CA Foundation Business Economics Questions 2023 - Part 32
Fri, 03 Mar 2023
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CRISC—Certified in Risk and Information Systems Control Certification Questions and answer - Part 29
1. You have been assigned as the Project Manager for a new project that involves building of a new roadway between the city airport to a designated point within the city. However, you notice that the transportation permit issuing authority is taking longer than the planned time to issue the permit to begin construction. What would you classify this as?
A) Project Risk
B) Status Update
C) Risk Update
D) Project Issue
2. You are the project manager of GHT project. A stakeholder of this project requested a change request in this project. What are your responsibilities as the project manager that you should do in order to approve this change request?Each correct answer represents a complete solution. Choose two.(Select 2answers)
A) Archive copies of all change requests in the project file.
B) Evaluate the change request on behalf of the sponsor
C) Judge the impact of each change request on project activities, schedule and budget.
D) Formally accept the updated project plan
3. Natural disaster is BEST associated to which of the following types of risk?
A) Short-term
B) Long-term
C) Discontinuous
D) Large impact
4. Which of the following controls focuses on operational efficiency in a functional area sticking to management policies?
A) Internal accounting control
B) Detective control
C) Administrative control
D) Operational control
5. You are the project manager of HJT project. You want to measure the operational effectiveness of risk management capabilities. Which of the following is theBEST option to measure the operational effectiveness?
A) Key risk indicators
B) Capability maturity models
C) Key performance indicators
D) Metric thresholds
A) Project Risk
B) Status Update
C) Risk Update
D) Project Issue
2. You are the project manager of GHT project. A stakeholder of this project requested a change request in this project. What are your responsibilities as the project manager that you should do in order to approve this change request?Each correct answer represents a complete solution. Choose two.(Select 2answers)
A) Archive copies of all change requests in the project file.
B) Evaluate the change request on behalf of the sponsor
C) Judge the impact of each change request on project activities, schedule and budget.
D) Formally accept the updated project plan
3. Natural disaster is BEST associated to which of the following types of risk?
A) Short-term
B) Long-term
C) Discontinuous
D) Large impact
4. Which of the following controls focuses on operational efficiency in a functional area sticking to management policies?
A) Internal accounting control
B) Detective control
C) Administrative control
D) Operational control
5. You are the project manager of HJT project. You want to measure the operational effectiveness of risk management capabilities. Which of the following is theBEST option to measure the operational effectiveness?
A) Key risk indicators
B) Capability maturity models
C) Key performance indicators
D) Metric thresholds
1. Right Answer: D
Explanation: This is a project issue. It is easy to confuse this as a project risk; however, a project risk is always in the future. In this case, the delay by the permitting agency has already happened; hence this is a project issue. The possible impact of this delay on the project cost, schedule, or performance can be classified as a project risk.Incorrect Answers:A: It is easy to confuse this as a project risk; however, a project risk is always in the future. In this case, the delay by the permitting agency has already happened; hence this is a project issue.B, C: These are options are not valid.
2. Right Answer: A,C
Explanation: Project manager responsibilities related to the change request approval process is judging the impact of each change request on project activities, schedule and budget, and also archiving copies of all change requests in the project file.Incorrect Answers:B: This is the responsibility of Change advisory board.D: Pm has not the authority to formally accept the updated project plan. This is done by project sponsors so as to approve the change request.
3. Right Answer: C
Explanation: Natural disaster can be a long-term or short-term and can have large or small impact on the company. However, as the natural disasters are unpredictable and infrequent, they are best considered as discontinuous.Incorrect Answers:A: Natural disaster can be a short-term, but it is not the best answer.B: Natural disaster can be a long-term, but it is not the best answer.D: Natural disaster can be of large impact depending upon its nature, but it is not the best answer.
4. Right Answer: C
Explanation: Administrative control is one of the objectives of internal control and is concerned with ensuring efficiency and compliance with management policies.Incorrect Answers:A: It controls accounting operations, including safeguarding assets and financial records.B: Detective control simply detects and reports on the occurrence of an error, omission or malicious act.D: It focuses on day-to-day operations, functions, and activities. It also ensures that all the organization's objectives are being accomplished.
5. Right Answer: C
Explanation: Key performance indicators are a set of quantifiable measures that a company or industry uses to gauge or compare performance in terms of meeting their strategic and operational goals. Key performance indicators (KPIs) provide insights into the operational effectiveness of the concept or capability that they monitor.Incorrect Answers:A: Key risk Indicators (KRIs) only provide insights into potential risks that may exist or be realized within a concept or capability that they monitor.B: Capability maturity models (CMMs) assess the maturity of a concept or capability and do not provide insights into operational effectiveness.D: Metric thresholds are decision or action points that are enacted when a KPI or KRI reports a specific value or set of values.
Explanation: This is a project issue. It is easy to confuse this as a project risk; however, a project risk is always in the future. In this case, the delay by the permitting agency has already happened; hence this is a project issue. The possible impact of this delay on the project cost, schedule, or performance can be classified as a project risk.Incorrect Answers:A: It is easy to confuse this as a project risk; however, a project risk is always in the future. In this case, the delay by the permitting agency has already happened; hence this is a project issue.B, C: These are options are not valid.
2. Right Answer: A,C
Explanation: Project manager responsibilities related to the change request approval process is judging the impact of each change request on project activities, schedule and budget, and also archiving copies of all change requests in the project file.Incorrect Answers:B: This is the responsibility of Change advisory board.D: Pm has not the authority to formally accept the updated project plan. This is done by project sponsors so as to approve the change request.
3. Right Answer: C
Explanation: Natural disaster can be a long-term or short-term and can have large or small impact on the company. However, as the natural disasters are unpredictable and infrequent, they are best considered as discontinuous.Incorrect Answers:A: Natural disaster can be a short-term, but it is not the best answer.B: Natural disaster can be a long-term, but it is not the best answer.D: Natural disaster can be of large impact depending upon its nature, but it is not the best answer.
4. Right Answer: C
Explanation: Administrative control is one of the objectives of internal control and is concerned with ensuring efficiency and compliance with management policies.Incorrect Answers:A: It controls accounting operations, including safeguarding assets and financial records.B: Detective control simply detects and reports on the occurrence of an error, omission or malicious act.D: It focuses on day-to-day operations, functions, and activities. It also ensures that all the organization's objectives are being accomplished.
5. Right Answer: C
Explanation: Key performance indicators are a set of quantifiable measures that a company or industry uses to gauge or compare performance in terms of meeting their strategic and operational goals. Key performance indicators (KPIs) provide insights into the operational effectiveness of the concept or capability that they monitor.Incorrect Answers:A: Key risk Indicators (KRIs) only provide insights into potential risks that may exist or be realized within a concept or capability that they monitor.B: Capability maturity models (CMMs) assess the maturity of a concept or capability and do not provide insights into operational effectiveness.D: Metric thresholds are decision or action points that are enacted when a KPI or KRI reports a specific value or set of values.
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