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Description
Flashcards by alison_patey0437, updated more than 1 year ago
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Created by alison_patey0437
over 11 years ago
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| Question | Answer |
| Please define Risk Management | Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events |
| What is the Risk Management Strategy process? | (I-A-M) I: Identification A: Analysis M: Monitoring/Control |
| What does I-A-M dtand for in terms of risk processes? | I: Identification A: Analysis M: Management and control |
| What does PRAM stand for in terms of risk management? | Project and Risk Analysis Management The PRAM Guide states a number of common hard and soft benefits of Risk Management |
| What is the difference between a Risk and a Hazard? | Hazard: something with the potential to cause harm Risk: is the likelihood of potential harm from that hazard being realised. |
| What are the insurance implications from risks? | Risks of physical loss or damage occuring is covered by an insurance policy. BUT... Roisks relating to contractural performance are usually secured either by conditional gurantees or unconditional on-demand payment bonds. |
| What is meant by a Mutual insurance company | Insrurance company formed by a roup of professional for themselves the characteristics are..... 1. not to make a profit 2. elected members will do the supervision role 3. long term basis (so members know the premium) |
| What is risk management and give an example of what you would do to manage risk? | risk management is identifying, monitoring and limiting risks. in businesses - risk managment entails organised activity to manage uncertainty and threats/opportunities + involves people following procedures + using tools in order to ensure conformance with risk managment policies. 1. Identify: risk (prepare checklist of important risks linked with clients priorities for the project time/cost/quality) 2. Analyse: risks (interims or freq/ sverity of impact/ critical delay analysis) 3. respond: transfer/acceptance/ avoidance/ insurance/ do nothing |
| What is the risk management process for STARR and what deos it stand for? | S: Sharing - e.g. advance weather condition. contractor will get EOT but no cost - not the clients/contractors fault T: Transfer - e.g. use insurances A: Avoidance - removing cause of risks e.g. if there is incomplete design - try to complete it. R: Reduction - impact hould be reduced e.g. buy materials early to avoid price escalation R: Retention - e.g. use contingency amount if risks matrerialise |
| How does a risk register help to record 1. type of risk 2. liklihood of risk 3. Risk priority 4. Actions 5. Contingency | 1. type of risk = who raised it and how it coulkd affect your business 2. liklihood of risk occuring and its potential impact 3. Risk priprity = based on its affect on the business 4. actions taken to prevent the risk from happening 5. contingency actions taken in case it does eventuate |
| AS a QS how do you contribute to the identification of risk in a project | we assist by cosidering both pre and post contract senarios. we check how each risk elements affect client objectives of quality, cost, time and H&S |
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