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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?

Political risks (A) Signup and view all the answers

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

Analyzing all processes and assigning potential risks (D) Signup and view all the answers

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

Identifying, describing, managing, and monitoring risks (B) Signup and view all the answers

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

Analyzing all processes and assigning potential risks (D) Signup and view all the answers

How does the text define risk?

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

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

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

What are examples of external risks mentioned in the text?

Market risks, currency risks, political risks (A) Signup and view all the answers