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Risk Management Principles Quiz

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Questions and Answers

What is the definition of risk according to ISO 31000?

Impact of unfortunate events

Effect of uncertainty on objectives (correct)

Uncertainty in international markets

Probability of unfortunate events

What are the two types of events in risk management?

Negative events and positive events (correct)

International events and local events

Political events and natural events

Market events and legal events

What is the primary goal of risk management?

Economical application of resources

Identification and evaluation of risks

Minimize, monitor, and control the probability or impact of unfortunate events (correct)

Maximize the realization of opportunities

What are some sources of risks mentioned in the text?

Political instability, natural causes, deliberate attack from an adversary Signup and view all the answers

How are risk management standards developed?

By various institutions including the Project Management Institute Signup and view all the answers

What is a hazard?

Anything that has the potential to cause harm Signup and view all the answers

What are the risks associated with hazards in a bedroom?

The harm that could occur as a result and the probability/likelihood of this occurring Signup and view all the answers

Why do we do risk assessments?

To recognise and control risks, create awareness, and set standards based on safe practices and legal requirements Signup and view all the answers

What is the primary purpose of reducing incidents and protecting students, volunteers, and staff?

To reduce legal costs/penalties and staff downtime through illness or injury Signup and view all the answers

Risk Management Principles Quiz

Choose a study mode

Podcast

Questions and Answers

What is the definition of risk according to ISO 31000?

What are the two types of events in risk management?

What is the primary goal of risk management?

What are some sources of risks mentioned in the text?

How are risk management standards developed?

What is a hazard?

What are the risks associated with hazards in a bedroom?

Why do we do risk assessments?

What is the primary purpose of reducing incidents and protecting students, volunteers, and staff?

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