Please help with Risk Management no text book available or needed for this assignment. RISK MANAGEMENTLearner Full Names:Surname:Only fill in...ITBFDR
Please help with Risk Management no text book available or needed for this assignment. RISK MANAGEMENT,correct printing margins please
Only fill in your answers in the provided columns on the right hand side of the page. Question 1: Multiple Choice - Only write the BEST CORRECT corresponding answer in the space provided for “Your Answers”. (i.e. either a, b, c, or d ) Nr: Statement or question: Mark Your Answers 1.1 In risk management, uncertainties may include: 2 a Events which may or may not happen b Uncertainties caused by a lack of information c Uncertainties caused by ambiguity d All of the above 1.2 The unexpected variability or volatility of returns is known as: 2 a Information security risk b Financial risk c Human relationship risks d Marketing risk 1.3 The characteristics of a Level 3 uncertainty (total uncertainty) are: 2 a Outcomes are not fully identified and probabilities are unknown b Outcomes can be predicted with precision c Outcomes are identified and probabilities are known d Outcomes are identified but probabilities are unknown 1.4 Having appropriate risk management processes in place is a function of: 2 a The Board b Employees c Management d Directors Student Number: - 3 Question 1: Multiple Choice - Only write the BEST CORRECT corresponding answer in the space provided for “Your Answers”. (i.e. either a, b, c, or d) CONTINUED: Nr: Statement or question: Mark Your Answers 1.5 An example of a risk management plan is: 2 a House insurance b SWOT analysis c Project failures d None of the above 1.6 A benefit of risk management is: 2 a Effective use of resources b Ability to quickly grasp new opportunities c Contingency planning d All of the above 1.7 One of the key activities in the Risk Management Process is: 2 a Resource controls b Staff meetings c Cost allocation d Budgeting 1.8 The practice of taking measures to minimize loss is called: 2 a Risk avoidance b Risk assumption c Risk prevention d Risk transfer 1.9 The capture of information about the organization and its operations, 2 including the company’s aims and objectives, involves: a Compliance risk b Strategic risk c Operational risk d Security risk 1.10 A Risk Assessment form is used to: 2 a Show the severity of a risk b Indicate risk probabilities c Estimate the frequency of occurrence of a risk d Show the organisation’s vulnerabilities and the estimated cost of recovery in the event of damage. Total question 1 /20 Student Number: - 4 Question 2: Choose the CORRECT answer by selecting a or b. Nr: Statement or question: Nr: Your Answers A Work Breakdown Structure breaks larger tasks down into … 2.1 a. smaller tasks (activities) or 2.1 b. milestones Each item in the WBS is generally assigned a unique identifier; these identifiers 2.2 can provide a structure for a hierarchical summation of costs and … 2.2 a. time b. resources The following are examples of possible Threats and Opportunities in a business: 2.3 a. Quality; Staff; Management; Price b. Technology; Public expectations; Competitors and competitive actions The following are examples of possible Strengths and Weaknesses in a business: 2.4 a. Economic conditions; Expectations of stakeholders or 2.4 b. Resources ( financial, intellectual, location); Customer service; Efficiency FMEA is a method for analysing potential …. early in the development cycle. 2.5 a. reliability problems or 2.5 b. risk problems Risk can be defined in terms of frequency and severity: 2.6 … is how serious it will be if something happens. 2.6 a. Frequency or b. Severity A Hazard and Operability study that systematically analyses each part of a 2.7 system or activity is called ... 2.7 a. HAZOP or b. HAZOS Failure Modes and Effects Analysis is a method used 2.8 a. early in the development cycle or 2.8 b. at the end of the development cycle The following aspects should be covered in the risk review process: 2.9 a. Opinions of key external and internal stakeholders; Risk disclosure 2.9 exercise; or b. Resource controls; Planned reaction; Report and monitor performance Which of the following are risks associated with workplace skills: 2.10 a. Financial risk; Compliance; Reputation 2.10 b. Changing labour market conditions; changes in existing strategic partnerships Total question 2 /10 Initial: Student Number: - 5 Question 3: Carefully read each of the following statements and state whether they are true (T) or false (F): No Statement T/F 3.1 Two of the factors that make up risk are levels of risk and uncertainty. 3.2 Risk management is defined as a set of principles and processes that help minimise the negative impacts of risks and maximise the positive impacts. 3.3 One of the risks faced when developing new products is problems with employee acceptance. 3.4 A reactive project manager tries to resolve issues when they occur. 3.5 Risk spreading is when money is put aside to cover losses that might occur. 3.6 One method to reduce inter-group conflict is through arbitration. 3.7 Reputation is a risk associated with workplace skills. 3.8 In financial risk management, market risk is the investor’s risk of loss arising from a borrower who does not make payments as promised. 3.9 Injury or harm to customers due to negligence of the company may result in a public liability claim against the com-pany. 3.10 Compliance risk is the risk of direct or indirect losses arising from failed internal processes or systems. 3.11 An event that result in development of new infrastructure and demand management systems that cannot be man-aged after the event, is called environmental risk. 3.12 According to the 3x3 risk matrix, the severity of a risk with a high probability and medium impact is medium. 3.13 One of the problems that could be experienced with a risk matrix is that higher qualitative ratings can be assigned to quantitatively smaller risks by mistake. 3.14 One of the elements of the external environment that the SWOT analysis examines, is the human resource skills. 3.15 The HAZOP process is a means of solving problems rather than an identifying technique. 3.16 In PEST analysis, PEST is an acronym for Political, Economic, Sociological and Training factors. 3.17 To run an effective risk management program, one needs to be able to predict failure risk levels throughout the life of the asset. 3.18 Four ways to respond to risk include tolerate, treat, transfer and terminate. 3.19 One of the controls that can be put in place to mitigate risk, is additional information. 3.20 In an insurance context, pure risk refers to the uncertainty as to whether a voluntary undertaken activity will result in a gain or loss. Total question 3 /20 TOTAL: FORMATIVE 5 /50
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