Risk Management | My Assignment Tutor

Risk Management Class Test The class test covers everything that has been covered in the module so far – as listed below. It includes a number of fairly short, multiple choice type questions. There are also one or two slightly longer, essay type questions. The test is worth a total of 60 marks. The number of marks for each question is shown on the screen. The test will be conducted on Moodle in the Assessments section of the Risk Management module. It is an ‘open book’ type test – you will be able to access the material on Moodle. You may also use software such as Excel to make any statistical calculations. These are the instructions that appear on the first page of the test. Please read these instructions carefully. You have 65 minutes to complete the test. The time remaining should be displayed on the left of your screen. At the end of the 65 minutes, the test will end automatically with everything you have done until then, saved and submitted. You only have one attempt at the class test. Once you have pressed the “Submit All and Finish” button, you will not be able to go back and review your answers. There are a variety of question types – multiple choice, essay answers etc. Please check the question type carefully. In particular, please check what type of answer is required. Multiple choice questions may have only one or several possible answers. The question will say whether one or more answers are expected. Risk Management: Summary of Course Content Introduction to Risk and Uncertainty Introduction, definitions – risk, risk management Risk, threats, (dangers & hazards) and opportunities Knowledge and uncertainty – nature of, sources of, different types (routine events to black swans), predictability and unpredictability Individual risk attitude (risk averse etc.) and collective behaviour (risk culture) Decision making under uncertainty. Control and chance. Risk management – history, development, current. Current state of RM – limitations, critiques etc Case studies of risk management challenges Practice of Risk Management Strategy, framework & principles, standards, policies, ISO 31000. Purpose of, benefits of RM Architecture, roles & responsibilities. Risk capacity and appetite. Risk assessments: Identification (methods – prompt lists, check lists etc) Likelihood & impact – estimation, evaluation Response & control – the 4 ‘T’s, (treat, transfer etc.) Risk registers, content, graphical representation. Various Tools and Techniques: Qualitative: Brainstorming, Delphi etc; interviews, questionnaires; (fault trees, decision trees etc.) Quantitative: Statistics, probability, distributions, Monte Carlo Simulation Applications and Business of RM Applications – finance, health & safety, project, enterprise Summary, comparison of applications

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