PMI PMI-RMP Study Guide Archives Updated on Jan 09, 2024
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The PMI PMI-RMP exam covers a range of topics related to risk management, such as risk identification, assessment, response planning, and monitoring and control. PMI-RMP exam is designed to test the candidate’s knowledge and understanding of these topics, as well as their ability to apply them in real-life scenarios. PMI-RMP exam also assesses the candidate’s ability to communicate effectively with stakeholders and to work collaboratively with team members to manage risks.
NEW QUESTION # 55
You are the project manager for your organization. You are working with your key stakeholders in the qualitative risk analysis process. You understand that there is certain bias towards the risk events in the project that you need to address, manage, and ideally reduce. What solution does the PMBOK recommend to reduce the influence of bias during qualitative risk analysis?
- A. Involve all stakeholders to vote on the probability and impact of the risk events
- B. Provide iterations of risk analysis for true reflection of a risk probability and impact
- C. Isolate the stakeholders by project phases to determine their risk bias
- D. Establish the definitions of the levels of probability and impact
Answer: D
NEW QUESTION # 56
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?
- A. Secondary risk
- B. Residual risk
- C. Primary risk
- D. Normal risk
Answer: A
Explanation:
Explanation
This is a secondary risk because it is a risk that arises as a direct result of implementing a risk response (in this case, procuring material from a different supplier).
NEW QUESTION # 57
The company board is concerned about potential legal action from a high-risk project. What technique can be used to justify risk response decisions taken on this project?
- A. Brainstorming
- B. Interviews
- C. Nominal group technique
- D. Decision tree analysis
Answer: D
NEW QUESTION # 58
The project manager performed' a variance analysis on the project during the execution phase. The variances were shown as increasing What does this result imply?
- A. There is no potential for future deviation.
- B. The uncertainty and risk are increasing.
- C. The project is over budget.
- D. The project schedule is lagging behind.
Answer: B
Explanation:
Explanation
Increasing variances during the execution phase imply that the uncertainty and risk are increasing, as the project performance is deviating from the planned values.
NEW QUESTION # 59
Frank is a project team member in your project. Frank has been adding changes to the software interface for the software that your project is creating. Because Frank has been adding these features new risks have entered into the project. You elect that these additions should be removed from the project even if it takes extra time and money to remove the features. What are these riskladen features called?
- A. Gold plating
- B. Scope creep
- C. Negative risks
- D. Corrective actions
Answer: B
NEW QUESTION # 60
You are the project manager of the GGG project. You have completed the risk identification process for the initial phases of your project. As you begin to document the risk events in the risk register what additional information can you associate with the identified risk events?
- A. Risk schedule
- B. Risk owner
- C. Risk cost
- D. Risk potential responses
Answer: D
NEW QUESTION # 61
Which input could be utilized to perform quantitative risk analysis to reduce uncertainty?
- A. Stakeholder register
- B. Expert judgment
- C. Organizational process assets
- D. Risk categorization
Answer: C
NEW QUESTION # 62
During a status meeting, a functional manager complains that the server backup failed, impacting the department. This was a known risk documented in the risk register as an accepted risk. After reviewing the meeting minutes, itis determined that the functional manager had not participated in the risk planning phase.
Which of the identification methods should have been applied?
- A. Sensitivity analysis
- B. Quantitative analysis
- C. Stakeholder analysis
- D. Qualitative analysis
Answer: C
NEW QUESTION # 63
You work as a project manager for BlueWell Inc. You are performing the quantitative risk analysis for your project. One of the project risks has a 50 percent probability of happening, and it will cost the project $55,000 if the risk happens. What will be the expected monetary value of this risk event?
- A. Zero - the risk event has not yet occurred
- B. Negative $26,000
- C. Negative $55,000
- D. Negative $27,500
Answer: D
NEW QUESTION # 64
You and your project team are just starting the risk identification activities for a project that is scheduled to last for 18 months. Your project team has already identified a long list of risks that need to be analyzed. How often should you and the project team do risk identification?
- A. At least once per month
- B. Several times until the project moves into execution
- C. It depends on how many risks are initially identified.
- D. Identify risks is an iterative process.
Answer: D
NEW QUESTION # 65
You work as a project manager for BlueWell Inc. There has been a delay in your project work that is adversely affecting the project schedule. You decided, with your stakeholders' approval, to fast track the project work to get the project done faster. When you fast track the project which of the following are likely to increase?
- A. Risks
- B. Human resource needs
- C. Costs
- D. Quality control concerns
Answer: A
NEW QUESTION # 66
Beth is the project manager of the BFG Project for her company. In this project Beth has decided to create a contingency response based on the performance of the project schedule. If the project schedule variance is greater than $10,000 the contingency plan will be implemented. What is the formula for the schedule variance?
- A. SV=PV-EV
- B. SV=EV/AC
- C. SV=EV/PV
- D. SV=EV-PV
Answer: D
NEW QUESTION # 67
You are the project manager for TTP project. You are in the Identify Risks process. You have to create the risk register. Which of the following are included in the risk register? Each correct answer represents a complete solution. Choose two.
- A. List of mitigation techniques
- B. List of key stakeholders
- C. List of identified risks
- D. List of potential responses
Answer: C,D
NEW QUESTION # 68
You are the project manager of the NHJ project for your company. This project has a budget at completion of $1,650,000 and you are 60 percent complete. According to the project plan, however, the project should be 65 percent complete. In this project you have spent $995,000 to reach this point of completion. There is a risk that this project may be late so you have taken some measures to recover the project schedule. Management would like to know, based on current performance, what the estimate at completion for this project will be. What is the estimate at completion?
- A. -$8,333
- B. $1,650,000
- C. $1,666,667
- D. $663,333
Answer: C
NEW QUESTION # 69
You are the project manager of the GHY project. In your organization you must follow certain enterprise environmental factors that establish the rules for risk management . One of the policies your project must adhere to requires periodic rapid analysis of risks within the project. These rapid, cost-effective session must be documented and performed monthly. What type of analysis are you required to perform according to your enterprise environmental factors?
- A. Delphi Technique
- B. Qualitative analysis
- C. Quantitative analysis
- D. Brainstorming
Answer: B
NEW QUESTION # 70
Which risk response is acceptable for both positive and negative risk events?
- A. Enhancing
- B. Acceptance
- C. Sharing
- D. Transferring
Answer: B
NEW QUESTION # 71
During which of the following processes, probability and impact matrix is prepared?
- A. Plan Risk Responses
- B. Monitoring and Control Risks
- C. Perform Quantitative Risk Analysis
- D. Perform Qualitative Risk Analysis
Answer: D
NEW QUESTION # 72
Virginia is the project manager for her organization. She has hired a subject matter expert to interview the project stakeholders on certain identified risks within the project. The subject matter expert will assess the risk event with what specific goal in mind?
- A. To determine the level of probability and impact for each risk event
- B. To determine the probability and cost of the risk event
- C. To determine the bias of the risk event based on each person interviewed
- D. To determine the validity of each risk event
Answer: A
NEW QUESTION # 73
Gary is the project manager for his project. He and the project team have completed the qualitative risk analysis process and are about to enter the quantitative risk analysis process when Mary, the project sponsor, wants to know what quantitative risk analysis will review. Which of the following statements best defines what quantitative risk analysis will review?
- A. The quantitative risk analysis process will review risk events for their probability and impact on the project objectives.
- B. The quantitative risk analysis reviews the results of risk identification and prepares the project for risk response management.
- C. The quantitative risk analysis seeks to determine the true cost of each identified risk event and the probability of each risk event to determine the risk exposure.
- D. The quantitative risk analysis process will analyze the effect of risk events that may substantially impact the project's competing demands.
Answer: D
NEW QUESTION # 74
You are a risk auditor for your company. You are reviewing the contract types a project manager has used in her project. Of the following, which contract type has the most risk for the project manager as a buyer?
- A. Cost plus percentage of costs
- B. Fixed-price, incentive fee
- C. Time and material
- D. Cost plus incentive fee
Answer: A
NEW QUESTION # 75
When selecting strategies as an activity of Plan Risk Response, what is the overall goal?
- A. Select the strategies with the least financial impact.
- B. Select the strategies with the greatest overall positive influence.
- C. Select the strategies with the least overall impact to resources.
- D. Select the strategies with the greatest benefit to stakeholders.
Answer: B
Explanation:
Explanation
The overall goal of selecting strategies during the Plan Risk Response activity is to choose those strategies that have the greatest overall positive influence on the project, considering factors such as cost, schedule, and resources.
NEW QUESTION # 76
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