Bishop 3.2 - Risk Identification and Analysis

Question 1

Steps in risk analysis

Answer 1

Understand the corporate and project risk context, Identify hazards and risk, estimate the liliehood or frequency if risk occuring, value the consequence of a risk occuring,

Question 2

Risk indentify questions

Answer 2

What can happen that could affect th eproject

Question 3

Risk indentify questions

Answer 3

What can happen that could affect the project, when and where cold it occur, how and why could it occur

Question 4

What is Hazard

Answer 4

An event or situation or state that may give rise to a risk

Question 5

What is a risk

Answer 5

The chance of something happening that will
have an impact an organisation or person’s ability to
achieve business or personal objectives.

Question 6

What is a control measure?

Answer 6

Control Measure: An action taken to reduce the
frequency and/or the severity of a risk.

Question 7

The consequence of a risk actually occurring can be quantified in

Answer 7

commercial terms (loss of $ value, replacement value),
environmental terms(such as contamination of a wetlands),
social terms (loss of amenity).