Short Answer Questions – Answer the following questions as briefly as possible w

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Short Answer Questions – Answer the following questions as briefly as possible while being accurate of course, i.e., address the point precisely. Typically one to two sentences will suffice. Some of these questions are designed to help you recall content from the past two weeks as well.

1. What is the goal or objective of an IT risk management plan?

2. Define what risk planning is.

3. What is the first step in performing risk management?

4. What is the exercise called when you are trying to identify an organization’s risk health?

5. What practice helps reduce or eliminate risk?

6. What on- going practice helps track risk in real- time?

7. Within the seven domains of a typical IT infrastructure, which domain is the most difficult to plan, identify, assess, remediate, and monitor?

8. How does risk mitigation impact change control management and vulnerability management?

Multiple Choice Questions

1. Which of the following is not one of the objectives of a risk management plan?

a. Create a list of threats

b. Create a list of vulnerabilities

c. Identify costs

d. Eliminate risk

2. Which portion of a risk management plan explains the extent to which the plan will be organized and carried out?

a. Introduction

b. Scope

c. Assignment

d. Schedule

3. What is an unwanted result of uncontrolled changes in a project?

a. Reduced budget

b. Scope creep

c. Shorter schedule

d. Increased benefits

4. A risk management project manager has identified a problem within a risk management plan. The project manager (PM) realizes one of the controls is ineffective and has identified a better alternative. What should the PM do?

a. Implement the better control

b. Halt the project

c. Work with a stakeholder to identify a plan of action

d. Rewrite the plan

5. Projects will typically have an individual that has a key interest the success of a project and has the authority to make decisions to provide additional resources. What is this person called?

a. Project manager

b. Information owner

c. Data owner

d. Stakeholder

6. Of the following choices, what is not a responsibility of a project manager for a risk management plan?

a. Ensuring costs are controlled

b. Ensuring the project stays on schedule

c. Ensuring the project stays within scope

d. Ensuring team members do not work on other projects

7. A risk management team decides to identify threats, vulnerabilities, and recommendations using an affinity diagram. Which of the following is not one of the basic steps used to create an affinity diagram?

a. Create a problem statement

b. Identify unacceptable suggestions

c. Generate ideas

d. Mitigate risks

8. You have completed the calculations for a cost-benefit analysis. The costs of a control are greater than the benefits of a control. What is the most likely recommendation for this control?

a. Implement the control.

b. Accept the risk.

c. Recalculate the data.

d. Perform a return on investment analysis.

9. You have completed the calculations for a cost-benefit analysis. The costs of a control are less than the benefits of a control. What is the most likely recommendation for this control?

a. Implement the control.

b. Accept the risk.

c. Recalculate the data.

d. Perform a return on investment analysis.

10. After receiving the response from management on recommended controls, you begin creating an implementation plan. What would you create that can help you track progress, assign responsibility, and provide documentation compliance requirements?

a. Gantt chart

b. Critical path chart

c. Milestone plan chart

d. POAM

  

The attachment below is another question

CPM Problem Assume that for "company A" a number of processes should be conducted for risk management process. The process is reflected by the graph below (Critical Path) Note: Each number represents the total days required to finish the particular job a) Which path is the critical path? b) What is the minimum of number days required to finish the whole task? c) Fill out the table Path Slack Ti A..B D..F E.F E..H G..H K..H 4 12

Explanation / Answer

1) The main purpose of Risk Management Plan is to define employees or organization how to manage risks,and monitored and controlled through entire project life cycle.

2)Risk planning is nothing but the process of identifying and controlling of risks which arise from factors and making decisions so that balance risk.

3) Thhe first step in performing risk management is that "Planning Risk Management".In this step we will plan how to handle all the Risks that would be faced by Project.

4)Security Policy
5)Risk Management Plan
6)Risk Monitoring
7)LAN-WAN
8)In risk management change control is systematic way to approach for changes within an organization, it prevents the possibility of service interruption so that provides a plan to bring them back.

9) d. Eliminate risk
10)b. Scope

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