RISK MANAGEMENT CHAPTER 1 Quiz NO 1.pptx

chapter 1 quiz number 1

1. Quiz Good Luck and Happy Learning!!!!

2. True or False. Write the word TRUE if the statement is correct and FALSE if it’s wrong. 1. Risk management is solely the responsibility of the top management.

3. 2. Risk management involves identifying, assessing, and prioritizing risks.

4. 3. The goal of risk management is to completely eliminate all risks.

5. 4. Risk transfer is one method of managing risk.

6. 5. A risk management plan should be static and not change over time.

7. 6. Risk appetite refers to the amount of risk an organization is willing to accept.

8. 7. Only negative outcomes are considered in risk management.

9. 8. The first step in risk management is to evaluate the risk.

10. 9. Risk mitigation strategies aim to reduce the likelihood or impact of a risk.

11. 10. Compliance with regulations and standards is not related to risk management.

12. 11. Risk avoidance means taking steps to remove a risk entirely.

13. 12. Contingency planning is an essential part of risk management.

14. 13. A high-risk probability always means a high impact.

15. 14. Risk management is only applicable to financial risks.

16. 15. The risk management process is iterative and ongoing.

17. MULTIPLE CHOICE 1. What is the primary goal of risk management? A) Eliminate all risks B) Minimize financial losses C) Identify, assess, and prioritize risks D) Avoid taking any risks

18. 2. Which of the following is NOT a common risk response strategy? A) Avoidance B) Transference C) Mitigation D) Ignorance

19. 3. What is the first step in the risk management process? A) Risk assessment B) Risk identification C) Risk monitoring D) Risk response planning

20. 4. Which type of risk is associated with unexpected natural disasters? A) Market risk B) Operational risk C) Environmental risk D) Credit risk

21. 5. What is risk transference? A) Reducing the impact of a risk B) Sharing the risk with another party C) Accepting the risk as it is D) Avoiding the risk entirely

22. 6. Which of the following best describes residual risk? A) The risk that remains after all mitigation efforts B) The initial risk identified C) The risk that has been transferred to a third party D) The risk that is completely eliminated

23. 7. What is the purpose of a risk management plan? A) To eliminate all risks in a project B) To identify potential risks and outline responses C) To predict future market trends D) To ensure compliance with legal requirements

24. 8. Which of the following tools is commonly used for risk identification? A) SWOT Analysis B) Monte Carlo Simulation C) PERT Chart D) Gantt Chart

25. 9. What is a risk appetite? A) The total amount of risk an organization is willing to accept B) The likelihood of a risk occurring C) The potential impact of a risk D) The number of risks identified

26. 10. Which term describes the practice of continuously monitoring risks throughout a project? A) Risk planning B) Risk assessment C) Risk tracking D) Risk closing

27. THANK YOU!!!!