These simple questions are intended to help you evaluate product risk. I explain them in this earlier post: Evaluating risk (and avoiding saturation)
I find it helpful to refer back to these questions when assessing a new product or a change. For the purpose of risk workshops or similar exercises, it can be useful to print these questions out as prompts for workshop participants.
When capturing risks in knowledge pages or strategy documents, copying this image into the page or document can help you frame the risks you identify, and your response to them.