Risk Assessment and Management Flashcards
6 cards from real CPHR 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 Assessment and Management flashcards as text
What is the first step in the risk management process?
Answer: Risk identification — recognizing potential threats and opportunities
Risk identification is the foundation of risk management, involving systematic recognition of potential threats and opportunities.
How is risk typically measured?
Answer: By the probability of occurrence multiplied by the potential impact
Risk is commonly quantified as probability times impact, helping prioritize which risks need the most attention.
What is risk mitigation?
Answer: Taking actions to reduce the probability or impact of identified risks
Risk mitigation involves implementing strategies to reduce either the likelihood of a risk occurring or its potential impact.
What is the purpose of a risk register?
Answer: To document identified risks, their analysis, and planned responses
A risk register is a living document that captures all identified risks, their assessment, ownership, and response strategies.
When should risk assessment be performed during a project?
Answer: Throughout the entire project lifecycle, not just at the beginning
Risk assessment should be ongoing throughout the project as new risks can emerge at any stage and existing risks can change.
What is the difference between risk avoidance and risk acceptance?
Answer: Avoidance eliminates the risk entirely; acceptance acknowledges it without active response
Risk avoidance changes plans to eliminate the risk, while risk acceptance consciously decides to proceed despite the risk.