Free Access ISACA.CRISC.v2022-08-23.q834 Practice Test (Page 23)

Question 106

You are the project manager of a project in Bluewell Inc. You and your project team have identified several project risks, completed risk analysis, and are planning to apply most appropriate risk responses. Which of the following tools would you use to choose the appropriate risk response?

A.Project network diagrams

B.Cause-and-effect analysis

C.Decision tree analysis

D.Delphi Technique

E.Explanation:
Decision tree analysis is a risk analysis tool that can help the project manager in determining the best risk response. The tool can be used to measure probability, impact, and risk exposure and how the selected risk response can affect the probability and/or impact of the selected risk event. It helps to form a balanced image of the risks and oppourtunities connected with each possible course of action. This makes them mostly useful for choosing between different strategies, projects, or investment opportunities particularly when the resources are limited. A decision tree is a decision support tool that uses a tree-like graph or model of decisions and their possible consequences, including chance event outcomes, resource costs, and utility.

Question 107

Which of the following would be of GREATEST assistance when justifying investment in risk response strategies?

A.Cost-benefit analysis

B.Business impact analysis

C.Total cost of ownership

D.Resource dependency analysis

Question 108

Which of the following interpersonal skills has been identified as one of the biggest reasons for project success or failure?

A.Motivation

B.Influencing

C.Communication

D.Political and cultural awareness

Question 109

A project team member has just identified a new project risk. The risk event is determined to have significant impact but a low probability in the project. Should the risk event happen it'll cause the project to be delayed by three weeks, which will cause new risk in the project. What should the project manager do with the risk event?

A.Add the identified risk to a quality control management chart.

B.Add the identified risk to the issues log.

C.Add the identified risk to the risk register.

D.Add the identified risk to the low-level risk watch-list.

E.Explanation:
All identified risks, their characteristics, responses, and their status should be added and monitored as part of the risk register. A risk register is an inventory of risks and exposure associated with those risks. Risks are commonly found in project management practices, and provide information to identify, analyze, and manage risks. Typically a risk register contains: A description of the risk The impact should this event actually occur The probability of its occurrence Risk Score (the multiplication of Probability and Impact) A summary of the planned response should the event occur A summary of the mitigation (the actions taken in advance to reduce the probability and/or impact of the event) Ranking of risks by Risk Score so as to highlight the highest priority risks to all involved.

Question 110

Which of the following control audit is performed to assess the efficiency of the productivity in the operations environment?

A.Operational

B.Financial

C.Administrative

D.Specialized

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