Risk Management: Identification

Risk Management: Identification

University

10 Qs

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Risk Management: Identification

Risk Management: Identification

Assessment

Quiz

Business

University

Practice Problem

Medium

Created by

Maine McKenzie

Used 6+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is risk identification?

The process of identifying and documenting potential risks that could affect a project or organization.

The process of transferring risks to another party.

The process of ignoring potential risks and focusing only on current issues.

The process of mitigating risks that have already occurred.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is risk identification important in risk management?

To increase the likelihood of project success.

To identify potential risks and hazards that may affect a project or organization.

To ignore potential risks and hazards that may affect a project or organization.

To save time and resources in risk management activities.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the common methods used for risk identification?

probability analysis, risk mapping, expert judgment

root cause analysis, risk matrix, scenario analysis

delphi technique, fault tree analysis, sensitivity analysis

brainstorming, checklists, interviews, and SWOT analysis

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of risk identification?

To ignore potential risks.

To eliminate all risks.

To identify and assess potential risks.

To transfer all risks to another party.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the key steps involved in risk identification?

Identify potential risks, analyze and assess the risks, prioritize the risks, and document the risks.

Identify potential risks, analyze and assess the rewards, prioritize the risks, and document the risks.

Identify potential rewards, analyze and assess the risks, prioritize the risks, and document the risks.

Identify potential risks, analyze and assess the risks, prioritize the rewards, and document the risks.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the benefits of conducting risk identification?

Decreased project success, lack of stakeholder engagement, and ineffective decision-making.

Limited project scope, reduced team collaboration, and increased project risks.

Increased project costs, delayed timelines, and decreased stakeholder satisfaction.

The benefits of conducting risk identification include proactive planning, mitigation strategies, improved decision-making, resource allocation, and project success.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the challenges faced during the risk identification process?

Lack of data, subjective judgments, incomplete information, and biases.

Lack of expertise, time constraints, lack of stakeholder involvement, and conflicting priorities.

Limited resources, lack of communication, lack of risk awareness, and resistance to change.

Inconsistent risk assessment criteria, lack of risk management framework, lack of risk identification tools, and poor risk reporting.

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