You are the project manager of a project in Bluewell Inc. You and your project team have identified several project risks, completed risk analysis, and are planning to apply most appropriate risk responses. Which of the following tools would you use to choose the appropriate risk response?
Answer(s): C
Decision tree analysis is a risk analysis tool that can help the project manager in determining the best risk response. The tool can be used to measure probability, impact, and risk exposure and how the selected risk response can affect the probability and/or impact of the selected risk event. It helps to form a balanced image of the risks and opportunities connected with each possible course of action. This makes them mostly useful for choosing between different strategies, projects, or investment opportunities particularly when the resources are limited. A decision tree is a decision support tool that uses a tree-like graph or model of decisions and their possible consequences, including chance event outcomes, resource costs, and utility.Incorrect Answers:A: Project network diagrams help the project manager and stakeholders visualize the flow of the project work, but they are not used as a part of risk response planning.B: Cause-and-effect analysis is used for exposing risk factors and not an effective one in risk response planning.This analysis involves the use of predictive or diagnostic analytical tool for exploring the root causes or factors that contribute to positive or negative effects or outcomes.D: Delphi technique is used for risk analysis, i.e., for identifying the most probable risks. Delphi is a group of experts who used to rate independently the business risk of an organization. Each expert analyzes the risk independently and then prioritizes the risk, and the result is combined into a consensus.
You are the risk official of your enterprise. Your enterprise takes important decisions without considering risk credential information and is also unaware of external requirements for risk management and integration with enterprise risk management. In which of the following risk management capability maturity levels does your enterprise exists?
Answer(s): B
0 nonexistent: An enterprise's risk management capability maturity level is 0 when:The enterprise does not recognize the need to consider the risk management or the business impact from IT risk.Decisions involving risk lack credible information.Awareness of external requirements for risk management and integration with enterprise risk management (ERM) do not exists.Incorrect Answers:A, C, D: These all are much higher levels of the risk management capability maturity model and in all these enterprises do take decisions considering the risk credential information. Moreover, in these levels enterprise is aware of external requirements for risk management and integrate with ERM.
Which of the following is the priority of data owners when establishing risk mitigation method?
Answer(s): A
Data owners are responsible for assigning user entitlement changes and approving access to the systems for which they are responsible.Incorrect Answers:B, C, D: Data owners are not responsible for intrusion detection, platform security or antivirus controls. These are the responsibilities of data custodians.
What type of policy would an organization use to forbid its employees from using organizational e-mail for personal use?
An acceptable use policy is a set of rules applied by the owner/manager of a network, website or large computer system that restrict the ways in which the network site or system may be used. Acceptable Use Policies are an integral part of the framework of information security policies.Incorrect Answers:A, C: These two policies are not related to Information system security.D: Privacy policy is a statement or a legal document (privacy law) that discloses some or all of the ways a party gathers, uses, discloses and manages a customer or client's data.
Wendy has identified a risk event in her project that has an impact of $75,000 and a 60 percent chance of happening. Through research, her project team learns that the risk impact can actually be reduced to just $15,000 with only a ten percent chance of occurring. The proposed solution will cost $25,000. Wendy agrees to the $25,000 solution. What type of risk response is this?
Risk mitigation implies a reduction in the probability and/or impact of an adverse risk event to be within acceptable threshold limits. Taking early actions to reduce the probability and/or impact of a risk occurring on the project is often more effective than trying to repair the damage after the risk has occurred.Incorrect Answers:B: Avoidance changes the project plan to avoid the risk altogether.C: Transference requires shifting some or all of the negative impacts of a threat, along with the ownership of the response, to a third party. Transferring the risk simply gives another party the responsibility for its management-it does not eliminate it.Transferring the liability for a risk is most effective in dealing with financial risk exposure. Risk transference nearly always involves payment of a risk premium to the party taking on the risk.D: Enhancing is actually a positive risk response. This strategy is used to increase the probability and/or the positive impact of an opportunity. Identifying and maximizing the key drivers of these positive-impact risks may increase the probability of their occurrence.
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