Risk Management

Question 1

Hazard

Answer 1

Something that can cause harm. E.g. A Cliff

Question 2

Risk

Answer 2

The likelihood of the harm happening or the harm. E.g. The likelihood of falling of the cliff or falling of the cliff.

Question 3

Risk Assessment

Answer 3

• Identify the key factors (People, Equipment, Environment)
• Rate using Likelihood and Consequence

Question 4

Likelihood

Answer 4

The possibility of a risk occurring after the risk management strategies have been put into place. Given a 1-10 rating for this course.

Question 5

Consequence

Answer 5

The outcome of the risk occurring. Given a 1-10 rating for this course.

Question 6

Absolute Risk

Answer 6

Inherent Risk. The risk without the management techniques in place.

Question 7

Real Risk

Answer 7

Residual Risk. The risk with the management techniques in place.

Question 8

Perceived Risk

Answer 8

The individuals subjective assessment of the risk present.

Question 9

Risk Rating

Answer 9

the mean of the likelihood and consequence ratings.

Question 10

Low Priority Risk

Answer 10

1 - 3

Question 11

Medium Priority Risk

Answer 11

4 - 6

Question 12

High Priority Risk

Answer 12

7 - 10