculative - Answer- Owning a share of IBM stock is an example of what category of risk? Financial - Answer- The possibility of an organization losing money on its investments is an example of which of the following so...

RMI 23 EXAM1 NYCE Risk - Answer- Uncertainty regarding loss. There are different magnitudes of risk based on the decision maker: individual, organization, and society. Danger does not equal risk. Information does not alter risk. Uncertainty - Answer- When you do not know the outcome, there is uncertainty. Multiple outcomes can also lead to uncertainty. Uncertainty is doubt about our ability to predict future outcomes. Because uncertainty is subjective, it can differ across individu...

MLC/STCW What is it ILO? - Answer- International Labour Organisation What is MLC? - Answer- Maritime Labour Convention Knows as the Seafarers Bill of Rights Makes the 4th pillar of UN conventions, others being SOLAS, STCW, MarPol For ships all UK flagged ships but ships of 500GT or over operating internationally must also provide certification Compliance is built into LY3- size of cabins, lighting requirements etc When implementing the code, what are the 2 parts? - Answer- ...

SEAMANSHIP STCW STUDY GUIDE MARPOL Annex I - Answer- Oil MARPOl Annex II - Answer- Noxious Liquid Substances in Bulk (Chemicals) MARPOL Annex III - Answer- Harmful Substances Carried in Packaged Form (IMDG) MARPOL Annex IV - Answer- Sewage MARPOL Annex V - Answer- Garbage (and all other ordinary ship-generated solid and liquid wastes not covered in Annexes I, II, III, IV) MARPOL Annex VI - Answer- Regulations for the prevention of Air Pollution from sh...

STCW FIRST AID AND CPR Name of bone in the middle of the chest - Answer- Sternum (breastbone) HAINES Recovery Position - Answer- High Arm in Endangered Spine arterial bleeding - Answer- Bleeding from an artery, which is characterized by bright red blood that is rapid, profuse, and difficult to control venous bleeding - Answer- Bleeding from veins dark red with continuous flow capillary bleeding - Answer- bleeding from capillaries, which is characterized by ...

STCW FIRST AID Check, Danger, Protect Yourself - Answer- How do you assess a scene? triage - Answer- What is the sorting of victims into the highest and lowest priority upon emergencies and medical emergencies? arterial bleeding - Answer- What is bleeding from a severed artery, indicated by bright red blood leaving the wound, severe? venous bleeding - Answer- What is bleeding from a severed vein, steady flow of blood, appears as dark/maroon or even blue, easier to con...

STCW - BASIC FIREFIGHTING What is the least expensive form of fire protection? - Answer- Fire prevention List three common causes of shipboard fires - Answer- 1. Smoking 2. Spontaneous combustion 3. Galley operations Most galley fires are caused by __________. - Answer- poor housekeeping and carelessness From a fire prevention standpoint, good housekeeping means __________. - Answer- a place for everything and everything in its place Storage batteries are potenti...

STCW BASIC TRAINING Ship Fire Prevention - Answer- Ship design and construction -steel/fire retardant materials -subdivisions -fire protection systems Good housekeeping practices important Number 1 cause of fire - Answer- CARELESS SMOKING HABITS!!! - DISPOSAL - SMOKING IN BED - DISREGARD FOR RESTRICTED AREAS • POOR HOUSEKEEPING - Dirty/oily machinery - Clothes drier lint accumulation - Improper, non-secured storage Examples of poor housekeeping practices - ...

STCW TEST #2 What are the 6 types of emergency situations? - Answer- 1) collision 2)fire 3)foundering, grounding, or loss of stability 4)hull failure 5)catastrophic machinery failure 6)weather-related emergencies What are examples of lifesaving appliances? - Answer- lifejackets, ring buoys, water lights, lifeboat, life raft, rescue boat, immersion suits, thermal protective air (tpa), SARTs, EPIRBs What is a Type I Life Jacket? - Answer- Offshore: Greatest Flotation, Tur...

STCW What is STCW? - Answer- It is the 'International Convention on Standard of Training, Certification and of watchkeeping for Seafarers. What is its purpose? - Answer- To promote 'safety of life and property at sea' and 'protection to the marine environment' How does it promote safety of life and proper at sea and protection to the marine environment? - Answer- It establishes a common agreement in standards of training, certification, and watchkeeping for s...

STCW EXAM VHF Radio Channel 16 - Answer- What channel should the caller switch to when aboard a vessel? [Proc 540] Upper flammable limit - Answer- Upper limit at which a flammable gas or vapor will ignite; above this limit the gas or vapor is too rich to burn. fire signal onboard a ship - Answer- not less than 10 seconds of both general alarm and ships whistle color of manual lamp on top of liferaft/ how long it operates - Answer- red/ 24 hours non-conductive - Ans...

Vessel Security (VPSD) Final What do you do if you see a suspicious package - Answer-1. Alert VSO ------------- NOTIFY 2. Walk away-------------LEAVE 3. Shut fire doors--------CLOSE Specific search - Answer-Drugs, alcohol, other substances based on a rumor (very specific) Random search - Answer-Random search- overall contraband check Declaration of Security - Answer-- needed before cargo transfer - establishes communication and procedures between VSO and FSO CSO - Answer-Develo...

VPDSD STUDY GUIDE Automatic Identification System (AIS) - Answer-Used primarily for navigation, this device transmits and receives voyage info to and from other vessels. ***You need to ensure it works during security incidents because it gives your location in real time Assistant FSO (AFSO) - Answer-not required by law, but should be used if in a USCG approved FSP according to plan Assistant VSO (AVSO) - Answer-not required by law but should be used if in a USCG approved VSP according...

VPDSD Breach of Security - Answer-- Incident that has not resulted in transportation security incident in which security measures have been circumvented, eluded, or violated Captain of the Port - Answer-- A USCG officer using authority for a specific port. - A Fed. Maritime Security Coordinator - A Port Facility Sec. Officer Company - Answer-- Anybody that owns a facility, vessel or OCS facility - [Or] Assumes the responsibility for operation of any vessels Co. Sec. Officer (ISP...