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PMI-RMP Practice Questions

PMI Risk Management Professional (PMI-RMP) Exam

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Total Questions : 284

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Question # 31

A project manager wants to work on understanding the project risks. The project manager works with the integrated project team to develop the risk handling strategies for the identified risks.

How should the project manager work with these risk handling strategies?

Options:

Review and revise the strategies periodically.

Implement the strategies after completing the risk analysis.

Implement the strategies immediately.

Ensure the strategies are approved by the stakeholders.

Discussion 0

Question # 32

A supplier Is delayed in delivering fuel for a project. The project manager anticipated this risk and is requesting fuel from another supplier. When speaking with the other supplier, a new risk appears because fulfilling the order will cause delays with several other projects.

After performing a detailed analysis, what should the risk manager do?

Options:

Escalate the problem to the project sponsors.

Execute the approved risk response plan.

Negotiate with the supplier to resolve the problem.

Assign a team member to update the issue leg.

Discussion 0

Question # 33

The project manager leading a company ' s digital signature initiative for engineering drawings has identified threats and opportunities using a strengths, weaknesses, opportunities, and threats (SWOT) analysis.

What are two potential threats or opportunities under the SWOT analysis? (Choose two.)

Options:

The management team agreeing to include more resource for the digital signature initiative.

The organization ' s professional engineers having reservations about possible information tampering.

A growing number of competitors with digital signatures.

An elimination of manual steps associated with recording wet signatures

The growing adoption of mobile communications in the industry.

Discussion 0

Answer:

B, C

Explanation:

SWOT analysis identifies strengths, weaknesses, opportunities, and threats. In this case, B and C are potential threats or opportunities. B is a threat as engineers ' reservations may hinder the initiative, and C is an opportunity as growing competition may drive the company to improve its digital signature capabilities.

A SWOT analysis is a technique used to identify the strengths, weaknesses, opportunities, and threats of a project, organization, or option. It helps to evaluate the internal and external factors that can affect the project’s success or failure. In this question, the project manager has used a SWOT analysis to identify the threats and opportunities for the digital signature initiative. A threat is an external factor that can negatively impact the project’s objectives, while an opportunity is an external factor that can positively impact the project’s objectives. Therefore, two potential threats or opportunities under the SWOT analysis are:

The organization’s professional engineers having reservations about possible information tampering. This is a threat because it can reduce the acceptance and adoption of the digital signature initiative by the key stakeholders, who are the professional engineers. They may have concerns about the security, reliability, and validity of the digital signatures, and may prefer to use the traditional wet signatures. This can affect the project’s scope, quality, and stakeholder satisfaction.

A growing number of competitors with digital signatures. This is an opportunity because it can create a competitive advantage for the organization, as it can offer faster, cheaper, and more efficient services to its clients. The digital signature initiative can also help the organization to comply with the industry standards and regulations, and to enhance its reputation and brand image. This can affect the project’s schedule, cost, and profitability.

The other options are not threats or opportunities under the SWOT analysis, because they are either internal factors or not relevant to the project’s objectives. They are:

The management team agreeing to include more resource for the digital signature initiative. This is a strength, not a threat or an opportunity, because it is an internal factor that can help the project to achieve its objectives. It can provide more support, expertise, and funding for the project, and improve the project’s performance and quality.

An elimination of manual steps associated with recording wet signatures. This is a benefit, not a threat or an opportunity, because it is an outcome or result of the project, not a factor that can affect the project. It can improve the efficiency, accuracy, and convenience of the project’s deliverables, and reduce the errors, delays, and costs associated with the wet signatures.

The growing adoption of mobile communications in the industry. This is a trend, not a threat or an opportunity, because it is a general change or development in the industry, not a specific factor that can affect the project. It can influence the demand, expectations, and preferences of the project’s customers and stakeholders, but it does not directly impact the project’s objectives.

PMI, 2017. A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition. Newtown Square, PA: Project Management Institute, Inc., pp. 375-3761 PMI, 2019. Practice Standard for Project Risk Management. Newtown Square, PA: Project Management Institute, Inc., p. 182

Question # 34

A risk management professional is in the process of categorizing risks when a subject matter expert (SME) suggests categorizing the risks by their impact to the project objectives. Why should the risk management professional use this approach?

Options:

To enable the team in identifying the specific causes of risks associated with project objectives.

To ensure that project priorities are being appropriately factored into risk response plans.

To determine there more attentive project leadership and organizational involvement is needed.

To assign risks and risk severities to functional discipline and departments effectively.

Discussion 0

Question # 35

As per the risk analysis process carried out for a project, two risks are registered. The probability risk A will occur is 40% and its monetary impact to the project is US$100,000. The probability risk B will occur is 60% and its monetary impact to the project is US$20,000.

What is the total contingency budget that should be created?

Options:

US$68,000

US$52,000

US$120,000

US$80,000

Discussion 0

Question # 36

In the middle of a construction project, the primary construction materials provider canceled the contract and moved to a competitor offering a higher price. The risk manager considers

this a low-impact issue because many construction materials providers can fulfill the project demands. However, after informing the stakeholders of this issue, the major investor is about

to drop their intention to continue executing the project. The risk manager does not understand their decision.

What should the risk manager do next to understand the major stakeholder ' s decision regarding the project?

Options:

Perform a risk impact analysis.

Perform a risk reserve analysis.

Perform a procurement analysis.

Perform a stakeholder impact and influence analysis.

Discussion 0

Question # 37

After a number of risk workshops, risks have been identified. Which is the first element the risk owner should look for in the response plan to help mitigate the risks?

Options:

Probability of a response triggering a secondary risk

How the response will affect the quality of the components

If the risk response is tied to an activity on the critical path

Verify due dates for the actions have been identified

Discussion 0

Question # 38

A risk manager has noticed that response actions are not working as expected when a risk occurs, mainly because the risk triggers are not well-defined. Which tool should the risk manager use to facilitate risk trigger identification in the upcoming risk review assessment?

Options:

Risk burndown chart

Ishikawa diagram

Risk breakdown structure (RBS)

Affinity diagram

Discussion 0

Question # 39

A project has a significant impact on an organization. Multiple stakeholders expressed concerns regarding the overall project risk during construction of the risk management plan, and they agreed that the risk appetite is low.

What should the project risk manager monitor closely?

Options:

Risk thresholds

Risk response strategies

Risk management reports

Risk breakdown structure (RBS)

Discussion 0

Question # 40

A risk manager has been assigned to an upcoming project. A senior risk manager within the organization recently completed a similar project and has provided a lessons learned document to aid planning efforts for the upcoming project. Upon reviewing the document, the risk manager discovers that the completed project was delivered several months behind schedule and several thousands of dollars over budget. The root cause was determined to be an unforeseen risk trigger that caused several items to be reworked, creating cascading schedule delays and depleting management reserves.

What should the risk manager do to mitigate the chance of the same issues reoccurring?

Options:

Ensure that all project stakeholders have a copy of and understand the project ' s risk management plan.

Increase the management reserves and inform stakeholders of what is available to cover any unexpected expenses

Distribute the lessons learned document to stakeholders knowing that the likelihood of reoccurrence is low.

Document the known risk triggers as the identified cost and schedule risks in the risk register.

Discussion 0

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