CA Foundation Business Economics Questions 2023 - Part 32
Fri, 03 Mar 2023
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CRISC—Certified in Risk and Information Systems Control Certification Questions and answer - Part 6
1. You are the project manager of the NGQQ Project for your company. To help you communicate project status to your stakeholders, you are going to create a stakeholder register. All of the following information should be included in the stakeholder register except for which one?
A) Stakeholder management strategy
B) Assessment information of the stakeholders' major requirements, expectations, and potential influence
C) Identification information for each stakeholder
D) Stakeholder classification of their role in the project
2. Della works as a project manager for Tech Perfect Inc. She is studying the documentation of planning of a project. The documentation states that there are twenty- eight stakeholders with the project. What will be the number of communication channels for the project?
A) 250
B) 28
C) 378
D) 300
3. Shawn is the project manager of the HWT project. In this project Shawn's team reports that they have found a way to complete the project work cheaply than what was originally estimated earlier. The project team presents a new software that will help to automate the project work. While the software and the associated training costs $25,000 it will save the project nearly $65,000 in total costs. Shawn agrees to the software and changes the project management plan accordingly.What type of risk response had been used by him?
A) Avoiding
B) Accepting
C) Exploiting
D) Enhancing
4. Which among the following is the BEST reason for defining a risk response?
A) To eliminate risk from the enterprise
B) To ensure that the residual risk is within the limits of the risk appetite and tolerance
C) To overview current status of risk
D) To mitigate risk
5. Which of the following is the BEST defense against successful phishing attacks?
A) Intrusion detection system
B) Application hardening
C) End-user awareness
D) Spam filters
A) Stakeholder management strategy
B) Assessment information of the stakeholders' major requirements, expectations, and potential influence
C) Identification information for each stakeholder
D) Stakeholder classification of their role in the project
2. Della works as a project manager for Tech Perfect Inc. She is studying the documentation of planning of a project. The documentation states that there are twenty- eight stakeholders with the project. What will be the number of communication channels for the project?
A) 250
B) 28
C) 378
D) 300
3. Shawn is the project manager of the HWT project. In this project Shawn's team reports that they have found a way to complete the project work cheaply than what was originally estimated earlier. The project team presents a new software that will help to automate the project work. While the software and the associated training costs $25,000 it will save the project nearly $65,000 in total costs. Shawn agrees to the software and changes the project management plan accordingly.What type of risk response had been used by him?
A) Avoiding
B) Accepting
C) Exploiting
D) Enhancing
4. Which among the following is the BEST reason for defining a risk response?
A) To eliminate risk from the enterprise
B) To ensure that the residual risk is within the limits of the risk appetite and tolerance
C) To overview current status of risk
D) To mitigate risk
5. Which of the following is the BEST defense against successful phishing attacks?
A) Intrusion detection system
B) Application hardening
C) End-user awareness
D) Spam filters
1. Right Answer: A
Explanation: The stakeholder management strategy is generally not included in the stakeholder registry because it may contain sensitive information that should not be shared with project team members or certain other individuals that could see the stakeholder register. The stakeholder register is a project management document that contains a list of the stakeholders associated with the project. It assesses how they are involved in the project and identifies what role they play in the organization.The information in this document can be very perceptive and is meant for limited exchange only. It also contains relevant information about the stakeholders, such as their requirements, expectations, and influence on the project.Incorrect Answers:B, C, D: Stakeholder identification, Assessment information, and Stakeholder classification should be included in the stakeholder register.
2. Right Answer: C
Explanation: According to the twenty- eight stakeholders. Communication channels are paths of communication with stakeholders in a project. The number of communication channels shows the complexity of a project's communication and can be derived through the formula shown below:Total Number of Communication Channels = n (n-1)/2where n is the number of stakeholders.Hence, a project having five stakeholders will have ten communication channels. Putting the value of the number of stakeholders in the formula will provide the number of communication channels. Putting the value of the number of stakeholders in the formula will provide the number of communication channels:Number of communication channel = (n (n-1)) / 2= (28 (28-1)) / 2= (28 x 27) / 2= 756 / 2= 378
3. Right Answer: C
Explanation: A risk event is been exploited so as to identify the opportunities for positive impacts. Exploit response is one of the strategies to negate risks or threats that appear in a project. This strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is realized. Exploiting a risk event provides opportunities for positive impact on a project. Assigning more talented resources to the project to reduce the time to completion is an example of exploit response.Incorrect Answers:A: To avoid a risk means to evade it altogether, eliminate the cause of the risk event, or change the project plan to protect the project objectives from the risk event.B: Accepting is a risk response that is appropriate for positive or negative risk events. It does not pursue the risk, but documents the event and allows the risk to happen. Often acceptance is used for low probability and low impact risk events.D: Enhancing is a positive risk response that aims to increase the probability and/or impact of the risk event.
4. Right Answer: B
Explanation: The purpose of defining a risk response is to ensure that the residual risk is within the limits of the risk appetite and tolerance of the enterprise. Risk response is based on selecting the correct, prioritized response to risk, based on the level of risk, the enterprise's risk tolerance and the cost or benefit of the particular risk response option.Incorrect Answers:A: Risk cannot be completely eliminated from the enterprise.C: This is not a valid answer.D: Mitigation of risk is itself the risk response process, not the reason behind this.
5. Right Answer: C
Explanation: Phishing is a way of attempting to acquire information such as usernames, passwords, and credit card details by masquerading as a trustworthy entity in an electronic communication. Phishing attacks are a type of to social engineering attack and are best defended by end-user awareness training.Incorrect Answers:A: An intrusion detection system does not protect against phishing attacks since phishing attacks usually do not have a particular pattern or unique signature.B: Application hardening does not protect against phishing attacks since phishing attacks generally use e-mail as the attack vector, with the end-user as the vulnerable point, not the application.D: Certain highly specialized spam filters can reduce the number of phishing e-mails that reach the inboxes of user, but they are not as effective in addressing phishing attack as end-user awareness.
Explanation: The stakeholder management strategy is generally not included in the stakeholder registry because it may contain sensitive information that should not be shared with project team members or certain other individuals that could see the stakeholder register. The stakeholder register is a project management document that contains a list of the stakeholders associated with the project. It assesses how they are involved in the project and identifies what role they play in the organization.The information in this document can be very perceptive and is meant for limited exchange only. It also contains relevant information about the stakeholders, such as their requirements, expectations, and influence on the project.Incorrect Answers:B, C, D: Stakeholder identification, Assessment information, and Stakeholder classification should be included in the stakeholder register.
2. Right Answer: C
Explanation: According to the twenty- eight stakeholders. Communication channels are paths of communication with stakeholders in a project. The number of communication channels shows the complexity of a project's communication and can be derived through the formula shown below:Total Number of Communication Channels = n (n-1)/2where n is the number of stakeholders.Hence, a project having five stakeholders will have ten communication channels. Putting the value of the number of stakeholders in the formula will provide the number of communication channels. Putting the value of the number of stakeholders in the formula will provide the number of communication channels:Number of communication channel = (n (n-1)) / 2= (28 (28-1)) / 2= (28 x 27) / 2= 756 / 2= 378
3. Right Answer: C
Explanation: A risk event is been exploited so as to identify the opportunities for positive impacts. Exploit response is one of the strategies to negate risks or threats that appear in a project. This strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is realized. Exploiting a risk event provides opportunities for positive impact on a project. Assigning more talented resources to the project to reduce the time to completion is an example of exploit response.Incorrect Answers:A: To avoid a risk means to evade it altogether, eliminate the cause of the risk event, or change the project plan to protect the project objectives from the risk event.B: Accepting is a risk response that is appropriate for positive or negative risk events. It does not pursue the risk, but documents the event and allows the risk to happen. Often acceptance is used for low probability and low impact risk events.D: Enhancing is a positive risk response that aims to increase the probability and/or impact of the risk event.
4. Right Answer: B
Explanation: The purpose of defining a risk response is to ensure that the residual risk is within the limits of the risk appetite and tolerance of the enterprise. Risk response is based on selecting the correct, prioritized response to risk, based on the level of risk, the enterprise's risk tolerance and the cost or benefit of the particular risk response option.Incorrect Answers:A: Risk cannot be completely eliminated from the enterprise.C: This is not a valid answer.D: Mitigation of risk is itself the risk response process, not the reason behind this.
5. Right Answer: C
Explanation: Phishing is a way of attempting to acquire information such as usernames, passwords, and credit card details by masquerading as a trustworthy entity in an electronic communication. Phishing attacks are a type of to social engineering attack and are best defended by end-user awareness training.Incorrect Answers:A: An intrusion detection system does not protect against phishing attacks since phishing attacks usually do not have a particular pattern or unique signature.B: Application hardening does not protect against phishing attacks since phishing attacks generally use e-mail as the attack vector, with the end-user as the vulnerable point, not the application.D: Certain highly specialized spam filters can reduce the number of phishing e-mails that reach the inboxes of user, but they are not as effective in addressing phishing attack as end-user awareness.
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