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NEWEST UPDATED ARM 400 EXAM (ACTUAL ) WITH CORRECT VERIFIED DETAILED ANSWERS
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NEWEST UPDATED ARM 400 EXAM (ACTUAL2024-2025) WITH CORRECT VERIFIED DETAILED
ANSWERS
An organization's goals and objectives are met by establishing
and attaining measurable standards for the many activities it
pursues. Which one of the following statements is correct with
respect to those standards?
A. Organizations with key performance indicators (KPIs)
established for critical success factors (CSFs) will typically
achieve organizational goals.
B. A key performance indicator (KPI) answers the question,
"What will make our organization a success?"
C. Generally, an organization's risk tolerance has little impact
on its critical success factors (CSFs) and key performance
indicators (KPIs).
D. For each key performance indicator (KPI), there is a
tolerance level for how much deviation from the standard
established in the KPI will be acceptable. - ------
ANSWERS_______D. For each key performance indicator
(KPI), there is a tolerance level for how much deviation from
the standard established in the KPI will be acceptable.
An organization has established a key performance indicator
to "reduce employee injuries by 6%." Which one of the
following would indicate a low risk tolerance for this KPI?
A. Reduce employee injuries by 2%
B. Reduce employee injuries by 4%
, NEWEST UPDATED ARM 400 EXAM (ACTUAL
2024-2025) WITH CORRECT VERIFIED DETAILED
ANSWERS
C. Reduce employee injuries by 5 to 6%
D. Employee injury rate remains unchanged - ------
ANSWERS_______C. Reduce employee injuries by 5 to 6%
The service representatives for Tauton Insurance will be
eligible for a bonus only if the customer retention rate is
increased by 5%. This is an example of which one of the
following standards?
A. A severe risk tolerance level
B. A critical success factor derived from a strategic objective
C. A key performance indicator based on financial ratios
D. A corrective measure linked with an identified tolerance
level - ------ANSWERS_______D. A corrective measure
linked with an identified tolerance level
Which one of the following statements is true regarding the
business process management (BPM) life cycle model?
A. The model is designed to review one business process at a
time.
B. The model is ineffective unless all five steps are completed
on a continuous basis.
C. The model is primarily used by organizations in the
manufacturing sector.
D. The model is driven by the collaboration of human and
technological input. - ------ANSWERS_______D. The model
, NEWEST UPDATED ARM 400 EXAM (ACTUAL
2024-2025) WITH CORRECT VERIFIED DETAILED
ANSWERS
is driven by the collaboration of human and technological
input.
Which one of the following is an example of an internal key
risk indicator (KRI) that a contractor might monitor?
A. Availability of skilled labor
B. Cost of lumber
C. Budget variances
D. Interest rates - ------ANSWERS_______C. Budget
variances
Organizations use key risk indicators (KRIs) to plan for and
respond to risk. Which one of the following statements is
correct with respect to KRIs?
A. KRIs are based on quantifiable information and support
management decisions.
B. To be effective, KRIs should be detailed and specific.
C. To best manage risk, an organization should have as many
KRIs as possible.
D. KRIs are usually only established for the executive level
within an organization. - ------ANSWERS_______A. KRIs
are based on quantifiable information and support
management decisions.
, NEWEST UPDATED ARM 400 EXAM (ACTUAL
2024-2025) WITH CORRECT VERIFIED DETAILED
ANSWERS
Which one of the following measures the progress an
organization has made toward attaining its goals within a
specific amount of time?
A. Key performance indicator
B. Key risk indicator
C. Critical success factor
D. Risk tolerance level - ------ANSWERS_______A. Key
performance indicator
One of the strategic objectives for Cromley Insurance Group
is customer satisfaction. Which one of the following is a
critical success factor (CSF) that would help refine this
strategic objective?
A. Reduce claim activity by 4 to 6%
B. High customer retention
C. High profitability
D. Increase retention ratio by 5% - ------
ANSWERS_______B. High customer retention
Some best practices models call for the formation of a risk
committee with a risk management focus at the organization's
executive management level. Which one of the following
statements best describes one of the responsibilities of an
executive-level risk committee?
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