PMI-RMP: PMI Risk Management Professional Part 2
Question #: 21
Topic #: 1
A CEO wants to reduce costs in the time spent for risk management activities. What step did the risk manager fail to perform?
A. Assigning the CEO as a risk owner
B. Preventing all issues from occurring
C. Properly communicating the risk management activities and their outcomes
D. Explaining the purpose of the management reserve
Selected Answer: C
Question #: 22
Topic #: 1
A risk on the risk register is triggered. This triggered risk costs US$200,000 to mitigate and will overwhelm the project, causing it to fail if not mitigated. The project manager identifies that there is US$200,000 left in the management reserve.
From which of the following sources should the funds be drawn to cover the risk mitigation?
A. Organization management reserve
B. Unplanned risk reserve
C. Contingency reserve
D. Management reserve
Selected Answer: C
Question #: 23
Topic #: 1
Which tool can the project risk manager utilize to help identify and assess project risks?
A. Risk audit
B. Risk surveys
C. Risk manager interviews
D. Risk sensitivity surveys
Selected Answer: B
Question #: 24
Topic #: 1
The project manager is unable to obtain a global consensus of competing subject matter experts and stakeholders on the project scope. This has caused a one- month delay.
What should the project manager do next to reduce further delay?
A. Initiate a scope change request.
B. Schedule a project kick-off meeting.
C. Schedule a stakeholder meeting.
D. Engage the project sponsor/portfolio manager.
Selected Answer: C
Question #: 25
Topic #: 1
A risk is identified early in the project. After six months, it is determined that the risk does not apply to this particular project.
How should the risk be handled by the risk manager?
A. Ignore the risk and concentrate only on the pertinent risks.
B. Remove the risk from the risk register and inform the project manager that it is no longer valid.
C. Close the risk during the next risk board meeting and keep it in the risk register.
D. Conduct a risk analysis to determine how an inappropriate risk was formally accepted.
Selected Answer: B
Question #: 26
Topic #: 1
During a weekly project review meeting, a stakeholder identifies some new risks. When creating risk responses for these newly identified risks, what should the project team do to discover trends and more efficiently manage the responses?
A. Classify the risk impacts based on their severity.
B. List workaround solutions.
C. Identify the risk owners.
D. Determine the root causes.
Selected Answer: D
Question #: 27
Topic #: 1
A project team is conducting initial risk planning. What other risk-related task should the project manager perform?
A. Identifying the risk threshold
B. Determining the risk register headings
C. Scoring the risks utilizing the risk matrix
D. Prioritizing the risks in the risk register
Selected Answer: A
Question #: 28
Topic #: 1
A company is executing a high-visibility project to develop mobile phone technology. The project sponsor is concerned that an overall high risk rating may undermine support for the project within the company. The sponsor has instructed the project manager to manipulate the data used for Monte Carlo simulation to artificially reduce the risk rating.
What should the project manager do?
A. Schedule a face-to-face meeting with the project sponsor.
B. Modify the data.
C. Ignore the request.
D. Email the project sponsor explaining why the data should not be modified.
Selected Answer: B
Question #: 29
Topic #: 1
The project manager schedules a third workshop to facilitate the qualitative risk analysis. One team member complains that they should not have iterative meetings, but rather, should complete this at the beginning of the project.
Which of the following should the project manager do?
A. Continue with the workshop, but discipline the team member for undermining the authority of the project manager.
B. Agree with the team member, as qualitative analysis should only be performed during the initial stages of a project.
C. Proceed with the meeting, but remove the team member from the invitees’ list.
D. Explain that it is good practice to perform qualitative analysis throughout the life of the project.
Selected Answer: A
Question #: 30
Topic #: 1
Which of the following situational factors has a significant effect on risk attitude?
A. The risk heuristics evaluation available to the project team during planning and execution
B. The perception of probability or frequency of occurrence and the perception of impact magnitude
C. The number of project team members with close relationships to the chief executive officer (CEO)
D. The number of external stakeholders and the potential for indirect consequences
Selected Answer: B
Question #: 31
Topic #: 1
Upon returning from vacation, the risk manager observes during the project status meeting that several activities being accomplished were not in the original plan.
What should the risk manager do first?
A. Meet with the project team.
B. Inform management of out-of-scope work.
C. Review activities for new risks.
D. Review the change control log.
Selected Answer: D
Question #: 32
Topic #: 1
As part of identifying the risk appetite of project stakeholders, the project manager must first identify the stakeholders. Which of the following inputs are used to identify project stakeholders?
A. Project charter, management reserve, enterprise environmental factors, and organizational process assets
B. Project management plan, human resource plan, enterprise environmental factors, and organizational process assets
C. Project charter, bid documents, enterprise environmental factors, and organizational process assets
D. Project charter, communications management plan, enterprise environmental factors, and organizational process assets
Selected Answer: D
Question #: 33
Topic #: 1
After applying several risk identification techniques, the risk manager is ready to document project risks in the risk register, including risk name, risk statement, probability of occurring, and potential impact. After this information is complete, who is best suited to serve as risk owners?
A. Risk manager
B. Project sponsors
C. Project manager
D. Project team members
Selected Answer: D
Question #: 34
Topic #: 1
Which of the following should the risk manager consider as external environmental factors when creating the risk management plan?
A. Government regulations, industry best practice templates, organizational standard processes, and competitor landscape
B. Government regulations, industry standards, conditions of the marketplace, and competitor landscape
C. Government regulations, risk categories, organizational standard processes, and competitor landscape
D. Government regulations, human resource policies and procedures, organizational standard processes, and competitor landscape
Selected Answer: A
Question #: 35
Topic #: 1
Within the organizational process assets, where would the project manager find risk response effectiveness from past projects?
A. Change management plan and lessons learned
B. Stakeholder register and lessons learned
C. Risk audit and lessons learned
D. Risk audit and risk matrix
Selected Answer: A
Question #: 36
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 project cancellation.
Why should a mitigation plan be developed for this risk?
A. This is a financial risk.
B. This task is on the critical path.
C. A response plan should be developed for all risks.
D. This is a high-priority risk.
Selected Answer: A
Question #: 37
Topic #: 1
A race director is planning a marathon with US$80,000 in upfront costs that will be offset by race fees. The remainder of the funds will be donated to a national charity. State law mandates that all money paid by the participants must be refunded if the race is cancelled for any reason.
Which of the following is the best example of a risk mitigation response?
A. Let the runners know the race will be cancelled only in the event of an emergency.
B. Purchase an insurance policy covering up to US$85,000 in losses, at a cost of US$5,000, in the event the race is cancelled.
C. Inform the charity that they will receive no funds should the race be cancelled.
D. Charge the runners an additional amount to cover the US$80,000.
Selected Answer: B
Question #: 38
Topic #: 1
The risk manager for a construction project graphically groups project risks by the subsets of economic risk, social risk, and technical risk. Where has this information been captured?
A. Risk breakdown structure
B. Risk management plan
C. Risk register
D. Risk control plan
Selected Answer: C
Question #: 39
Topic #: 1
When considering human factors and risk attitudes relative to the risk process, which approach should be used to influence the risk management process for optimal effects at the individual and group levels?
A. Agile
B. Reactive
C. Ongoing
D. Proactive
Selected Answer: B
Question #: 40
Topic #: 1
What identification technique is used to help reduce the ambiguity of a risk statement?
A. Driver, risk, outcome
B. Exploit, risk, accept
C. Probability, risk, impact
D. Cause, risk, effect
Selected Answer: C
