Risk Management 101 for IT Professionals Essential Concepts - Sample Risk Assessments

The video tutorial covers three risk assessment scenarios, focusing on both qualitative and quantitative methods. The first scenario involves a project manager dealing with schedule delays in an IT modernization project. The second scenario examines the impact of COVID-19 on VPN stability and employee productivity. The final scenario uses quantitative analysis to assess the risk of an aging air conditioning system in a server room, determining the cost-effectiveness of replacing it.

In the first qualitative risk assessment scenario, what is the main reason for the project being behind schedule?

• Technical integration issues

• Poor project management

• Lack of resources

• Budget constraints

What is the current level of schedule risk in the first scenario?

• Critical

• Low

• High

• Moderate

In the second scenario, what is the primary issue affecting employee productivity?

• Inadequate hardware

• VPN disconnections

• Poor management

• Lack of training

How is the risk score determined in the second qualitative risk assessment scenario?

• By adding impact and probability

• By subtracting probability from impact

• By multiplying impact and probability

• By dividing impact by probability

In the quantitative risk assessment scenario, what is the expected cost of lost sales if the AC system fails?

• $20,000

• $10,000

• $25,000

• $5,000

What is the annualized loss expectancy calculated in the quantitative risk assessment?

• $6,600

• $3,300

• $9,900

• $12,000

Why is it recommended to replace the AC unit in the quantitative risk assessment scenario?

• To improve energy efficiency

• To prevent server downtime and save costs

• To comply with regulations

• To upgrade to a newer model