Stephen is the project manager of the GBB project. He has worked with two subject matter experts and his project team to complete the risk assessment technique. There are approximately 47 risks that have a low probability and a low impact on the project. Which of the following answers best describes what Stephen should do with these risk events?
Answer(s): B
The low probability and low impact risks should be added to a watchlist for future monitoring. Incorrect Answers:A: The risk response for these events may be to accept them, but the best answer is to first add them to a watchlist.C: Risks are not dismissed; they are at least added to a watchlist for monitoring.D: While the risks may eventually be added to the register, the best answer is to first add them to the watchlist for monitoring.
Jenny is the project manager for the NBT projects. She is working with the project team and several subject matter experts to perform the quantitative risk analysis process. During this process she and the project team uncover several risks events that were not previously identified. What should Jenny do with these risk events?
Answer(s): C
All identified risk events should be entered into the risk register.A risk register is an inventory of risks and exposure associated with those risks. Risks are commonly found in project management practices, and provide information to identify, analyze, and manage risks. Typically a risk register contains:A description of the riskThe impact should this event actually occur The probability of its occurrenceRisk Score (the multiplication of Probability and Impact)A summary of the planned response should the event occurA summary of the mitigation (the actions taken in advance to reduce the probability and/or impact of the event)Ranking of risks by Risk Score so as to highlight the highest priority risks to all involved.Incorrect Answers:A: Before the risk events are analyzed they should be documented in the risk register. B: The risks should first be documented and analyzed.D: These risks should first be identified, documented, passed through qualitative risk analysis and then it should be determined if they should pass through the quantitative risk analysis process.
You are working on a project in an enterprise. Some part of your project requires e-commerce, but your enterprise choose not to engage in e-commerce. This scenario is demonstrating which of the following form?
Answer(s): A
Each business process involves inherent risk. Not engaging in any activity avoids the inherent risk associated with the activity. Hence this demonstrates risk avoidance.Incorrect Answers:B: Risk treatment means that action is taken to reduce the frequency and impact of a risk.C: Acceptance means that no action is taken relative to a particular risk, and loss is accepted when/if it occurs. This is different from being ignorant of risk; accepting risk assumes that the risk is known, i.e., an informed decision has been made by management to accept it as such.D: Risk transfer/sharing means reducing either risk frequency or impact by transferring or otherwise sharing a portion of the risk. Common techniques include insurance and outsourcing. These techniques do not relieve an enterprise of a risk, but can involve the skills of another party in managing the risk and reducing the financial consequence if an adverse event occurs.
Which of the following are risk components of the COSO ERM framework? Each correct answer represents a complete solution. Choose three.
Answer(s): A,B,D
The risk components defined by the COSO ERM are internal environment, objective settings, event identification, risk assessment, risk response, control objectives, information and communication, and monitoring.Incorrect Answers:C: Business continuity is not considered as risk component within the ERM framework.
Your project team has completed the quantitative risk analysis for your project work. Based on their findings, they need to update the risk register with several pieces of information. Which one of the following components is likely to be updated in the risk register based on their analysis?
The outcome of quantitative analysis can create a listing of prioritized risks that should be updated in the risk register. The project team will create and update the risk register with four key components:probabilistic analysis of the projectprobability of achieving time and cost objectives list of quantified riskstrends in quantitative risk analysisIncorrect Answers:A, B, D: These subjects are not updated in the risk register as a result of quantitative risk analysis.
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