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PMI Risk Management Professional (PMI-RMP) Exam

Last Update 4 days ago
Total Questions : 131

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Question # 1

A project lihat was in the execution phase for the last six months was put on hold and was eventually cancelled after numerous scope related challenges. It was decided to re-plan the scope and divide the project into multiple projects to have better insight into end objectives. As part of the project start up. the project manager is developing the risk planning for the project.

What three artifacts should the project manager consult or review during this process? (Choose three.)

Options:

A.  

Project contracts

B.  

Lessons learned registers from analogous projects

C.  

Risk register

D.  

Risk management plan

E.  

Code of regulations

Discussion 0
Question # 2

When approving the risk contingency budget for a project, the CEO notices each team has a different approach to report risks and their impacts. The CEO decides to create a new centralized risk management function to help resolve the problem.

How does centralizing the risk management function help resolve the problem?

Options:

A.  

Enhance the process of identification of different Individual project risks.

B.  

Allows monitoring the impact against the overall project risk exposure.

C.  

Establishes risk sources and ownership for trigger monitoring.

D.  

Creates a single repository for all project risk documents.

Discussion 0
Question # 3

Upon reviewing the risk analysis results, the project manager notices several risks that occur more frequently than others. What should the project manager do?

Options:

A.  

Reduce the probabilities of those risks on the risk register

B.  

Transfer ownership of those risks to the customer

C.  

Implement the risk handling strategies for those risks

D.  

Request additional management reserve for those risks

Discussion 0
Question # 4

A project manager has requested a risk manager facilitate risk identification on a project. While facilitating this effort, the project manager wants to ensure that stakeholders interact and provide their expertise so that an exhaustive list of risks is created.

Which risk identification technique should the risk manager use?

Options:

A.  

Prompt lists

B.  

Interviews

C.  

Delphi technique

D.  

Nominal group technique

Discussion 0
Question # 5

A two-year project with a budget of US$2 million has completed about 60% of the work at the end of the first year. The actual cost incurred to complete the remaining 40% of work is about USS1.5 million. As a part of performing a specialized risk analysis, the calculated schedule performance index (SPI) is 1.2 and cost performance index (CPI) is 0.53.

How should the risk manager interpret such a low CPI value?

Options:

A.  

The cost control processes is ineffective.

B.  

The cost baseline is inaccurate.

C.  

The actual reported costs are inaccurate.

D.  

The cost related risks are effectively managed.

Discussion 0
Question # 6

A company in the mining industry accommodates a lot of innovation and changing work conditions. Because of this, the company experiences difficulty in predicting long term business plans.

How should a professional risk manager manage the risks in such situations?

Options:

A.  

Adopt a predictive approach to manage the risks.

B.  

Adopt agile approaches to manage the risks.

C.  

Utilize proper documentation to help manage the risks.

D.  

Conduct weekly risk management meetings with all stakeholders.

Discussion 0
Question # 7

A project manager has determined that they cannot outsource work nor eliminate the scope. They also discover that they cannot buy insurance or mitigate the risk.

What should the project manager do?

Options:

A.  

Avoid the risk

B.  

Transfer the risk

C.  

Ignore the risk

D.  

Accept the risk

Discussion 0
Question # 8

During a meeting to develop the risk management plan, the risk manager recognizes that risks may be identified that could also impact other projects that the company is pursuing. What should the risk manager do?

Options:

A.  

Contact the risk managers of the other projects and inform them

B.  

Include an escalation process in the risk management plan

C.  

Take note of the extensive impact of these risks in the risk register

D.  

Address the unique characteristics of these risks on a case-by-case basis

Discussion 0
Question # 9

The project manager asks the risk manager to determine the initial risk assessment for a six month initiative that is about to kick-off. Which two artifacts will help the risk manager conduct the related analysis? (Choose two.)

Options:

A.  

Work breakdown structure (W&S)

B.  

Project organizational chart

C.  

Configuration management plan

D.  

Brainstorming

E.  

Monte Carlo analysis

Discussion 0
Question # 10

A project manager wants to introduce a new technology to improve a project's performance. However, there are some costs associated that are beyond the current budget, and the proposed technology has not been applied to any previous company projects.

What should the project manager do in this situation?

Options:

A.  

Escalate this initiative to project decision makers and sponsors.

B.  

Accept the fact that there is a risk associated with this new technology.

C.  

Take advantage of this opportunity of Improving the project performance.

D.  

Outsource the implementation of the new technology as soon as possible.

Discussion 0
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