Risk Management

Question 1

4 Categories of Event Likelihood (PORI)

Answer 1

• probable
• occasional
• remote
• improbable

Question 2

4 Categories of Event Severity (CCMN)

Answer 2

• catastrophic
• critical
• marginal
• negligable

Question 3

4 Principles of Risk Management (AMAI)

Answer 3

• accept no unnecessary risk
• make risk decisions at the appropriate level
• accept risk when benefits outweigh the costs
• integrate risk management into planning at all levels

Question 4

5 Ps of SRM (PPPPP)

Answer 4

• plan
• plane
• pilot
• passengers
• programming

Question 5

6 Steps in Risk Management Process (IAAMIS)

Answer 5

• identify the hazard
• assess the risk
• analyze the risk control measures
• make control decisions
• implement the risk controls
• supervise and review

Question 6

Steps in Decision Making Process (DCI)

Answer 6

• define the problem
• choose course of action
• implement decision and evaluate outcome