Risk Management & Assessment Flashcards

Using a probability-impact matrix, which risk should generally receive the highest priority?

Answer: High probability, high impact

Risks that are both likely and severe produce the highest exposure and need attention first.

After a workplace incident is traced to an improperly followed procedure, which technique repeatedly asks 'why' to uncover the underlying cause?

Answer: 5 Whys

The 5 Whys technique drills down through successive causes to reach the root cause.

What is the primary purpose of a Monte Carlo simulation in training project risk analysis?

Answer: To model a range of possible outcomes using probability distributions

Monte Carlo runs many iterations with random inputs to estimate the likelihood of schedule or cost outcomes.

To verify that safety training actually changed how employees perform tasks on the job, evaluation should occur at which Kirkpatrick level?

Answer: Level 3 - Behavior

Level 3 measures whether learners apply what they learned in actual job behavior.

Recording virtual sessions and hosting content on a cloud LMS with backups primarily supports which goal?

Answer: Business continuity of training delivery

Redundant, accessible content lets training continue despite disruptions such as outages or closures.

Removing a high-injury outdoor team-building activity from a leadership program altogether is an example of which risk response?

Answer: Avoid

Changing the plan to eliminate the risk's source entirely is risk avoidance.

Acknowledging a low-priority risk and taking no action unless it actually occurs is known as:

Answer: Passive acceptance

Passive acceptance requires no advance action, unlike active acceptance, which sets aside contingency reserves.