Risk Management Flashcards
1
Q
What is a Monte Carlo simulation?
A
Computational risk analysis tool applied to uncertain situations, to predict outcomes based on x number of occurrences.
2
Q
What information is needed about a risk on a risk register?
A
Title.
Description.
Likelihood.
Impact.
Mitigations.
Ownership.
3
Q
What are risk response strategies?
A
Risk Avoidance
Risk Transfer
Mitigation.
Risk Acceptance.
4
Q
Management of Risk practice note, how does this play into the quantification of risk? What are the typical responses to risks?
A
Avoid
Reduce
Transfer
Share
Retain
