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PMI Risk Management Professional (PMI-RMP) Exam Question and Answers

PMI Risk Management Professional (PMI-RMP) Exam

Last Update Dec 2, 2024
Total Questions : 137

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Questions 1

A risk manager for a cross-functional project is initiating the risk identification process. The risk manager conducted some meetings for stakeholders to express their concerns, but some stakeholders are complaining that their opinions were not considered.

How should the risk manager address these concerns?

Options:

A.  

Refer to the requirements documentation to confirm stakeholder requirements as they relate to risks.

B.  

Refer to the project charter to find guidelines and stakeholder communication channels.

C.  

Review the stakeholder register and stakeholder engagement plan to communicate and solicit stakeholder input.

D.  

Rewrite the risk register to include the additional possible risks and inform the stakeholders.

Discussion 0
Questions 2

A two-year project with a budget of US$2 million has completed about 60% of the work at the end of the first year. The actual cost incurred to complete the remaining 40% of work is about USS1.5 million. As a part of performing a specialized risk analysis, the calculated schedule performance index (SPI) is 1.2 and cost performance index (CPI) is 0.53.

How should the risk manager interpret such a low CPI value?

Options:

A.  

The cost control processes is ineffective.

B.  

The cost baseline is inaccurate.

C.  

The actual reported costs are inaccurate.

D.  

The cost related risks are effectively managed.

Discussion 0
Questions 3

A risk manager is reviewing documentation for a project following a risk planning workshop with project stakeholders and team members. Several items have been identified on the risk log that would be detrimental to project success, but the associated triggers cannot be managed by the organization and are unlikely to occur.

Which response should the risk manager recommend for these risk items?

Options:

A.  

Mitigate

B.  

Accept

C.  

Enhance

D.  

Exploit

Discussion 0
Questions 4

A list of risks was identified that could occur during the design phase. Now, the team finished the design phase and those risks did not materialize.

What should the project manager do next?

Options:

A.  

Close the risks and update their status in the risk register.

B.  

Use their contingency with other risks that are still open.

C.  

Remove the risk from the list as they are no longer applicable.

D.  

Reevaluate those risks' severity, and update the risk register.

Discussion 0
Questions 5

During a risk reassessment workshop with the project team and some external stakeholders, two key external stakeholders are overemphasizing the impact of a few project risks. This has led to a conflict.

How should the risk manager handle this situation?

Options:

A.  

Request for a skilled facilitator to help resolve conflicts that have arise.

B.  

Refer to the team’s ground rules on how to resolve conflicts.

C.  

Run a sensitivity analysis to check which risks have the most impact.

D.  

Use the assumption analysis techniques to validate the assumptions.

Discussion 0
Questions 6

After starting a new pipeline project, a risk manager schedules an initial meeting with the project sponsor. For the meeting, the project sponsor requests a presentation of the risks that have the most impact on achieving the project objectives.

What should the risk manager do to facilitate the sponsor's ask?

Options:

A.  

Monte Carlo analysis

B.  

Qualitative risk analysis

C.  

Sensitivity analysis

D.  

Quantitative risk analysis

Discussion 0
Questions 7

A risk manager faces resistance as they try to implement the project's risk strategy. Some members of the project team believe it is a waste of time and money, What should the risk manager do?

Options:

A.  

Continue to implement the risk strategy

B.  

Meet with team members to address their concerns.

C.  

Reduce the number of risk management activities.

D.  

Raise the concerns with the project sponsor,

Discussion 0
Questions 8

A project manager realizes the team undertaking the project work has fallen behind the planned schedule. The risk manager identifies a new risk resulting from this delay and will need to understand how this will affect the project deadline.

Which kind of numerical analysis should be performed to understand the worst-case scenarios?

Options:

A.  

Earned value analysis

B.  

Qualitative risk analysis

C.  

Sensitivity analysis

D.  

Root cause analysis

Discussion 0
Questions 9

The project team is updating the risk register with the minimum acceptable level of exposure and impact for each risk. The team also wants to determine if they have reached the maximum level of exposure before they escalate the risk.

What should the team perform in this scenario?

Options:

A.  

Quantitative risk analysis

B.  

Risk response planning

C.  

Monitor and control risks

D.  

Risk urgency assessment

Discussion 0
Questions 10

A new risk manager is assigned to an ongoing project, what should the new risk manager do first to assess the project environment?

Options:

A.  

Review potential next steps with the project team.

B.  

Review the scope of work to determine the prescribed project methodology.

C.  

Review the policies and practices that are outlined in the risk management plan.

D.  

Review the contract and determine the resources and project funding.

Discussion 0
Questions 11

During the design phase the project team is exploring various architecture options. After reviewing the results of design pilot, two conflicting infrastructure pieces were identified.

What action should the project manager take?

Options:

A.  

Reassess the design for the two pieces.

B.  

Escalate the situation and request approval to move forward.

C.  

Confirm the results through a second pilot.

D.  

Update the assumptions log and assess the risk associated with it.

Discussion 0
Questions 12

A project is In the initiation phase. The project stakeholders are Invited to a meeting to share their thoughts that may impact the project In a positive or negative way.

What will be the main output of this meeting?

Options:

A.  

Evaluating the project's probability of success

B.  

Identifying threats and opportunities

C.  

Evaluating the project's impact

D.  

Performing a qualitative analysis

Discussion 0
Questions 13

A certain risk is identified for a major project, and the risk response is planned. However, the analysis reveals a high probability for a secondary risk which will be tolerated based on the organization's risk thresholds. The secondary risk is subsequently registered. During project execution, the primary risk occurs, the planned action is taken, and the secondary risk emerges

What two actions should the risk owner take? (Choose two.)

Options:

A.  

Implement the secondary risk response and update the project documents.

B.  

Conduct meeting with all stakeholder to agree on post impact solutions.

C.  

Set the corresponding trigger conditions to the secondary risk.

D.  

Engage the project manager to authorize the secondary risk's response.

E.  

Update and communicate assessments of the secondary risk's impact.

Discussion 0
Questions 14

The project manager for project X was expecting the mobilization of critical equipment from another project, project Y. However, a day before the mobilization was scheduled, another project manager notifies project X's project manager that the equipment would not be available for at least another month due to delayed activities for project Y. This has jeopardized meeting a critical milestone for project X.

How should project X's project manager avoid this situation in the future?

Options:

A.  

Prepare a contingency response plan to implement when delays occur

B.  

Ask the other project manager to officially confirm the new date in writing

C.  

Request that the other project manager be added to relevant reports

D.  

Request that the other project manager inform if any additional delays are expected

Discussion 0
Questions 15

A risk manager administered a pre-workshop risk survey in preparation for the upcoming workshop. The workshop invitees participated in the survey and submitted many risks encompassing all project phases and risk areas. The risk manager sorts risks by similarities and categories for the workshop.

What should the risk manager do next to visually organize the risks?

Options:

A.  

Develop an affinity diagram

B.  

Perform the analytical hierarchy process

C.  

Perform a SWOT analysis

D.  

Assign probability and impact

Discussion 0
Questions 16

A risk manager completed risk response planning for a project that is currently in the execution phase. During a periodic review of the risk register, the project manager recognizes that some key secondary risks have not been considered.

Who should the project manager hold accountable for missing the risks?

Options:

A.  

The audit team

B.  

The risk manager

C.  

The risk owners

D.  

The discipline engineers

Discussion 0
Questions 17

The project manager asks the risk manager to determine the initial risk assessment for a six month initiative that is about to kick-off. Which two artifacts will help the risk manager conduct the related analysis? (Choose two.)

Options:

A.  

Work breakdown structure (W&S)

B.  

Project organizational chart

C.  

Configuration management plan

D.  

Brainstorming

E.  

Monte Carlo analysis

Discussion 0
Questions 18

A supplier Is delayed in delivering fuel for a project. The project manager anticipated this risk and is requesting fuel from another supplier. When speaking with the other supplier, a new risk appears because fulfilling the order will cause delays with several other projects.

After performing a detailed analysis, what should the risk manager do?

Options:

A.  

Escalate the problem to the project sponsors.

B.  

Execute the approved risk response plan.

C.  

Negotiate with the supplier to resolve the problem.

D.  

Assign a team member to update the issue leg.

Discussion 0
Questions 19

An IT project is 40% complete. During the initial analysis, risks A and B were identified for the project. Risk A has a probability of 0.6 and an impact of US$50.000. Risk B has a probability of 0.7 and an impact of USS60.000. After implementing the planned risk response for risk B. the probability of risk B has been reduced is 0.3.

What is the current project risk exposure?

Options:

A.  

US$18,000

B.  

US$72.000

C.  

US$30,000

D.  

US$48,000

Discussion 0
Questions 20

A project manager works on a long-term and high visibility project at an organization that has a low risk appetite towards this project due to its impact on the company's business. The project sponsors follow up weekly with the project manager, who was just informed by one of the risk owners that the exposure from two high-impact risks are hitting the risk thresholds.

What should the project manager do next?

Options:

A.  

Update the project management plan to add contingency.

B.  

Perform an assumptions and constraints analysis.

C.  

Complete an assessment and confirm the response with the sponsors.

D.  

Implement mitigation measures for those risks.

Discussion 0
Questions 21

A risk management professional is in the process of categorizing risks when a subject matter expert (SME) suggests categorizing the risks by their impact to the project objectives. Why should the risk management professional use this approach?

Options:

A.  

To enable the team in identifying the specific causes of risks associated with project objectives.

B.  

To ensure that project priorities are being appropriately factored into risk response plans.

C.  

To determine there more attentive project leadership and organizational involvement is needed.

D.  

To assign risks and risk severities to functional discipline and departments effectively.

Discussion 0
Questions 22

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?

Options:

A.  

The uncertainty and risk are increasing.

B.  

The project schedule is lagging behind.

C.  

There is no potential for future deviation.

D.  

The project is over budget.

Discussion 0
Questions 23

A project manager identified a risk of communication issues with the client which may impact the project schedule. A member of (he sales team advises that this client prefers face-to- face conversations.

What should the project manager do to avoid this risk?

Options:

A.  

Record this risk and the clients preference in the risk register.

B.  

Ask the sales person to lead the communication with the client

C.  

Call the client and advise that online communication is easier and faster.

D.  

Meet the client and plan tor critical milestone meetings.

Discussion 0
Questions 24

The project manager wants to use an objective method to evaluate the key project risks and develop response plans.

What action should the risk manager propose?

Options:

A.  

Ask the team to perform an earned value analysis.

B.  

Review the lessons learned from other projects.

C.  

Ask the team to prepare a Monte Carlo analysis.

D.  

Ask the risk expert to perform a PESTLE evaluation.

Discussion 0
Questions 25

A risk manager was recently hired to assist with a mid-sized infrastructure project. The risk manager becomes aware that they have an inexperienced project team.

What two items should the risk manager have their team review in order to prepare for an upcoming risk identification workshop? (Choose two.)

Options:

A.  

Scope of work and requirements

B.  

Monte Carlo analysis from a similar project

C.  

List of pre-approved contractors

D.  

Organization chart for city permit department

E.  

Risk management plan

Discussion 0
Questions 26

A project is evaluating a new software to streamline the current purchase order process. The current process is labor-intensive and involves printing, ink signatures, scanning, and emailing. Several team members gathered cycle time data to gauge the current process and evaluate the new process.

What should the risk manager do next with the data set?

Options:

A.  

Perform a probability and impact assessment

B.  

Perform Monte Carlo simulations

C.  

Perform a sensitivity analysis

D.  

Perform a risk data quality assessment

Discussion 0
Questions 27

A company in the mining industry accommodates a lot of innovation and changing work conditions. Because of this, the company experiences difficulty in predicting long term business plans.

How should a professional risk manager manage the risks in such situations?

Options:

A.  

Adopt a predictive approach to manage the risks.

B.  

Adopt agile approaches to manage the risks.

C.  

Utilize proper documentation to help manage the risks.

D.  

Conduct weekly risk management meetings with all stakeholders.

Discussion 0
Questions 28

Several key stakeholders approach the project manager with concerns. The stakeholders have received feedback from local businesses that have reported a reduction in customers because of construction activities at the worksite, and they plan to submit a claim to the municipality to fine the project manager's company.

How should the project manager address this concern?

Options:

A.  

Evaluate the risk with the team and update the issueing

B.  

Discuss the concern with the local business owners.

C.  

Update the key risks and perform a quantitative risk analysis.

D.  

Adjust construction work hours to after business hours.

Discussion 0
Questions 29

During the monthly executive review meeting, the project sponsor would like to understand how the project team has planned to manage risks that were identified in the last meeting. What should the project manager do?

Options:

A.  

Utilize a Monte Carlo assessment to provide risk related impacts.

B.  

React to the secondary and residual risks only if they occur.

C.  

Include secondary and residual risks as part of the response.

D.  

Transfer secondary and residual risks to the project sponsor.

Discussion 0
Questions 30

While implementing the risk response plan for a previously identified risk, some secondary risks were identified but not captured on the risk register. The project manager decided to review the risk management plan to ensure this does not happen for future, similar situations.

What should the project manager do next?

Options:

A.  

Identify secondary or residual risks for associated risk plans.

B.  

Develop risk response plans for all identified risks.

C.  

Update the communications management plan to avoid future issues

D.  

Monitor and control secondary and residual risks in the risk register.

Discussion 0
Questions 31

Upon reviewing the risk analysis results, the project manager notices several risks that occur more frequently than others. What should the project manager do?

Options:

A.  

Reduce the probabilities of those risks on the risk register

B.  

Transfer ownership of those risks to the customer

C.  

Implement the risk handling strategies for those risks

D.  

Request additional management reserve for those risks

Discussion 0
Questions 32

The project manager is reviewing the lessons learned from a previous similar project. The previous project was delayed due to the delay in delivery of a gas turbine generator (GTG). Construction of the previous project had to be shut down unexpectedly to wait for the late delivery of the GTG.

What should the project manager do first?

Options:

A.  

Include the risk in the register and communicate with the stakeholders.

B.  

Communicate with the client to provide the previous shutdown plan.

C.  

Review and update the project schedule.

D.  

Interview the other project manager to learn more details.

Discussion 0
Questions 33

When processing freight invoices for a project, the project manager notices the shipping costs exceeded the budget due to increased fuel costs. The risk manager included this risk in the project's contingency allowance. When reviewing the project budget execution reports, the project manager notices unused budget remaining in other closed tasks of the project that could cover the additional shipping costs.

What should the project manager do?

Options:

A.  

Process the freight invoices at higher shipping costs against the project's contingency allowance.

B.  

Request a formal change order from the customer to increase the project's total budget.

C.  

Process the freight invoices for the budgeted amount and hope the shipping company will forgive the difference.

D.  

Ask the project sponsor to cover the additional shipping costs on the company's reserves account.

Discussion 0
Questions 34

A risk manager is confident that they have identified and quantified the risks and opportunities for a project. When presenting their work to management, on what areas should the risk manager focus? (Choose two.)

Options:

A.  

Risks that are tied to the success of the organization

B.  

Risks as they apply to the organization's overall risk management philosophy and strategic ambition

C.  

Huge opportunities that possibly bring an additional 30% return for 10 projects in the next year

D.  

Risks related to cost that will impact the major projects that are currently in the execution phase

E.  

Risk mitigation actions that will require work from stakeholders

Discussion 0
Questions 35

A risk manager notices that a risk owner is facing challenges implementing their response strategy and the costs are significantly exceeding expectations. What is the first thing the risk manager should do?

Options:

A.  

Highlight this situation to the project manager

B.  

Conduct a cost-benefit analysis

C.  

Change the risk response strategy

D.  

Analyze the situation and meet with the risk owner

Discussion 0
Questions 36

A risk manager for a large project has completed documenting the risk management plan. The project is moving from planning to execution.

Which three actions should the risk manager take to ensure the risk management plan remains effective during the project timeframe? (Choose 3)

Options:

A.  

Verify whether or not any identified risks might occur and implement the risk response plan.

B.  

Regularly check and report on the status of risks identified according to their prioritization.

C.  

Monitor the status and oversee execution of the risk response plan for each identified risk.

D.  

Ensure management reserves are sufficient to cover the mitigation plans for all identified risks.

E.  

Allocate and lock in project resources according to the initial risk prioritization for all identified risks.

Discussion 0
Questions 37

An organization that spans across different countries undergoes a digital transformation project. The project manager has assigned a risk management team leader who is a risk management certified candidate in their domain.

What should the risk management team leader do in the early stages of the project?

Options:

A.  

Conduct qualitative risk analysis to prioritize potential risks.

B.  

Plan a solid risk response plan and secure the necessary funding.

C.  

Educate stakeholders on best practices to perform risk management.

D.  

Benchmark to an organization which has executed a similar project,

Discussion 0
Questions 38

A risk manager has been assigned to a project constructing a chemical laboratory. Unfamiliar with chemical laboratories, the risk manager is unsure of where to start objectively identifying risks.

What should the risk manager do?

Options:

A.  

Import a risk register from other industry chemical laboratories.

B.  

Define chemical laboratory safety risk thresholds.

C.  

Review published operational experience reports.

D.  

Draft threat and opportunity risks that come to mind.

Discussion 0
Questions 39

Business rhythm can fluctuate greatly between different industries and vary between companies within the same industry. What should be used 10 determine how often a project's risk register should be updated or reviewed in a given year when the project is in an industry with a very high business rhythm?

Options:

A.  

The risk management plan

B.  

The risk triggers

C.  

The risk prioritization criteria

D.  

The portfolio management plan

Discussion 0