Nancy Is the Project Manager of the NHH Project

question 136

Multiple Choice

Nancy is the project manager of the NHH project. She and the project team have identified a significant risk in the project during the qualitative risk analysis process. Bob is familiar with the technology that the risk is affecting and proposes to Nancy a solution to the risk event. Nancy tells Bob that she has noted his response, but the risk really needs to pass through the quantitative risk analysis process before creating responses. Bob disagrees and ensures Nancy that his response is most appropriate for the identified risk. Who is correct in this scenario?

• A) Bob is correct. Bob is familiar with the technology and the risk event so his response should be implemented.
• B) Nancy is correct. Because Nancy is the project manager she can determine the correct procedures for risk analysis and risk responses. In addition, she has noted the risk response that Bob recommends.
• C) Nancy is correct. All risks of significant probability and impact should pass the quantitative risk analysis process before risk responses are created.
• D) Bob is correct. Not all risk events have to pass the quantitative risk analysis process to develop effective risk responses.

Understand the strategies available to a firm for closing sales and profitability gaps.

Recognize the signs indicating when a strategic change is required.

Identify various types of business objectives and their focus areas.

Learn the tools and processes used in narrowing down situational assessment data for strategic planning.

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Definitions:

Assets

Assets are resources controlled by a company as a result of past events and from which future economic benefits are expected to flow to the entity.

GAAP

Set of accounting standards and principles designed to ensure consistency, fairness, and transparency in financial reporting.

IFRS

International Financial Reporting Standards, a set of accounting principles for reporting financial information used globally.

Time Period Assumption

An accounting principle that states a business operation can be divided into discrete time periods, such as months, quarters, or years for reporting purposes.