Risk Assessment and Mitigation Flashcards
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Read the first 7 Risk Assessment and Mitigation flashcards as text
A 'scenario-based' risk assessment differs from a 'component-based' assessment in that it:
Answer: Evaluates sequences of events leading to an undesired outcome
Scenario-based assessment examines complete accident sequences including initiating events, barriers, and consequences rather than isolated component failures.
The 'risk tolerance' of an organization is best described as:
Answer: The level and type of risk the organization is willing to accept in pursuit of its objectives
Risk tolerance defines the boundaries within which an organization is prepared to operate, reflecting its values, objectives, and stakeholder expectations.
In a Layer of Protection Analysis (LOPA), each Independent Protection Layer (IPL) must be:
Answer: Independent, auditable, capable, and reliable
For a safeguard to qualify as an IPL in LOPA, it must be independent of the initiating event and other IPLs, auditable, capable of preventing the consequence, and sufficiently reliable.
Which failure mode classification in FMEA indicates that the failure is detectable before causing a system-level effect?
Answer: Detected or compensated
A failure mode classified as detected or compensated indicates that existing provisions alert the operator or automatically compensate before a system-level consequence occurs.
Monte Carlo simulation is used in quantitative risk assessment to:
Answer: Propagate uncertainty through a model to obtain a probability distribution of outcomes
Monte Carlo simulation randomly samples input distributions many times to produce a probability distribution of the output, accounting for parameter uncertainty.
A 'risk appetite' statement at the executive level primarily serves to:
Answer: Communicate the amount and type of risk leadership is willing to accept to achieve strategic goals
A risk appetite statement provides organizational guidance on acceptable risk levels, aligning risk-taking with strategic objectives and stakeholder expectations.
In event tree analysis (ETA), branch probabilities for each node must:
Answer: Sum to 1.0 across all branches at each node
At each node in an event tree, the probabilities of all possible outcomes (branches) must sum to 1.0 because they represent mutually exclusive and collectively exhaustive possibilities.