Bissoy.com
Doctors Medicines MCQs Q&A

Why are risk tolerances and thresholds important to identify in the risk management Plan?

Why are risk tolerances and thresholds important to identify in the risk management Plan? Correct Answer Tolerances and thresholds, when documented, can help to define the target by which the project team can measure the effectiveness of the risk response plan execution

Answer B defines the timing that should be addressed in the risk management plan. Answer C defines the methodology that should be identified in a risk management plan. Answer D touches on the budgeting and tracking that should be defined in the risk management plan.

Related Questions

In the question below, are given a statement followed by three courses of actions numbered I, II and III. On the basis of the information given, you have to assume everything in the statement to be true, and then decide which of the suggested course of action logically follow (s) for pursuing. Statement: The India Risk Survey 2017 report ranks 'Information & Cyber Insecurity' as the biggest risk facing Indian companies. Indian organizations, both public and private, had witnessed over 27,000 incidents of security threat, from January 2017 till June 2017 alone. Phishing, scanning/probing, website intrusions and defacements, virus/malicious code, ransomware, Denial of Service attacks, and data breaches are some ways in which hackers attack business websites, which can cause operational disruptions and potentially steal sensitive information. Small and medium businesses (SMBs), unfortunately, have been seeing rising incidences of cybercrime. In fact, 70 percent of cyberattacks occur at organizations with lesser than 100 employees  Courses of action: I. Mandate basic security practices and policies for all employees, such as 2-factor authentication, internet use guidelines and create and enforce rules on handling and protecting sensitive data. Conduct frequent training to sensitize employees about opening suspicious emails, encrypting their data, using strong passwords on their devices, installing security apps, and limiting activity over public Wi-Fi. Implement and enforce incident reporting to help ensure that even the smallest breach is report to management as well as the IT teams. II. Basics still matter and are some of the best defenses against viruses, malware, and other online threats. Assess the assets that are most at risk - data, servers, network - and ensure that the systems are updated with the latest security software, web browser, and operating system. Implement firewall security and run antivirus software after each update.  III. Ensure regular backup of all critical data - whether stored in-house or on the cloud. Run scheduled attack drills and stress tests to identify vulnerabilities and ensure that data restoration and business continuity are executed as planned.
In a winter sale offered by a Clothing Shop following discount plans are offered for buyers of Jeans- Plan 1 - succesive discounts of 20% and 13% Plan 2 - discount of 14% followed by other discount of 21% Plan 3 - two successive discount of 20% and 25% Plan 4 - two successive discount of 17%. In which Plan the selling price will be least?  
Which of the following statement is true?
1. Human resource management is a strategic management function.
2. Under Human resource management employee is treated as a resource.
3. Human resource management is the management of employee's skills talents and abilities.
4. Human resource management function is treated as only an auxiliary.
Which among the following is an incorrect pair? Five Year Plan                                  Model I. First Five Year Plan                 P.C. Mahalanobis Model II. Second Five Year Plan           Harrod Domar Model III. Third Five Year Plan              Gadgil Plan
Which of the following is/are not gain sharing plan(s)?
1. Scanlon Plan
2. Rucker Plan
3. Employee Stock Option Plan
4. Improshare Plan
Select the correct answer:
Arrange the following important plans in India's planning history from the earliest to the latest.  I. FICCI Plan II. Sarvodaya Plan III. Gandhian Plan IV People's Plan
Choose the correct code for the following statements being correct or incorrect. Statement I : When the two securities returns are perfectly positively correlated, the risk of their portfolio is just a weighted average of the individual risks of the securities. In such case, diversification does not provide risk reduction but only risk averaging. Statement II : Total risk of a portfolio of two risk securities can be completely eliminated when their returns are perfectly negatively correlated and their proportionate holdings in the portfolio are inversely related to the relative individual risks of the securities. 
Mr. Justin wanted to test his students' understanding of the 'nature of weekly markets from a seller's point of view'. Which of the following questions are suited to test this? i. Can a weekly market address all the needs of a family? Why or why not? ii. Compare and contrast the characteristics of a weekly market and a permanent shop. iii. Are you likely to find a well-known brand as part of a weekly market? Why or why not? iv. Can any seller increase their price a lot compared to other sellers in a weekly market? Why or why not?
In the following question, sentences of a paragraph have been jumbled and labelled as A, B, C and D. You are required to rearrange the jumbled sentences of the paragraph and mark your response accordingly by selecting the correct option. A: The Act received the royal assent on 18 July 1947 and thus India and Pakistan, comprising West (modern-day Pakistan) and East (modern-day Bangladesh) regions, came into being on 15 August. B: The 1947 Indian Independence Act is an Act of the Parliament of the United Kingdom that partitioned British India into the two new independent dominions of India and Pakistan. C: This plan was the last plan for independence. D: The legislature representatives of the Indian National Congress, the Muslim League, and the Sikh community came to an agreement with Lord Mountbatten on what has come to be known as the 3 June Plan or Mountbatten Plan.
How many grades of tolerances are there according to BIS system fits and tolerances?