Question

Jonah purchases a new flat screen television and declines the extended service plan. What risk management strategy is he employing

Answer 1

Jonah adopts the strategy of risk avoidance, to manage its risk and therefore declines the extended service plan.

What do you mean by Risk Management Strategy?

The risk management strategy provides a systematic and consistent approach to risk identification, assessment and management.

Risk avoidance is a way for businesses to reduce their risk level by not engaging in certain high-risk activities. While it is impossible to eliminate all risks, a risk avoidance strategy can help prevent some losses from occurring.

Thus,the risk management strategy that Jonah is employing Risk avoidance.

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