Exam CRISC topic 1 question 278 discussion

Actual exam question from Isaca's CRISC

Question #: 278
Topic #: 1

You are the project manager of the PFO project. You are working with your project team members and two subject matter experts to assess the identified risk events in the project. Which of the following approaches is the best to assess the risk events in the project?

A. Interviews or meetings
B. Determination of the true cost of the risk event
C. Probability and Impact Matrix
D. Root cause analysis

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Suggested Answer: A 🗳️
Risk probability and assessment is completed through interviews and meetings with the participants that are most familiar with the risk events, the project work, or have other information that can help determine the affect of the risk.
Incorrect Answers:
B: The true cost of the risk event is not a qualitative risk assessment approach. It is often done during the quantitative risk analysis process.
C: The probability and impact matrix is a tool and technique to prioritize the risk events, but it's not the best answer for assessing risk events within the project.
D: Root cause analysis is a risk identification technique, not a qualitative assessment tool.

by Joloms at June 3, 2024, 6:18 p.m.

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Joloms

1 month, 1 week ago

C. Probability and Impact Matrix This approach allows you to evaluate the likelihood of each risk event occurring (probability) and the effect it would have on the project if it does occur (impact). By using a Probability and Impact Matrix, you can prioritize risks based on their potential severity and likelihood, which helps in determining which risks need more immediate attention and mitigation strategies. Here's why this approach stands out: Comprehensive Evaluation: It combines both the probability and impact of risks, providing a more complete picture. Prioritization: Helps in ranking risks so that the most significant ones are addressed first. Visual Representation: Offers a clear, visual way to understand and communicate risk levels to stakeholders. While the other options (interviews or meetings, determination of the true cost of the risk event, and root cause analysis) are also important in the risk management process, the Probability and Impact Matrix is particularly effective for assessing and prioritizing risks.

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Exam CRISC topic 1 question 278 discussion

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Joloms

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