Exam (elaborations)
ARM 401 Assignment 1 - Identifying Risk with 100% correct answers | verified | latest update 2024
ARM 401 Assignment 1 - Identifying Risk with 100% correct answers | verified | latest update 2024
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ARM 401 Assignment 1 - Identifying RiskAntonia must first determine which approach (or approaches) she wants to use to identify
and assess FIFM's risks. She wants to involve multiple people in the process, so she
decides to go with a team approach. Which of these team approaches should Antonia start
with?
A) Facilitated workshop
B) Delphi technique
C) Scenario analysis
D) SWOT - correct answer-A) Facilitated workshop
CraftNoise, Inc., makes speakers for consumers' homes. Management knows that when a
customer has to return a defective speaker, that customer will not return to purchase another
one. As a result, CraftNoise will not tolerate having more than 2 percent of its speakers
returned because of defects. Which one of the following is this an example of?
A) Setting a risk threshold
B) Creating a risk register
C) Adopting a risk identifier
D) Building a fault tree - correct answer-
Delmar AeroFab Inc. is designing a part for a commercial aircraft that cannot have any
defects. Which of these team-oriented approaches to risk identification should it adopt?
A) Facilitated Workshops
B) Delphi Technique
C) HAZOP
D) SWOT - correct answer-C) HAZOP
Delphi Technique - correct answer-Uses the opinions of a select group of experts to identify
risks. Typically, these experts don't meet but respond to a survey or inquiry instead.
Facilitated Workshops - correct answer-A neutral party (the facilitator), who has no stake in
the outcome or participation responsibilities, administers the risk workshop and propels the
group to achieve its goal.
HAZOP - correct answer-Primarily used to design complex, scientific systems such as those
used in engineering, chemical, mechanical, electronic, and computer operations. But it can
be adapted to analyze certain organizational strategies and initiatives.
Inherent Risk - correct answer-The level of risk that would be faced if it were to remain
untreated or no action were to be taken to alter the level of risk.
Optimum Risk - correct answer-The level of risk that is within an organization's risk appetite.
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