Risk Management

Question 1

What is risk analysis?

Answer 1

A means to achieving a BETTER UNDERSTANDING of the risks identified and quantifying their effects in terms of probability and impact.

Question 2

How define Risk?

Answer 2

An uncertain event that will have an effect on achievement of the objectives if occurs, and measured in terms of probability and impact.

Question 3

What is risk management?

Answer 3

A process of identifying, assessing, and responding to risks through an approach by which risks are managed in a proactive manner

Question 4

What are the stages of Risk Management?

Answer 4

IARM

Question 5

Expand on the Identify, Assess, Respond, approach? (When)

Answer 5

Def Ea Imp Re Mit

Question 6

What is a Risk Event?

Answer 6

An event that can be predicted to some degree and MAKING A DECISION according to the probability of it occurring

Question 7

What is an uncertain or unforeseen event?

Answer 7

A RANDOM event that cannot be predicted

Question 8

Why is Risk Management needed in construction?

Answer 8

CompAllRed

Question 9

Examples of risk?

Answer 9

ExFiSiCDesCon

Question 10

What is Risk Allocation?

Answer 10

Allocation of risk to those best able to manage it, with financial allocation [transfer] achieved through the contract documents

Question 11

What are the benefits of risk management?

Answer 11

ConfContDecFac

Question 12

How can the impact of a risk be mitigated? (response)

Answer 12

AccMonRedTrAv

Effective management or risks that cannot be avoided must be allocated to party best able to manage it

Question 13

What is the format of a Risk Register?

Answer 13

DOPIRARS

Question 14

What role QS plays in risk management?

Answer 14

ContRelCerBid

Question 15

What methods of Risk Analysis? (probability)

Answer 15

SubDecSenMonEx

Question 16

Can risk be calculated?

Answer 16

yes, but not exactly, otherwise not a risk. Probability x cost. Most common experience: workshops, registers, professional judgement - cost and programme

Question 17

What is Monte Carlo simulation used for?

Answer 17

A probabilistic risk analysis to assess probability of achieving targets using random sampling of variables that change simultaneously and run by a programme 1000 times to avoid bias.

Question 18

What is Expected Monetary Value?

Answer 18

EMV is the probability x cost (ie the risk register), and used to establish the overall monetary value of risks, within the project.

Question 19

What happens during a risk workshop?

Answer 19

project team formed with a facilitator appointed who will brief the team about the scheme and purpose of the workshop beforehand.

Question 20

Risk for client working oversees projects?

Answer 20

CconLegFluCulUnd