Exam CSSLP topic 1 question 10 discussion

Actual exam question from ISC's CSSLP

Question #: 10
Topic #: 1

You work as a project manager for BlueWell Inc. You are working on a project and the management wants a rapid and cost-effective means for establishing priorities for planning risk responses in your project. Which risk management process can satisfy management's objective for your project?

A. Qualitative risk analysis
B. Historical information
C. Rolling wave planning
D. Quantitative analysis

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Suggested Answer: Project Scope Statement Risk Management Plan Risk Register Answer: B is incorrect. Historical information can be helpful in the qualitative risk analysis, but it is 🗳️
Qualitative risk analysis is the best answer as it is a fast and low-cost approach to analyze the risk impact and its effect. It can promote certain risks onto risk response planning. Qualitative Risk Analysis uses the likelihood and impact of the identified risks in a fast and cost-effective manner. Qualitative Risk
Analysis establishes a basis for a focused quantitative analysis or Risk Response Plan by evaluating the precedence of risks with a concern to impact on the project's scope, cost, schedule, and quality objectives. The qualitative risk analysis is conducted at any point in a project life cycle. The primary goal of qualitative risk analysis is to determine proportion of effect and theoretical response. The inputs to the Qualitative Risk Analysis process are: Organizational process assets

by 74gjd_37 at Sept. 27, 2023, 10:22 a.m.

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74gjd_37

9 months, 3 weeks ago

Selected Answer: A

Qualitative Risk Analysis (Option A) technique prioritizes risks based on their probability of occurrence, impact on project objectives, and other subjective factors such as stakeholder perception. It also uses expert judgment to evaluate and rank risks using techniques like SWOT analysis or risk scoring matrices. The output of qualitative risk analysis helps project managers identify which risks require further action and what type of response is required to mitigate them effectively while balancing costs and benefits. Overall, this process provides management with valuable information necessary to make informed decisions about how best to respond to potential risks within the project budget constraints.

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74gjd_37

9 months, 3 weeks ago

B. Historical information: This option may be useful in identifying risks that were encountered in past projects, but these risks may not be similar to the ones faced by the current project. They also may not reflect new or updated industry-specific knowledge. C. Rolling wave planning: This option is a process of progressive elaboration where work is planned incrementally over time, reflecting data from completed activities to inform future tasks; it doesn't really address prioritizing risks nor give initial insights about how important each potential risk might be. D. Quantitative analysis: While this involves numerical modeling techniques such as Monte Carlo simulations for assessing probability and impact of identified risks, it can take more time and resources to complete than qualitative analysis because many factors must be considered beforehand so basically, being too detailed will slow down decision-making processes which goes against our original objectives indicated by management.

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