BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Risk = weakness-expectation-insurance
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Risk = uncertainty divided by preparation
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Risk = probability x impact
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None of the above
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Detailed explanation-1: -Risk Determination provides a quantitative risk value representing the systems exposure to a threat exploiting a particular vulnerability after current controls have been considered. This quantitative value is in the form of a Risk Score. A risk score basically follows the following formula: RISK= IMPACT x LIKELIHOOD.
Detailed explanation-2: -Risk is the combination of the probability of an event and its consequence. In general, this can be explained as: Risk = Likelihood × Impact.
Detailed explanation-3: -For businesses, technology risk is governed by one equation: Risk = Likelihood x Impact. This means that the total amount of risk exposure is the probability of an unfortunate event occurring, multiplied by the potential impact or damage incurred by the event.
Detailed explanation-4: -For example, you could use a scale of 1 to 10. Assign a score of 1 when a risk is extremely unlikely to occur, and use a score of 10 when the risk is extremely likely to occur. Estimate the impact on the project if the risk occurs. Again, do this for each and every risk on your list.