Using Probability Charts for Risk Reduction

Instructions:

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question 1 of 3

A risk/probability matrix measures:

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1. Stewart owns a company that manufactures typewriters. The danger that computers will replace typewriters almost entirely could be classified on a risk/probability matrix as:

2. The primary purpose of a risk/probability matrix is to:

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About This Quiz & Worksheet

This worksheet/quiz will assess what you know about using probability charts for risk reduction. Questions will cover key subjects like what a risk/probability matrix measures and the classification for the danger of a product being replaced.

Quiz & Worksheet Goals

Consider these topics before taking the quiz:

  • Main goal of a risk/probability matrix
  • Type of analysis for collecting probability matrix data
  • Balance within a risk/probability matrix

Skills Practiced

  • Reading comprehension - make sure you know the most important information from the lesson on using probability charts for risk reduction
  • Knowledge application - use your knowledge to answer questions about the purpose of a probability matrix and the balance that's achieved by creating one
  • Information recall - access the knowledge you've gained regarding an example of an event with risk

Additional Learning

To learn more about the charts and how they're used, you can read the lesson named Using Probability Charts for Risk Reduction. Here are some of the key topics you'll be covering:

  • Strategic decision-making through risk management
  • Basic structure of a risk/probability matrix
  • Use of risk/probability matrix by leaders of organizations
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