Study Guide: Risk Management Flashcards
Three components of Risk Assessment
Identification
Analysis
Evaluation
A risk mitigation plan can be used to
Eliminate risk
Minimize risk
Accept the risk
Results of risk evaluation must be
Qualitative
Quantitative
or Both
Risk assessment consists of
Risk Identification
Analysis
Control
A risk assessment tool that is based on expert opinion is the
Delphi Method
One drawback of FMEA is that
Cannot identify combinations of failure modes
Two components of risk estimation are
Probability of Occurrence
Severity
Qualitative evaluation involves categories such as catastrophic, critical, major, minor, and negligible, which represent
Severity
Can be used to identify operability issues and potential hazards that may lead to unacceptable products, processes, or services
HAZAP
The purpose of risk control
Maintain risk at or below an acceptable level
A gap may exist when controlling risk if
There is no control in place
or
The control is insufficient
Risk reduction and risk acceptance are components of
Risk Control
