ARM 401 Final Exam 2024 Questions & Answers 100% Correct Verified
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Course
ARM 401
Institution
ARM 401
ARM 401 Final Exam 2024 Questions &
Answers | 100% Correct | Verified
Brenda is the new risk manager at Telecom Company. She did a preliminary analysis to identify
organizational risks. Brenda then scheduled a meeting of the organization's leaders, key employees, and
other stakeholders. Brenda ...
ARM 401 Final Exam 2024 Questions &
Answers | 100% Correct | Verified
Brenda is the new risk manager at Telecom Company. She did a preliminary analysis to identify
organizational risks. Brenda then scheduled a meeting of the organization's leaders, key employees, and
other stakeholders. Brenda asked her assistant, Brian, to moderate the session since he is skilled in risk
identification, and he is a skilled communicator as well. Brian encouraged brainstorming, and asked
follow-up questions. After the session, Brenda and her risk management colleagues had a much deeper
understanding of Telecom's risks. The technique that Brenda applied is called a
Select one:
A. SWOT analysis.
B. Group-think.
C. Delphi technique session.
D. Facilitated workshop. - ✔✔D
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 - ✔✔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 - ✔✔C
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 - ✔✔D
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. - ✔✔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 - ✔✔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. - ✔✔D
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.
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