PMI-RMP: PMI Risk Management Professional

Question #: 61
Topic #: 1
Which of the following techniques for planning risk response can provide a means of identifying symptoms for use as trigger conditions for contingency responses?

A. Root cause analysis
B. Quantitative risk analysis
C. Ensuring that actions are available to address significant events before their occurrence
D. Involving selected experts in the process

Selected Answer: C

Question #: 62
Topic #: 1
What best describes the job of a risk owner?

A. Responsible and accountable for managing risks
B. Creating a detailed description of a risk
C. Responsible and accountable for the risk management plan
D. Actively involved in the identification of new risks

Selected Answer: A

Question #: 63
Topic #: 1
A six-month, USS1.2 million project is two months completed. The project has 3 high, 6 medium, and 2 low risks, with a 10% reserve for known risks, and a 5% reserve for unknown risks. Most of the project’s reserves have not been spent. The risk manager, who is also the project schedule manager, establishes monthly risk management reviews to evaluate performance. So far, the project has missed 50% of the planned risk mitigation milestones.
Based on this project data, what technique should the risk manager recommend to improve the risk management process?

A. Increase the risk manager’s position to a full-time position and acquire a dedicated project schedule lead.
B. Adjust project risk thresholds to increase the number of residual risks on the project.
C. Increase the frequency of risk status meetings and update the risk management plan.
D. Perform a variance analysis and potentially allocate more reserves to improve risk mitigation.

Selected Answer: C

Question #: 64
Topic #: 1
Which of the following best describes the strength of the probability and impact matrix for qualitative risk analysis?

A. It is well-suited to a decision tree analysis.
B. It assists in handling other factors such as urgency and manageability that may partly determine the risk’s ranking.
C. It provides expert facilitators for the quantitative risk analysis.
D. It reflects the organization’s level of risk appetite.

Selected Answer: D

Question #: 65
Topic #: 1
The risk manager and the project team conduct a risk brainstorming session for a new project. The risk manager wants to involve the entire project team in a group risk prioritization exercise for the identified risks. The project manager refuses the involvement of the entire project team due to resource concerns.
What should the risk manager do?

A. Convince the project manager of the importance of the whole project team’s involvement in the full risk process.
B. Continue to involve the project team in the risk prioritization process and then discuss lessons learned with the project manager.
C. Follow the project manager’s instruction, as the project manager is the responsible party.
D. Inform the sponsor about the project manager’s decision and the disagreement between parties.

Selected Answer: C

Question #: 66
Topic #: 1
A mobile operator wants to test a new network prototype before conducting full implementation on the entire network. What type of risk response strategy did the mobile operator choose?

A. Transfer
B. Mitigate
C. Avoid
D. Accept

Selected Answer: B

Question #: 67
Topic #: 1
The risk manager for a data center infrastructure project performs a risk audit. Which of the following represents the primary goals of the audit?

A. Assess performance of project team members and make required changes.
B. Document new risks identified and take the appropriate actions.
C. Assess responsibilities of risks that have occurred and take the appropriate actions.
D. Document what went well and not so well with the risk management process, and recommend actions to improve.

Selected Answer: B

Question #: 68
Topic #: 1
At the completion of a small project, the risk manager performs a risk audit and finds that several identified risks had occurred, and the impact was significantly larger than expected. While the project remained on schedule, the project budget increased by 50%. The project met all risk response milestones and no additional, previously unidentified risks, occurred on the project.
Based on this information, what risk management process improvement should the risk manager recommend for future similar projects?

A. Increase frequency of risk management meetings with the project manager.
B. Revise the level of accuracy of probability and impact scores.
C. Document the risk audit report and capture it in the lessons learned database.
D. Expand the use of risk identification techniques.

Selected Answer: C

Question #: 69
Topic #: 1
The project manager has asked for the P50 estimate for the project schedule. What is the P50 estimate?

A. 75 days
B. 73.5 days
C. 73 days
D. 72.5 days

Selected Answer: B

Question #: 70
Topic #: 1
A project risk manager is concerned about the low performance of risk management on a mission-critical project. After assessing the situation, the risk manager finds that the communication style may be the main contributor.
What could the project risk manager do to adjust the approach to influence team members to improve performance?

A. Use follow-up emails, adopt an open door policy, and ask for feedback.
B. Seek hidden agendas, vent frustrations, and allow others to vent frustrations.
C. Provide continuous support, counseling, build trust, and open communications.
D. Conduct one-on-one meetings, more frequent follow-up meetings, and implement the management by walking around technique.

Selected Answer: D

Question #: 71
Topic #: 1
A project’s risk manager successfully implements the risk management plan and the risk register. Furthermore, the risk analysis and the risk response planning are finalized. All results have been documented, and the project management plan and other project documents have been updated accordingly.
What should the risk manager do next?

A. Perform a lessons learned document update with the defined risks.
B. Perform regular reserve analysis to ensure that the assigned risk reserve budgets are sufficient.
C. Perform risk date quality assessments.
D. Perform continuous risk re-evaluation throughout the project life cycle to ensure risk management effectiveness.

Selected Answer: B

Question #: 72
Topic #: 1
Very low = 1, Low = 2, Moderate = 3, High = 4, Very High = 5
A project manager must complete a report for a stakeholder who is concerned about the possibility of a funding shortfall. What is the most effective way to explain the risk to this stakeholder?

A. The funding shortage is the lowest ranked/scored risk.
B. The funding shortage is a significant risk.
C. The funding shortage will have a very high impact on the project and is the highest priority.
D. The funding shortage has a very low probability of occurring and is not a concern for the project.

Selected Answer: D

Question #: 73
Topic #: 1
Which of the following success factors will enhance the Perform Qualitative Risk Analysis process as the risk occurrence gets closer?

A. Agreed-upon definition
B. Iterative analysis
C. High quality information
D. Agreed-upon approach

Selected Answer: C

Question #: 74
Topic #: 1
A project team member identifies, but does not document, a risk early in the project, because it is considered to be trivial. This risk occurs later and negatively impacts the project.
What could the project manager do to avoid this situation?

A. Conduct team meetings early in the project to ensure team member are familiar with risk identification requirements.
B. Communicate the punishment and rewards policy to the project team during the project kick-off meeting.
C. Provide project team members with access to simulation tools and decision tree diagrams.
D. Provide team members with a risk management prompt list early in the project to ensure risks are not missed.

Selected Answer: D

Question #: 75
Topic #: 1
A project in the execution phase at the customer’s site has an issue concerning new parts that do not fit properly into a machine. The site project manager cannot find this high probability risk in the risk register.
What action should the site project manager take?

A. Variance analysis
B. Workaround
C. Risk assessment
D. Risk audit

Selected Answer: B

Question #: 76
Topic #: 1
Which of the following represents the best description of the role of project manager for project risk management?

A. Determining the acceptable levels of risk for the project in consultation with stakeholders, approving the risk management, assessing the impact of proposed scope changes
B. Determining the acceptable levels of risk for the project in consultation with stakeholders, approving the project management plan, participating in all aspects of the project risk management process
C. Approving the risk management plan, participating in all aspects of the project risk management process, auditing the risk management processes in the project
D. Determining the acceptable levels of risk for the project in consultation with stakeholders, approving the risk management plan, participating in all aspects of the project risk management process

Selected Answer: B

Question #: 77
Topic #: 1
For the last several months, a project manager for a global technology program is focused on improving the project outsourcing process and analyzing the vendor supply chain as key pieces of the cost containment strategy. Early in the project, these two areas were identified as key risks to the final delivery of the project.
Since that initial risk identification, the risk manager works to identify additional risks, as well as analyze the potential impact to the project cost baseline. After performing a cost-risk sensitivity analysis, the risk manager produces this chart.

Based on this analysis, which two risk areas should the project manager focus on to control project cost?

A. Vendor supply chain disruption and final system test
B. Vendor supply chain disruption and software design changes
C. Outsourcing negotiations and vendor supply chain disruption
D. Labor rate increases and management reviews

Selected Answer: B

Question #: 78
Topic #: 1
A risk manager is assigned to a short-term telecommunications upgrade project. This project is not technically complex, but has rigorous implementation timelines, and very little cost reserve available to address potential problems. The project manager indicates that completing the project on time is critical, but should not be done at the expense of performance.
Which aspect of risk impact is most important when designing the risk impact scale?

A. Technical performance
B. Cost
C. Technical requirements
D. Schedule

Selected Answer: D

Question #: 79
Topic #: 1
A risk manager works with the project team, senior management team, subject matter experts and other stakeholders to identify the project risks. Which of the following tools/methods from the risk management plan can be used to identify a risk, which is based on project objectives by category?

A. Affinity diagram
B. Risk breakdown structure
C. Decision tree method
D. Work breakdown structure

Selected Answer: B

Question #: 80
Topic #: 1
As a result of the Control Risk process, the project manager updates the project risk documents using outcomes from which of the following?

A. Risk reserve analysis and risk thresholds
B. Risk response strategies and risk analysis
C. Risk reviews and risk register analysis
D. Risk assessments and risk audits

Selected Answer: D