Risk Management Flashcards
1
Q
Risks are _____
A
inevitable
2
Q
Determining the slack in the schedule is a part of:
A
Risk management
3
Q
What is an ICE?
A
Independent Cost estimate:
used to verify cost risks
4
Q
List some risk sources:
A
- complexity
- organization (people) complexity
- poor margins/reserves
- poor scheduling
- Bad cost estimations
- limited engineering analysis
- poor process engineering
5
Q
An ISO-Curve shows the relationship between:
A
Risk probability, severity of consequences
6
Q
High risk: what can we do?
A
Mission jeopardy, nothing?
7
Q
Medium risk: what can we do?
A
review regularly and take action
8
Q
Low Risk: what can we do?
A
watch, review, and record
9
Q
We can assess risks using ____ or _____.
A
Iso curve
5x5 Risk matrix
10
Q
What is FTA?
A
Fault Tree Analysis:
Used to explore an undesired event and its effects
11
Q
FTA Steps: (fault tree analysis)
A
- Define event to study
- Understand the system
- Construct fault tree
- Evalutate tree
- Control Hazards
12
Q
Event Tree Analysis:
A
Provides probability breakdown of undesirable shit happening.
