What should a risk practitioner do NEXT if an ineffective key control is identified on a critical system?

• A.Revalidate the risk assessment.
• B.Escalate to senior management.
• C.Propose acceptance of the risk.
• D.Conduct a gap analysis.

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You are the project manager of GHT project. Your project utilizes a machine for production of goods. This machine has the specification that if its temperature would rise above 450 degree Fahrenheit then it may result in burning of windings. So, there is an alarm which blows when machine's temperature reaches 430 degree Fahrenheit and the machine is shut off for 1 hour. What role does alarm contribute here?

• A.Of risk indicator
• B.Of risk identification
• C.Of risk trigger
• D.Of risk response

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You are working in an enterprise. Assuming that your enterprise periodically compares finished goods inventory levels to the perpetual inventories in its ERP system. What kind of information is being provided by the lack of any significant differences between perpetual levels and actual levels?

• A.Direct information
• B.Indirect information
• C.Risk management plan
• D.Risk audit information

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Which of the following is NOT true for effective risk communication?

• A.Risk information must be known and understood by all stakeholders.
• B.Use of technical terms of risk
• C.Any communication on risk must be relevant
• D.For each risk, critical moments exist between its origination and its potential business consequence
• E.Explanation:
  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 communication

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You are the project manager for your organization to install new workstations, servers, and cabling throughout a new building, where your company will be moving into. The vendor for the project informs you that the cost of the cabling has increased due to the some reason. This new cost will cause the cost of your project to increase by nearly eight percent. What change control system should the costs be entered into for review?

• A.Cost change control system
• B.Contract change control system
• C.Scope change control system
• D.Only changes to the project scope should pass through a change control system.
• E.Explanation:
  Because this change deals with the change of the deliverable, it should pass through the cost change control system. The cost change control system reviews the reason why the change has happened, what the cost affects, and how the project should respond.

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