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Question on Tools & Techniques of Risk Control :

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Piyali
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Question on Tools & Techniques of Risk Control :

Postby Piyali Mon Aug 25, 2014 1:47 pm

"You are the project manager and working on the process of Monitor and Control Risks. Which of the following is NOT Tools and Techniques you can use for this process?"

A Risk Audits

B Variance and Trend Analysis

C Sensitivity Analysis

D Reserve Analysis
nagarwal
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Re: Question on Tools & Techniques of Risk Control :

Postby nagarwal Mon Aug 25, 2014 1:51 pm

The answer is C since Sensitivity Analysis is a tool and technique of Perform Quantitative Risk Analysis.
signor_rk
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Re: Question on Tools & Techniques of Risk Control :

Postby signor_rk Mon Aug 25, 2014 2:14 pm

Tools & Techniques for Control Risk process are :
1. Risk reassessment
2. Risk audit
3. Variance and trend Analysis
4. Technical performance measurement
5. Reserve analysis
6. Meetings
So , option # C , Sensitivity analysis is NOT the Tools & Technique of this process.
Regards ,

Ranjit
Parul
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Re: Question on Tools & Techniques of Risk Control :

Postby Parul Wed Aug 27, 2014 5:07 am

Answer – C

Explanation – Sensitivity analysis is quantitative analysis technique helps in finding which risks can have most impact on the project and Tornado diagram is the most common way of representing sensitivity analysis. It is not used for Monitor and Control risks process.
Option A – Risk audits is the tool to examine and document the effectiveness of risk responses in dealing with identified risks and their root causes, as well as the effectiveness of risk management system.
Option B – Variance and Trend Analysis is technique for monitor and control risk which can be used to find variance analysis to compare planned and actual results.
Option D -Reserve Analysis is used to compare the remaining contingency reserve and amount of risk remaining at any time in the project in order to determine if the remaining reserve is adequate.

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