RAM Risk Management & Mitigation 2

Question 1

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

Accepted Answer

Risk transfer

Answer

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

Question 2

In RAM analysis, what does the term 'risk priority number' (RPN) represent in an FMEA?

Accepted Answer

The product of severity, occurrence, and detectability ratings

Answer

RPN is calculated by multiplying the severity, occurrence, and detectability ratings to prioritize failure modes in FMEA.

Question 3

A system has a probability of failure of 0.02 per mission. What is the reliability for that mission?

Accepted Answer

0.98

Answer

Reliability equals 1 minus the probability of failure, so R = 1 - 0.02 = 0.98.

Question 4

Which approach to risk mitigation focuses on eliminating the hazard entirely rather than controlling its effects?

Accepted Answer

Engineering controls — elimination

Answer

Elimination removes the hazard at the source and is the most effective level of the hierarchy of controls.

Question 5

In a risk matrix, what does increasing the 'consequence' axis represent for a plotted risk?

Accepted Answer

Greater impact severity if the risk occurs

Answer

The consequence axis in a risk matrix reflects the severity of impact should the risk event materialize.

(RAM) Reliability, Availability, and Maintainability Certified Professional Practice Test