BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Major-cause total failure of seven or more parts of the project?
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Moderate-will hold up or increase costs in one or more areas?
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Minor-will cause inconvenience and completely set the project back financially or in time?
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None of the above
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Detailed explanation-1: -When determining the risk of an event or activity it can be classed as major, moderate or minor – which of the following statements correctly describes the classification? Major-cause total failure of seven or more parts of the project. Moderate-will hold up or increase costs in one or more areas.
Detailed explanation-2: -Identifying risks is the process of determining which risks may affect a project and documenting their characteristics. The process is an iterative one, as the team will need to perform it several times throughout a project’s life cycle. Upon identifying risks, you will need to input them into a risk register.
Detailed explanation-3: -19. During which risk management process is a determination to transfer a risk made? Transference is a Risk Response Strategy.
Detailed explanation-4: -Essentially, the goal of risk management is to identify potential problems before they occur and have a plan for addressing them. Risk management looks at internal and external risks that could negatively impact an organization.