Operations Management & Total Quality Management Quiz
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Questions and Answers

What is the process of risk management as mentioned in the text?

  • Assessing all types of risks without controlling them
  • Identifying, assessing, and controlling financial, legal, strategic, and security risks (correct)
  • Identifying and controlling only financial and legal risks
  • Assessing and controlling only financial and legal risks

    • What is the focus of operational risk management?

  • Reducing the legal risks associated with daily business operations
  • Reducing the strategic risks associated with daily business operations
  • Reducing the security risks associated with daily business operations
  • Reducing the financial risks associated with daily business operations (correct)

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

  • To ignore the risks and focus on profits
  • To minimize and manage the risks (correct)
  • To maximize the risks and increase profits
  • To transfer the risks to other companies

    • What does the course module aim to explain?

    <p>The science and art of risk management</p> Signup and view all the answers

    Who should embrace the understanding and application of operational risk management according to the text?

    <p>Business professionals</p> Signup and view all the answers

    What is the single most important component within operational risk management?

    <p>Implementation of risk controls</p> Signup and view all the answers

    What is the purpose of the AMP Model in Risk Management?

    <p>To analyze and manage operational risks</p> Signup and view all the answers

    What does the module describe about the significance of risk assessments?

    <p>It highlights the relevance of conducting formal risk assessments</p> Signup and view all the answers

    What is the primary focus of the module in relation to operational risk assessment?

    <p>To emphasize the importance of risk assessment in shaping safety, health, and environmental professional’s role</p> Signup and view all the answers

    What are the specific learning objectives of the course regarding Risk Management?

    <p>To state terms and outline the concepts of definitions, standards, fundamentals, and criteria of Risk Management</p> Signup and view all the answers

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