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ASQ Risk Management Credential
Risk - Correct Answer-Defined in ISO 31000 as the effect of uncertainty
on objectives. Also defined as the potential social, economic, or personal
loss caused by an adversarial event.
Risk Event - Correct answer-An event that will lead to harmful
consequences.
Hazard - Correct Answer-Potential source of harm.
Consequence - Correct answer-The outcome of an event.
Risk Management - Correct Answer-Defined in ISO 31000 as the
identification, analysis, evaluation, and prioritization of product or service
risks, followed by a coordinated application of resources to minimize,
monitor, and control the probability or impact of risks or to maximize
opportunities created by risk. The fundamental purpose of risk
management is to reduce possible risks to acceptable levels before they
occur.
Risk Likelihood - Correct answer-The estimated probability that a risk will
become an actual outcome or event. Determined by looking at
probability, frequency, and occurrence.
Occurrence - Correct answer-The happening of a risk event.
Probability - Correct answer-A value between 0 and 1 that is used to
quantify the chance of a risk event.
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ASQ Risk Management Credential
Risk - Correct Answer-Defined in ISO 31000 as the effect of uncertainty
on objectives. Also defined as the potential social, economic, or personal
loss caused by an adversarial event.
Risk Event - Correct answer-An event that will lead to harmful
consequences.
Hazard - Correct Answer-Potential source of harm.
Consequence - Correct answer-The outcome of an event.
Risk Management - Correct Answer-Defined in ISO 31000 as the
identification, analysis, evaluation, and prioritization of product or service
risks, followed by a coordinated application of resources to minimize,
monitor, and control the probability or impact of risks or to maximize
opportunities created by risk. The fundamental purpose of risk
management is to reduce possible risks to acceptable levels before they
occur.
Risk Likelihood - Correct answer-The estimated probability that a risk will
become an actual outcome or event. Determined by looking at
probability, frequency, and occurrence.
Occurrence - Correct answer-The happening of a risk event.
Probability - Correct answer-A value between 0 and 1 that is used to
quantify the chance of a risk event.
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