Risk Management

Question 1

What is Risk?

Answer 1

The probability and possible severity of accident or loss from exposure to various hazards, including injury to people and loss of resources.

Question 2

Define Total Risk

Answer 2

The sum of identified and unidentified risks.

Question 3

Define Identified Risk

Answer 3

Risk that has been determined through various analysis techniques. The first task of system safety is to identify, within practical limitations, all possible risks.

Question 4

Define Unidentified Risk

Answer 4

Risk not yet identified. Some unidentified risks are subsequently identified when a mishap occurs. Some risk is never known.

Question 5

Define Unacceptable Risk

Answer 5

Risk that cannot be tolerated by the managing activity. It is a subset of identified risk that must be eliminated or controlled.

Question 6

Define Acceptable Risk

Answer 6

Acceptable risk is the part of identified risk that is allowed to persist without further engineering or management action. Making this decision is a difficult yet necessary responsibility of the managing activity. This decision is made with full knowledge that it is the user who is exposed to this risk.

Question 7

Define Residual Risk

Answer 7

Residual risk is the risk remaining after system safety efforts have been fully employed. It is not necessarily the same as acceptable risk. Residual risk is the sum of acceptable risk and unidentified risk. This is the total risk passed on to the user.

Question 8

What are the Four Fundamental Principles of Risk Management?

Answer 8

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 9

Define Risk Management

Answer 9

Risk management is a simple process which identifies operational hazards and takes reasonable measures to reduce risk to personnel,
equipment, and the mission.

Question 10

What are the steps of Risk Management?

Answer 10

Step 1: Identify the Hazard
Step 2: Assess the Risk
Step 3: Mitigate the Risk

Question 11

What “Checklists” are used to Identify Risk?

Answer 11

PAVE
IMSAFE
5P
3P

Question 12

What is the “P” in PAVE?

Answer 12

Pilot
The IMSAFE checklist combined with experience, currency, and physical, emotional condition, proficiency, recency, and currency helps provide the answer.

Question 13

What is the “A” in PAVE?

Answer 13

Aircraft
What limitations will the aircraft impose upon the trip?
Is it the right aircraft? Am I familiar? Is it equipped for the flight? Does this aircraft have sufficient fuel capacity, with reserves, for trip legs planned?

Question 14

What is the “V” in PAVE?

Answer 14

EnViornment
Weather, Airport, Airspace, Time of Day.
Ceiling, visibility, winds, thunderstorms, clouds, icing.
Is the pilot experienced and/or appropriately rated?

Question 15

What is the “E” in PAVE?

Answer 15

External Pressures
People/Passengers relying on the flight.
The desire to demonstrate pilot qualifications.
“Get-there-itis”
The pilot’s general goal-completion orientation.

Question 16

What is the “IMSAFE” checklist?

Answer 16

A checklist to assess personal fitness for flight.
Illness
Medication
Stress
Alcohol
Fatigue
Emotion/Eating

Question 17

What is the Risk Assessment Matrix?

Answer 17

A model for risk assessment. It assesses two items: the likelihood of an event occurring and the consequence of that event.

Question 18

What are the “Likelihood of an Event” guidelines for the Risk Assessment Matrix?

Answer 18

⦁ Probable—an event will occur several times.
⦁ Occasional—an event will probably occur sometime.
⦁ Remote—an event is unlikely to occur but is possible.
⦁ Improbable—an event is highly unlikely to occur.

Question 19

What are the “Severity of an Event” guidelines for the Risk Assessment Matrix?

Answer 19

⦁ Catastrophic—results in fatalities, total loss
⦁ Critical—severe injury, major damage
⦁ Marginal—minor injury, minor damage
⦁ Negligible—less than minor injury, less than minor system damage

Question 20

What are some ways to mitigate risk?

Answer 20

⦁ Drive.
⦁ Wait for the weather to improve to good visual flight rules (VFR) conditions.
⦁ Take a pilot who is rated as an IFR pilot.
⦁ Delay the flight.
⦁ Cancel the flight.

Question 21

What is the “5P” checklist?

Answer 21

Plan
Plane
Pilot
Passengers
Programing