Intro To Risk Management - Chapter One Quiz

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  • 1/5 Questions

    Risk is just about security

    • True
    • False
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About This Quiz

With the increase of risks facing business, it is very important for us to ensure that we come up with ways to avoid or minimize their impact. In chapter one, we got to understand the basics of risk management. Take up the quiz below and see if you were attentive during class before we start on chapter 2.

Intro To Risk Management - Chapter One Quiz - Quiz

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  • 2. 

    Please select the correct definition of Risk

    • The chance of something happening which will impact on the cost of the programme. It is measured in terms of probability and possibility.

    • The chance of something happening that will have an impact on objectives. It is measured in terms of consequences and likelihood.

    • The level of risk that will have an impact on objectives. It is measured in terms of Intent and Capability.

    • The level at which nothing happens that will have no impact on objectives. It is measured in terms of High to Low.

    Correct Answer
    A. The chance of something happening that will have an impact on objectives. It is measured in terms of consequences and likelihood.
    Explanation
    The correct definition of risk is the chance of something happening that will have an impact on objectives. It is measured in terms of consequences and likelihood. This means that risk refers to the possibility of an event or situation occurring that could affect the achievement of goals or objectives. The consequences and likelihood of the risk are used to assess and evaluate the potential impact it may have.

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  • 3. 

    Choose two of the following options that best describes the types of Risk Management

    • Quantitative

    • Progressive

    • Qualitative

    • Evaluative

    • Consequential

    Correct Answer(s)
    A. Quantitative
    A. Qualitative
    Explanation
    The correct answer is Quantitative and Qualitative. Risk management involves assessing and managing risks to minimize potential negative impacts on an organization. Quantitative risk management involves using numerical data and statistical analysis to measure and evaluate risks. It focuses on assigning numerical values to risks, such as probabilities and potential financial losses. Qualitative risk management, on the other hand, involves a subjective assessment of risks based on expert judgment and experience. It focuses on understanding the nature and characteristics of risks, such as their potential impact on reputation or operational efficiency. Both quantitative and qualitative approaches are important in developing a comprehensive risk management strategy.

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  • 4. 

    Which of the United Nations Entities below are not part on the United Nations Country Team?

    • UNDP

    • UNESCO

    • World Bank

    • UNOPS

    • UNMISS

    Correct Answer
    A. UNMISS
    Explanation
    UNMISS is not part of the United Nations Country Team. The United Nations Country Team is composed of various UN entities that work together to support and coordinate activities in a specific country. UNMISS, on the other hand, is the United Nations Mission in South Sudan, which is a peacekeeping mission established by the UN Security Council. While UNMISS operates in a specific country, it is not part of the United Nations Country Team structure.

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  • 5. 

    Please select the correct definition of Risk Management?

    • The consequences, level and likelihood that are calculated towards the effective management of potential opportunities and adverse effects

    • The qualitative and quantitative processes and structures that are directed towards the effective management of potential risks and adverse consequences

    • The culture, processes and structures that are directed towards the effective management of potential opportunities and adverse effects.

    • The management of the effects of processes and finances that are directed towards the management of implementing partners and programmes to document adverse effects.

    Correct Answer
    A. The culture, processes and structures that are directed towards the effective management of potential opportunities and adverse effects.
    Explanation
    The correct definition of Risk Management is the culture, processes, and structures that are directed towards the effective management of potential opportunities and adverse effects. This definition highlights the importance of not only identifying and mitigating risks but also recognizing and capitalizing on potential opportunities. It emphasizes the need for a comprehensive approach that encompasses organizational culture, processes, and structures to effectively manage risks and their potential impacts.

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  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • May 15, 2013
    Quiz Created by
    RMU2013
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