Week 1-4 recap Unit 4017

What is Risk and Quality Management?

• A process to identify, assess, and control risks while ensuring quality standards are met.

• A method to increase production speed.

• A strategy to reduce employee turnover.

• A technique to enhance customer satisfaction.

Explain the Risk Management Processes.

• Risk management processes involve identifying, assessing, and prioritizing risks.

• Risk management processes are about creating risks.

• Risk management processes are only about financial risks.

• Risk management processes do not involve monitoring.

Describe Risk Mapping and Risk Matrix.

• Risk Mapping and Risk Matrix are tools used to identify and assess risks.

• Risk Mapping and Risk Matrix are financial instruments for investment.

• Risk Mapping and Risk Matrix are methods for data encryption.

• Risk Mapping and Risk Matrix are techniques for software development.

The importance of risk management in organizations is to:

• Minimize potential losses and maximize opportunities

• Increase operational costs

• Eliminate all risks

• Ignore potential threats

Which of the following is a benefit of risk management?

• It increases costs

• It encourages innovation and growth

• It complicates decision making

• It reduces compliance

How does risk management help in avoiding losses?

• By identifying potential risks and implementing strategies to mitigate them

• By ignoring potential risks and focusing on profits

• By increasing the likelihood of risks occurring

• By eliminating all risks completely

In 2015, which company was mentioned as having manipulated emissions data?

• Ford

• Toyota

• Volkswagen

• BMW

What does Quality Assurance (QA) involve in quality management?

• QA involves planning and systematic activities to ensure quality requirements are met.

• QA involves the final inspection of products before delivery.

• QA is responsible for marketing and sales of products.

• QA is only concerned with the design phase of product development.

The role of Quality Control (QC) in quality management is to:

• Ensure products meet specified quality standards

• Develop new products

• Increase production speed

• Reduce production costs

The importance of Documentation in quality management is:

• To provide evidence of compliance and facilitate audits

• To increase production speed

• To reduce the need for training

• To eliminate the need for quality checks