Use the failure probability and consequence scores shown in the table to determine the overall risk factor for the project. Based on your analysis, the overall project has a:
A) low risk.
B) medium risk.
C) high risk.
D) unacceptable risk.

Question

Use the failure probability and consequence scores shown in the table to determine the overall risk factor for the project. Based on your analysis, the overall project has a: 
A) low risk. 
B) medium risk. 
C) high risk. 
D) unacceptable risk.

Quizplus · Accepted Answer

To determine the overall risk factor, we must first calculate the risk score for each failure mode. We do this by multiplying the probability and consequence scores together. 
For example, for failure mode F1, the risk score would be (0.3 x 5) = 1.5. 
We do this for all failure modes and then add up the risk scores to get the overall project risk score, which in this case is 12.5. 
According to the provided risk matrix, a score between 10 and 50 indicates a high risk. Therefore, the overall project has a high risk.

Use the Failure Probability and Consequence Scores Shown in the Table