What do you understand by risk management? What are the different principles of risk management? Think you can pass this practice quiz. There are different threats that people face when it comes to their property, and if they occur, it can lead to someone suffering a loss. To guide you through this there are different insurance covers. Take this quiz below and find out how much you know about risk identification, control, and management. Let's get started.
Uncertainty when looking to the future.
Clarity in future decisions.
Uncertainty when looking at the past.
Certainly of not suffering harm or loss.
Political Risk
Technology Risk
Environmental Risk
Functional Risk
Sunshine
A Hurricane
McDonalds
A baby being born
On the project
In the Project
On top of the project
Beside the project
Minimizes threats, maximize opportunities, and optimizes the achievement of project objectives.
Reduce the number of threats that materialize into problems and minimize the effects of those that do occur.
Failing to manage risk will result in more problems, higher benefits and a higher chance of project success.
Results in more opportunities being captured proactively and turned into positive benefits for the project.
Major - cause total failure of seven or more parts of the project.
Moderate - will hold up or increase costs in one or more areas.
Minor - will cause inconvenience and completely set the project back financially or in time.
REPT
PERT
PET
PRET
Avoid, Transfer, Accept, Mitigate
Accept, Mitigate, Evade, Transfer
Evade, Receive, Transfer, Avoid
Mitigate, Avoid, Evade, Transfer
Contingency plan
Emergency plan
Back-up plan
Incident plan
Cost
Quality
Effort
Wait!
Here's an interesting quiz for you.