Exercise F1 - Part 1

Module F1 exercises these are technical comprehension exercises designed to test your
ability to pick reasoning and meaning out of a section of text. Some examples are code
paragraph extracts directly from API 580, whilst others are reformatted text blocks to express
things in a different way. Answer techniques take a variety of formats.

Grading method: Highest grade

Information

Information text

Exercise F1-1
Instructions:

Read the commentary and answer the questions that follow it.

Risk is something that we as individuals live with on a day-to-day basis. Knowingly or

unknowingly, people are constantly making decisions based on risk. Simple decisions such as
driving to work or walking across a busy street involve risk. More important decisions such
as buying a house, investing money and getting married all imply an acceptance of risk. Life
is not risk-free and even the most cautious, risk-adverse individuals inherently take risks.
Some people take more risks than others (knowingly or unknowingly), e.g. sky divers,
mountain climbers, coal miners and people who drive while intoxicated.

For example, in driving a car, people accept the probability that they could be killed or
seriously injured. The reason this risk is accepted is that people consider the probability of
being killed or seriously injured to be sufficiently low as to make the risk acceptable.
Influencing the decision are the type of car, the safety features installed, traffic volume and
speed, and other factors such as the availability, risks and affordability of other alternatives
(e.g. mass transit).

Once the risk is known and the magnitude of the risk is established, it is time for risk
management. At first, it may seem that risk management and risk reduction are synonymous.
However, risk reduction is only part of risk management. Risk reduction is the act of
mitigating a known risk that is deemed to be too high to a lower, more acceptable level of
risk, using some form of risk reduction activity. Risk management, on the other hand, is a
process to assess risks, to determine if risk reduction is required and to develop a plan to
maintain risks at an acceptable level. By using risk management, some risks may be
identified as acceptable so that no risk reduction (mitigation) is required.

Question 1

1
Not yet answered

Question text
1. Is risk management a part of risk reduction?

Yes/No

Answer:

Question 2

Not yet answered

Question text
2. If you decide to travel by train instead of car, is that a way to mitigate the risk of car-
driving, if trains are safer than cars?

Yes/No

Answer:

Question 3

Not yet answered

Question text
3. Can the result of risk management ever be a decision to do nothing ?

Yes/No

Answer:

Question 4

Not yet answered

Question text
4. As used in the passage, which of the following activities is described as a process?

Select one:

a. Risk assessment

2
 b. Risk reduction

c. Risk management

d. Day-to-day decisions that people make

Question 5

Not yet answered

Question text
5. If you were a non-risk-averse person, you probably wouldnt be worried by

Select one:

a. Risk management

b. Risk assessment

c. Risk

d. Mountain climbing

Question 6

Not yet answered

Question text
6. As used in the passage, what is the nearest meaning of the word reducing?

Select one:

a. Mitigating

b. Managing

3
 c. Decreasing

d. Taking

Completed on Tuesday, 22 April 2014, 1:58 AM

Time taken 8 mins 30 secs

Marks 4/6

Grade 7 out of a maximum of 10 (67%)

Information

Information text

Exercise F1-1
Instructions:

Read the commentary and answer the questions that follow it.

Risk is something that we as individuals live with on a day-to-day basis. Knowingly or

unknowingly, people are constantly making decisions based on risk. Simple decisions such as
driving to work or walking across a busy street involve risk. More important decisions such
as buying a house, investing money and getting married all imply an acceptance of risk. Life
is not risk-free and even the most cautious, risk-adverse individuals inherently take risks.
Some people take more risks than others (knowingly or unknowingly), e.g. sky divers,
mountain climbers, coal miners and people who drive while intoxicated.

For example, in driving a car, people accept the probability that they could be killed or
seriously injured. The reason this risk is accepted is that people consider the probability of
being killed or seriously injured to be sufficiently low as to make the risk acceptable.
Influencing the decision are the type of car, the safety features installed, traffic volume and
speed, and other factors such as the availability, risks and affordability of other alternatives
(e.g. mass transit).

Once the risk is known and the magnitude of the risk is established, it is time for risk
management. At first, it may seem that risk management and risk reduction are synonymous.
However, risk reduction is only part of risk management. Risk reduction is the act of

4
mitigating a known risk that is deemed to be too high to a lower, more acceptable level of
risk, using some form of risk reduction activity. Risk management, on the other hand, is a
process to assess risks, to determine if risk reduction is required and to develop a plan to
maintain risks at an acceptable level. By using risk management, some risks may be
identified as acceptable so that no risk reduction (mitigation) is required.

Feedback
Now answer these questions

Question 1

Correct

Question text
1. Is risk management a part of risk reduction?

Yes/No

Answer:
No

Feedback
Answer: No, it is the other way round: risk reduction is (or may be) a part of the risk
management process (subsections 5.1, 5.2)

The correct answer is: No

Question 2

Incorrect

Question text
2. If you decide to travel by train instead of car, is that a way to mitigate the risk of car-
driving, if trains are safer than cars?

Yes/No

Answer:
Yes

Feedback
Answer: No. Mitigation is the implementation of measures to avoid risk, but the decision to
change to the train is a way of mitigating the risk of travel, not of car driving.

The correct answer is: No

Question 3

5
Correct

Question text
3. Can the result of risk management ever be a decision to do nothing ?

Yes/No

Answer:
Yes

Feedback
Answer: Yes. The final sentence of the passage says that if risks are considered acceptable to
you, then no mitigation (reduction) is required

The correct answer is: Yes

Question 4

Correct

Question text
4. As used in the passage, which of the following activities is described as a process?

Select one:

a. Risk assessment

b. Risk reduction

c. Risk management

d. Day-to-day decisions that people make

Feedback
The correct answer is: Risk management

Question 5

Incorrect

Question text
5. If you were a non-risk-averse person, you probably wouldnt be worried by

6
Select one:

a. Risk management

b. Risk assessment

c. Risk

d. Mountain climbing

Feedback
The correct answer is: Risk

Question 6

Correct

Question text
6. As used in the passage, what is the nearest meaning of the word reducing?

Select one:

a. Mitigating

b. Managing

c. Decreasing

d. Taking

Feedback
The correct answer is: Mitigating

Finish review

Exercise F1 - Part 1

7
Module F1 exercises these are technical comprehension exercises designed to test your
ability to pick reasoning and meaning out of a section of text. Some examples are code
paragraph extracts directly from API 580, whilst others are reformatted text blocks to express
things in a different way. Answer techniques take a variety of formats.

Grading method: Highest grade

Summary of your previous attempts

Attem Marks / Grade / Revie

State
pt 6 10 w

FinishedSubmitted Tuesday, 22 April 2014,

1 4 7 Review
1:58 AM

Highest grade: 7 / 10.

Completed on Tuesday, 22 April 2014, 2:04 AM

Time taken 1 min 26 secs

Marks 6/6

Grade 10 out of a maximum of 10 (100%)

Information

Information text

Exercise F1-1
Instructions:

Read the commentary and answer the questions that follow it.

Risk is something that we as individuals live with on a day-to-day basis. Knowingly or

unknowingly, people are constantly making decisions based on risk. Simple decisions such as
driving to work or walking across a busy street involve risk. More important decisions such
as buying a house, investing money and getting married all imply an acceptance of risk. Life
is not risk-free and even the most cautious, risk-adverse individuals inherently take risks.
Some people take more risks than others (knowingly or unknowingly), e.g. sky divers,
mountain climbers, coal miners and people who drive while intoxicated.

For example, in driving a car, people accept the probability that they could be killed or
seriously injured. The reason this risk is accepted is that people consider the probability of
being killed or seriously injured to be sufficiently low as to make the risk acceptable.
Influencing the decision are the type of car, the safety features installed, traffic volume and
speed, and other factors such as the availability, risks and affordability of other alternatives
(e.g. mass transit).

8
 Once the risk is known and the magnitude of the risk is established, it is time for risk
management. At first, it may seem that risk management and risk reduction are synonymous.
However, risk reduction is only part of risk management. Risk reduction is the act of
mitigating a known risk that is deemed to be too high to a lower, more acceptable level of
risk, using some form of risk reduction activity. Risk management, on the other hand, is a
process to assess risks, to determine if risk reduction is required and to develop a plan to
maintain risks at an acceptable level. By using risk management, some risks may be
identified as acceptable so that no risk reduction (mitigation) is required.

Feedback
Now answer these questions

Question 1

Correct

Question text
1. Is risk management a part of risk reduction?

Yes/No

Answer:
No

Feedback
Answer: No, it is the other way round: risk reduction is (or may be) a part of the risk
management process (subsections 5.1, 5.2)

The correct answer is: No

Question 2

Correct

Question text
2. If you decide to travel by train instead of car, is that a way to mitigate the risk of car-
driving, if trains are safer than cars?

Yes/No

Answer:
No

Feedback
Answer: No. Mitigation is the implementation of measures to avoid risk, but the decision to
change to the train is a way of mitigating the risk of travel, not of car driving.

9
The correct answer is: No

Question 3

Correct

Question text
3. Can the result of risk management ever be a decision to do nothing ?

Yes/No

Answer:
Yes

Feedback
Answer: Yes. The final sentence of the passage says that if risks are considered acceptable to
you, then no mitigation (reduction) is required

The correct answer is: Yes

Question 4

Correct

Question text
4. As used in the passage, which of the following activities is described as a process?

Select one:

a. Day-to-day decisions that people make

b. Risk assessment

c. Risk reduction

d. Risk management

Feedback
The correct answer is: Risk management

Question 5

10
Correct

Question text
5. If you were a non-risk-averse person, you probably wouldnt be worried by

Select one:

a. Risk

b. Risk assessment

c. Risk management

d. Mountain climbing

Feedback
The correct answer is: Risk

Question 6

Correct

Question text
6. As used in the passage, what is the nearest meaning of the word reducing?

Select one:

a. Mitigating

b. Decreasing

c. Managing

d. Taking

Feedback
The correct answer is: Mitigating

11
Exercise F1 - Part 1

Module F1 exercises these are technical comprehension exercises designed to test your
ability to pick reasoning and meaning out of a section of text. Some examples are code
paragraph extracts directly from API 580, whilst others are reformatted text blocks to express
things in a different way. Answer techniques take a variety of formats.

Grading method: Highest grade

Summary of your previous attempts

Attem Marks / Grade / Revie

State
pt 6 10 w

FinishedSubmitted Tuesday, 22 April 2014,

1 4 7 Review
1:58 AM

FinishedSubmitted Tuesday, 22 April 2014,

2 6 10 Review
2:04 AM

Highest grade: 10 / 10.

12