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Exam (elaborations)

RISK MANAGEMENT EXAM QUESTIONS WITH CORRECT ANSWERS RATED A+

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RISK MANAGEMENT EXAM QUESTIONS WITH CORRECT ANSWERS RATED A+

Institution
PMT 0170 Risk Management
Course
PMT 0170 Risk Management









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Institution
PMT 0170 Risk Management
Course
PMT 0170 Risk Management

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Uploaded on
November 5, 2025
Number of pages
6
Written in
2025/2026
Type
Exam (elaborations)
Contains
Questions & answers

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  • risk management exam questions with correct answer

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RISK MANAGEMENT EXAM QUESTIONS WITH
CORRECT ANSWERS RATED A+
DefineXtheXtermX"RiskXmanagement"X-
XCORRECTXANSWERSRiskXmanagementXisXaXlogicalXprocessXofXweighingXtheXpotentialXcostsXofXrisks


XagainstXtheXpossibleXbenefitsXofXallowingXthoseXrisksXtoXstandXuncontrolled.XItXisXaXdecisionXmakin


gXprocessXdesignedXtoXidentifyXhazardsXsystematically,XassessXtheXdegreeXofXrisk,XandXdetermineXth
eXbestXcourseXofXactionX.



WhatXfourXbasicXprinciplesXofXriskXmanagementXareXusefulXwhenXtryingXtoXdetermineXwhatXconstit
utesXanX"acceptable"XlevelXofXrisk?X-XCORRECTXANSWERSa.XAcceptXnoXunnecessaryXriskX-
XUnnecessaryXriskXisXthatXwhichXcarriesXnoXcommensurateXreturnXinXtermsXofXbenefitsXorXopportun


ities



b.XMakeXriskXdecisionsXatXtheXappropriateXlevelX-XTheXdecision-
makerXmustXbeXauthorizedXtoXacceptXlevelsXofXriskXtypicalXofXtheXplannedXoperation



c.XAcceptXriskXwhenXbenefitsXoutweighXtheXcostsX-
XAllXidentifiedXbenefitsXshouldXbeXcomparedXagainstXallXidentifiedXcosts




IntegrateXriskXmanagementXintoXplanningXatXallXlevelsX-
XRisksXareXmoreXeasilyXassessedXandXmanagedXinXtheXplanningXstagesXofXanXoperation




WhatXisXtheXriskXmanagementXprocess?X-
XCORRECTXANSWERSRiskXmanagementXisXaXsimpleXprocessXwhichXidentifiesXoperationalXhazardsXa


ndXtakesXreasonableXmeasuresXtoXreduceXriskXtoXpersonnel,Xequipment,XandXtheXmission.



ExplainXtheXsixXstepsXinvolvedXinXriskXmanagementXprocessX-
XCORRECTXANSWERSIdentifyXtheXhazardX-


XExperience,XcommonXsense,XandXspecificXanalyticalXtoolsXhelpXidentifyXrisks.

, AssesXtheXriskX-
XDetermineXtheXprobabilityXandXseverityXofXanXaccidentXthatXcouldXresultXfromXexposureXtoXtheXha


zards



AnalyzeXriskXcontrolXmeasuresX-
XInvestigateXspecificXstrategiesXandXtoolsXthatXreduce,Xmitigate,XorXeliminateXtheXrisk




MakeXcontrolXdecisionsX-XTheXdecision-
makerXmustXchooseXtheXbestXcontrolXorXcombinationXofXcontrols,XbasedXonXtheXanalysisXinXstepsXaX
andXb.



ImplementXriskXcontrolsX-
XAXplanXforXapplyingXtheXselectedXcontrolsXmustXbeXformulated,XandXtheXtime,Xmaterials,XandXpers


onnelXneededXtoXputXtheseXmeasuresXinXplaceXmustXbeXprovided.



SuperviseXandXreviewX-
XOnceXcontrolsXareXinXplace,XtheXprocessXmustXbeXreevaluatedXperiodicallyXtoXensureXtheirXeffectiv


eness



HowXwillXyouXimplementXtheXriskXmanagementXprocess?X-
XCORRECTXANSWERSApplyXtheXstepsXinXsequenceX-


XEachXstepXisXaXbuildingXblockXforXtheXnext,XandXmustXbeXcompletedXbeforeXproceedingXtoXtheXnext




MaintainXaXbalanceXinXtheXprocessX-
XAllXstepsXareXimportant;XallocateXtimeXandXresourcesXtoXperformXallXofXthem




ApplyXtheXprocessXinXaXcycleX-
XTheX"superviseXandXreview"XstepXshouldXincludeXaXbrandXnewXlookXatXtheXoperationXbeingXanalyz


edXtoXseeXwhetherXnewXhazardsXcanXbeXidentified.
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