Risk Flashcards

1
Q

What is meant by the term Risk Reduction?

A

Reduce impact or exposure of the risk

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2
Q

What is meant by the term Risk Retention

A

Risk is too small to work about

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3
Q

What is meant by the term Risk Avoidance?

A

Abandon project as the threat is too great

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4
Q

What is meant by the term Risk Transfer?

A

Transfer the risk to any other third party or insurance company

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5
Q

What are the two categories in Risk Management?

A

Risk Assessment and Risk Control

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6
Q

What are the stages in Risk Assessment?

A

Identification
Analysis
Prioritisation

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7
Q

What are the stages in Risk Control?

A

Management Planning
Risk Resolution
Monitoring

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8
Q

What should you focus on when prioritising?

A

The top 20% of risks

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9
Q

What is the equation for working out exposure?

A

Exposure = Probability * Impact

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10
Q

What is the definition of Risk?

A

A threat of negative outcomes or a failure to meet project aims

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11
Q

What is meant by the term Risk-Seeking?

A

You value each extra dollar more than the last

You want to make more than the expected amount

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12
Q

What is meant by the term Risk-Averse?

A

You value each additional dollar less than the last

You want what you need and any extra is a bonus

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