Free CRISC Exam Braindumps (page: 48)

Page 48 of 451

You are the project manager of GHT project. During the data extraction process, you evaluated the total number of transactions per year by multiplying the monthly average by twelve. This process of evaluating total number of transactions is known as?

  1. Duplicates test
  2. Controls total
  3. Simplistic and ineffective
  4. Reasonableness test

Answer(s): D

Explanation:

Reasonableness tests make certain assumptions about the information as the basis for more elaborate data validation tests.

Incorrect Answers:
A: The duplicate test does not identify duplicate transactions; rather it identifies and confirms the validity of duplicates.

B: The control total test does not ensure that all transactions have been extracted, but only ensures that the data are complete.

C: As compared to simplistic, the reasonableness test is a valid foundation for more elaborate data validation tests.



You are the project manager of the KJH Project and are working with your project team to plan the risk responses. Consider that your project has a budget of $500,000 and is expected to last six months. Within the KJH Project you have identified a risk event that has a probability of .70 and has a cost impact of $350,000.

When it comes to creating a risk response for this event what is the risk exposure of the event that must be considered for the cost of the risk response?

  1. The risk exposure of the event is $350,000.
  2. The risk exposure of the event is $500,000.
  3. The risk exposure of the event is $850,000.
  4. The risk exposure of the event is $245,000.

Answer(s): D

Explanation:

The risk exposure for this event is found by multiplying the risk impact by the risk probability.
Risk Exposure is a straightforward estimate that gives a numeric value to a risk, enabling different risks to be compared.

Risk Exposure of any given risk = Probability of risk occurring x impact of risk event
= 0.70 * 350,000
= 245,000

Incorrect Answers:
A: $350,000 is the impact of the risk event. B: $500,000 is the project's budget.
C: $850,000 is the project's budget and the risk's impact.



Jane, the Director of Sales, contacts you and demands that you add a new feature to the software your project team is creating for the organization. In the meeting she tells you how important the scope change would be. You explain to her that the software is almost finished and adding a change now could cause the deliverable to be late, cost additional funds, and would probably introduce new risks to the project. Jane stands up and says to you, "I am the Director of Sales and this change will happen in the project." And then she leaves the room. What should you do with this verbal demand for a change in the project?

  1. Include the change in the project scope immediately.
  2. Direct your project team to include the change if they have time.
  3. Do not implement the verbal change request.
  4. Report Jane to your project sponsor and then include the change.

Answer(s): C

Explanation:

This is a verbal change request, and verbal change requests are never implemented. They introduce risk and cannot be tracked in the project scope. Change requests are requests to expand or reduce the project scope, modify policies, processes, plans, or procedures, modify costs or budgets or revise schedules. These requests for a change can be direct or indirect, externally or internally initiated, and legally or contractually imposed or optional. A Project Manager needs to ensure that only formally documented requested changes are processed and only approved change requests are implemented.

Incorrect Answers:
A: Including the verbal change request circumvents the project's change control system.

B: Directing the project team to include the change request if they have time is not a valid option. The project manager and the project team will have all of the project team already accounted for so there is no extra time for undocumented, unapproved change requests.

D: You may want to report Jane to the project sponsor, but you are not obligated to include the verbal change request.



You are the risk professional in Bluewell Inc. A risk is identified and enterprise wants to quickly implement control by applying technical solution that deviates from the company's policies. What you should do?

  1. Recommend against implementation because it violates the company's policies
  2. Recommend revision of the current policy
  3. Recommend a risk assessment and subsequent implementation only if residual risk is accepted
  4. Conduct a risk assessment and allow or disallow based on the outcome

Answer(s): C

Explanation:

If it is necessary to quickly implement control by applying technical solution that deviates from the company's policies, then risk assessment should be conducted to clarify the risk. It is up to the management to accept the risk or to mitigate it.

Incorrect Answers:
A: As in this case it is important to mitigate the risk, hence risk professional should once recommend a risk assessment. Though the decision for the conduction of risk assessment in case of violation of company's policy, is taken by management.

B: The recommendation to revise the current policy should not be triggered by a single request.

D: Risk professional can only recommend the risk assessment if the company's policies is violating, but it can only be conducted when the management allows.



Page 48 of 451



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