ASQ RISK MANAGEMENT CREDENTIAL EXAM QUESTIONS WITH VERIFIED ANSWERS

ASQ RISK MANAGEMENT
CREDENTIAL EXAM QUESTIONS WITH
VERIFIED ANSWERS
Risk - ANSWERS- v5 v5


Defined in ISO 31000 as the effect of uncertainty on objectives. Also defined as th
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e potential social, economical, or personal loss caused by an adversarial event.
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Risk Event - ANSWERS-An event that will lead to harmful consequences.
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Hazard - ANSWERS-Potential source of harm.
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Consequence - ANSWERS-The outcome of an event. v5 v5 v5 v5 v5 v5




Risk Management - ANSWERS-
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Defined in ISO 31000 as the identification, analysis, evaluation, and prioritization of
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product or service risks, followed by a coordinated application of resources to mini
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mize, monitor, and control the probability or impact of risks or to maximize opportu
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nities created by risk. The fundamental purpose of risk management is to reduce p
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ossible risks to acceptable levels before they occur.
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Risk Likelihood - ANSWERS-
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The estimated probability that a risk will become an actual outcome or event. Deter
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mined by looking at probability, frequency, and occurrence.
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Occurrence - ANSWERS-The happening of a risk event. v5 v5 v5 v5 v5 v5 v5




Probability - ANSWERS- v5 v5


A value between 0 and 1 that is used to quantify the chance of a risk event.
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Rate - ANSWERS- v5 v5


A measure of frequency of risk events with respect to the population events.
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Risk Control - ANSWERS-
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The decision making used to reduce the identified risk to an acceptable level and/o
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r accept the risk.
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Quality Risk - ANSWERS- v5 v5 v5


The effect of uncertainty on quality objectives. For example, the effect of process v
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ariation that leads to a critical part being out of tolerance could lead to a catastrop
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hic failure of an overall product—that's quality risk.
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ISO 9001 - ANSWERS-
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International standard specifying the requirements for a quality management syste
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m; it focuses on risks associated within organizational contexts and objectives. EX:
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