Due Date: Instructions: The exact due date for the assignment will be announced in class/lab. In this Case Study Lab Assignment there is ONE case study. Read the CASE carefully (the opening and closing scenario) and answer ALL the Case Discussion Questions at the end of the case). Please state each question and then follow it with the answer o Each question must be answered completely and you must give detailed explanation of your answer to receive full credit. The complete answer to the case study (i.e. the answers to all the Case Discussion Questions) must NOT be less than 500-words in length. Please note that you may have to do research on the net to help you analyze the case and answer the questions completely. Please remember that you CANNOT copy from the net and ALL your work must be in your own words. Case Opening Scenario Controlling Risk Iris went into the manager's lounge to get a soda. As she was leaving, she saw Jane Harris the accounting supervisor at Random Widget Works, Inc. (RWW) at a table, poring over a spreadsheet that Iris recognized. "Hi, Jane," Iris said. "Can I join you?" "Sure, Iris," Jane said. "Perhaps you can help me with this form Mike wants us to fill out." Jane was working on the asset valuation worksheet that Iris had designed to be completed by all RWW managers. The worksheet listed all of the information assets in Jane's department Mike Edwards had asked cach manager to provide three values for each item: its cost, its replacement value, and its ranked criticality to the company's mission, with the most important item being ranked number one. Mike hoped that Iris and the rest of the risk management team could use the data to build a consensus about the relative importance of various assets. "What's the problem?" Iris asked. "I understand these first two columns. But how am I supposed to decide what's the most important? "Well," Iris began, "with your accounting background, you could base your answers on some of the data you collect about each of these information assets. For this quarter, what's more important to senior management-revenue or profitability?" "Profitability is almost always more important," Jane replied. "We have some projects that generate lots of revenue but operate at a loss." "Well, there you go." Iris said. "Why not calculate the profitability margin for each listed item and use that to rate and rank them?" "Oh, okay Iris. Thanks for the idea," Jane said. She then started making notes on her copy of the form. Case Closing Scenario IS481 - Information Security Management Case Study Lab Assignment #3 Mike and Iris were reviewing the asset valuation worksheets that had been collected from all the company managers. "Iris," Mike said after a few minutes, "the problem, as I see it, is that no two managers gave us answers that can be compared to each other's. Some gave only one value, and some didn't actually use a rank order for the last part. In fact, we don't know what criteria were used to assess the ranks or even where they got the cost or replacement values." "I agree," Iris said, nodding "These values and ranks are really inconsistent. This makes it a real challenge to make a useful comprehensive list of information assets. We're going to have to visit all the managers and figure out where they got their values and how the assets were ranked." Case Discussion Questions 1. If you could have spoken to Mike Edwards before he distributed the asset valuation worksheets, what advice would you have given him to make the consolidation process casier? 2. How would you advise Mike and Iris to proceed with the worksheets they already have in hand