ch1 p1 Flashcards
(42 cards)
What is the contribution of Risk Management?
Risk Management contributes to the development and delivery of successful business models and strategies for all types of organizations.
What can Risk Management help prevent, avoid, or fight?
- Terrorism
- Extreme weather events
- Global financial crisis
- Fire
- Road traffic accidents
What should responding to risks produce?
Benefits for individuals and organizations.
Define risk according to GOOGLE.
Risk is the probability of the occurrence of an adverse event.
How does the ISO/IEC Guide 73 define risk?
Risk is the combination of the probability of an event and the consequences of it.
According to Lowrance (1976), how is risk defined?
The probability of death, injury, or illness if exposed to a hazard.
What is the formula for calculating risk?
Risk = Impact x Probability
Define ‘Danger’ in the context of risk.
A situation or thing that could lead to death, injury, or illness.
What is a ‘Threat’?
A potential cause of damage to the system; generally exogenous to the system of interest.
What does ‘Vulnerability’ refer to?
Openness to damage; generally endogenous to the system of interest.
What is ‘Security’?
Measures taken to protect against damage.
Define ‘Safety’.
Relative protection against harmful consequences; generally associated with life and health.
True or False: Security and safety are interchangeable terms.
False
What does ‘Security’ focus on?
Protection of individuals, organizations, and properties against external threats.
What is the focus of ‘Safety’?
Preventing accidental or unintentional harm.
What is the difference between a Hazard and a Risk?
Hazard is a situation with potential to cause loss; Risk is the likelihood that death, injury, or illness might occur when exposed to a hazard.
Define ‘Reliability’.
The probability that an item will perform a required function without failure under stated conditions for a stated period of time.
What does ‘Availability’ measure?
The % of time the equipment is in an operable state.
Define ‘Maintainability’.
The probability of performing a successful repair action within a given time.
What is the definition of ‘Resilience’?
The practice of designing things to endure physical, social, and economic shocks and stresses.
What does ‘Sustainability’ mean?
Meeting our own needs without compromising the ability of future generations to meet their own needs.
What is the difference between an ‘Accident’ and an ‘Incident’?
An accident results in damage, injury, or harm; an incident may not result in damage, harm, or injury.
List the differences between Projects and Operations.
- Projects: Unknown, innovative, temporary
- Operations: Repetitive, steady
What is the definition of Risk Management?
The process by which organizations methodically approach the risks associated with their activities to obtain a lasting advantage.
