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 9
1. Kelly is the project manager of the NNQ Project for her company. This project will last for one year and has a budget of $350,000. Kelly is working with her project team and subject matter experts to begin the risk response planning process. What are the two inputs that Kelly would need to begin the plan risk response process?
A) Risk register and the results of risk analysis
B) Risk register and the risk response plan
C) Risk register and power to assign risk responses
D) Risk register and the risk management plan
2. Tom works as a project manager for BlueWell Inc. He is determining which risks can affect the project. Which of the following inputs of the identify risks process is useful in identifying risks, and provides a quantitative assessment of the likely cost to complete the scheduled activities?
A) Activity duration estimates
B) Risk management plan
C) Cost management plan
D) Activity cost estimates
3. Which of the following baselines identifies the specifications required by the resource that meet the approved requirements?
A) Functional baseline
B) Allocated baseline
C) Product baseline
D) Developmental baseline
4. Which of the following nodes of the decision tree analysis represents the start point of decision tree?
A) Decision node
B) End node
C) Event node
D) Root node
5. You are the project manager of the NHH Project. You are working with the project team to create a plan to document the procedures to manage risks throughout the project. This document will define how risks will be identified and quantified. It will also define how contingency plans will be implemented by the project team.What document do you and your team is creating in this scenario?
A) Project plan
B) Resource management plan
C) Project management plan
D) Risk management plan
A) Risk register and the results of risk analysis
B) Risk register and the risk response plan
C) Risk register and power to assign risk responses
D) Risk register and the risk management plan
2. Tom works as a project manager for BlueWell Inc. He is determining which risks can affect the project. Which of the following inputs of the identify risks process is useful in identifying risks, and provides a quantitative assessment of the likely cost to complete the scheduled activities?
A) Activity duration estimates
B) Risk management plan
C) Cost management plan
D) Activity cost estimates
3. Which of the following baselines identifies the specifications required by the resource that meet the approved requirements?
A) Functional baseline
B) Allocated baseline
C) Product baseline
D) Developmental baseline
4. Which of the following nodes of the decision tree analysis represents the start point of decision tree?
A) Decision node
B) End node
C) Event node
D) Root node
5. You are the project manager of the NHH Project. You are working with the project team to create a plan to document the procedures to manage risks throughout the project. This document will define how risks will be identified and quantified. It will also define how contingency plans will be implemented by the project team.What document do you and your team is creating in this scenario?
A) Project plan
B) Resource management plan
C) Project management plan
D) Risk management plan
1. Right Answer: D
Explanation: The only two inputs for the risk response planning are the risk register and the risk management plan.The plan risk response project management process aims to reduce the threats to the project objectives and to increase opportunities. It follows the perform qualitative risk analysis process and perform quantitative risk analysis process. Plan risk response process includes the risk response owner to take the job for each agreed-to and funded risk response. This process addresses the risks by their priorities, schedules the project management plan as required, and inserts resources and activities into the budget. The inputs to the plan risk response process are as follows: Risk register Risk management planIncorrect Answers:B: Kelly will not need the risk response plan until monitoring and controlling the project.C: The results of risk analysis will help Kelly prioritize the risks, but this information will be recorded in the risk register.D: Kelly needs the risk register and the risk management plan as the input. The power to assign risk responses is not necessarily needed by Kelly.
2. Right Answer: D
Explanation: The activity cost estimates review is valuable in identifying risks as it provides a quantitative assessment of the expected cost to complete the scheduled activities and is expressed as a range, with a width of the range indicating the degrees of risk.Incorrect Answers:A: The activity duration estimates review is valuable in identifying risks associated to the time allowances for the activities or projects as a whole, with a width of the range indicating the degrees of risk.B: This is the output of plan risk management process. A Risk management plan is a document arranged by a project manager to estimate the effectiveness, predict risks, and build response plans to mitigate them. It also consists of the risk assessment matrix.C: The cost management plan sets how the costs on a project are managed during the project's lifecycle. It defines the format and principles by which the project costs are measured, reported, and controlled. The cost management plan identifies the person responsible for managing costs, those who have the authority to approve changes to the project or its budget, and how cost performance is quantitatively calculated and reported upon.
3. Right Answer: B
Explanation: Allocated baseline identifies the specifications that meet the approved requirements.Incorrect Answers:A: Functional baseline identifies the initial specifications before any changes are made.C: Product baseline identifies the minimal specification required by the resource to meet business outcomes.D: Developmental baseline identifies the state of the resources as it is developed to meet or exceed expectations and requirements.
4. Right Answer: D
Explanation: Root node is the starting node in the decision tree.Incorrect Answers:A: Decision nodes represents the choice available to the decision maker, usually between a risky choice and its non-risky counterpart.C: Event node represents the possible uncertain outcomes of a risky decision, with at least two nodes to illustrate the positive and negative range of events.B: End node represents the outcomes of risk and decisions.
5. Right Answer: D
Explanation: The risk management plan, part of the comprehensive management plan, defines how risks will be identified, analyzed, monitored and controlled, and even responded to.A Risk management plan is a document arranged by a project manager to estimate the effectiveness, predict risks, and build response plans to mitigate them. It also consists of the risk assessment matrix.Risks are built in with any project, and project managers evaluate risks repeatedly and build plans to address them. The risk management plan consists of analysis of possible risks with both high and low impacts, and the mitigation strategies to facilitate the project and avoid being derailed through which the common problems arise. Risk management plans should be timely reviewed by the project team in order to avoid having the analysis become stale and not reflective of actual potential project risks. Most critically, risk management plans include a risk strategy for project execution.Incorrect Answers:A: The project plan is not an official PMBOK project management plan.B: The resource management plan defines the management of project resources, such as project team members, facilities, equipment, and contractors.C: The project management plan is a comprehensive plan that communicates the intent of the project for all project management knowledge areas.
Explanation: The only two inputs for the risk response planning are the risk register and the risk management plan.The plan risk response project management process aims to reduce the threats to the project objectives and to increase opportunities. It follows the perform qualitative risk analysis process and perform quantitative risk analysis process. Plan risk response process includes the risk response owner to take the job for each agreed-to and funded risk response. This process addresses the risks by their priorities, schedules the project management plan as required, and inserts resources and activities into the budget. The inputs to the plan risk response process are as follows: Risk register Risk management planIncorrect Answers:B: Kelly will not need the risk response plan until monitoring and controlling the project.C: The results of risk analysis will help Kelly prioritize the risks, but this information will be recorded in the risk register.D: Kelly needs the risk register and the risk management plan as the input. The power to assign risk responses is not necessarily needed by Kelly.
2. Right Answer: D
Explanation: The activity cost estimates review is valuable in identifying risks as it provides a quantitative assessment of the expected cost to complete the scheduled activities and is expressed as a range, with a width of the range indicating the degrees of risk.Incorrect Answers:A: The activity duration estimates review is valuable in identifying risks associated to the time allowances for the activities or projects as a whole, with a width of the range indicating the degrees of risk.B: This is the output of plan risk management process. A Risk management plan is a document arranged by a project manager to estimate the effectiveness, predict risks, and build response plans to mitigate them. It also consists of the risk assessment matrix.C: The cost management plan sets how the costs on a project are managed during the project's lifecycle. It defines the format and principles by which the project costs are measured, reported, and controlled. The cost management plan identifies the person responsible for managing costs, those who have the authority to approve changes to the project or its budget, and how cost performance is quantitatively calculated and reported upon.
3. Right Answer: B
Explanation: Allocated baseline identifies the specifications that meet the approved requirements.Incorrect Answers:A: Functional baseline identifies the initial specifications before any changes are made.C: Product baseline identifies the minimal specification required by the resource to meet business outcomes.D: Developmental baseline identifies the state of the resources as it is developed to meet or exceed expectations and requirements.
4. Right Answer: D
Explanation: Root node is the starting node in the decision tree.Incorrect Answers:A: Decision nodes represents the choice available to the decision maker, usually between a risky choice and its non-risky counterpart.C: Event node represents the possible uncertain outcomes of a risky decision, with at least two nodes to illustrate the positive and negative range of events.B: End node represents the outcomes of risk and decisions.
5. Right Answer: D
Explanation: The risk management plan, part of the comprehensive management plan, defines how risks will be identified, analyzed, monitored and controlled, and even responded to.A Risk management plan is a document arranged by a project manager to estimate the effectiveness, predict risks, and build response plans to mitigate them. It also consists of the risk assessment matrix.Risks are built in with any project, and project managers evaluate risks repeatedly and build plans to address them. The risk management plan consists of analysis of possible risks with both high and low impacts, and the mitigation strategies to facilitate the project and avoid being derailed through which the common problems arise. Risk management plans should be timely reviewed by the project team in order to avoid having the analysis become stale and not reflective of actual potential project risks. Most critically, risk management plans include a risk strategy for project execution.Incorrect Answers:A: The project plan is not an official PMBOK project management plan.B: The resource management plan defines the management of project resources, such as project team members, facilities, equipment, and contractors.C: The project management plan is a comprehensive plan that communicates the intent of the project for all project management knowledge areas.
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