PMI-RMP: PMI Risk Management Professional Part 1
Question #: 1
Topic #: 1
What are common examples used to communicate risk probability and impact?
A. Risk checklist, risk assessment, regression analysis, and assumption and constraint analysis
B. Monitor Risks process, multi-dimensional risk assessment, control chart, and Monte Carlo simulation
C. Probability distributions, sensitivity analysis, modeling and simulation, and probability and impact matrix
D. Monitor Risks process, assumption and constraint analysis, modeling and simulation, and risk register
Selected Answer: C
Question #: 2
Topic #: 1
When using the risk register to manage the cost risk analysis, which of the following models the way correlation arises, and avoids the need to estimate the correlation coefficients?
A. Risk Monte Carlo analysis
B. Risk driver method
C. Risk scatter diagram
D. Risk RACI matrix
Selected Answer: B
Question #: 3
Topic #: 1
Which of the following characteristics would a risk tolerant person or group demonstrate?
A. Adaptable and resourceful; not afraid to take action; thrill seeking
B. Discomfort with uncertainty; low tolerance for ambiguity; seeks security and resolution in the face of risk
C. Risk taking is a price worth paying for future payoffs; seeks strategies and tactics that have high future payoffs; thinks abstractly and creatively envisioning possibilities, and not afraid of change or unknowns
D. Reasonable comfort with most uncertainty; accepts risk as a normal feature of projects and business, and takes uncertainty in stride with no apparent or significant influence on their behavior
Selected Answer: D
Question #: 4
Topic #: 1
The risk manager organizes a stakeholder meeting to obtain agreement on project risk response strategies. At the conclusion of this meeting, the risk response strategies should be which of the following?
A. Scheduled, budgeted, and easy for project stakeholders to understand
B. Cost-effective, validated by Monte Carlo analysis, and assigned
C. Iterative, scaled to the project, and addressing threats and opportunities
D. Timely, cost-effective, agreed-upon, and accepted
Selected Answer: D
Question #: 5
Topic #: 1
A new resource is added to the project team from a matrix organization. How should the project’s risk manager familiarize the new team member with the project’s risk management process?
A. The functional manager is responsible for providing the training.
B. Provide project specific risk training and mentor through the risk process.
C. Send the new team member the risk management plan to read.
D. Provide the new team member with a copy of the risk register and latest status report.
Selected Answer: B
Question #: 6
Topic #: 1
The stakeholder is unwilling to make decisions that would result in negative consequences to the project. Which of the following describes the stakeholder’s attitude regarding project risks?
A. Risk averse
B. Risk neutral
C. Risk accepting
D. Not enough information available to describe the stakeholder’s risk attitude
Selected Answer: A
Question #: 7
Topic #: 1
A project manager is developing the risk management process and schedules a risk planning workshop at the start of the project. Upon receiving the invitation, a senior stakeholder emails the project manager stating that a risk management plan is not needed since this is a small project, and lack of a plan will reduce costs.
Which of the following should the project manager do?
A. Advise the stakeholder that risk management is a valuable undertaking and must be applied to all projects to some degree.
B. Cancel the workshop, as the stakeholder is senior and risk management is an optional process, especially on smaller projects.
C. Continue with the workshop, but remove the stakeholder from the list of attendees.
D. Review the scope in an attempt to save money in other areas of the project to provide funding for the risk management activities.
Selected Answer: B
Question #: 8
Topic #: 1
What is a project issue within a project environment?
A. A negative effect on a project objective arising from occurrence of a threat
B. A certain event which has a positive or negative impact in the project
C. A risk which has a significant impact on the project
D. An uncertain event which may impact the project
Selected Answer: A
Question #: 9
Topic #: 1
What is the purpose of mitigating negative risks as a part of the risk response process?
A. To transfer the probability of a risk happening to a third party, and to reduce the severity of the impact
B. To reduce the probability of a risk happening, and/or reduce the severity of the impact
C. To accept the probability of a risk happening to reduce the severity of the impact
D. To increase the probability of a risk happening, but reduce the severity of the impact
Selected Answer: B
Question #: 10
Topic #: 1
In the country where a project is being executed, customs procedures are complex and change frequently. During the risk identification process, the project team identifies a risk related to delays in customs on substantial equipment that will likely occur. Equipment delays on this project could lead to the project cancellation.
How should the probability and impact be characterized for this risk?
A. Low probability/low impact
B. High probability/low impact
C. Low probability/high impact
D. High probability high impact
Selected Answer: D
Question #: 11
Topic #: 1
A risk is identified and documented by the risk manager, but it is unclear how this risk can be proactively managed. In this situation, what type of reserve should be allocated for the risk?
A. Contingency
B. Management
C. Budget
D. Residual
Selected Answer: A
Question #: 12
Topic #: 1
Which of the following is an effective channel for risk mitigation assistance, project risk visibility and risk escalation support?
A. Project steering committee
B. Project management office (PMO)
C. Change control board (CCB)
D. Board of directors
Selected Answer: B
Question #: 13
Topic #: 1
The risk manager wants to determine what is to be measured, how it is to be measured, and what project outcomes are to be measured. In which of the following processes should this be established?
A. Initiating Process
B. Executing Process
C. Planning Process
D. Monitoring and Controlling Process
Selected Answer: D
Question #: 14
Topic #: 1
The risk manager is conducting stakeholder analysis. Which technique should be used to help identify and manage expectations?
A. SWOT analysis
B. Influence diagram
C. Power/Interest Grid
D. Interactive method
Selected Answer: C
Question #: 15
Topic #: 1
What steps would be used during the qualitative risk analysis process to provide input to the risk register?
A. Select risks characteristics, collect and analyze data, prioritize risks, categorize risks causes, document results
B. Interviews, expert opinions, sponsor inputs, risk manager review, prioritize risks, and document results
C. Interviews, expert opinions, risk manager review, prioritize risks, and document results
D. Select risks characteristics, collect and analyze data, prioritize risks, discuss action plans for major risks, document results
Selected Answer: A
Question #: 16
Topic #: 1
A project manager is hired as a consultant by the executive sponsor to manage a major change program that has experienced two past failures. The current executive sponsor believes the project is in good shape based on feedback from the last project manager and reports this to senior executive management. The executive sponsor believes there were no major risks threatening the time, budget, or quality of the project. In the first week of risk analysis, the project manager concludes the project timeline is unrealistic and is three months behind schedule. The organization’s risk appetite is low.
What is the first step that should be taken?
A. Review the project schedule and recommend fast tracking the schedule and/or crashing the critical path.
B. Discuss the project schedule with the executive sponsor and agree on a strategy for updating the risk management plan and risk response plans.
C. Update existing risk response plans and include more resources to get the project back on track.
D. Immediately call a steering committee meeting, report the project status, and suggest project scope reductions to save time.
Selected Answer: B
Question #: 17
Topic #: 1
During what process should a project manager assign a risk owner?
A. Plan Risk Responses
B. Plan Risk Management
C. Monitor Risks
D. Identify Risks
Selected Answer: D
Question #: 18
Topic #: 1
A risk manager wants to determine which risks are going to have the highest impact on a project. Which of the following techniques should the risk manager use?
A. Assumptions analysis
B. Sensitivity analysis
C. Root cause analysis
D. Prioritization matrices
Selected Answer: B
Question #: 19
Topic #: 1
Critical deliverables are delayed, because a key subject matter expert (SME) does not have enough time to allocate to the tasks. How could the situation be improved for the future?
A. Cross train others to reduce the SME workload.
B. Introduce scope reductions to limit the reliance on SMEs.
C. Replace the SME with resources, who are responsible for receiving output from the SME on their deliverables.
D. Extend the project schedule timeline to accommodate availability of the SME.
Selected Answer: A
Question #: 20
Topic #: 1
The project manager generates a monthly risk report for key stakeholders which documents high and medium risk items only. Where would the project manager find the list of recipients for the report?
A. Communications management plan
B. Risk management plan
C. Risk register
D. Project charter
Selected Answer: A
