A Risk Consequence Table Is a Tool That Can Be

question 15

Multiple Choice

A risk consequence table is a tool that can be used to:

• A) list the consequences that would follow in the event of a risk occurring.
• B) rank the severity of consequences based on their impact in the event of a risk occurring.
• C) rank the severity of consequences based on their impact and duration in the event of a risk occurring.
• D) determine the likelihood of exposure to a risk.
• E) determine the frequency of exposure to a risk.

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Definitions:

Waiting Line

Refers to the process where customers or items wait in line for service or processing, commonly studied to improve efficiency in operations management.

Negative Exponential Distribution

A continuous probability distribution concerning time between events in a Poisson point process, representing the likelihood of wait times or life spans.

Service Time

The amount of time taken to complete a service for a customer, from initiation to completion.

Waiting Lines

Queues that form when the demand for a service exceeds the provider's capacity, analyzed to improve service efficiency and customer satisfaction.