Types of Risk & Creating Contingency Plans


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How is mathematics applied to risk analysis?

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1. A risk matrix is an illustrated graph that combines which two factors to calculate the risk rating?

2. When a project is planned, variances are expected. What is the risk associated with variances?

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About This Quiz & Worksheet

You'll be assessed on different kinds of contingency plans for mitigating risk with the quiz and worksheet. Information you should focus on includes the risk with variances and the steps in a risk contingency plan.

Quiz & Worksheet Goals

These assessments can be used to test what you know about:

  • Components included in a risk matrix
  • Definition of a contingency risk
  • Examples of a risk
  • Steps in a contingency plan
  • Risks with variances

Skills Practiced

  • Defining key concepts - ensure that you can accurately define main phrases, such as contingency risk
  • Information recall - access the knowledge you've gained regarding the components included in a risk matrix
  • Knowledge application - use your knowledge to answer a question about examples of a risk

Additional Learning

You can use the lesson titled Types of Risk & Creating Contingency Plans to learn even more about contingency plans for risk management. Objectives you will be able to accomplish after reading this lesson include:

  • Explore what a risk is and what a risk matrix is designed to do
  • Recall an example of how risk is measured
  • Review the difference between a variance risk and a contingency risk
  • Identify how unknowns affect measuring risks
  • Know how to carry out a risk contingency plan