Risk Management & Quality Assurance Flashcards
7 cards from real CSC practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Risk Management & Quality Assurance flashcards as text
A senior consultant is helping a client select a risk quantification approach. The client needs to rank risks but lacks reliable historical data. Which approach is BEST?
Answer: Qualitative risk assessment using probability-impact matrices
Qualitative assessment using probability-impact matrices is appropriate when historical data is insufficient for quantitative modeling.
In quality assurance, a 'control chart' showing data points consistently near the upper control limit but within bounds indicates:
Answer: A potential trend suggesting the process may soon go out of control
Consistent data clustering near a control limit often signals a trend or shift in the process that warrants investigation before a breach occurs.
What distinguishes a 'residual risk' from a 'secondary risk' in project risk management?
Answer: Residual risks remain after a response is applied; secondary risks arise as a direct result of implementing a risk response
Residual risk is what remains after mitigation; secondary risk is a new risk created by the act of implementing the mitigation itself.
A consulting team conducts a 'lessons learned' session after a project with significant quality failures. Which outcome delivers the MOST long-term value?
Answer: Updating the firm's quality management templates and checklists for future engagements
Embedding lessons into reusable templates institutionalizes learning and prevents recurrence across future engagements.
Which risk attitude describes a stakeholder who prefers a certain, smaller gain over a larger uncertain gain?
Answer: Risk-averse
A risk-averse stakeholder values certainty and will sacrifice potential upside to avoid uncertainty.
A senior consultant is evaluating a supplier's quality system. Which ISO standard is MOST directly relevant to assessing their quality management system?
Answer: ISO 9001
ISO 9001 is the internationally recognized standard for quality management systems applicable to supplier evaluation.
During risk response planning, a consultant recommends purchasing insurance for a major project liability. This is an example of which risk strategy?
Answer: Transfer
Purchasing insurance transfers the financial consequence of a risk to a third party (the insurer).