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level: module 1

Questions and Answers List

level questions: module 1

QuestionAnswer
What is risk made up of?Likelihood/consequence and probability
Risk management is...a mandated process in most countries in the world.
Why should you manage risks?Commercial reasons Personal reasons Environmental reasons
What are the commercial reasons to manage risk?Statutory and legal requirements; Market and revenue management; Cost management ; Protection of reputation ; Business improvement (profitability)
What are the environmental reasons to manage risk?Statutory and legal compliance; Enhancement of reputation;
What are the social reasons to manage risk?• Statutory and legal compliance; • Achieve “Employer of choice” status; • Health & safety management; • Community liveability enhancement;
In what situations will you have to manage risks?Personal Business Organisations Government Organisations
What are the personal reasons to manage risk?• Statutory and legal obligations as a professional”; • Financial management; • Reputation and career advancement;
Why would business organisations have to manage risks?• Statutory and legal requirements; • Market assessment and revenue projections; • Reputation and business credibility requirements;
Why would government organisations have to manage risks?• Statutory and legal requirements; • Budget control; • Political direction and support; • Reputation and stakeholder support;
Who is likely to participate in risk management?As an employee (planner, designer, auditor, etc) As a manager (responsible for safety of employees, for a project, etc) As a business owner (responsible for statutory and legal compliance, commercial success, etc)
What aspects of project management are qualitative risk analyses used?All aspects - planning, design, construction, maintenance, operations, etc
Where are you likely to participate in risk management in the delivery of capital works ?Planning stage (pre-feasibility study, etc) Delivery stage (detailed design and procurement, construction, etc)
Where are you likely to participate in risk management in the operational stage of projects?Planning stage (revenue forecasts, operation cost estimates) Operations stage (emergency management, operations management)
Give examples of human risksPoor judgement, error, illness, death, injury or loss of a key individual/
Give examples of operational risksDisruption to supplies and operations, loss of access to essential assets, or failures in distribution.
Give examples of reputational risksLoss of customer of employee confidence, or damage to market reputation.
Give examples of procedural risks.Failures of accountability, internal systems, or controls or from fraud.
Give examples of project risks.Going over budget, taking too long on key tasks, or experiencing issues with product or service quality.
Give examples of financial risks.Business failure, stock market fluctuations, interest rate changes or non-availability of funding.
Give examples of technical risks.Advances in technology, or from technical failure.
Give examples of natural risks.Weather, natural disasters or disease.
Give examples of political risks.Changes in tax, public opinion, government policy, or foreign influence.
Give examples of structural risks.Dangerous chemicals, poor lighting, falling boxes, or any situation where staff, products, or technology can be harmed.