risk identification, analysis, evaluation

Question 1

find the risk
describe the risk
recognize the risk

Answer 1

risk identification

Question 2

effect of uncertainty on objectives

Answer 2

risk

Question 3

result in opportunities or threats

Answer 3

effect

Question 4

different aspects or categories

Answer 4

objectives

Question 5

coordinated activities to direct and control an organization with regard the risk

Answer 5

risk management

Question 6

8 risk management principles

Answer 6

integrated
structured and comprehensive
customized
inclusive
dynamic
best available information
human and cultural factors
continual improvement

Question 7

integrated

Answer 7

risk management is an integral part of all organizational activities

Question 8

structured and comprehensive

Answer 8

approach risk management contributes to consistent and comparable results

Question 9

customized

Answer 9

frameworks and processed are customized to organization’s integral and external

Question 10

inclusive

Answer 10

appropriate and timely involvement of stakeholders enables their knowledge and views

Question 11

dynamic

Answer 11

detects and respond to these changes in appropriate and timely manner

Question 12

best available information

Answer 12

inputs of risk management are based on historical and current information

Question 13

human and cultural factors

Answer 13

human behaviour and culture significantly influence all aspects of risk management

Question 14

continual improvement

Answer 14

risk management is continually improved through learning and experience

Question 15

overall process of risk identification, risk analysis and risk evalution

Answer 15

risk assessment

Question 16

types of risk

Answer 16

compliance risk/mandatory
hazard risk/ pure risk
control risk
opportunity risk

Question 17

compliance risk

Answer 17

involve government mandated license and business permits and requirements

Question 18

hazard risk

Answer 18

risk that can prevent and deter achievement at company’s goal, mission
ex. landslide

Question 18

control risk

Answer 18

risk that can cause uncertainty or doubt about the ability to achieve the company’s goals, mission
ex. internal financial control protocols

Question 19

opportunity risk

Answer 19

typically pursued by the company with the goal of ensuring its long term success

Question 20

provide information regarding undesirable events in which it estimates it probabilities and consequences for risk

Answer 20

risk analysis

Question 21

occurance or change of a particular set of circumstances

Answer 21

event

Question 22

outcome of an event affecting objectives

Answer 22

consequence

Question 23

2 steps on how to use risk analysis

Answer 23

identify the threats
estimate risk

Question 24

identify the existing and possible threats that you might face

Answer 24

identify the threats

Question 25

calculate the likelihood of these threats being realized and their possible impacts

Answer 25

estimate risk

Question 26

example of risk

Answer 26

budget, quality, procedural, operational, injury, weather, preparation, safety, financial, technical, natural, political, structural

Question 27

estimating the risk formula

Answer 27

probability of the event (%) x cost of the event

Question 28

process of risk analysis/ five steps of risk management process

Answer 28

identification of risk analyze the risk evaluate the risk treat the risk monitor the risk

Question 29

identification of risk

Answer 29

team members gather all the use in the project and recognize the outcome of the project

Question 30

analyze the risk

Answer 30

identify the risk extent, the nature of risk, what extent it may occur in the organization

Question 31

evaluate the risk

Answer 31

risk analysis tools - swot analysis

Question 32

treat the risk

Answer 32

team should decide whether to continue the project or not

Question 33

monitor the risk

Answer 33

review time to time to avoid

Question 34

threats and vulnerability

Answer 34

devastating - 75% sever - 50% noticeable - 25% minor

Question 35

process that is used to compare the risk analysis results with risk criteria

Answer 35

risk evaluation

Question 36

management tool

Answer 36

risk evaluation matrix