Risk Management Part 2

What is the first step in the risk management process?

• Risk Assessment

• Risk Mitigation

• Risk Identification

• Risk Acceptance

What is the primary goal of risk assessment?

• To eliminate all risks

• To identify and prioritize risks

• To ignore risks that are unlikely to occur

• To transfer all risks to a third party

Which risk management approach involves taking no action to mitigate a risk?

• Risk Avoidance

• Risk Acceptance

• Risk Transfer

• Risk Mitigation

What is the purpose of a risk matrix?

• To calculate the exact likelihood of a risk occurring

• To visualize and prioritize risks based on likelihood and impact

• To eliminate risks entirely

• To transfer risks to a third party

Which risk management strategy involves reducing the likelihood or impact of a risk?

• Risk Avoidance

• Risk Acceptance

• Risk Mitigation

• Risk Transfer

Which risk assessment method assigns a numerical value to the likelihood and impact of a risk?

• Qualitative Risk Analysis

• Quantitative Risk Analysis

• Risk Avoidance

• Risk Acceptance

Which of the following is NOT a stage of the risk management process?

• Risk Identification

• Risk Exploitation

• Risk Analysis

• Risk Monitoring and Review

Which of the following is NOT a common method for assessing risk?

• Delphi technique

• Brainstorming

• Monte Carlo simulation

• Guessing

What does the term "likelihood" refer to in risk assessment?

• The potential impact of a risk event

• The probability of a risk event occurring

• The cost of mitigating a risk

• The timeframe within which a risk event may occur

What is the purpose of risk monitoring and review?

• To ignore risks that are deemed unimportant

• To eliminate risks entirely

• To identify changes in risk over time and adjust risk management strategies accordingly

• To transfer risks to a third party