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Create an infographic depicting various risk assessment methods such as Bow-Tie, FMEA, and LOPA, with visual elements representing hazards, risks, and safety measures in a dynamic and informative style.

Mastering Risk Assessment: Gauge Your Knowledge

Test your understanding of risk assessment methodologies with our engaging quiz designed for professionals and enthusiasts alike. Dive into core concepts, best practices, and historical incidents that shape the field of risk management.

26 challenging questions
Explore Bow-Tie, FMEA, LOPA and more
Assess your knowledge and improve your skills

26 Questions6 MinutesCreated by AnalyzingEagle547

Bow-Tie helps the decision makers visualize, understand and communicate risk to stakeholders on a complicated scale.

False

True

When defining the risk criteria and risk scoring system to be used, stakeholders should ignore the level of detail desired, and data and resources available

False

True

It is not essential that an organization carefully select and/or develop its own risk criteria to reflect its values, goals, industry setting, and overall culture

False

True

LOPA is used qualitatively to review layers of protection between a hazard and a consequence, or semi-quantitatively to prioritize processes for further analysis.

True

Fales

The purpose of ……………. Is to determine if current barriers are sufficient to achieve an acceptable risk level, and if not, what additional barriers are required

LOPA

FMEA

BOW TIE

HAZOP

Risk criteria should include a …

Risk scoring system

Risk factors

Defined scales of risk levels

A risk matrix for an organisation to measure risk

Risk assessment models and their matrices may be classified as ………

All the answers

Qualitative

Quantitative

Semi-quantitative

Several other risk factors can be added to further define risk such as ……

Exposure or frequency of exposure

Vulnerability

Failure detectability

Control reliability

�………… is the process of comparing estimated risk levels with an established baseline

Risk Evaluation

Risk Identification

Risk Analysis

Risk Treatment

�……………. Method provides a big picture view of a hazard scenario and its relationships between hazards and causes, barriers to prevent occurrence, and mitigating controls to reduce the impact should an event occur

BOW TIE

FMEA

LOPA

HAZOP

Risk criteria are not reference points against which the significance of risk are evaluated and measured.

True

False

FMEA uses a spreadsheet with columns to analyze individual process functions, potential failures, causes, effects of failure, and controls.

True

False

A quantitative risk assessment attempts to measure the risk by relating the probability of the risk occurring to the possible severity of the outcome and then giving the risk a numerical value.

False

True

Titanic disaster led to an investigation that transformed the ship building industry and almost created the risk analysis industry overnight.

True

False

The purpose of the risk assessment matrix is to provide “a method to categorize combinations of probability of occurrence and severity of harm, thus establishing risk levels.”

False

True

Risk are the potential of a substance, activity or process to cause harm. Hazards take many forms including, for example, chemicals, electricity and the use of a ladder.

False

True

�…. Are the state or condition where a system fails to perform as expected or deviates from its design tolerances resulting in a potential for harm or a hazardous event.

Failure modes

Break down

Out of service

Deviation

Hazard identification cannot be used as a stand-alone technique or as an initial step in more detailed risk assessment methodologies

False

True

�…….. Are the components of risk derived from an identified hazard that are estimated and measured to produce a risk score

Risk element

Risk factors

Risk data

Risk information

The most common hazard-based analysis technique used in operational risk management is the .....

Layer of Protection Analysis

Job Hazard Analysis

Hazard Operability Study

Failure Mode and Effect Analysis

If hazards, the source of risk, are not recognized and identified, risks cannot be assessed, reduced and managed

True

False

Risk should be evaluated for the worst conceivable case rather than worst credible risk

False

True

Risk analysis is the ………………. Of the risk assessment process

Second step

Third step

First step

Fourth step

Mastering Risk Assessment: Gauge Your Knowledge

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