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Mr. Green Tea hired you all as Risk Management consultants. For Part FOUR of the Group Project, as a team you made a recommendation to Mr. Green Tea management to implement one risk modification technique and one risk financing technique; that you all believe is critical for them to implement into their risk management strategy immediately.  Which step of the Risk Management Process were you all assisting Mr. Green with in Part FOUR of the Group Project? 

Mr. Green Tea has opened its new production facility in Keyport, NJ. Within the facility, workers are using various types of machinery and equipment during the production process; some of which pose the risk of causing serious injury to workers if they are not careful while using them.  In order to reduce the probability that a worker is injured by a piece of machinery or equipment: Rich requires every Mr. Green Tea employee to complete a comprehensive one-week long safety training program. The training program outlines how to properly use all of the machinery and equipment in the facility, and how to minimize the likelihood of injury while doing so.  This is an example of which type of risk treatment option? 

Mr. Green Tea utilizes its own delivery trucks to deliver its ice cream to customers. Mr. Green Tea owns five delivery trucks, and has five employees that drive these trucks to deliver finished product to customers. The customer’s order is unloaded at the customer’s location using a hand cart, and carried through their premises and into their kitchen / freezer area.  In the majority of situations, the delivery process goes smoothly. However, maybe two or three times per year, a driver will accidently damage the customer’s property while pushing the hand cart through their premises (something to the effect of = scraping a wall, damaging furniture, breaking glasses / plates on tables, etc.) These scenarios are simply accidents, since they only happen two or three times per year (very low frequency); and they usually only cost around $250-$500 to repair or replace the customer’s damaged property (very low severity).  Based on the Selection Matrix: given the characteristics mentioned above, which risk treatment option would be the best for this risk? 

One of the most pressing risks identified by all of you was Mr. Green Tea’s reliance on an outside, third-party co-packing company to produce its ice cream products. In the event this third party co-packing facility was to sustain a loss (say a massive fire at its facility); this would present a significant risk to Mr. Green Tea = as it would have no way to produce its ice cream products. The identification of this risk was one of the key reasons the company decided to move forward with building its own, in-house manufacturing facility.  The reliance on the third party co-packing company to produce Mr. Green Tea’s ice cream would be best described as which type of risk? 

From the video, we learned the manufacturing facility Mr. Green Tea purchased in Keyport, NJ was damaged by Hurricane Sandy back in 2012. Due to this history, and the close proximity of the location to Raritan Bay, during the restoration of the facility Michael decided to invest in several new features to help minimize the severity of any damage, if a hurricane strikes Keyport, NJ in the future.  Mr. Green Tea invested in the following techniques: Replacing the roof, to ensure it can withstand windspeeds of 125+ mph Installing impact resistant glass in all of the windows, which can withstand impact from 125+ mph  Purchased an “aqua fence” that can be installed around the outside of the building = to keep flood waters from reaching the production floor and damaging machinery / equipment   What type of risk treatment option(s) are the above techniques an example of? 

Mr. Green Tea is producing nearly 1,000 gallons of ice cream per week. Rich is highly diligent in monitoring the production process. However, based on his 15 years of experience, he knows that in any given week = one batch of 10 gallons of ice cream will be produced defective in some way (incorrect ingredients, human error, etc.) This defective 10 gallons of ice cream must be discarded (cannot be sold).  Rich is confident that this risk is very likely occur, as it has occurred quite frequently over the past 15 years. Due to this, Rich purposely allocates $100 per week out of the company’s financial budget to be used to purchase 10 gallons of supplemental raw materials (milk, cream, sugar, flavorings, etc.) = which is used to produce an additional 10 gallons of ice cream (to make up for the 10 gallons of defective product that inevitably will be lost.) Based on the above information, which type of risk financing technique is Rich engaging in? 

One of the key ingredients used in the “green tea” flavor of Mr. Green Tea’s ice cream are green tea leaves sourced from China. Due to recent economic policies between the United States and China = new tariffs have been placed on imports from China. These tariffs have resulted in the price of Chinese green tea leaves increasing by 25% over the past several months.  The economic policy between the United States and China is a non-diversifiable, “Strategic – External” risk = that affects any firm operating in, trading with, or sourcing materials from China.  However, from solely the perspective of Mr. Green Tea, this increase in the cost of one of its key raw materials (green tea leaves) falls under which quadrant of risk? 

Mr. Green Tea manufacturers approximately 1,000 gallons of ice cream per week. Given how many gallons of ice cream are being produced: Rich is very concerned with the risk of a “defective batch” of ice cream inadvertently being delivered to a customer.  This could be as simple as a poorly made batch of ice cream (incorrect flavors, does not taste good, incorrect texture, etc.) which leaves a customer disappointed; to which they may not order Mr. Green Tea ice cream again in the future. Or it could be as severe as a harmfully defective product, which could cause foodborne illness, injury, or even death to a customer.  In either case, Rich wants to be sure that the Mr. Green Tea brand does not sustain a “loss of goodwill” = so he has implemented significant quality control standards in the Keyport, NJ production facility. Each batch of finished ice cream undergoes a rigorous quality control process (screening and sampling of multiple gallons) to mitigate the possibility of a defective batch being shipped out to a customer.  The underlined portion is example of which type of risk modification technique? 

Which statement by the client using PCA indicates understanding?

A nurse is caring for a client with hemoglobin 6.8 g/dL (Range: 12–16 g/dL) and hematocrit 21% (Range: 36–48%) who is scheduled to receive 1 unit of packed red blood cells (PRBCs). The nurse reviews the provider’s orders and client status before starting the transfusion. Which actions should the nurse take before beginning the transfusion? (Select all that apply.)