Free Access ISACA.CRISC.v2022-05-05.q821 Practice Test (Page 75)

Question 366

Mike is the project manager of the NNP Project for his organization. He is working with his project team to plan the risk responses for the NNP Project. Mike would like the project team to work together on establishing risk thresholds in the project. What is the purpose of establishing risk threshold?

A.It is a study of the organization's risk tolerance.

B.It is a warning sign that a risk event is going to happen.

C.It is a limit of the funds that can be assigned to risk events.

D.It helps to identify those risks for which specific responses are needed.

Question 367

Which of the following should be management's PRIMARY consideration when approving risk response action plans?

A.Ability of the action plans to address multiple risk scenarios

B.Prioritization for implementing the action plans

C.Changes in residual risk after implementing the plans

D.Ease of implementing the risk treatment solution

Question 368

Which of the following is the BEST method for assessing control effectiveness?

A.Ad hoc reporting

B.Predictive analytics

C.Continuous monitoring

D.Control self-assessment

Question 369

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

E.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.

Question 370

You are the project manager of your project. You have to analyze various project risks. You have opted for quantitative analysis instead of qualitative risk analysis. What is the MOST significant drawback of using quantitative analysis over qualitative risk analysis?

A.lower objectivity

B.higher cost

C.higher reliance on skilled personnel

D.lower management buy-in

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Question 366

Question 367

Question 368

Question 369

Question 370

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