Risk and Quality Management Basics Quiz
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Questions and Answers

What is the first step in approaching risk management according to the text?

  • Monitor the risk
  • Manage the risk
  • Realize the risk (correct)
  • Describe the risk

How does the text classify risks based on control?

  • Market, Currency, and Political
  • Regulated and Unregulated
  • External and Internal (correct)
  • Hypothetical and Real

What is the main focus when describing risks according to the text?

  • Identifying all potential risks
  • Conditions for the risk to manifest (correct)
  • Calculating the exact impact
  • Creating a risk-based approach

What is an example of an external risk mentioned in the text?

<p>Political risks (A)</p> Signup and view all the answers

What does the text suggest is the key to effectively dealing with risk?

<p>Analyzing all processes and assigning potential risks (D)</p> Signup and view all the answers

What is the primary focus of risk management according to the text?

<p>Identifying, describing, managing, and monitoring risks (B)</p> Signup and view all the answers

What is the key step in effectively dealing with risk, as per the text?

<p>Analyzing all processes and assigning potential risks (D)</p> Signup and view all the answers

How does the text define risk?

<p>Risk is the hypothetical option the reality may deviate from our assumptions (A)</p> Signup and view all the answers

What is the significance of identifying risks first, as per the text?

<p>To ensure a comprehensive understanding before classification (C)</p> Signup and view all the answers

What are examples of external risks mentioned in the text?

<p>Market risks, currency risks, political risks (A)</p> Signup and view all the answers

Flashcards

First step in risk management

Recognize and acknowledge the existence of risk.

Types of risks

Risks classified as external or internal based on control.

Main focus when describing risks

Understanding the conditions under which risks may occur.

Example of external risk

Risks arising from factors outside an organization, like political instability.

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Key to effective risk management

Thorough analysis of all processes and identifying potential risks.

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Primary focus of risk management

Identify, describe, manage, and monitor risks effectively.

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Key step in handling risk

Detailed examination of processes to identify risks.

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Definition of risk

The possibility that reality may differ from assumptions.

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Importance of identifying risks

To achieve a complete understanding before classifying them.

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Examples of external risks

Includes market risks, currency risks, and political risks.

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