Risk Management: Understanding Risk Matrix
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Questions and Answers

What is the difference between safety and security?

  • Safety is a broader concept, including security
  • Safety and security are interchangeable terms
  • Safety is freedom from danger, while security is the measures to prevent danger (correct)
  • Safety is measures to prevent danger, while security is freedom from danger

What is an accident, according to the text?

  • An occurrence resulting in minor or major damage
  • An occurrence resulting in no injury or damage
  • An occurrence resulting in fatal or serious injury or major damage (correct)
  • An occurrence resulting in minor injury or damage

What is an incident, according to the text?

  • An occurrence resulting in moderate injury or damage
  • An occurrence resulting in fatal or serious injury or major damage
  • An occurrence resulting in minor injury or minor damage (correct)
  • An occurrence resulting in no injury or damage

What is the definition of hazard?

<p>The potential to cause harm or damage (D)</p> Signup and view all the answers

What is the definition of risk?

<p>The chance of harm occurring multiplied by the severity of harm (D)</p> Signup and view all the answers

Who is accountable for managing a particular risk?

<p>Risk owner (D)</p> Signup and view all the answers

What is the difference between risk and uncertainty?

<p>Risk has known probability, while uncertainty does not (D)</p> Signup and view all the answers

What is ignorance, according to the text?

<p>The lack of knowledge about future events (A)</p> Signup and view all the answers

What level of uncertainty has a known probability of occurrence of future events?

<p>Risk (C)</p> Signup and view all the answers

What is certainty, according to the text?

<p>Knowing exactly what will occur in the future (A)</p> Signup and view all the answers

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