Week 6 Flashcards

Question

Explain administrative controls in the hierarchy of controls

Answer 1

Can we isolate hazardous work practices and/or the hazard from workers not involved in the work or the general work areas? Example: treating a patient with Aids and/or covid-19 Putting risk in the corner - not adding anything

Answer 2

Is it possible to provide PPE that will protect employees from hazards? Relying on PPE to protect your employees is the last line of defence against a workplace injury Too often, PPE is forgotten, ill-fitting or does not provide the appropriate level of protection Ex: nurses and doctors wearing safety masks and shields still got infected with covid

Answer 3

A situation involving exposure to danger Types: negative and positive

Answer 4

Potential problems that might occur in the project and that might impede project success Sometimes called threats Examples: Quality, cost, time, etc Decreases limit for bringing alcohol via international flight - liquor companies in Canada would go down Increased in tariffs for importing steel

Answer 5

Potential problems that might occur in the project and that might impede project success Sometimes called threats Examples: Quality, cost, time, etc Decreases limit for bringing alcohol via international flight - liquor companies in Canada would go down Increased tariffs for importing steel

Answer 6

Risk that results in good things happening aka opportunities If Justin Trudeau's government is selected it could mean marijuana is legalized, which could lead to more investment opportunities If the legislation to stop day light saving, is passed – we can see increased daylight during work hours

Answer 7

the amount of pleasure or satisfaction received from a potential payoff in a project also called risk tolerance "is it worth it"

Answer 8

risk-averse, risk-neutral, risk-seeking

Answer 9

Step 1: Develop the Strategies Step 2: if they fail = a backup plan Step 3: fallback plan

Answer 10

risk avoidance, risk acceptance, risk mitigation, risk transfer,

Answer 11

Positive risk: an opprotunity, that must not be avoided - make the most out of it, leads to positive outcomes and increased success Negative risk: a threat, avoid it and eliminate it (if possible and necessary), leads to negative outcomes and could lead to project failure

Answer 12

Eliminating the cause and thus eliminating the threat Often not possible, still the easiest way of removing risk from the project Changing the project plan to remove a risk will involve changes ex: subway getting rid of spokesperson before there was a verdict

Answer 13

No action is taken except you acknowledge its presence and you accept it Involves planning the risk into the project If a better response strategy cannot be identified = accepting risk might be sufficient to proceed the project ex: power outage during thunderstorm but do not buy expensive backup generator that may or may not be used

Answer 14

No action is taken except you acknowledge its presence and you accept it Involves planning the risk into the project If a better response strategy cannot be identified = accepting risk might be sufficient to proceed with the project ex: power outage during a thunderstorm but do not buy an expensive backup generator that may or may not be used

Answer 15

Risk is big therefore try to minimize the probability of the risk occurring or its impact used a lot ex; driving in the snow = put on snow tires

Answer 16

Can transfer risk onto another party but requires trade-off/cost Shifting the consequences of a risk to the third party is not always easy but is overlooked ex: waiting to travel but the risk of COIVD. - buy health insurance (the risk of catching covid isn't transferred just the risk of money loss) ex: hiring a chef to cook instead of you to avoid risk of giving someone food poisining

Answer 17

these are predefined actions that the project team will take if an identified risk event occurs ex. possible hijacking case leads to protocol A, B, C, etc. for every risk response strategy = need contingency plan not implemented right away; just in case ex. planning an outdoor wedding; if it rains, have door location

Answer 18

developed for the risks that have a high impact on meeting project objectives put into effect if contingency plans are not effective make executive decision to risk right then and there

Answer 19

Risk that remains after performing the risk response strategy Left over risk

Answer 20

main output of risk identification process = list or identified risks and other info needed to begin creating a risk register risk register is…  document containing results of various risk management processes displayed in a table or spreadsheet  tool for documenting potential risk events and related info

Answer 21

Specific, uncertain events that may occur to the detriment or enhancement of the project

Answer 22

Big payoff but no risk Utility rises at a decreasing rate for people who are risk adverse

Answer 23

balance risk and payoff

Answer 24

Higher tolerance for risk and satisfaction increases when more payoff is at stake The payoff is less but the risk is high

Answer 25

Lists the relative probability of a risk occurring on one side of an axis and the relative impact of a risk occurring on the other Lists risks and then label each one (high/med/low) in terms of its probability of occurrence and its impact if it did occur

Answer 26

risk score = probability x impact

Answer 27

qualitative = high, med, low quantitative = 10% (probability) and 10,000 (Impact) *** probability can never exceed 1 (either 0.1-1 or 10-100%) impact = out of 10 probability = out of 1

Week 6 Flashcards

(51 cards)