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ARM 401 Practice Exams With Solutions Verified By Experts The risk management department at Computer Hardware Company uses risk maps to graph and analyze the risks faced by the company. One area of special concern to the risk management team is the difference between residual risk and optimu...

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  • October 7, 2024
  • 43
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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ARM 401 Practice Exams With Solutions
Verified By Experts

The risk management department at Computer Hardware Company uses risk maps to graph and

analyze the risks faced by the company. One area of special concern to the risk management

team is the difference between residual risk and optimum risk. This difference represents




A) The potential risk that the organization does not currently face, but could face if conditions

change

B) The risk treatment opportunity to further reduce risk

C) The risk that is handled, by default, through avoidance


D) The risk that cannot be altered and is retained by the firm B) The risk treatment

opportunity to further reduce risk




Shelton Manufacturing executives are growing increasingly concerned about wildfires and the

potential effects on supply chain management. As the risk professional, Carla has been asked to

meet with experts on the subject and report back to the executive team. Which one of the

following should Carla do before meeting with external wildfire experts?




A) Carla should try to learn as much as possible about wildfires so she can impress the wildfire

experts

, ARM 401 Practice Exams With Solutions
Verified By Experts
B) Carla should research the field and get a working understanding of wildfires

C) Carla should solicit questions from internal experts and submit them to the external wildfire

experts

D) Carla should speak with internal subject-matter experts in hopes that she can avoid needing

the external wildfire experts B) Carla should research the field and get a working

understanding of wildfires




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 event. The causes of the -top event-

were listed, and methods of reducing the likelihood and consequences of the event were

examined. The technique the risk manager employed is called




A) Fault tree analysis

B) SWOT analysis

C) Failure mode and effects analysis


D) Scenario analysis A) Fault tree analysis

, ARM 401 Practice Exams With Solutions
Verified By Experts

Northeast Urban Properties owns and operates office buildings in New York, Boston, and

Philadelphia. The risk manager decided to examine the impact of potential terrorist attacks on

each building. For example, for the Philadelphia building, the risk manager examined attacks at

three levels: scare (e.g. suspicious package), minor explosion or gas attack, and large-scale

attack. For each level, the risk manager listed the risk owners, the risk quadrants impacted, the

likelihood of attack, the consequence, the risk level, and the risk control measures that needed to

be implemented. This information was summarized in a one-page chart. The chart the risk

manager prepared is a




A) Risk report with warning color code

B) Risk matrix with value at risk

C) Risk register with scenario model


D) Risk map with simulation Risk register with scenario model




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?

, ARM 401 Practice Exams With Solutions
Verified By Experts
A) Try to enrich individuals' work rather than merely expand it

B) Rely on the most senior individuals to take on additional duties

C) Overload some individuals with more work than others


D) Focus on the individuals' personalities rather than results A) Try to enrich individuals'

work rather than merely expand it




Blithe Manufacturing has experienced a drop in market share. The marketing department has

come up with a way to differentiate their product in order to regain market share. Blithe has

assembled a team of individuals representing different organizational functions to analyze both

internal and external factors of the new product and decide whether or not it is feasible. Which

one of the following team approaches to risk identification is Blithe using?




A) Delphi technique

B) SWOT analysis

C) Scenario analysis


D) HAZOP workshop B) SWOT analysis

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