Using which of the following one can produce comprehensive result while performing qualitative risk analysis?
Answer(s): A
Using list of possible scenarios with threats and impacts will better frame the range of risk and hence can frame more informative result of qualitative analysis.Incorrect Answers:B: Cost and benefit analysis is used for taking financial decisions that can be formal or informal, such as appraisal of any project or proposal. The approach weighs the total cost against the benefits expected, and then identifies the most profitable option. It only decides what type of control should be applied for effective risk management.C, D: These are not sufficient for producing detailed result.
Which of the following is the BEST method for discovering high-impact risk types?
Answer(s): C
Failure modes and effects analysis is used in discovering high-impact risk types. FMEA:Is one of the tools used within the Six Sigma methodology to design and implement a robust process to:- Identify failure modes - Establish a risk priority so that corrective actions can be put in place to address and reduce the risk- Helps in identifying and documenting where in the process the source of the failure impacts the (internal or external) customer- Is used to determine failure modes and assess risk posed by the process and thus, to the enterprise as a whole’Incorrect Answers:A, D: These two are the methods of analyzing risk, but not specifically for high-impact risk types. Hence is not the best answer.B: Delphi is a technique to identify potential risk. In this technique, the responses are gathered via a question: and their inputs are organized according to their contents. The collected responses are sent back to these experts for further input, addition, and comments. The final list of risks in the project is prepared after that. The participants in this technique are anonymous and therefore it helps prevent a person from unduly influencing the others in the group. The Delphi technique helps in reaching the consensus quickly.
Which of the following is MOST appropriate method to evaluate the potential impact of legal, regulatory, and contractual requirements on business objectives?
Answer(s): B
A compliance-oriented BIA will identify all the compliance requirements to which the enterprise has to align and their impacts on business objectives and activities. It is a discovery process meant to uncover the inner workings of any process. Hence it will also evaluate the potential impact of legal, regulatory, and contractual requirements on business objectives.Incorrect Answers:A: Communication with business process stakeholders is done so as to identify the business objectives, but it does not help in identifying impacts.C: Compliance-oriented gap analysis will only identify the gaps in compliance to current requirements and will not identify impacts to business objectives.D: Mapping of compliance requirements to policies and procedures will identify only the way the compliance is achieved but not the business impact.
Wendy is about to perform qualitative risk analysis on the identified risks within her project. Which one of the following will NOT help Wendy to perform this project management activity?
Answer(s): D
The stakeholder register is not an input to the qualitative risk analysis process. The four inputs are the risk register, risk management plan, project scope statement, and organizational process assets.Incorrect Answers:A: The Risk management plan is an input to the risk qualitative analysis process. B: The project scope statement is needed to help with qualitative risk analysis.C: The risk register can help Wendy to perform qualitative risk analysis.
There are four inputs to the Monitoring and Controlling Project Risks process. Which one of the following will NOT help you, the project manager, to prepare for risk monitoring and controlling?
Change requests are not one of the four inputs to the Risk Monitoring and Controlling Process. The four inputs are the risk register, the project management plan, work performance information, and performance reports.Incorrect Answers:A, B, C: These are the valid inputs to the Risk Monitoring and Controlling Process.
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