The interface of an object is defined by two factors: what it offers and how the offerings are presented to other entities

All of the following statements about the administration of a risk management program are true EXCEPT

A) The risk manager is an important part of a firm's management team. B) A risk management policy statement can be used to educate top executives about the risk management process. C) If a risk management program is properly designed, periodic review of the program is unnecessary. D) In order to properly identify loss exposures, the risk manager needs the cooperation of other departments.

Under which of Porter's five forces do you need to consider switching costs to buyers?

a. threat of new entrants b. determination of buyer power c. determination of supplier power d. threat of substitute products