Final Exam questions Assignment Example | Topics and Well Written Essays - 500 words

Final Exam questions - Assignment Example Qualitative risk assessment however applies rationale to develop fixed values of factors to risk. Qualitative risk assessment method is the most suitable for homeland security. This is because of its diversified advantages, over the quantitative method, that meets the scope of Homeland security’s need for fast and accurate reactions. The advantages include simple analysis and results that facilitates prompt detection and response to risks (Landon, 2011). Risk management refers to a strategic process of managing probability of loss that is associated with a peril. Risk management strategies involve identification of involved risk, followed by its analysis that culminates to mitigation. The strategies are â€Å"avoidance, reduction,† and transfer (Akitonye, and Beck, 2009, p. 245). The three major threats facing the United States today are terrorism, natural disasters, and cyber crime. Terrorism is however the greatest of these threats because of its source and its political aspects. Being caused by human beings means that it can happen any time and its risk is enhanced by the United States international positions as a world power. The nation’s participation in international wars, especially in the Middle East also identifies significance of the threat. The relationship between risk, critical assets, threats, vulnerability, and consequences is that risk is a factor of critical assets, threats, and vulnerability, and its occurrence leads to adverse consequences. Risk defines exposure to a peril or potential peril. Critical assets define those assets that are instrumental to attainment of an objective while threats define phenomena that induce unpleasant effects. Vulnerability refers to the susceptibility to a threat and consequences define the results of manifestation of a threat. The presence of critical assets, threats, and vulnerability integrates to