Which of the following role carriers has to account for collecting data on risk and articulating risk?
Answer(s): D
CRO is the individual who oversees all aspects of risk management across the enterprise. Chief risk officer has the main accountability for collecting data and articulating risk. If there is any fault in these processes, then CRO should be answerable.Incorrect Answers:A: Enterprise risk committee are the executives who are accountable for the enterprise level collaboration and consensus required to support enterprise risk management (ERM). They are to some extent responsible for articulating risk but are not accounted for it. They are neither responsible nor accounted for collecting data on risk.B: Business process owner is an individual responsible for identifying process requirements, approving process design and managing process performance. He/she is responsible for collecting data and articulating risk but is not accounted for them.C: CIO is the most senior official of the enterprise who is accountable for IT advocacy; aligning IT and business strategies; and planning, resourcing and managing the delivery of IT services and information and the deployment of associated human resources. CIO has some responsibility towards collecting data and articulating risk but is not accounted for them.
Which of the following is NOT true for effective risk communication?
Answer(s): B
For effective communication, information communicated should not inundate the recipients. All ground rules of good communication apply to communication on risk. This includes the avoidance of jargon and technical terms regarding risk because the intended audiences are generally not deeply technologically skilled. Hence use of technical terms is avoided for effective communicationIncorrect Answers:A, C, D: These all are true for effective risk communication. For effective risk communication the risk information should be clear, concise, useful and timely. Risk information must be known and understood by all the stakeholders. Information or communication should not overwhelm the recipients. This includes the avoidance of technical terms regarding risk because the intended audiences are generally not much technologically skilled.Any communication on risk must be relevant. Technical information that is too detailed or is sent to inappropriate parties will hinder, rather than enable, a clear view of risk. For each risk, critical moments exist between its origination and its potential business consequence.Information should also be aimed at the correct target audience and available on need-to-know basis. Hence for effective risk communication risk information should be:Clear Concise Useful Timely givenAimed at the correct audience Available on need-to-know basis
Which of the following interpersonal skills has been identified as one of the biggest reasons for project success or failure?
Answer(s): C
Communication has been identified as one of the biggest reasons for why projects succeeds or fails. Effective communication is essential for good project management. Communication is a process in which information is passed from one person to another. A manager asks his subordinates to accomplish the task assigned to them. He should successfully pass the information to his subordinates. It is a means of motivating and guiding the employees of an enterprise.Incorrect Answers:A: While motivation is one of the important interpersonal skill, but it is not the best answer.B: Influencing the project stakeholders is a needed interpersonal skill, but it is not the best answer.D: Political and cultural awareness is an important part of every project, but it is not the best answer for this question
You are the project manager of the GHY project for your organization. You are working with your project team to begin identifying risks for the project. As part of your preparation for identifying the risks within the project you will need eleven inputs for the process. Which one of the following is NOT an input to the risk identification process?
The procurement management plan is not one of the eleven inputs for the risk identification process. The eleven inputs to this process are:-risk management plan activity cost estimates activity duration estimates scope baseline stakeholder register-cost management plan schedule management plan quality management plan project documents-enterprise environmental factors organizational process assets.
Which of the following come under the phases of risk identification and evaluation? Each correct answer represents a complete solution. Choose three.
Answer(s): A,B,C
Risk identification is the process of determining which risks may affect the project. It also documents risks' characteristics.Following are high-level phases that are involved in risk identification and evaluation:Collecting data- Involves collecting data on the business environment, types of events, risk categories, risk scenarios, etc., to identify relevant data to enable effective risk identification, analysis and reporting.Analyzing risk- Involves analyzing risk to develop useful information which is used while taking risk- decisions. Risk-decisions take into account the business relevance of risk factors.Maintain a risk profile- Requires maintaining an up-to-date and complete inventory of known threats and their attributes (e.g., expected likelihood, potential impact, and disposition), IT resources, capabilities, and controls as understood in the context of business products, services and processes to effectively monitor risk over time.Incorrect Answers:D: It comes under risk management process, and not in risk identification and evaluation process.
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