ARM 401 Quiz Questions with 100% Complete Solutions

Brenda is the new risk manager at Telecom Company. She did a preliminary analysis to identify organizational risks. Brenda then scheduled a meeting of the organization's leaders, key employees, and other stakeholders. Brenda asked her assistant, Brian, to moderate the session since he is skilled in risk identification, and he is a skilled communicator as well. Brian encouraged brainstorming, and asked follow-up questions. After the session, Brenda and her risk management colleagues had a much deeper understanding of Telecom's risks. The technique that Brenda applied is called a Select one: A. SWOT analysis. B. Group-think. C. Delphi technique session. D. Facilitated workshop. - D William is a project manager for Parker International. He has been assigned a key project with a short deadline. William realizes that this project is going to require revising the job duties of some individuals and a collaborative effort from of all team members. When revising job duties, William should do which one of the following? Select one: A. Overload some individuals with more work than others B. Rely on the most senior individuals to take on additional duties C. Focus on the individuals' personality rather than results D. Try to enrich individuals' work rather than merely expand it - D Emma is a risk management professional at a chemical engineering organization. A new process is being designed and Emma has been told that all risks must be identified and eliminated during the design stage. Emma is a risk management professional, but not a chemical engineering expert. She has assembled a team of engineering experts and stakeholders to identify the risk associated with the process by subdividing the process into components and reviewing each component and then recommend solutions. Which one of the following team approaches to risk identification has Emma chosen? Select one: A. Scenario analysis B. SWOT analysis C. HAZOP approach D. Delphi technique - C Which one of the following risk assessment tools has the potential to identify both negative risks and opportunity risks? Select one: A. Risk maps B. Cause and effect analysis C. Failure mode and effects analysis D. Audits - D