Monte Carlo Simulation

Sensitivity Analysis

Fault Tree Analysis

All of the above

To eliminate all risks

To reduce risks to an acceptable level

To transfer risks to other parties

To avoid risks altogether

Risk Identification

Risk Assessment

Risk Mitigation

All of the above

Risk assessment is the process of identifying and evaluating risks, while risk management is the process of developing and implementing strategies to reduce those risks.

Risk assessment is the process of transferring risks to other parties, while risk management is the process of avoiding risks altogether.

Risk assessment is the process of eliminating risks, while risk management is the process of reducing risks to an acceptable level.

None of the above

Risk Avoidance

Risk Reduction

Risk Transfer

All of the above

To document and track risks

To prioritize risks

To develop and implement risk management strategies

All of the above

What-if Analysis

Failure Mode and Effects Analysis (FMEA)

Event Tree Analysis

All of the above

A risk is the potential for loss or harm, while a hazard is the source of that risk.

A risk is the probability of loss or harm, while a hazard is the severity of that loss or harm.

A risk is the impact of loss or harm, while a hazard is the likelihood of that loss or harm.

None of the above

Risk Matrix

Bow-Tie Diagram

Monte Carlo Simulation

All of the above

Uncertainty is a key factor in risk assessment and management, as it can affect the accuracy of risk estimates and the effectiveness of risk management strategies.

Uncertainty is not a significant factor in risk assessment and management, as it can be easily eliminated.

Uncertainty is only a factor in risk assessment, not risk management.

None of the above

ISO 31000

AS/NZS 4360

COSO ERM

All of the above

To define the organization's tolerance for risk

To communicate the organization's risk management strategy to stakeholders

To document the organization's risk assessment findings

All of the above

COSO ERM

ISO 31000

AS/NZS 4360

All of the above

Inherent risk is the risk before any risk management strategies are implemented, while residual risk is the risk that remains after risk management strategies have been implemented.

Inherent risk is the risk that is transferred to other parties, while residual risk is the risk that is retained by the organization.

Inherent risk is the risk that is avoided, while residual risk is the risk that is reduced.

None of the above

Risks should be managed proactively, rather than reactively.

Risks should be prioritized based on their likelihood and impact.

Risks should be communicated effectively to all stakeholders.

All of the above