Analogy Risk Management & Mitigation 2 — Questions and Answers
Question 1: FIREWALL is to NETWORK as LEVEE is to:
- Flood (Correct answer)
- River
- Dam
- Storm
Correct answer: Flood
A firewall protects a network from intrusions just as a levee protects land from flood damage.
Question 2: INSURANCE is to FINANCIAL LOSS as SUNSCREEN is to:
- Sunburn (Correct answer)
- Beach
- Summer
- Heat
Correct answer: Sunburn
Insurance mitigates financial loss just as sunscreen mitigates sunburn from UV exposure.
Question 3: RISK TRANSFER is to INSURANCE POLICY as RISK AVOIDANCE is to:
- Canceling a project (Correct answer)
- Buying more coverage
- Hiring a consultant
- Updating a plan
Correct answer: Canceling a project
Risk transfer shifts risk to another party via insurance, while risk avoidance eliminates the risk entirely by canceling the activity.
Question 4: CONTINGENCY PLAN is to UNEXPECTED EVENT as RECIPE is to:
- Cooking a meal (Correct answer)
- Buying groceries
- Setting a table
- Eating out
Correct answer: Cooking a meal
A contingency plan guides action when an unexpected event occurs, just as a recipe guides the process of cooking a meal.
Question 5: PROBABILITY is to LIKELIHOOD as IMPACT is to:
- Consequence (Correct answer)
- Frequency
- Cause
- Trigger
Correct answer: Consequence
Probability refers to how likely a risk is to occur, while impact refers to the consequence or severity if it does occur.
Question 6: RISK REGISTER is to PROJECT MANAGER as MEDICAL CHART is to:
- Doctor (Correct answer)
- Patient
- Hospital
- Nurse
Correct answer: Doctor
A risk register is the primary tool a project manager uses to track risks, just as a medical chart is the primary record a doctor uses to track a patient's health.
Question 7: INHERENT RISK is to RESIDUAL RISK as GROSS WEIGHT is to:
- Net weight (Correct answer)
- Total weight
- Shipping weight
- Package weight
Correct answer: Net weight
Inherent risk is the total risk before controls are applied, and residual risk is what remains after controls, just as gross weight minus tare equals net weight.
Analogy Risk Management & Mitigation 2
FIREWALL is to NETWORK as LEVEE is to: