Unit 17 T Level Engineering Quiz: Risk Management 4

What is the primary purpose of risk management in a project?

• Increase profitability

• Identify, assess and control threats

• Enhance employee satisfaction

• Avoid communication breakdowns

What is one key function of research and development in risk management?

• Reducing marketing costs

• Eliminating customer feedback

• Identifying design and manufacturing risks

• Enhancing team communication

Why is quality assurance important in risk management?

• It ensures low production costs

• It guarantees stylish product design

• It reduces or eliminates risks to product quality

• It speeds up production

What tool is used to identify risks in project schedules?

• SWOT analysis

• Critical path analysis

• Product lifecycle chart

What is the role of documentation in risk management?

• To reduce staff training

• To follow international branding guidelines

• To prevent design errors and ensure clarity

• To track marketing strategies

How can a firm protect its reputation through risk management?

• By offering discounts

• By identifying and reducing reputational risks early

• By increasing production speed

• By using celebrity endorsements

What is the major risk when project requirements change?

• Higher staff turnover

• Customer dissatisfaction

• Project deliverables may no longer be fit for purpose

• Reduced supplier interest

Why is contingency time important in a project plan?

• It allows for coffee breaks

• It adds flexibility for delays or bottlenecks

• It increases overhead costs

• It reduces project transparency

What could happen if safety risks are not managed in a project?

• Better design clarity

• Reduced legal compliance

• Health risks and production disruption

• Enhanced morale

What is typically included in a project's budget to handle unforeseen problems?

• Annual sales projection

• Marketing costs

• Contingency costs

• Recruitment costs