Risk management

Risk management can be defined as the art and science of ___________risk factors throughout the life cycle of a project.

• researching, reviewing, and acting on
• identifying, analyzing, and responding to
• reviewing, monitoring, and managing
• identifying, reviewing, and avoiding

Risk Management includes all of the following processes except:

• Risk Monitoring and Control
• Risk Identification
• Risk Avoidance
• Risk Response Planning

A risk response which involves eliminating a threat is called:

• Mitigation
• Deflection
• Avoidance
• Transfer

When should a risk be avoided?

• When the risk event has a low probability of occurrence and low impact
• When the risk event is unacceptable -- generally one with a very high probability of occurrence and high impact
• When it can be transferred by purchasing insurance
• A risk event can never be avoided

Risk means ______________

• Economy
• possibility of loss
• reduction of anxiety
• meeting externally imposed obligations

Suppose a project has many hazards that could easily injure one or more persons and there is no method of avoiding the potential for damages. The project manager should consider ______as a means of deflecting the risk.

• abandoning the project
• buying insurance for personal bodily injury
• establishing a contingency fund
• establishing a management reserve

Losses arising due to a risk exposure retained or assured is known as ______________

• Risk Reduction
• Risk Financing
• Risk Retention
• Risk Sharing

The measures aimed at avoiding,eliminating or reducing the chances of loss production is covered by ______________

• Risk Control
• Risk Retention
• Risk Avoidance
• Risk Financing

The possibility that actual results may differ from predicted results is known as ______________.

• Risk
• Uncertainty.
• Norms
• Hazards

RiskManagement is a subject which falls under ______________.

• production
• HR
• marketing
• finance