Hazop process steps Study guides, Class notes & Summaries

A risk map showing a large difference between inherent and residual risk indicates which one of the following? A. The risk is within the organization's risk appetite B. The current risk treatment is ineffective C. The current risk treatment is effective D. The risk does not need to be treated - Answer C Lucas, a risk professional for Jones Incorporated, recently met with experts from the utility industry to discuss the potential loss of supply and risks to the infrastructure. Lucas must ...

ARM 401 Final Exam 2024 Questions & Answers | 100% Correct | Verified Brenda is the new risk manager at Telecom Company. She did a preliminary analysis to identify organizational risks. Brenda then scheduled a meeting of the organization's leaders, key employees, and other stakeholders. Brenda asked her assistant, Brian, to moderate the session since he is skilled in risk identification, and he is a skilled communicator as well. Brian encouraged brainstorming, and asked follow-up question...

A. Strategic risk B. Financial risk C. Operational risk D. Hazard risk - correct answer--B Risk maps differ from other risk assessment tools and techniques in which one of the following ways? A. Risk maps dissect processes within the organization from input to output for the purpose of improving them. B. Risk maps identify, prioritize, and quantify risks in a two-dimensional pictorial that illustrates frequency and severity on vertical and horizontal axes. C. Risk maps have the potentia...

ARM 401 Exam 2024 Questions & Answers | 100% Correct | Verified A risk map showing a large difference between inherent and residual risk indicates which one of the following? A. The risk is within the organization's risk appetite B. The current risk treatment is ineffective C. The current risk treatment is effective D. The risk does not need to be treated - C Lucas, a risk professional for Jones Incorporated, recently met with experts from the utility industry to discuss the potential ...

ARM 401 Exam Practice Rated 100% Correct 2023 A risk map showing a large difference between inherent and residual risk indicates which one of the following? A. The risk is within the organization's risk appetite B. The current risk treatment is ineffective C. The current risk treatment is effective D. The risk does not need to be treated C Lucas, a risk professional for Jones Incorporated, recently met with experts from the utility industry to discuss the potential loss of supply and r...

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...

Brenda is the new risk manager at Telecom Company. She did a preliminary analysis to identify organizational risks. Brenda then scheduled a meeting of the organization's leaders, key employees, and other stakeholders. Brenda asked her assistant, Brian, to moderate the session since he is skilled in risk identification, and he is a skilled communicator as well. Brian encouraged brainstorming, and asked follow-up questions. After the session, Brenda and her risk management colleagues had a mu...

ARM 401 Exam Practice Rated 100% Correct 2023 A risk map showing a large difference between inherent and residual risk indicates which one of the following? A. The risk is within the organization's risk appetite B. The current risk treatment is ineffective C. The current risk treatment is effective D. The risk does not need to be treated C Lucas, a risk professional for Jones Incorporated, recently met with experts from the utility industry to discuss the potential loss of supply and r...

HAZOP Process Steps - correct 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) - correct 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 c...

ARM 401 Exam Practice Rated 100% Correct 2023 A risk map showing a large difference between inherent and residual risk indicates which one of the following? A. The risk is within the organization's risk appetite B. The current risk treatment is ineffective C. The current risk treatment is effective D. The risk does not need to be treated C Lucas, a risk professional for Jones Incorporated, recently met with experts from the utility industry to discuss the potential loss of supply and r...