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ARM 401 - Segment A - Chapters 1, 2, 3 Exam Questions with Correct Answers
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ARM 401 - Segment A - Chapters 1, 2, 3 Exam Questions with Correct Answers
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ARM 401 - Segment A - Chapters 1, 2, 3 ExamQuestions with Correct Answers
The Range or amount of risk that is acceptable - Correct Answer - Risk Threshold
A device that detects and measures stimuli in its environment - Correct Answer - Sensor
A technology that uses radio frequency to identify objects - Correct Answer - Radio Frequency
Identification (RFID)
Computer processing or output that stimulates human reasoning or knowledge - Correct Answer -
Artificial intelligence (AI)
A technology that stimulates human vision - Correct Answer - Computer vision
A tool developed at the risk owner level that links specific activities, processes, projects, or plans to a list
of identified risks and results of risk analysis and evaluation and that is ultimately consolidated at the
enterprise level - Correct Answer - Risk Register
A template depicting the likelihood and potential impact/consequences of risks - Correct Answer - Risk
Map
Amount of risk an organization is willing to take on in order to achieve an anticipated result or return -
Correct Answer - Risk appetite
The level of risk that would be faced if it were to remain untreated or no action were to be taken after
the level of risk - Correct Answer - Inherent Risk
The level of risk remaining after actions are taken to alter the level of risk - Correct Answer - Residual
Risk
The level of risk that is within an organization's risk appetite - Correct Answer - Optimum risk
The measure of how to random risk variables will change in relationship to each other; It's used to
calculate the correlation between varibales - Correct Answer - Covariance
The spread of the data set - or how far apart the numbers are in relation to the mean (average) - Correct
Answer - Variance
, Technique: A neutral party, who has no stake in the outcome or participation responsibilities,
administers the risk workshop and propels the group to achieve its goals
Can be used for a specific project or process, as well as to identify those risks that affect overall
organizational objectives - Correct Answer - Facilitated Workshops
-Technique: Uses the opinions of select group of experts to identify risks.
-Typically, these experts don't meet but respond to a survey or inquiry instead
-Submits two rounds of queries to the selected experts
-First, each expert responds to a question and the combined answers, which remain anonymous, are
presented to the group
-The same question is then posed again to the experts, who are instructed to consider revising their
responses based on the results that were reported to the group
-This technique was originally used to forecast new developments, such as innovations in tech - Correct
Answer - Delphi Technique
Benefits of Delphi Technique - Correct Answer - -Cost-effective because it doesn't require the resources
necessary to assemble a facilitated workshop of experts
-Keeping responses anonymous can eliminate group bias and encourage participants to give honest
answers
Disadvantage of Delphi Technique - Correct Answer - Experts opinions may be limited to their current
thinking on a subject
Technique: Identifies risks and predicts the potential consequences of those specific risks
Benefit: Brings all of these concerns together, so they can be addressed as a whole
Disadvantage: The risk identification process may be limited by the imagination and brainstorming
capabilities of the team selected, which could lead to overlooking key risks or consequences of risks -
Correct Answer - Scenario Analysis
Technique: A team of subject matter experts and stakeholders identifies the risks associated with a given
process and recommends a solution
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