Henry is the project sponsor of the JQ Project and Nancy is the project manager. Henry has asked Nancy to start the risk identification process for the project, but Nancy insists that the project team be involved in the process. Why should the project team be involved in the risk identification?
Answer(s): A
The best answer to include the project team members is that they'll need to develop a sense of ownership for the risks and associated risk responsibilities.Incorrect Answers:B: The reason to include the project team is that the project team needs to develop a sense of ownership for the risks and associated risk responsibilities, not to assign risk ownership and risk responses at this point.C: While the project manager shouldn't be the only person to identify the risk events, this isn't the best answer.D: The reason to include the project team is that the project team needs to develop a sense of ownership for the risks and associated risk responsibilities, not to assign risk ownership.
Which of the following establishes mandatory rules, specifications and metrics used to measure compliance against quality, value, etc.?
Answer(s): C
Standard establishes mandatory rules, specifications and metrics used to measure compliance against quality, value, etc. Standards are usually intended for compliance purposes and to provide assurance to others who interact with a process or outputs of a process.Incorrect Answers:A: Frameworks are generally accepted, business-process-oriented structures that establish a common language and enable repeatable business processes.B: These are legal rules underneath which project has to be.D: Practices are frequent or usual actions performed as an application of knowledge. A leading practice would be defined as an action that optimally applies knowledge in a particular area. They are issued by a "recognized authority" that is appropriate to the subject matter. issuing bodies may include professional associations and academic institutions or commercial entities such as software vendors. They are generally based on a combination of research, expert insight and peer review.
You are the project manager of your enterprise. While performing risk management, you are given a task to identify where your enterprise stands in certain practice and also to suggest the priorities for improvements. Which of the following models would you use to accomplish this task?
Capability maturity models are the models that are used by the enterprise to rate itself in terms of the least mature level (having nonexistent or unstructured processes) to the most mature (having adopted and optimized the use of good practices).The levels within a capability maturity model are designed to allow an enterprise to identify descriptions of its current and possible future states. In general, the purpose is to:Identify, where enterprises are in relation to certain activities or practices. Suggest how to set priorities for improvementsIncorrect Answers:D: There is no such model exists in risk management process.B: 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.C: Fishbone diagrams or Ishikawa diagrams shows the relationships between the causes and effects of problems.
You are the risk official in Techmart Inc. You are asked to perform risk assessment on the impact of losing a server. For this assessment you need to calculate monetary value of the server. On which of the following bases do you calculate monetary value?
The monetary value of the server should be based on the cost of its replacement. However, the financial impact to the enterprise may be much broader, based on the function that the server performs for the business and the value it brings to the enterprise.Incorrect Answers:B, C, D: Cost of software is not been counted because it can be restored from the back-up media. On the other hand' Ale for all risk related to the server does not represent the server's value. Lastly, the original cost may be significantly different from the current cost and, therefore, not relevant to this.
Which of the following is the BEST way of managing risk inherent to wireless network?
Answer(s): B
As preventive control and prevention is preferred over detection and recovery, therefore, private and key-based encryption should be adopted for managing risks.Incorrect Answers:A, C, D: As explained in above section preventive control and prevention is preferred over detection and recovery, hence these are less preferred way.
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