FREE MSP Risk Management & Continual Improvement Questions and Answers

Question 1

What is the first step in the risk management process?

Accepted Answer

Risk identification

Answer

Risk acceptance

Answer

Risk mitigation

Answer

Risk escalation

Question 2

Which technique is commonly used to assess the likelihood and impact of risks?

Accepted Answer

Risk Matrix

Answer

Pareto Chart

Answer

SWOT Analysis

Answer

Ishikawa Diagram

Question 3

What does continual improvement aim to achieve?

Accepted Answer

Enhance performance and efficiency

Answer

Reduce product quality

Answer

Lower customer satisfaction

Answer

Avoid audits

Question 4

Which cycle is commonly used in continual improvement?

Accepted Answer

PDCA

Answer

DMAIC

Answer

PERT

Answer

RACI

Question 5

How are risks treated after identification?

Accepted Answer

Using a treatment plan to reduce risk

Answer

By ignoring them

Answer

Through corrective actions only

Answer

By delaying decisions

Question 6

What is a residual risk?

Accepted Answer

Remaining risks post-mitigation

Answer

Newly discovered risks

Answer

Zero risks after treatment

Answer

Ignored risks

Question 7

How does continual improvement benefit organizations?

Accepted Answer

It fosters growth and quality enhancement

Answer

It increases waste

Answer

It halts innovation

Answer

It delays reporting

Question 8

Who is responsible for managing risk in an organization?

Accepted Answer

Everyone in the organization

Answer

Only the risk department

Answer

Top management only

Answer

External auditors

Question 9

What should be done after a risk event occurs?

Accepted Answer

Conduct a post-event review

Answer

Ignore it

Answer

Wait for recurrence

Answer

Delete the record