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Risk Management: Understanding Risk Matrix

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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?

The potential to cause harm or damage Signup and view all the answers

What is the definition of risk?

The chance of harm occurring multiplied by the severity of harm Signup and view all the answers

Who is accountable for managing a particular risk?

Risk owner Signup and view all the answers

What is the difference between risk and uncertainty?

Risk has known probability, while uncertainty does not Signup and view all the answers

What is ignorance, according to the text?

The lack of knowledge about future events Signup and view all the answers

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

Risk Signup and view all the answers

What is certainty, according to the text?

Knowing exactly what will occur in the future Signup and view all the answers