Risk Management Flashcards
1
Q
What does risk management do?
A
Identifies, assesses and controls threats to an organisation/project
2
Q
What does an R&D team stand for? What do they do in relation to risk management?
A
Research and Development team
Consider risks associated with design, prototyping and manufacture
3
Q
What does applying QA and QC methods do in risk management?
A
Help reduce/eliminate risks to product quality
4
Q
What are examples of tools used to anticipate risks in scheduling?
A
Gantt charts and CPA (Critical Path Analysis)
5
Q
What are some examples of risks to resources?
A
Insufficient staff
Limited storage space
Shortages of raw materials/components
6
Q
What are contingency costs?
A
Money set aside in a project to cover potential unforseen costs
