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Questions and Answers
What is the purpose of Fault Tree Analysis (FTA)?
What is the purpose of Fault Tree Analysis (FTA)?
- To analyze external conditions leading to major losses
- To analyze both internal and external conditions leading to minor losses
- To analyze internal conditions leading to major losses
- To analyze both internal and external conditions leading to major losses (correct)
What is the Joint probability of occurrence?
What is the Joint probability of occurrence?
- The multiplicative of separate probabilities (correct)
- The sum of separate probabilities
- The division of separate probabilities
- The difference of separate probabilities
What is the purpose of Causal analysis?
What is the purpose of Causal analysis?
- To output the distribution of simulated losses
- To break risks into individual factors
- To determine, measure, and computationally combine risk factors
- To estimate risk factor probabilities from third-party and empirical information (correct)
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Study Notes
- Fault Tree Analysis (FTA) breaks out failure scenarios into internal and external conditions.
- FTA is used in banks to analyze a chain of failures leading to major losses.
- Joint probability of occurrence is the multiplicative of separate probabilities.
- Conditional probabilities need to be applied to get a more realistic sense of probability.
- Causal analysis estimates risk factor probabilities from third-party and empirical information.
- Factor Analysis of Information Risk (FAIR) breaks risks into individual factors.
- FAIR considers determining, measuring, and computationally combining risk factors.
- Scenarios have attributes of asset at risk, threat, threat type, and losses occurring.
- Estimates must be made for the frequency and likely loss amounts of scenarios.
- Monte Carlo simulations output the distribution of simulated losses.
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