Instant Access ISACA.CRISC.v2022-04-01.q914 Actual Practice Test Engine for Free (Page 147)

Question 726

A change management process has recently been updated with new testing procedures. The NEXT course of action is to:

A.communicate to those who test and promote changes
B.assess the maturity of the change management process
C.monitor processes to ensure recent updates are being followed
D.conduct a cost-benefit analysis to justify the cost of the control

Question 727

John is the project manager of the HGH Project for her company. He and his project team have agreed that if the vendor is late by more than ten days they will cancel the order and hire the NBG Company to fulfill the order. The NBG Company can guarantee orders within three days, but the costs of their products are significantly more expensive than the current vendor. What type of response does John adopt here?

A.Contingent response strategy
B.Risk avoidance
C.Risk mitigation
D.Expert judgment

Question 728

Participants in a risk workshop have become focused on the financial cost to mitigate risk rather than choosing the most appropriate response. Which of the following is the BEST way to address this type of issue in the long term?

A.Review the risk register and risk scenarios
B.Calculate annualized loss expectancy of risk scenarios
C.Raise the maturity of organizational risk management
D.Perform a return on investment analysis

Question 729

You work as a Project Manager for Company Inc. You are incorporating a risk response owner to take the job for each agreed-to and funded risk response. On which of the following processes are you working?

A.Quantitative Risk Analysis
B.Identify Risks
C.Plan risk response
D.Qualitative Risk Analysis

Correct Answer: C

Section: Volume D
Explanation:
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 plan
Incorrect Answers:
A: Quantitative analysis is the use of numerical and statistical techniques rather than the analysis of verbal material for analyzing risks. Some of the quantitative methods of risk analysis are:
* Internal loss method
* External data analysis
* Business process modeling (BPM) and simulation
* Statistical process control (SPC)
B: Identify Risks is the process of determining which risks may affect the project. It also documents risks' characteristics. The Identify Risks process is part of the Project Risk Management knowledge area. As new risks may evolve or become known as the project progresses through its life cycle, Identify Risks is an iterative process. The process should involve the project team so that they can develop and maintain a sense of ownership and responsibility for the risks and associated risk response actions. Risk Register is the only output of this process.
D: Qualitative analysis is the definition of risk factors in terms of high/medium/low or a numeric scale (1 to 10).
Hence it determines the nature of risk on a relative scale.
Some of the qualitative methods of risk analysis are:
* Scenario analysis- This is a forward-looking process that can reflect risk for a given point in time.
* Risk Control Self -assessment (RCSA) - RCSA is used by enterprises (like banks) for the identification and evaluation of operational risk exposure. It is a logical first step and assumes that business owners and managers are closest to the issues and have the most expertise as to the source of the risk. RCSA is a constructive process in compelling business owners to contemplate, and then explain, the issues at hand with the added benefit of increasing their accountability.

Question 730

You are the project manager of the PFO project. You are working with your project team members and two subject matter experts to assess the identified risk events in the project. Which of the following approaches is the best to assess the risk events in the project?

A.Interviews or meetings
B.Determination of the true cost of the risk event
C.Probability and Impact Matrix
D.Root cause analysis

Question 726

Question 727

Question 728

Question 729

Question 730

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