Arm 401 exam stuvia Study guides, Class notes & Summaries

HAZOP Process Steps - Answer 1. Divide project/system into small components 2. Review components to identify risk 3. Identify cause and potential outcomes of risks 4. Develop solutions to risks 5. Ensure solutions work and reevaluate SWOT analysis (strengths, weaknesses, opportunities, threats) - Answer A SWOT analysis is useful when there is a specific goal, such as determining whether engaging in a new product or project is feasible. It's less useful for analyzing current processes and...

strategic risk - Answer uncertainties associated with the organizations long term goals and management decisions operational risk - Answer uncertainties associated with the organizations procedures, systems, and policies financial risk - Answer uncertainties associated with the organizations financial activities facilitated workshops - Answer a neutral party, who has no stake int he outcome or participation responsibilities, administers the risk workshop and propels the group to achieve...