CRE Risk Assessment and Mitigation 2

Question 1

In a risk matrix, a hazard rated 'Catastrophic' severity and 'Remote' probability is typically classified as:

Accepted Answer

Medium risk requiring ALARP review

Answer

Catastrophic severity combined with remote probability typically falls in a medium or ALARP zone requiring further review before acceptance.

Question 2

The primary purpose of a Fault Hazard Analysis (FHA) is to:

Accepted Answer

Identify hazardous conditions resulting from system or component failures

Answer

FHA systematically identifies hazardous conditions that arise when system elements fail, forming the basis for further safety analysis.

Question 3

Which risk mitigation strategy involves transferring financial consequences of a risk to a third party?

Accepted Answer

Risk transfer

Answer

Risk transfer shifts the financial burden of a risk event to another party, such as through insurance or contractual agreements.

Question 4

A Preliminary Hazard Analysis (PHA) is best performed:

Accepted Answer

During early concept or design phases

Answer

PHA is conducted early in the system life cycle to identify hazards before design decisions become costly to change.

Question 5

In quantitative risk assessment, 'risk' is most precisely defined as:

Accepted Answer

The product of probability and consequence severity

Answer

Quantitative risk is formally defined as the product of failure probability and the magnitude of the resulting consequences.

(CRE) Certified Reliability Engineer Practice Test