Quiz – Risk Assessment Basics

Question 1 of 5

1. Question

How does ISO 31000:2018 define risk, according to the capsule?

The effect of uncertainty on objectives

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The probability that something will go wrong

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The financial cost of an unexpected event

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The gap between planned and actual results

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Question 2 of 5

2. Question

Which two variables form the foundation of the risk assessment described in the capsule?

Probability and impact

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Cost and time

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Frequency and severity of past events

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Urgency and importance

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Question 3 of 5

3. Question

In the product launch example, both supplier delay and budget overrun receive what risk score?

Twelve

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Ten

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Eight

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Fifteen

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Question 4 of 5

4. Question

According to the capsule’s acceptability thresholds, which risks require active mitigation?

Risks scoring above eight

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Risks scoring below four

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Only risks scoring above twenty

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All risks regardless of score

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Question 5 of 5

5. Question

Which cognitive bias does the capsule warn against letting freeze your thinking?

Anchoring bias, where the first estimate locks your judgment

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Confirmation bias, where you seek supporting data only

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Survivorship bias, where you ignore failed cases

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Sunk cost bias, where you overvalue past spending

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