Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
¶ … Smith family reunion: Risk management
When debating if they should rend an indoor pavilion for their annual family reunion, the Smith family is engaged in some real-life risk management analysis. The family could 'bet' that the weather would be perfect, not rent the pavilion, and keep budgeted costs as low as possible. The potential gains from not renting the pavilion, if the weather is fine, are the savings of the rental cost. However, the weather is supposed to be cool or rainy. While weather predictions are often imperfect, if the event is rained out, with no indoor facility for protection, the prospective attendees will lose the time and money they spent preparing for the event, which is much greater than the cost of renting the indoor facility. A cost-benefit analysis suggests that the costs of not renting the pavilion and having the event rained out are much greater than the costs of renting the pavilion and having an indoor location prove unnecessary.
In this instance, renting the facility is hedging one's bets, or assuming that a worst-case scenario is possible, at least given the available information about the weather. Renting the pavilion becomes a kind of insurance strategy for the Smiths. In the case of most insurance policies, the worst-case scenario is not realized, even though the payer is poorer than if he or she assumed the 'best case' scenario and the catastrophic event did not occur. People pay for traveler's insurance, if there is likelihood of a trip being cancelled because of inclement weather or if they know there is a possibility they will not be able to attend. They also pay for house and car insurance, even though they hope nothing will happen to these valuable assets. But because the dangers of something going wrong are so great, insurance is seen as a necessity. The damage done to the parties involved is not as great as a flooded basement, if the reunion is rained out. But the relatively small fee of renting the facility, and the small savings gained if the risk of not having the outdoor facility is taken suggests that obtaining the indoor rental is a wise idea.
Step 3: Discuss the Precipitating Event After relationship is recognized, the emphasis goes to the family insights of the condition, the sequence of proceedings leading up to the predicament, and the issue that started out the sequence of events (Graham-Bermann, S.A., 2002). Consultations inspect when and how the disaster happened, the causal conditions, and how the family endeavored to covenant with it. Step 4: Assess Strengths and Needs The Family valuation of strengths
2. Approach Clearances According to the article, "Back door IFR: When stratus happens and you didn't file, you'll need to sweet talk your way into the system. Here are some practical tips to do that safely" (2006 obtaining an IFR clearance, literally on the fly, does not constitute not a to be taken for granted privilege. Approximately 15 years ago, U.S. pilots almost lost a significant portion of this flexibility, when the
Colic's (2005) argument is that there is a very strong correlation between porr housing and an individual's physical ill health. He goes further to point out that six out of every ten homeless individuals do suffer from a certain form of mental distress. About 20% of this lot have severe mental illness. In a nutshell, social exclusion gives rise to a direct form of social and economic consequences that
Figure 1 portrays three of the scenes 20/20 presented March 15, 2010. Figure 1: Heather, Rachel, and Unnamed Girl in 20/20 Program (adapted from Stossel, 2010). Statement of the Problem For any individual, the death of a family member, friend, parent or sibling may often be overwhelming. For adolescents, the death of person close to them may prove much more traumatic as it can disrupt adolescent development. Diana Mahoney (2008), with the
The subjects were 613 injured Army personnel Military Deployment Services TF Report 13 admitted to Walter Reed Army Medical Center from March 2003 to September 2004 who were capable of completing the screening battery. Soldiers were assessed at approximately one month after injury and were reassessed at four and seven months either by telephone interview or upon return to the hospital for outpatient treatment. Two hundred and forty-three soldiers
Attachment was believed by Bowlby to be a critical aspect of the normal development of human behavior. Attachment is inclusive of the following characteristics: 1) Proximity Seeking - the infant seeks to be near the maternal figure; 2) Separation distress or protests - when separated or distant from the material figure the infant becomes distressed and signals this by vocalizing these feelings and changes in affect. 3) a secure base - when