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Total 131 questions

PMI Risk Management Professional (PMI-RMP) Exam Questions and Answers

Question 1

A risk manager was recently hired to assist with a mid-sized infrastructure project. The risk manager becomes aware that they have an inexperienced project team.

What two items should the risk manager have their team review in order to prepare for an upcoming risk identification workshop? (Choose two.)

Options:

A.

Scope of work and requirements

B.

Monte Carlo analysis from a similar project

C.

List of pre-approved contractors

D.

Organization chart for city permit department

E.

Risk management plan

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Question 2

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:

A.

Probability of a response triggering a secondary risk

B.

How the response will affect the quality of the components

C.

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

D.

Verify due dates for the actions have been identified

Question 3

When selecting strategies as an activity of Plan Risk Response, what is the overall goal?

Options:

A.

Select the strategies with the least overall impact to resources.

B.

Select the strategies with the least financial impact.

C.

Select the strategies with the greatest overall positive influence.

D.

Select the strategies with the greatest benefit to stakeholders.

Question 4

A project manager has finished the project charter for a project and has now moved into the planning phase. In the first planning meeting, the project manager is trying to determine the risk tolerance and risk attitudes of the project's key stakeholders.

What is the first resource the project manager should reference?

Options:

A.

Benefits management plan

B.

Enterprise environmental factors (EEFs)

C.

Project charter

D.

Requirements management plan

Question 5

A risk manager of a major project facilitates a meeting to develop the risk management plan. What two factors does the risk manager need to consider to ensure an effective risk management plan is developed? (Choose two.)

Options:

A.

Applying modern risk management techniques.

B.

Aligning to project constraints and priorities.

C.

Ensuring risk response strategies mitigate all risks.

D.

Minimizing implementation costs.

E.

Obtaining stakeholder acceptance

Question 6

When conducting a risk identification exercise, what two actions should the risk manager take? (Choose two.)

Options:

A.

Request a contingency reserve from management

B.

Arrange a team meeting, review the project's scope, and discuss dependency mapping

C.

Ensure participants review relevant documents before attending the meeting

D.

Ensure that all the relevant stakeholders participate

E.

Update the risk register during the team meeting.

Question 7

A project manager is working on a construction project. Based on past experience, the project manager identifies a risk that a supplier of a critical material may not deliver on time. The project manager has already accounted for this risk in the risk management plan. If this risk materializes, the project manager plans to procure the material from a different supplier. A potential risk in this plan is that there may be differences in the material provided by the first and second supplier.

What type of risk is this?

Options:

A.

Residual risk

B.

Primary risk

C.

Secondary risk

D.

Normal risk

Question 8

A project manager identified a risk of communication issues with the client which may impact the project schedule. A member of (he sales team advises that this client prefers face-to- face conversations.

What should the project manager do to avoid this risk?

Options:

A.

Record this risk and the clients preference in the risk register.

B.

Ask the sales person to lead the communication with the client

C.

Call the client and advise that online communication is easier and faster.

D.

Meet the client and plan tor critical milestone meetings.

Question 9

An organization performs an annual strategies and initiatives workshop during which a strengths, weaknesses, opportunities, and threats (SWOT) analysis is being conducted. As part of this process the functional managers identify the opportunities and threats.

What should the risk manager do next?

Options:

A.

Add only the threats to the risk register

B.

Utilize different tools to identify the risks

C.

Plan risk responses to the threats

D.

Update the risk register with the identified risks

Question 10

The risk manager also serves as a facilitator for a project and realizes the project team members have biases impacting how they perceive risks. What analysis is currently being used?

Options:

A.

Quantitative risk analysis

B.

Force field analysis

C.

Qualitative risk analysis

D.

Stakeholder analysis

Question 11

A risk manager and relevant stakeholders have completed a risk response plan for a project. They have identified and planned responses to the known risks; however, a risk owner has identified and reported some residual risks not previously addressed.

What should the risk manager do first?

Options:

A.

Develop a residual risk management plan to manage the residual risks.

B.

Analyze, document, and communicate the residual risks to stakeholders.

C.

Record the residual risks in the watch list for future reference.

D.

Implement the contingency plan when the residual risks occur.

Question 12

An organization that spans across different countries undergoes a digital transformation project. The project manager has assigned a risk management team leader who is a risk management certified candidate in their domain.

What should the risk management team leader do in the early stages of the project?

Options:

A.

Conduct qualitative risk analysis to prioritize potential risks.

B.

Plan a solid risk response plan and secure the necessary funding.

C.

Educate stakeholders on best practices to perform risk management.

D.

Benchmark to an organization which has executed a similar project,

Question 13

The project sponsor asks the project manager about the accuracy of the project data. The project manager realizes that some risks have not been updated recently.

What should the project manager do regarding those risks?

Options:

A.

Review the assumptions analysts

B.

Conduct a checklist analysis on each risk

C.

Create a risk response plan for those risks

D.

Review the risk register to check for the new risks

Question 14

A complex project that had hundreds of risks is almost done. The project manager is closing the risks as part of the closing process. One team member mentions that there are important documents to be updated.

Which document will need to be updated?

Options:

A.

Lessons learned

B.

Contingency register

C.

Risk register

D.

Issue log

Question 15

Several key stakeholders approach the project manager with concerns. The stakeholders have received feedback from local businesses that have reported a reduction in customers because of construction activities at the worksite, and they plan to submit a claim to the municipality to fine the project manager's company.

How should the project manager address this concern?

Options:

A.

Evaluate the risk with the team and update the issueing

B.

Discuss the concern with the local business owners.

C.

Update the key risks and perform a quantitative risk analysis.

D.

Adjust construction work hours to after business hours.

Question 16

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:

A.

Review and revise the strategies periodically.

B.

Implement the strategies after completing the risk analysis.

C.

Implement the strategies immediately.

D.

Ensure the strategies are approved by the stakeholders.

Question 17

A risk manager for a financial organization is assigned to support a project team in developing a custom software solution to manage loans. Which document should the risk manager request first from the project sponsor to identify major risks?

Options:

A.

Risk management plan

B.

Clients' credit scores

C.

Organization's mission and vision

D.

Historical data from the credit portfolio

Question 18

An organization with a large computer network identified a potential cyber security threat. Although certain measures were implemented to avoid the risk, the cyber security threat occurs. The measures were partially successful and a new unforeseen risk emerges.

What should the risk owner do?

Options:

A.

Develop an efficient network protection solution quickly to mitigate the risk.

B.

Escalate the case to the risk manager and wait for their instructions.

C.

Conduct an analysis to determine the root cause of the failed response.

D.

Apply a work around to eliminate or mitigate the impact of the threat.

Question 19

During the design phase the project team is exploring various architecture options. After reviewing the results of design pilot, two conflicting infrastructure pieces were identified.

What action should the project manager take?

Options:

A.

Reassess the design for the two pieces.

B.

Escalate the situation and request approval to move forward.

C.

Confirm the results through a second pilot.

D.

Update the assumptions log and assess the risk associated with it.

Question 20

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

Question 21

A project is at the final development stage. The test lead informs the risk manager that a key feature may not be testable due to changes in the environment

What should the risk manager do?

Options:

A.

Confirm the risk triggers are still valid.

B.

Ask the architect to develop acceptance criteria.

C.

Review the feature with the project team.

D.

Escalate the issue to the project board.

Question 22

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.

Question 23

A project's design has been completed and approved on time. The construction subcontractor should be mobilizing to start construction but does not have the necessary materials in place, causing a delaying in the project. The risk register only contains risks for the design phase of the project.

What should the project manager have done differently?

Options:

A.

Executed the Monte Carlo sensitivity analysis prior to mobilization

B.

Added generic construction risks to the risk register before construction began

C.

Reviewed the assumptions/exclusions register in the project charter

D.

Performed risk identification exercises for the full lifecycle of the project

Question 24

A project manager realizes the team undertaking the project work has fallen behind the planned schedule. The risk manager identifies a new risk resulting from this delay and will need to understand how this will affect the project deadline.

Which kind of numerical analysis should be performed to understand the worst-case scenarios?

Options:

A.

Earned value analysis

B.

Qualitative risk analysis

C.

Sensitivity analysis

D.

Root cause analysis

Question 25

An external vendor needs to be contracted to provide additional capacity and expertise to a project team to reduce the probability of delays in a project. The contracts department is raising a concern about confidentiality risks not addressed in the proposed contract and missing from the risk register.

What should the risk manager do next?

Options:

A.

Assess the identified secondary risk.

B.

Implement the risk response plan.

C.

Implement the risk contingency plan.

D.

Communicate the identified residual risk.

Question 26

A project manager has determined that an activity is too complex to complete internally so they hire a licensed contractor to complete the work. What is the project manager performing in this situation?

Options:

A.

Risk mitigation

B.

Risk transfer

C.

Risk acceptance

D.

Risk avoidance

Question 27

A project manager was informed that the testing of the latest component in the project's software update release was not successful. As a result, 1he delivery timelines for the software release wifi be delayed, The project manager did not previously capture this as a risk to the project.

What should the project manager do next to avoid similar risks?

Options:

A.

Add contingencies to other tasks to mitigate similar risks.

B.

Reassess risks with a new assumptions and constraints analysis.

C.

Review the risk response plan looking for lessons learned.

D.

Log the event in the issue log and update the project management plan.

Question 28

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

Question 29

A mega facility development project is evaluating some options to achieve the project schedule and budget. Each option's success is driven by multiple quantifiable factors.

What should the project manager do to evaluate and select the best option based on costs and probabilities?

Options:

A.

Perform a FMECA fault tree analysis

B.

Conduct a sensitivity analysis

C.

Perform a decision tree analysis

D.

Conduct an analytic hierarchy process

Question 30

.

A project manager is identifying risks on a project and decides to use a risk checklist to gather historical data accumulated from similar projects. With several different historical project files to choose from, which two pieces of information should the project manager include in their risk checklist? (Choose two.)

Options:

A.

Budget variance data from previously completed projects.

B.

Project scope and cost management plans from previous projects.

C.

Lessons learned from similar completed projects.

D.

Previous project risks that may be relevant to this project.

E.

Stakeholder analysis metrics from projects with similar risk profiles.

Question 31

The project team is updating the risk register with the minimum acceptable level of exposure and impact for each risk. The team also wants to determine if they have reached the maximum level of exposure before they escalate the risk.

What should the team perform in this scenario?

Options:

A.

Quantitative risk analysis

B.

Risk response planning

C.

Monitor and control risks

D.

Risk urgency assessment

Question 32

Some project risks are applicable for the project's lifecycle while others risks are only applicable to specific project activities. When should project risks be closed?

Options:

A.

When the forecast activity date has been met or exceeded

B.

When the stakeholders agree a risk is no longer applicable

C.

When the risk has been realized and can no longer happen again

D.

When iterative data analysis determines the risk is not applicable

Question 33

A project manager is educating the project team on risk management regarding the role of threats and opportunities. The team decides to log the opportunities in the current project's risk register to try to maximize their chances of occurrence.

What should the project team do next?

Options:

A.

Conduct a strengths, weaknesses, opportunities, and threats (SWOT) analysis.

B.

Log the threats in the risk register to try to minimize the probability of occurrence.

C.

Log the threats in the risk register to try to maximize the probability of occurrence.

D.

Update the project management plan to ensure the results of the opportunities are captured.

Question 34

A risk management professional is currently facilitating the risk planning process with the project team. To increase the breadth of considered risks, the team wants to include high-level and strategic project risks.

What should the risk management professional do next?

Options:

A.

Perform a sensitivity analysis to the higher-level aggregate activities

B.

Develop a risk breakdown structure (RBS) identifying the potential risk categories

C.

Conduct a strengths, weaknesses, opportunities, and threats (SWOT) analysis

D.

Perform a base line Monte Carlo simulation to address overall threats to project objectives

Question 35

A new risk manager is assigned to an ongoing project, what should the new risk manager do first to assess the project environment?

Options:

A.

Review potential next steps with the project team.

B.

Review the scope of work to determine the prescribed project methodology.

C.

Review the policies and practices that are outlined in the risk management plan.

D.

Review the contract and determine the resources and project funding.

Question 36

A risk manager is reviewing documentation for a project following a risk planning workshop with project stakeholders and team members. Several items have been identified on the risk log that would be detrimental to project success, but the associated triggers cannot be managed by the organization and are unlikely to occur.

Which response should the risk manager recommend for these risk items?

Options:

A.

Mitigate

B.

Accept

C.

Enhance

D.

Exploit

Question 37

Members of a project team are not taking their risk management responsibilities seriously. They do not consider risk management as primary to the project’s success and do not believe that the benefits are significant.

What should the risk manager do?

Options:

A.

Schedule a meeting to review and develop realistic risk thresholds with the project team.

B.

Motivate and influence the project team with risk engagement activities like workshops.

C.

Ensure that risk management responsibilities are clearly identified in the risk management plan.

D.

Ensure that the risk language used by all stakeholders is consistent with the risk management plan.

Question 38

A company is preparing a formal response to bid for an infrastructure engineering, procurement, and construction project. When should a risk register be developed to identify risks?

Options:

A.

During the project execution phase to allow the project manager to understand the risk attitudes of stakeholders.

B.

When a client project kick-off meeting is held to introduce risk assessment process to the client.

C.

Before a formal bid response is provided to the client to gain a greater understanding of the project’s risk profile.

D.

After a project budget is set up with a purchase order to charge hours for a risk workshop.

Question 39

After starting a new pipeline project, a risk manager schedules an initial meeting with the project sponsor. For the meeting, the project sponsor requests a presentation of the risks that have the most impact on achieving the project objectives.

What should the risk manager do to facilitate the sponsor's ask?

Options:

A.

Monte Carlo analysis

B.

Qualitative risk analysis

C.

Sensitivity analysis

D.

Quantitative risk analysis

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Total 131 questions