Risk and Opportunity Management Flashcards
6 cards from real ASEP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Risk and Opportunity Management flashcards as text
In the context of systems engineering risk management, what does 'risk exposure' quantify?
Answer: The expected value of a risk calculated as probability multiplied by consequence
Risk exposure (or expected value) quantifies risk by multiplying the probability of occurrence by the magnitude of the consequence, prioritizing risks for mitigation.
What is the difference between risk mitigation and risk acceptance as response strategies?
Answer: Mitigation takes active steps to reduce probability or impact; acceptance acknowledges the risk without taking action to reduce it
Risk mitigation actively reduces probability and/or impact through specific actions, while risk acceptance acknowledges the risk and proceeds without additional action.
What role does a Risk Breakdown Structure (RBS) play in systems engineering risk management?
Answer: It categorizes and organizes identified risks by source or type to ensure comprehensive risk identification
An RBS organizes risks hierarchically by source category (technical, programmatic, external), ensuring systematic and comprehensive risk identification.
When should risk management activities begin in the systems engineering lifecycle?
Answer: At the earliest stages of concept development and continue throughout the entire lifecycle
Risk management should begin during concept development when major decisions are being made and continue throughout all lifecycle phases as risks evolve.
What is the purpose of a risk watch list in systems engineering?
Answer: To track lower-priority risks that do not currently require active mitigation but may escalate
A risk watch list tracks identified risks that are below the threshold for active mitigation but are monitored in case conditions change and they escalate in priority.
How does opportunity management complement risk management in systems engineering?
Answer: It identifies and pursues uncertain events that could have beneficial impacts on project objectives
Opportunity management identifies uncertain events with potentially positive impacts and develops strategies to increase their probability or enhance their beneficial effects.