ASEP Risk and Opportunity Management 2

Question 1

In the context of systems engineering risk management, what does 'risk exposure' quantify?

Accepted Answer

The expected value of a risk calculated as probability multiplied by consequence

Answer

Risk exposure (or expected value) quantifies risk by multiplying the probability of occurrence by the magnitude of the consequence, prioritizing risks for mitigation.

Question 2

What is the difference between risk mitigation and risk acceptance as response strategies?

Accepted Answer

Mitigation takes active steps to reduce probability or impact; acceptance acknowledges the risk without taking action to reduce it

Answer

Risk mitigation actively reduces probability and/or impact through specific actions, while risk acceptance acknowledges the risk and proceeds without additional action.

Question 3

What role does a Risk Breakdown Structure (RBS) play in systems engineering risk management?

Accepted Answer

It categorizes and organizes identified risks by source or type to ensure comprehensive risk identification

Answer

An RBS organizes risks hierarchically by source category (technical, programmatic, external), ensuring systematic and comprehensive risk identification.

Question 4

When should risk management activities begin in the systems engineering lifecycle?

Accepted Answer

At the earliest stages of concept development and continue throughout the entire lifecycle

Answer

Risk management should begin during concept development when major decisions are being made and continue throughout all lifecycle phases as risks evolve.

Question 5

What is the purpose of a risk watch list in systems engineering?

Accepted Answer

To track lower-priority risks that do not currently require active mitigation but may escalate

Answer

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.

ASEP - Associate Systems Engineering Professional Practice Test

ASEP - Associate Systems Engineering Professional Practice Test

ASEP Risk and Opportunity Management 2