Risks

Question 1

Risks

Answer 1

A possible event that can cause harm, loss, or make it more difficult to achieve objectives.

Question 2

What parts is important in regard to customer & supplier contribution to the reduction of risk?

Answer 2

1. Define the requirements of the service and clarify the required outcomes.
2. Clearly communicate any constraints and the critical success factors.
3. Consumers must ensure providers have access to the necessary resources.

Question 3

What are the four different ways you can handle risk?

Answer 3

Avoid it, Accept it, Transfer it or Mitigate it.

Question 4

What is risk avoidance?

Answer 4

Removing the risk from the service.

Question 5

When do you choose risk acceptance?

Answer 5

Risk acceptance is used when the risk or cost is considered low.

Question 6

What is risk transfer?

Answer 6

Its when you tace action to insure yourself against the risk. Or move it to another party that takes the risk.

Question 7

What is risk mitigation?

Answer 7

Its when you actively do things to counter the risks or create processes that reduce the possibility of risk happening.