Risk Management Quiz

Question 1 of 8

1. Question

All of the following are the strategies to deal with negative risks except:

Exploit
Acceptance
Avoidance
Transfer

Question 2 of 8

2. Question

You are shifting your plant to an earthquake-prone location. You get plant foundations designed to absorb the earthquake shocks. What risk strategy are you adopting?

Risk Mitigation
Risk Acceptance
Risk Avoidance
Risk Transfer

Question 3 of 8

3. Question

ISO 9001:2015 has introduced the concept of risk based thinking in quality management.

TRUE
FALSE

Question 4 of 8

4. Question

A risk where the probability of happening is very high and the severity of loss is high, which risk management tool is suggested to be used:

Acceptance
Transfer
Avoidance
Exploit

Question 5 of 8

5. Question

Which one of these is a response to positive risks?

Exploit
Mitigate
Share
Transfer

Question 6 of 8

6. Question

When should a risk be avoided?

Risks can never be avoided
When the risk event is has a very low probability of occurrence and high impact
When you can buy insurance policy
When the risk event is has a very high probability of occurrence and high impact

Question 7 of 8

7. Question

Which of these are the ways to transfer risk?

Insurance
Outsourcing
Avoiding
Adding more controls

Question 8 of 8

8. Question

You are shifting your plant to an earthquake prone location. You get this plant insured by an external party. What risk strategy are you adopting?

Risk Mitigation
Risk Acceptance
Risk Avoidance
Risk Transfer

Risk Management Quiz

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