A bow tie diagram in risk management:Group of answer choicesConsiders causes of risk, risks, impact and outcomesConsiders causes, preventative controls of risk, preparedness controls and consequencesConsiders causes, preventative controls of risk, outcomes of risk and risk appetiteConsiders risks, likelihood of risk, impact of risk and residual risk
Question
A bow tie diagram in risk management:Group of answer choicesConsiders causes of risk, risks, impact and outcomesConsiders causes, preventative controls of risk, preparedness controls and consequencesConsiders causes, preventative controls of risk, outcomes of risk and risk appetiteConsiders risks, likelihood of risk, impact of risk and residual risk
Solution
A bow tie diagram in risk management considers causes, preventative controls of risk, preparedness controls and consequences. This diagram is a powerful visual tool that demonstrates in a simple way the link between the causes (hazards), the management controls and the impact (consequences). It is used to understand and manage the risk of major hazards.
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