The book is attached. Read Chapter 11. Please include page number in every in-te
The book is attached. Read Chapter 11. Please include page number in every in-text citation. Please reply to the following: In Chapter 11, the author indicates three formulas that will result in favor for prioritization and would have same outcomes (Norman, 2016). It is further explained that, depending on the conditions, different businesses place varied emphasize on priority. For example, enterprises located in a low-risk of terrorism but in a high-crime region prioritize their risk by probability (Norman, 2016). Critical infrastructure, on the other hand is recommended to focus risk prioritized by consequence (Norman, 2016). According to Norman, (2016), best practices initially begin by copying the Unsorted Risk Summary Matrix and sort the Consequences column so that the results are sorted from highest to lowest consequence goals. Moreover, the ranked risk result then transitions into a color-coded graphic for that is easily digestible by nontechnical decision makers in order to create a readable ability for decision makers to drill down into the data to have a better understanding of the recommendations (Norman, 2016). As per Norman, (2016), specify varieties of ways to prioritize risk includes by natural prioritization, probability, consequence, criticality, and cost. An essential concept indicated in Chapter 11 state prioritizing risk by criticality and cost is not recommended due criticality is an insufficient and, in some ways, unsatisfactory proxy for repercussions and after prioritizing probability and consequences, cost should be considered. That is to say, it is vital for consultants to acknowledge point of views and understand the basic of risks. According to Ruzante et al. (2010), specify decisionmakers can prioritize risks and responses using an integrated and harmonized risk management approach that is evidence-based but multidisciplinary. Please reply to the following: In risk assessment, the vulnerability of an asset depends on how susceptible it is to damage or harm. To fully protect an asset of the organization from experiencing harm, it is vital to prioritize risks. According to the text, risks are prioritized by natural prioritization, probability, consequences, criticality, or by cost. "Often organizations place a different emphasis on prioritization, depending on their circumstances" (Norman, 2016, p.216). For instance, Prioritizing a risk by probability is simply understanding the vulnerability of the assets and how likely it is that the asset will be harmed. Oftentimes, the analyzer will place the risk on a scale to measure the importance and likelihood of risks or threats. Similarly, prioritizing risks by consequences is also ranked based on its risks to targets, Criticality is also very important to rank because assets that are critical can cause any damage if it is exposed to the threat. Therefore; it is a top priority. Prioritizing by cost is the least important because the asset will need protection despite the cost. To have a successful organization, asset management is very critical. Is important to invest time and effort in asset identification because it allows you to be informed about the value of the asset and the risk that comes with having the asset. “Effective asset management requires a structured approach, what we mean is an organized, thought-out approach that enables organizations and people who deal with assets to move from ad hoc, unplanned and reactive activities to proactive, effective management of their asset infrastructure” (Knight, 2022). Identifying the asset also makes it much easier for the analyzer the understand what risk prevention methods need to take for its protection. It also helps the analyzer understand the consequences. "After the organization goes through “real-time” identification of real and/or potential risks, we need to prioritize the risks. Prioritizing = narrowing down the risk list to a manageable and scalable list that can be executed" (Smith, 2018). This determines where priority is placed. In risk prioritization, one must understand the likelihood and impact of the risks and what areas specifically will be affected.

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