Risk manager Christine is analyzing the risks faced by her company, Clear Sky Technology. After quickly identifying the key risks that she believes poses the most significant threat to Clear Sky; she then assigned a rating based on the likelihood and consequences of the various risks. The four ranges of rating she used are: Low, Medium-Low, Medium-High, and High.  The process that Christine engaged in above is most closely aligned to what ?

Cheesy Brothers is a company based in Sheboygan, WI that manufactures cheese sticks. The COO has studied the historical performance of the firm, in terms of: how many cheese sticks does the manufacturing plant produce per day. The COO looked at 3 years of historical data, and was able to calculate the following:  The expected number of cheese sticks produced per day = 25,000 sticks The variance of number of cheese sticks produced per day = 2,560,000 sticks squared The standard deviation of number of cheese sticks produced per day = 1,600 sticks  Based on the vast amount of historical information used by the COO to calculate the above data > we can assume that the above data is “normalized” > meaning it follows a Normal Distribution. And based on the above information, the COO has created a Normal Distribution (or “Bell Curve”) diagram for the number of cheese sticks produced per day.   Use the above information to answer the following two questions:  1) If a customer ordered 25,000 cheese sticks for a same day delivery > what is the probability that Cheesy Brothers could fulfill that order? = [answer1] 2) Using the “Empirical Rule” what is the probability that on a given day, the number of cheese sticks produced will be between 23,401 and 26,599? = [answer2] 3) Using the “Empirical Rule” what is the probability that on a given day, the company will produce 23,400 cheese sticks or more? = [answer3]

Elon Musk, the founder of Tesla, is identifying risks faced by the company. In his opinion, one of the biggest risks facing Tesla is the possibility of cyber criminals hacking into self-driving cars, and potentially causing the self-driving feature of the car to malfunction. What classification of risk would this situation most closely fall under?

Option = A (for Prof. Schwartz… disregard) Excelsior Technologies is a tech start up that creates website solutions for mid-sized businesses. Excelsior has two large clients, one of which is ABC Company. Excelsior is working on a large project for ABC Company which has a due date of 10/30/2024. Unfortunately, the Project Manager anticipates there is a possibility that the project will be delayed.  Based on historical experience of other similar projects, the Project Manager has estimated the following for the project for ABC Company: The probability of no delay = 60% The probability of a delay of 5 days = 20% The probability of a delay of 10 days = 15% The probability of a delay of 15 days = 5% Per the terms of the contract with ABC Company > Each day the project is delayed past the 10/30/2024 deadline = $1,000 is taken off of the agreed price of the project (i.e. = every day the project is delayed = -$1,000 financial loss for Excelsior Technologies) Based on the above information – please answer the following questions: (BE SURE TO SHOW YOUR CALCULATIONS FOR EVERY PART OF THIS PROBLEM. IF YOU DO NOT SHOW YOUR WORK… YOU WILL NOT RECEIVE CREDIT FOR YOUR ANSWER!!!)   Part A: [4 points] Complete a Probability Distribution for the risk of financial loss from the delay of the project for ABC Company (from the perspective of Excelsior Company) (feel free to copy the below chart for your work) Outcome: Probability (Frequency): Consequence (Severity): Outcome #1 X X Outcome #2 X X Outcome #3 X X Outcome #4 X X Part B: [4 points] Calculate the Expected Value of the financial loss from the delay of the Project for ABC Company (from the perspective of Excelsior Company): (round to two decimal places… and show ALL calculations!!!)   Part C: [2 points] Based on the historical experience of other similar projects, the Project Manager has also calculated the following in regard to the project for ABC Company: The variance of the financial loss from the delay of the Project for ABC Company = 20,687,500 squared dollars Calculate the Standard Deviation of the financial loss from the delay of the Project for ABC Company (from the perspective of Excelsior Company): (round to two decimal places… and show ALL calculations!!!)   Part D: [5 points] Excelsior Technologies other large client is XYZ Corporation. Excelsior is working on a large project for XYZ Corporation as well, which also has a due date of 10/30/2024. The Project Manager of this project also anticipates the possibility  the project will be delayed.  Based on historical experience of other similar projects, the Project Manager has estimated and calculated the following for the project for XYZ Corporation: The Expected Value of the financial loss from the delay of the Project for XYZ Corporation = $17,500 The Standard Deviation of the financial loss from the delay of the Project for XYZ Corporation = $14,957.92   The CEO of Excelsior is concerned about the possible delays on these two key projects: In terms of the key measure of objective measure of risk (the key measure of volatility) > which project faces more uncertainty in terms of financial loss from delay?  (i.e. = which project should the CEO be more “uncertain” about the outcome?)

Bob and Linda are both driving to a conference in Tampa. Bob lives in Sarasota, FL and his drive will be approximately 50 miles in distance and one hour in time driving. Linda lives in Miami, FL and her drive will be approximately 300 miles in distance and four hours in time driving.  Based only on the information above, what basic measure of risk indicates who is facing more risk, Bob or Linda? 

What is the most important objective that any successful risk management program must aim to achieve? 

Patricia is a 60 year old / female / who lives in Bismark, North Dakota – and she wants to apply for a life insurance policy. The life insurance company decides to perform a statistical probability analysis to determine the likelihood (frequency) that a 60 year old / female / who lives in Bismark, North Dakota will die within any given year.  Why does the life insurance company decide to perform the more time consuming statistical probability analysis; versus using the much more simple theoretical (A priori) probability analysis? 

George works for a large company, and part of his job is to monitor assets. George is particularly concerned that the company fleet of cars, along with the rising fuel prices are having an adverse effect during tight economic markets. If George’s concerns were categorized as causes of loss according to the quadrants of risk, his concern most directly relates to which one of the following types of risks?

Consider the following Boolean function: T(n, o, p, q) = Σ m(0, 1, 4, 5, 6, 7, 12, 13) Draw the proper truth table for this Boolean function. What should the output be in your Truth table and the corresponding square in your K-map at each minterm location? Draw and fill the proper k-map(s) (with all the labels).  Show the proper grouping in your k-map(s) to find the optimal (minimal) PoS Boolean expression. Write the resulting optimal (minimal) PoS Boolean expression. Draw the optimal PoS 2-level circuit and state the name of the 2-level circuit. Redraw the logic circuit as a 2-level logic circuit using NOR gates only. Write the Boolean expression of a 2-level logic circuit using NOR gates only.  

Design a counter that starts at 10 then counts to 8 then counts to 14 then counts to 0 then counts to 5 then counts to 2 and then counts to 3. Once it reaches 3 the counter returns to 10 and continues counting in the same manner. Additionally, it must be implemented using D-flipflops, and answer the following:  Draw the transition graph for the counter Draw the proper truth table for the present state and next state Draw and fill the proper k-map(s) with all the labels for the next state. Show the proper grouping in your k-map(s) and find the optimal (minimal) SoPs for the next state. Draw the proper truth table for the logic to be connected to each flip flop Draw and fill the proper k-map(s) with all the labels for the logic to be connected to each flip flop. Show the proper grouping in your k-map(s) and find the optimal (minimal) SoPs for the logic to be connected to each flip flop. Draw the logic design of the counter and show the output points where you would check the count. What is the trigger in your design for the counter to go to the next value? Explain. What machine did you just implement?