COM Risk Assessment & Mitigation 3

Question 1

Which risk identification technique gathers expert opinions through iterative anonymous rounds to reach consensus?

Accepted Answer

Delphi technique

Answer

The Delphi technique uses structured rounds of anonymous expert questionnaires, with feedback shared between rounds until consensus emerges.

Question 2

A business continuity plan (BCP) is BEST described as:

Accepted Answer

A documented strategy to maintain critical functions during and after a disruption

Answer

A BCP outlines procedures and resources needed to keep essential operations running during crises such as natural disasters or system failures.

Question 3

The 'residual risk' in operations refers to:

Accepted Answer

Risk remaining after controls and mitigation measures have been applied

Answer

Residual risk is the level of risk that persists after all risk controls and mitigation actions have been implemented.

Question 4

In supply chain risk management, 'safety stock' is primarily used to mitigate which risk?

Accepted Answer

Demand variability and supply disruption risk

Answer

Safety stock acts as a buffer inventory to absorb unexpected demand spikes or supply delays, reducing stockout risk.

Question 5

Which of the following best describes a 'black swan' event in risk management?

Accepted Answer

A rare, unpredictable event with extreme consequences

Answer

Black swan events are characterized by their rarity, severe impact, and the fact that they appear obvious only in retrospect.

(COM) Certified Operations Manager Practice Test