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ARM 401 Exam: Questions & Complete Solutions (Correctly Answered)
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ARM 401 Exam: Questions & Complete Solutions (Correctly Answered)
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ARM 401 Exam: Questions & Complete Solutions(Correctly Answered)
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 Right Ans - D
Risk maps differ from other risk assessment tools and techniques in which
one of the following ways?
Select one:
A. Risk maps are able to quickly explore a vast number of possible outcomes
based on large datasets.
B. Risk maps identify, prioritize, and quantify risks in a two-dimensional
pictorial that illustrates frequency and severity on vertical and horizontal
axes.
C. Risk maps have the potential to identify both negative risks and
opportunity risks.
D. Risk maps dissect processes within the organization from input to output
for the purpose of improving them. Right Ans - B
Gaining a holistic perspective requires
Select one:
A. Becoming an expert on the work that every stakeholder performs.
B. Developing a thorough understanding of each unit's role and how it
supports or depends on other units and stakeholders.
C. Encouraging individuals to resolve issues within their own work units.
D. Designating one individual to be responsible for initiating meetings and
dominating conversations. Right Ans - B
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 Right Ans -
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 Right Ans - C
After a month in which three employees were seriously injured at company
paper mills, Ashley, the risk manager of Bright White Paper Company, wanted
some answers about the causes of employee injuries. Ashley independently
contacted the plant manager and foreman at each of the company's plants. She
asked each person to complete a confidential questionnaire regarding safety
procedures. After receiving the responses to the questionnaire, Ashley
summarized the results and asked the same questions again instructing each
person to consider revising their responses based on the initial questionnaire
results. The analysis revealed that new workers were not being properly
trained and that a lax attitude toward safety was present at the majority of the
plants. The team approach to risk identification Ashley employed is called
Select one:
A. HAZOP analysis
B. Scenario analysis.
C. SWOT analysis.
D. The Delphi technique. Right Ans - D
, Home Appliance Company has decided to change its production method.
Previously, small teams of workers assembled washers, dryers, and
dishwashers. Under the new production method, an assembly-line will be
used, with some functions performed by robotics. Before making the change,
Home Appliance Company has created a team of experts from company
personnel to identify all of the risks inherent in the new production method
and to recommend measures to address these risks. The team will assemble in
a facilitated workshop and follow these steps:
Divide the production method into components
Review each component to identify risk
Identify causes and potential outcomes for each risk
Develop a solution for each risk.
This team approach is risk identification is called a
Select one:
A. Delphi technique.
B. Facilitated workshop.
C. Hazard and operability (HAZOP) study.
D. SWOT (strengths, weaknesses, opportunities, threats) anal Right Ans - C
SoCal Movie Company produces movies at a studio in Southern California. The
risk manager decided to identify the range of potential consequences
associated with various risks that the company faces. For example, if a severe
earthquake occurred while the company was filming a movie, there could be
deaths and injuries, destruction of movie sets, delays in production, costs
associated with filming at an alternative location, and loss of reputation and
good will. The type of analysis performed by the risk manager is called
Select one:
A. Sensitivity analysis.
B. SWOT analysis.
C. HAZOP analysis.
D. Scenario analysis. Right Ans - D
Cotton Products Company manufactures cotton clothing, towels, sheets, and
other cotton products. All production takes place at one large multi-acre
production facility. The risk manager of Cotton Products Company called a
meeting attended by her staff, the plant foreman, the plant safety engineer,
and the head of operations. She told the group that she wanted to analyze one
problem-the top event-a catastrophic fire at the production facility. The group
discussed all the causes of failure and factors that could contribute to the top
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