Risk Management Concepts Quiz

A risk assessment matrix combines the likelihood of a hazard occurring with the severity of its consequences, resulting in a risk level which informs prioritization of risk mitigation measures.

Categorized as Catastrophic, Critical, Marginal, and Negligible based on the potential impact of the hazard.

Categorized as Frequent, Likely, Occasional, Seldom, and Unlikely based on how often a hazard is expected to occur.

This is calculated by multiplying the composite exposure dollars by the percent risk index. This value quantifies the economic risk.

The departments are ranked based on their composite risk in descending order. This helps determine where to allocate resources for risk reduction.

Also known as ABC model, it describes how events (antecedents) trigger behavior, which then leads to consequences that influence future behavior.

Educational controls aim to increase awareness and competence, promoting safe and responsible practices.

A type of risk that involves the possibility of either profit or loss, often associated with activities like gambling.

A systematic approach to identifying, assessing, and controlling workplace hazards to prevent injuries, illnesses, and deaths.

A structured process for examining a specific situation or task to identify potential hazards and assess the likelihood and severity of harm.

A type of risk assessment that is constantly updated and adapted to reflect changing circumstances.

The first step in the NIOSH's occupational risk assessment process, involving identifying potential hazards in the workplace.

The second step in NIOSH's occupational risk assessment process. It analyzes the relationship between exposure to a hazard and the potential health effects it may cause.

The third step in NIOSH's occupational risk assessment process. It involves characterizing the overall risk presented by a hazard in the workplace.

The first step in the EPA Human Health Risk Assessment process. It involves identifying potential hazards that may cause harm to human health.

The second step in the EPA Human Health Risk Assessment process. It examines the relationship between the dose of a hazardous substance and the health effects it causes.

A method of risk assessment that starts with specific observations and inductively arrives at a general conclusion.

A method of risk assessment that starts with general premises and deductively arrives at a specific conclusion.

A tangible cost is a quantifiable expense that is directly incurred, while an intangible cost is harder to quantify and often arises later.

The reduction or elimination of negative effects on an organization from risks.

A theory suggesting that people unconsciously adjust their behavior to maintain their desired level of risk.

Analyzes the causes of a system failure by working backward from the top-level event.

A technique for evaluating the role of human error in product quality degradation.

A simulation method using random sampling to analyze complex models with uncertainty.

Events that have no impact on each other's likelihood of occurrence.

Events that cannot happen at the same time.

A metric used to assess the effectiveness of a safety program by dividing the total cost of benefits by the total cost of the program. It is typically considered good if the ratio is above 1, indicating that the benefits outweigh the costs.

A measure of the insurer's profitability, calculated by dividing the total losses incurred by the insurer by the premium earned after adjusting for experience modifications.

Positive or negative consequences delivered soon after an action are most effective in influencing behavior.

The insurance purchased by an insurance company to protect itself from catastrophic losses that exceed its financial capacity. It acts as a safety net for extreme risks.

A structured process involving a group of individuals who work together to identify, analyze, and address critical behaviors that might contribute to accidents or incidents. It involves gathering data, training observers, and implementing barrier removal strategies.

The reliability of a system consisting of components connected in series is calculated by multiplying the reliabilities of each individual component.

The probability of an event occurring is inversely proportional to the average time between failures. This means that a higher failure rate leads to a lower reliability.

A statistical technique used to determine if a sample's observed results are significantly different from what is expected.

Rejecting a true hypothesis is a Type I error, while accepting a false hypothesis is a Type II error.

A method for assessing the reliability of a system by analyzing the potential failure modes and their consequences.

A systematic approach to understanding the potential risks associated with an activity or system.

A technique for identifying and analyzing potential failures in a system, especially those related to human error.

A method for formally documenting and analyzing safety changes made to a product or system throughout its lifecycle.

A systematic approach to understanding the possible consequences of events by visualizing different possible outcomes and responses.

A technique used to evaluate the effectiveness of control measures by systematically adding them to a