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Risk & Quality Management Flashcards
| Front | Back |
| Define ISO standards | International standards that ensure quality, safety, and efficiency of products and services |
| Define process mapping | A visual representation of a process to identify areas for improvement |
| Define quality metrics | Measurable indicators used to assess the quality of processes or products |
| Define Six Sigma | A methodology aimed at reducing defects and improving quality through statistical analysis |
| Define SWOT analysis | A framework for identifying strengths, weaknesses, opportunities, and threats |
| Difference between quality assurance and quality control | Quality assurance focuses on preventing defects while quality control focuses on identifying defects |
| Difference between risk appetite and risk tolerance | Risk appetite is the amount of risk an organization is willing to accept whereas risk tolerance is the acceptable variation around objectives |
| Explain Pareto analysis | Using the 80/20 rule to identify the most significant factors in a dataset |
| Explain the difference between qualitative and quantitative risk analysis | Qualitative uses subjective measures while quantitative uses numerical data |
| How are quality metrics used in project management | They track the performance and effectiveness of project processes and outcomes |
| How does risk prioritization work | Ranking risks based on their potential impact and likelihood to focus efforts |
| What are the steps in risk assessment | Identifying, analyzing, and prioritizing risks based on their impact and likelihood |
| What is a balanced scorecard | A strategic planning tool that measures organizational performance across multiple perspectives |
| What is a contingency plan | A predefined action to be implemented in response to a risk event |
| What is a key performance indicator (KPI) | A measurable value that indicates how effectively objectives are being achieved |
| What is a risk register | A tool for documenting identified risks, their analysis, and mitigation strategies |
| What is benchmarking | Comparing processes and performance metrics to industry bests or standards |
| What is continuous improvement | A persistent effort to enhance products, services, or processes over time |
| What is FMEA | Failure Modes and Effects Analysis used to identify potential failure points and their impact |
| What is risk identification | Determining potential risks that could affect project objectives |
| What is risk mitigation | Implementing strategies to reduce or eliminate identified risks |
| What is root cause analysis | Identifying the fundamental cause of a problem to prevent recurrence |
| What is the DMAIC framework | Define, Measure, Analyze, Improve, Control used in Six Sigma for process improvement |
| What is the PDCA cycle | Plan-Do-Check-Act cycle for continuous improvement |
Front
How does risk prioritization work
Click the card to flip
Back
Ranking risks based on their potential impact and likelihood to focus efforts
Front
Difference between risk appetite and risk tolerance
Back
Risk appetite is the amount of risk an organization is willing to accept whereas risk tolerance is the acceptable variation around objectives
Front
Define Six Sigma
Back
A methodology aimed at reducing defects and improving quality through statistical analysis
Front
Explain Pareto analysis
Back
Using the 80/20 rule to identify the most significant factors in a dataset
Front
Define ISO standards
Back
International standards that ensure quality, safety, and efficiency of products and services
Front
What is a key performance indicator (KPI)
Back
A measurable value that indicates how effectively objectives are being achieved
Front
Define process mapping
Back
A visual representation of a process to identify areas for improvement
Front
What is the PDCA cycle
Back
Plan-Do-Check-Act cycle for continuous improvement
Front
Define quality metrics
Back
Measurable indicators used to assess the quality of processes or products
Front
Explain the difference between qualitative and quantitative risk analysis
Back
Qualitative uses subjective measures while quantitative uses numerical data
Front
Difference between quality assurance and quality control
Back
Quality assurance focuses on preventing defects while quality control focuses on identifying defects
Front
What is a balanced scorecard
Back
A strategic planning tool that measures organizational performance across multiple perspectives
Front
What is a contingency plan
Back
A predefined action to be implemented in response to a risk event
Front
What is FMEA
Back
Failure Modes and Effects Analysis used to identify potential failure points and their impact
Front
What is the DMAIC framework
Back
Define, Measure, Analyze, Improve, Control used in Six Sigma for process improvement
Front
What is a risk register
Back
A tool for documenting identified risks, their analysis, and mitigation strategies
Front
What is benchmarking
Back
Comparing processes and performance metrics to industry bests or standards
Front
What are the steps in risk assessment
Back
Identifying, analyzing, and prioritizing risks based on their impact and likelihood
Front
What is root cause analysis
Back
Identifying the fundamental cause of a problem to prevent recurrence
Front
Define SWOT analysis
Back
A framework for identifying strengths, weaknesses, opportunities, and threats
Front
What is risk mitigation
Back
Implementing strategies to reduce or eliminate identified risks
Front
What is risk identification
Back
Determining potential risks that could affect project objectives
Front
How are quality metrics used in project management
Back
They track the performance and effectiveness of project processes and outcomes
Front
What is continuous improvement
Back
A persistent effort to enhance products, services, or processes over time
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Covers identifying, assessing, and mitigating risks as well as establishing quality metrics and processes for continuous improvement.