Risks Flashcards
1
Q
Risks
A
A possible event that can cause harm, loss, or make it more difficult to achieve objectives.
2
Q
What parts is important in regard to customer & supplier contribution to the reduction of risk?
A
- Define the requirements of the service and clarify the required outcomes.
- Clearly communicate any constraints and the critical success factors.
- Consumers must ensure providers have access to the necessary resources.
3
Q
What are the four different ways you can handle risk?
A
Avoid it, Accept it, Transfer it or Mitigate it.
4
Q
What is risk avoidance?
A
Removing the risk from the service.
5
Q
When do you choose risk acceptance?
A
Risk acceptance is used when the risk or cost is considered low.
6
Q
What is risk transfer?
A
Its when you tace action to insure yourself against the risk. Or move it to another party that takes the risk.
7
Q
What is risk mitigation?
A
Its when you actively do things to counter the risks or create processes that reduce the possibility of risk happening.
