10. Risk Managment Flashcards
(20 cards)
What are the three P’s of risk in engineering?
People (H&S), Project, Product.
What are the two elements of a risk?
Hazard (impact) and Likelihood (probability).
What are ‘unknown unknowns’ in risk management?
Risks that cannot be predicted or anticipated.
What is scope creep?
An uncontrolled expansion in a project’s scope that increases risk.
List five common types of project risk.
Cost, Schedule, Legal, Governance, Communication.
What are the five strategies for managing risk?
Avoid, Reduce, Retain, Transfer, Exploit.
What is mitigation?
Reducing risk through prevention, detection, or response.
What is a DFMEA?
Design Failure Mode and Effects Analysis – identifies product risks.
What are product attributes in risk terms?
Quantifiable traits like weight, performance, safety, reliability.
What is risk appetite?
The degree to which an organisation is willing to tolerate risk.
What does a risk register include?
Risk ID, Description, Probability, Impact, Ranking, Mitigation.
What is the difference between product and project risks?
Product risks relate to failure modes, project risks affect cost and timing.
When should risk management start?
At the beginning of the project or when product design is imagined.
What are societal factors influencing risk acceptance?
Voluntariness, control, familiarity, consequence duration, alternatives.
What is a black swan event?
An unpredictable, rare, high-impact event.
What is the ‘cost of failure’ in risk management?
Loss of life, injury, financial loss, litigation, reputational damage.
How can organisations prepare for risks?
Mitigation plans, scenario exercises, and business continuity.
What is physics of failure in the context of corrosion?
Chemical reactions due to galvanic potential and electrolyte presence.
What are the best forms of mitigation?
- Prevention, 2. Detection, 3. Response.
What is the purpose of a risk management strategy?
To identify, evaluate, and control risks to avoid harm or loss.
