Operations Management & Total Quality Management

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Questions and Answers

What is the main focus of operational risk management?

Improving employee satisfaction and motivation

Reducing the environmental impact of business operations

Enhancing marketing and promotional activities

Identifying, assessing, and controlling financial, legal, strategic, and security risks (correct)

Who uses operational risk management to reduce financial risks in daily business operations?

Marketing and sales teams

Accountants and auditors

Human resources and legal departments

Managers and business analysts (correct)

Why is it important for companies to understand the risks that may occur during daily operations?

To streamline administrative processes

To minimize and manage the risks (correct)

To expand into new markets quickly

To maximize profits at all costs

What does the module on operational risk management aim to explain?

What operation risk management is and why it's important Signup and view all the answers

What are the three key components of risk management mentioned in the text?

Identifying, assessing, and controlling risks Signup and view all the answers

Which professionals are encouraged to embrace the understanding and application of operational risk management?

Business professionals Signup and view all the answers

What is the primary focus of operational risk management?

Risk assessment and decision making Signup and view all the answers

What does operational risk management entail?

Risk assessment, risk decision making, and risk controls implementation Signup and view all the answers

What is the significance of risk assessments in operational risk management?

They assist in the identification of risks and development of standards Signup and view all the answers

According to the module, what is the purpose of the AMP Model in risk management?

To outline components of operational risks at the organizational level Signup and view all the answers

What is the general learning objective of the course as per the provided text?

To encourage reflection and application of knowledge in operations management context Signup and view all the answers

What are the specific learning objectives of the course as mentioned in the text?

To define terms and outline concepts of risk management Signup and view all the answers

What is a key component within operational risk management as described in the text?

Process of identification, analysis, and risk controls implementation Signup and view all the answers

What does the module aim to extend in terms of knowledge?

Understanding of risk management fundamentals and theories Signup and view all the answers

What does the course encourage learners to do?

Encourage learners to reflect on and apply knowledge in ways that will enhance their abilities as future professionals Signup and view all the answers

Study Notes

Operational Risk Management

The primary focus of operational risk management is to identify, assess, and mitigate risks that may occur during daily business operations.
Operational risk management is used by organizations to reduce financial risks in daily business operations.
It is crucial for companies to understand the risks that may occur during daily operations to minimize losses and ensure business continuity.
The module on operational risk management aims to explain the concepts, frameworks, and best practices in managing operational risks.
The three key components of risk management are risk assessment, risk mitigation, and risk monitoring.
Professionals, particularly in the financial sector, are encouraged to embrace the understanding and application of operational risk management.

Risk Assessment and Management

Risk assessments play a significant role in operational risk management as they help identify and prioritize risks.
The AMP Model is used in risk management to Assess, Mitigate, and Prevent risks.

Course Objectives

The general learning objective of the course is to understand the concepts and principles of operational risk management.
The specific learning objectives of the course include understanding risk management frameworks, identifying and assessing risks, and developing strategies for risk mitigation.
A key component within operational risk management is the ability to identify and assess risks.
The module aims to extend learners' knowledge of operational risk management concepts and best practices.
The course encourages learners to develop a proactive approach to managing operational risks.

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Description

Test your knowledge on the science and art of risk management, lean operations, quality control, and other related topics covered in the Operations Management & Total Quality Management module 3 at Isabela State University. This quiz is based on the course taught by Associate Professor Ralliegh F. Vizcarra.

Operations Management & Total Quality Management - Module 3 Quiz