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Exam Code: Integration-Architect
Exam Name: Salesforce Certified Integration Architect
Vendor: Salesforce

60 Questions & Answers
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NEW QUESTION: 1
プロジェクトマネージャーは、プロジェクトのガバナンスフレームワークに関連する承認された要求を受け取ります。この変更を実装するためにプロジェクトマネージャーは何をすべきですか?
A. 変更リクエストをプロジェクト運営委員会に提出して承認を得る
B. 計画プロジェクトプロセスを再検討し、変更の影響を受けるすべての計画ドキュメントを更新します。
C. 変更の影響を評価できるまでプロジェクトを保留する
D. 変更の影響を受けるプロジェクト活動の期間を再見積もりします
Answer: B

NEW QUESTION: 2
Joan Nicholson, CFA, and Kim Fluellen, CFA, sit on the risk management committee for Thomasville Asset Management. Although Thomasville manages the majority of its investable assets, it also utilizes outside firms for special situations such as market neutral and convertible arbitrage strategies. Thomasville has hired a hedge fund, Boston Advisors, for both of these strategies. The managers for the Boston Advisors funds are Frank Amato, CFA, and Joseph Garvin, CFA. Amato uses a market neutral strategy and has generated a return of S20 million this year on the $100 million Thomasville has invested with him. Garvin uses a convertible arbitrage strategy and has lost $15 million this year on the $200 million Thomasville has invested with him, with most of the loss coming in the last quarter of the year. Thomasville pays each outside manager an incentive fee of 20% on profits. During the risk management committee meeting Nicholson evaluates the characteristics of the arrangement with Boston Advisors. Nicholson states that the asymmetric nature of Thomasville's contract with Boston Advisors creates adverse consequences for Thomasville's net profits and that the compensation contract resembles a put option owned by Boston Advisors.
Upon request, Fluellen provides a risk assessment for the firm's large cap growth portfolio using a monthly dollar VAR. To do so, Fluellen obtains the following statistics from the fund manager. The value of the fund is $80 million and has an annual expected return of 14.4%. The annual standard deviation of returns is
21.50%. Assuming a standard normal distribution, 5% of the potential portfolio values are 1.65 standard deviations below the expected return.
Thomasville periodically engages in options trading for hedging purposes or when they believe that options are mispriced. One of their positions is a long position in a call option for Moffett Corporation. The option is a European option with a 3-month maturity. The underlying stock price is $27 and the strike price of the option is $25. The option sells for S2.86. Thomasville has also sold a put on the stock of the McNeill Corporation. The option is an American option with a 2-month maturity. The underlying stock price is $52 and the strike price of the option is $55. The option sells for $3.82. Fluellen assesses the credit risk of these options to Thomasville and states that the current credit risk of the Moffett option is $2.86 and the current credit risk of the McNeill option is $3.82.
Thomasville also uses options quite heavily in their Special Strategies Portfolio. This portfolio seeks to exploit mispriced assets using the leverage provided by options contracts. Although this fund has achieved some spectacular returns, it has also produced some rather large losses on days of high market volatility.
Nicholson has calculated a 5% VAR for the fund at $13.9 million. In most years, the fund has produced losses exceeding $13.9 million in 13 of the 250 trading days in a year, on average. Nicholson is concerned about the accuracy of the estimated VAR because when the losses exceed $13.9 million, they are typically much greater than $13.9 million.
In addition to using options, Thomasville also uses swap contracts for hedging interest rate risk and currency exposures. Fluellen has been assigned the task of evaluating the credit risk of these contracts.
The characteristics of the swap contracts Thomasville uses are shown in Figure 1.

Fluellen later is asked to describe credit risk in general to the risk management committee. She states that cross-default provisions generally protect a creditor because they prevent a debtor from declaring immediate default on the obligation owed to the creditor when the debtor defaults on other obligations.
Fluellen also states that credit risk and credit VAR can be quickly calculated because bond rating firms provide extensive data on the defaults for investment grade and junk grade corporate debt at reasonable prices.
Evaluate Nicholson's comments regarding Thomasville's compensation contract with Boston Advisors.
Nicholson is:
A. incorrect, because Thomasville's contract does not resemble a put option owned by Boston Advisors.
B. incorrect, because Thomasville's contract is actually beneficial to the firm's net profits.
C. correct.
Answer: A
Explanation:
Explanation/Reference:
Explanation:
The first part of Nicholson's comment is correct. Thomasville's contract with Boston Advisors is asymmetric because managers are paid for profits but not penalized for losses. As a result, Thomasville will pay for Amato's positive performance, even though Boston Advisors only earned a net of $5 million ($20 - $15) for Thomasville. The loss incurred by Garvin is not penalized in the contract. Thomasville would have been better off investing in two managers with, say profits of $2.5 million each. The small positive profits would result in lower performance fees and higher net profits for Thomasville.
The second part of Nicholson's comment is incorrect. Thomasville s compensation contract with Boston Advisors more closely resembles a call option (from Boston Advisors' perspective). The managers at Boston are paid compensation if there are profits but do not suffer if there are losses. This increases the manager's incentive to take risk, which is apparently what Garvin did in the last quarter. Entering the fourth quarter, he may have had no profits and realized that he had to earn a return quickly in order to earn the
20% compensation fee. This may have been why he sustained his largest losses in the fourth quarter.
(Study Session 14, LOS 40.d)

NEW QUESTION: 3
What are two characteristics of a Cisco Unified Communications Manager dial plan? (Choose two.)
A. partitions and calling search spaces
B. voice translation rules
C. COR
D. dial peers
E. route patterns
Answer: C,D

NEW QUESTION: 4
S5000T series storage products, ISM is to achieve its management functions through in-band management.
A. False
B. True
Answer: A


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