Pass PMI-RMP Exam Latest Practice Questions Updated on May 01, 2024
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PMI-RMP (PMI Risk Management Professional) Certification Exam is a globally recognized certification awarded by the Project Management Institute (PMI) to professionals who demonstrate expertise in the field of risk management. PMI Risk Management Professional certification is ideal for individuals who are responsible for identifying, analyzing, and managing risks in projects and organizations. The PMI-RMP certification exam tests candidates on their knowledge and skills related to risk management principles, concepts, and techniques. It is designed to validate the candidate's ability to assess and mitigate risk, and enhance project success.
NEW QUESTION # 70
You are the project manager for the NHH project. You are working with your project team to examine the project from four different defined perspectives to increase the breadth of identified risks by including internally generated risks. What risk identification approach are you using in this example?
- A. Influence diagramming techniques
- B. SWOT analysis
- C. Root cause analysis
- D. Assumptions analysis
Answer: B
NEW QUESTION # 71
What is the best source of project information which could result in the reduction of risk?
- A. Determine the risks by using brainstorming techniques.
- B. Review organizational process assets, lessons learned from previous projects similar in nature.
- C. Make observations/conversations on the current projects.
- D. Sensitivity analysis.
Answer: B
NEW QUESTION # 72
You are the project manager of the NHQ Project for your company. You have completed qualitative and quantitative analysis of your identified project risks and you would now like to find an approach to increase project opportunities and to reduce threats within the project. What project management process would best help you?
- A. Plan risk responses
- B. Create the project risk register
- C. Monitor and control project risks
- D. Create a risk governance approach
Answer: A
NEW QUESTION # 73
You and your project team have identified the project risks and now are analyzing the probability and impact of the risks. What type of analysis of the risks provides a quick and high-level review of each identified risk event?
- A. A risk probability-impact matrix
- B. Quantitative risk analysis
- C. Qualitative risk analysis
- D. Seven risk responses
Answer: C
NEW QUESTION # 74
Sensitivity analysis is a technique for systematically changing parameters in a model to determine the effects of such changes and is useful for computer modelers for a range of purposes. Which of the following purposes does the sensitivity analysis include? Each correct answer represents a complete solution. Choose all that apply.
- A. Decision making or the development of recommendations for decision makers
- B. Increased understanding or quantification of the system
- C. Model development
- D. Estimating the average outcome
Answer: A,B,C
NEW QUESTION # 75
Joan is a project management consultant and she has been hired by a firm to help them identify risk events within the project. Joan would first like to examine the project documents including the plans, assumptions lists, project files, and contracts. What key thing will help Joan to discover risks within the review of the project documents?
- A. The project documents will help the project manager, or Joan, to identify what risk identification approach is best to pursue.
- B. Lack of consistency between the plans and the project requirements and assumptions can be the indicators of risk in the project.
- C. Plans that have loose definitions of terms and disconnected approaches will reveal risks.
- D. Poorly written requirements will reveal inconsistencies in the project plans and documents.
Answer: B
NEW QUESTION # 76
You are the project manager for a construction project. The project involves casting of a column in a very narrow space. Because of lack of space, casting it is highly dangerous. High technical skill will be required for casting that column. You decide to hire a local expert team for casting that column. Which of the following types of risk response are you following?
- A. Transference
- B. Avoidance
- C. Acceptance
- D. Mitigation
Answer: A
NEW QUESTION # 77
Which positive risk response best describes a teaming agreement?
- A. Exploit
- B. Enhance
- C. Share
- D. Venture
Answer: C
NEW QUESTION # 78
An organization faces immense competition in the market and decides 10 accelerate a key project. What is the first action for the project risk manager to take?
- A. Meet with the project's stakeholders
- B. Revise the risk management plan
- C. Ensure sufficient resources are available
- D. Update the risk register
Answer: B
Explanation:
Explanation
The risk management plan is a document that describes how risk management activities will be structured and performed on a project. It defines the roles and responsibilities, risk categories, risk appetite and thresholds, risk identification and analysis methods, risk response strategies, risk monitoring and reporting mechanisms, and risk governance mechanisms1. The risk management plan should be aligned with the project management plan, which defines the project scope, schedule, cost, quality, and other aspects2. When an organization decides to accelerate a key project, it means that the project objectives, assumptions, constraints, and environment have changed. This will affect the risk exposure and profile of the project, as well as the risk management approach and resources. Therefore, the first action for the project risk manager to take is to revise the risk management plan to reflect the new situation and ensure that the risk management process is still effective and efficient. Revising the risk management plan may involve updating the risk categories, risk appetite and thresholds, risk identification and analysis methods, risk response strategies, risk monitoring and reporting mechanisms, and risk governance mechanisms to suit the accelerated project. The project risk manager should also communicate the revised risk management plan to the relevant stakeholders and obtain their approval and support1. Ensuring sufficient resources are available, updating the risk register, and meeting with the project's stakeholders are all important actions to take when accelerating a project, but they are not the first action. These actions should be done after revising the risk management plan, as they depend on the updated risk management approach and process. For example, the project risk manager may need to allocate more resources to risk management activities, identify and analyze new or changed risks, implement new or modified risk responses, and report the risk status and performance to the stakeholders based on the revised risk management plan1. References: 2, 1.
When a project is accelerated, the risk landscape changes. The project risk manager should first revise the risk management plan to address the new timeline and its potential impacts on the project. This will help in identifying new risks, reassessing existing risks, and updating risk responses.
NEW QUESTION # 79
The project managers implementing a computer interface to facilitate communications between to ticketing systems for two major companies in the IT industry. During the Plan Risk Response process, the project team agrees on the contingency plan that should mitigate the negative impact of the risk. However, during the project execution, one of the subject matter experts identifies a residual risk that was not taken into consideration during the risk response planning session, but could potentially affect the project schedule baseline.
What should the risk manager do to handle this residual risk?
- A. Accept the risk, since it is minor.
- B. Reject the risk, since the risk plan will take care of all the risks.
- C. Increase the management reserve.
- D. Analyze this risk and update the risk register.
Answer: D
NEW QUESTION # 80
Sam is the project manager of a construction project in south Florida. This area of the United States is prone to hurricanes during certain parts of the year. As part of the project plan Sam and the project team acknowledge the possibility of hurricanes and the damage the hurricane could have on the project's deliverables, the schedule of the project, and the overall cost of the project. Once Sam and the project stakeholders acknowledge the risk of the hurricane they go on planning the project as if the risk is not likely to happen. What type of risk response is Sam using?
- A. Active acceptance
- B. Avoidance
- C. Passive acceptance
- D. Mitigation
Answer: C
NEW QUESTION # 81
Tom works as a project manager for BlueWell Inc. He is determining which risks can affect the project. Which of the following inputs of the identify risks process is useful in identifying risks, and provides a quantitative assessment of the likely cost to complete the scheduled activities?
- A. Cost management plan
- B. Risk management plan
- C. Activity cost estimates
- D. Activity duration estimates
Answer: C
NEW QUESTION # 82
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 responsibilities of risks that have occurred and take the appropriate actions.
- B. Document new risks identified and take the appropriate actions.
- C. Document what went well and not so well with the risk management process, and recommend actions to improve.
- D. Assess performance of project team members and make required changes.
Answer: A
NEW QUESTION # 83
You work as the project manager for Bluewell Inc. Your project has several risks that will affect several stakeholder requirements. Which project management plan will define who will be available to share information on the project risks?
- A. Risk Management Plan
- B. Communications Management Plan
- C. Stakeholder management strategy
- D. Resource Management Plan
Answer: B
NEW QUESTION # 84
Jenny is the project manager of the NHJ Project for her company. She has identified several positive risk events within the project and she thinks these events can save the project time and money. You, a new team member wants to know that how many risk responses are available for a positive risk event. What will Jenny reply to you?
- A. Three
- B. Four
- C. Acceptance is the only risk response for positive risk events.
- D. Seven
Answer: B
NEW QUESTION # 85
You work as a project manager for SoftTech Inc. You are working with the project stakeholders to begin the qualitative risk analysis process. Which of the following inputs will be needed for the qualitative risk analysis process in your project? Each correct answer represents a complete solution. Choose all that apply.
- A. Project scope statement
- B. Organizational process assets
- C. Cost management plan
- D. Risk register
Answer: A,B,D
NEW QUESTION # 86
You are the project manager of the AMD project for your organization. In this project, you are currently performing quantitative risk analysis. The tool and technique you are using is simulation where the project model is computed many times with the input values chosen at random for each iteration. The goal is to create a probability distribution from the iterations for the project schedule. What technique will you use with this simulation?
- A. Expected Monetary Value
- B. Monte Carlo Technique
- C. Analogous modeling
- D. Pareto modeling
Answer: B
NEW QUESTION # 87
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