Analogy Risk Management & Mitigation 5

Question 1

MONTE CARLO SIMULATION is to RISK PROBABILITY as WEATHER MODEL is to:

Accepted Answer

Storm likelihood

Answer

A Monte Carlo simulation uses repeated random sampling to estimate risk probability, just as a weather model runs simulations to estimate the likelihood of a storm.

Question 2

HEAT MAP is to RISK VISUALIZATION as PIE CHART is to:

Accepted Answer

Proportional data

Answer

A heat map visually represents risk levels across two dimensions, just as a pie chart visually represents proportional data across categories.

Question 3

FORCE MAJEURE is to CONTRACTUAL RISK as ACT OF GOD CLAUSE is to:

Accepted Answer

Insurance coverage

Answer

Force majeure clauses address contractual risk from unforeseeable events, just as act-of-god clauses in insurance address coverage exclusions for natural disasters.

Question 4

NEAR MISS is to INCIDENT REPORTING as DRESS REHEARSAL is to:

Accepted Answer

Live performance

Answer

A near miss is a close call that is reported to prevent future incidents, just as a dress rehearsal simulates conditions before the actual live performance.

Question 5

RISK INTERDEPENDENCY is to COMPOUND RISK as DOMINO is to:

Accepted Answer

Chain reaction

Answer

Risk interdependency occurs when one risk triggers another, creating compound effects, just as a falling domino creates a chain reaction through connected pieces.

Analogy Practice Test

Analogy Practice Test

Analogy Risk Management & Mitigation 5