5 Questions
What are the two components of a risk?
likelihood of occurrence and undesirable consequences
How does the severity of a consequence relate to the corresponding objective?
It is in terms of the degree of loss of satisfaction of the corresponding objective
Provide an example of a risk in a train control system and its impact on an objective.
The risk of passengers manually forcing train door opening may negatively impact on the objective of keeping doors closed while the train is moving
What is an example of a risk in a library system and its impact on an objective?
The risk of book copies being lost or stolen may negatively impact on the objective of regular availability of book copies
In a meeting scheduling system, what risk may negatively impact the objective of scheduling convenient meeting dates?
The risk of participants not checking their e-mail regularly and missing e-mail requests for constraints
Study Notes
Risk Components
- A risk consists of two components: likelihood and consequence
Consequence Severity and Objectives
- The severity of a consequence relates directly to the corresponding objective, with more severe consequences having a greater impact on the objective
Risk Example: Train Control System
- Risk: Failure of a train control system to accurately detect and respond to track obstacles
- Impact on objective: Increased risk of train accidents and delays, negatively impacting the objective of ensuring safe and efficient transportation
Risk Example: Library System
- Risk: Inadequate backup and recovery procedures for library catalog systems
- Impact on objective: Loss of access to library resources, negatively impacting the objective of providing patrons with reliable access to information
Risk Example: Meeting Scheduling System
- Risk: Insufficient data validation and error checking in meeting scheduling software
- Impact on objective: Inconvenient meeting dates and times, negatively impacting the objective of scheduling convenient meeting dates
Test your knowledge of risk types and their likelihood of occurrence with this quiz. Learn about the consequences and severity associated with different types of risks, including those related to train control systems.
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