Jameson Jewelers is a purveyor of fine jewelry items in Philadelphia’s “Jeweler’s Row.” In the last month, the price of one ounce of gold increased from $4,300 per ounce to $5,300 per ounce as measured by the LBMA Gold Price Index.  What category of risk does this represent for Jameson Jewelers? 

What is quantum superposition?

Thirsty Co. is a company that manufacturers high end travel tumbler cups. One day, at Thirsty Co’s manufacturing plant, a critical piece of machinery used to mold the plastic of the tumbler cups catches fire; destroying the machine in the process. Thirsty Co. reaches out to the manufacturer of this critical piece of machinery, and asks for a new one to be delivered as soon as possible. Normally, these machines would take weeks to be delivered due to the size. However, Thirsty Co. agrees to pay expedited shipping charges of $10,000 to get the machine delivered as fast as possible. This results in the new machine being delivered in 3 days (as opposed to 3 weeks).  The underlined portion of the above scenario is an example of what? 

Wacky Warehousing Inc. is a large warehousing company, that stores a variety of different products from a variety of different customers. Rocko is the Risk Manager of the Wacky Warehousing. Rocko believes he has done a excellent job during Step #1 of the RM Process (identifying risks); however he wants to be extra diligent and ensure he is not missing anything. Rocko is particularly concerned about Property Loss exposures: given the company’s warehouses store a variety of different products; he is concerned about the possibility of a fire starting or even an explosion.  To alleviate his concerns, he requests assistance from a consulting firm that specializes in warehouse operations and safety. The consulting firm sends a risk control specialist out to visit Wacky Warehousing’s locations, helps identify possible hazards for the peril of fire, and makes recommendations on how to minimize the possibility of a fire starting and spreading throughout the facility.  What method is Rocko using to assist him in the identification of potential property risks at the Wacky Warehousing facilities? 

Milky-Way Amusements Inc. is the third most popular amusement park in the state of Florida. Katrina is the Risk Manager of the Milky-Way Amusements. Katrina believes she has done a excellent job during Step #1 of the RM Process (identifying risks); however she wants to be extra diligent and ensure she is not missing anything. Katrina is particularly concerned about Liability Loss exposures: given the nature amusement park industry, and the large amount of customers that visit the park every year.  Katrina chooses to purchase an outside research report that was published by McKinsey & Company – the world’s largest management consulting firm. Based on the company’s experience working with many different amusement park clients = the research paper highlights the most pressing risks that the amusement park industry faces as a whole.  What method is Katrina using to assist her in the identification of potential liability risks that Milky-Way Amusements Inc. is facing? 

An insurance company is assessing the risk of the peril of fire for several different types of occupancies.  If the peril is fire, which occupancy would pose the highest hazard, and why? 

Paper Palace owns two storage facilities. Both buildings store a variety of paper products (printer paper, paper towels, paper plates, etc.) The first storage facility (Storage Facility A) is located in Lakeland, FL; and is a modern facility constructed in 2022, built with a concrete base, steel framing, and fire-resistant materials (concrete block and metal) for all the walls and roof.  The second storage facility (Storage Facility B) is located in Orlando, FL; and is an older building constructed back in 1965, built entirely of untreated wood beams, plywood, and a wooden roof with asphalt shingles.   For the peril of fire, which warehouse poses more of hazard and why? 

Maria owns a small coffee shop. One evening, she notices that an electrical wire behind one of the espresso machines is badly frayed and is projecting sparks from it. However, it is the end of a long shift and she is tired, so she leaves for night and decides to deal with it tomorrow. When she returns the next morning, the fire department is on the scene and the coffee shop has burned to the ground.  In this scenario, what was the peril? And what was the hazard?  Peril = [option1] Hazard = [option2]

Use the relative frequency method to estimate the probability. Round your answer to 2 decimal places when necessary.Of 1,801 people who came into a blood bank to give blood, 212 people had high blood pressure. Estimate the probability that the next person who comes in to give blood will have high blood pressure.

Solve the problem.A restaurant offers pizzas with 2 types of crust, 6 different toppings, and in 6 different sizes. How many different pizzas could be ordered?