Risk Management Module Quiz 1

The purpose of this short quiz is to build on the material discussed in the core module. The
questions have been designed for the participant to examine the initial concepts of risk
management introduced in the PowerPoint presentation along with concepts that further reading
is expected to be conducted. Furthermore, an additional extra work section is included to help
ones learning in risk management identification tools

i)

Explain the definition of risk. In your explanation, please identify the types of risks.

ii)

What are the 5 classifications of risk? Please provide an example with each
classification.

iii)

Identify the key benefits towards implementing risk management, highlighting what
can be mitigated if risk management is employed.

iv)

List and describe the key processes of risk management.

v)

A common practise during identifying risks within projects is to highlight the root of
the risk, for example, a risk of reducing customer satisfaction was identified and the
source of this risk was linked to staff illness. Using real life examples, provide the
reasoning behind finding additional information about a risk and demonstrate why this
is a beneficial practise in risk management.

EXTRA WORK: The core module does not cover in detail the al tools used to identify risks. As
extra work and for your own understanding, select 3 tools and expand on the processes used
when implementing these tools within real life projects. Where possible, try and provide
references of projects that have used these tools and highlight the pros and cons behind the
method used.

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