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Risk Management_511

Total questions: 17

Worksheet time: 5mins

Name
Class
Date
1.
Risk management can be defined as the art and science of ___________risk factors throughout the life cycle of a project.
a)

researching, reviewing, and acting on

b)

identifying, analyzing, and responding to

c)

reviewing, monitoring, and managing

d)

identifying, reviewing, and avoiding

2.
Risk Management includes all of the following processes except:
a)

Risk Monitoring and Control

b)

Risk Identification

c)

Risk Avoidance

d)

Risk Response Planning

3.
A risk response which involves eliminating a threat is called:
a)

Mitigation

b)

Deflection

c)

Avoidance

d)

Transfer

4.
When should a risk be avoided?
a)

When the risk event has a low probability of occurrence and low impact

b)

When the risk event is unacceptable -- generally one with a very high probability of occurrence and high impact

c)

When it can be transferred by purchasing insurance

d)

A risk event can never be avoided

5.
Risk means ______________
a)
Economy
b)
possibility of loss
c)
reduction of anxiety
d)
meeting externally imposed obligations
6.
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.
a)
abandoning the project
b)
buying insurance for personal bodily injury
c)
establishing a contingency fund
d)
establishing a management reserve
7.
Losses arising due to a risk exposure retained or assured is known as ______________
a)
Risk Reduction
b)
Risk Financing
c)
Risk Retention
d)
Risk Sharing
8.
The measures aimed at avoiding,eliminating or reducing the chances of loss production is covered by ______________
a)
Risk Control
b)
Risk Retention
c)
Risk Avoidance
d)
Risk Financing
9.
The possibility that actual results may differ from predicted results is known as ______________.
a)
Risk
b)
Uncertainty.
c)
Norms
d)
Hazards
10.
RiskManagement is a subject which falls under ______________.
a)
production
b)
HR
c)
marketing
d)
finance
11.
Risk retention means ______________
a)
Saving money to pay for the losses
b)
Accepting and agreeing to finance the loss oneself
c)
Not taking up any activity which is risky
d)
Insuring the risk
12.
Insurance is a risk management technique involving
a)
Risk Retention
b)
Risk Avoidance
c)
Loss Control
d)
Risk Transfer
13.
The process of reducing the level of risky activities firstly affect the frequency of losses is the strategy of ______________.
a)
Risk avoidance
b)
Retention
c)
Hedging
d)
Other contractual risk transfer
14.
The measures aimed at avoiding, eliminating or reducing the chances of loss producing events is covered by ______________.
a)

Risk Avoidance

b)

Risk Control

c)

Risk Evaluation

d)

Risk Financing

15.
For the insured the use of deductible in insurance contracts is an example of_______
a)

Risk transfer

b)

Risk Control

c)

Risk Avoidance

d)

Risk Retention

16.
The use of fire-resistance materials when constructing a building is an example of____
a)

Risk transfer

b)

Risk Control

c)

Risk Avoidance

d)

Risk Retention

17.

ABC Company installed smoke detectors, a sprinkler system,and fire extinguishers in its new manufacturing facility. These devices are all examples of________

a)

Risk Control

b)

noninsurance transefer

c)

Risk Avoidance

d)

Risk Retention

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