Exam (elaborations)
ARM 401 Assignment 1 - Identifying Risk Exam Questions with Correct Answers.d
ARM 401 Assignment 1 - Identifying Risk Exam Questions with Correct Answers.d
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ARM 401 Assignment 1 - Identifying Risk ExamQuestions with Correct Answers
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.
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.
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.
SWOT analysis - Correct Answer - Strengths, weaknesses, opportunities, and threats. This is a team
approach that's useful in analyzing a new project or product. The strengths and weaknesses are internal
environmental factors to be considered. The opportunities and threats are external environmental
factors.
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
Scenario Analysis - Correct Answer - Identifies risks and predicts the potential consequences of those
specific risks.
Risk Threshold - Correct Answer - The range/amount of risk that is acceptable to take on.
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,
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