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PMI PMI-RMP PMI Risk Management Professional (PMI-RMP) Exam Exam Practice Test

Demo: 66 questions
Total 221 questions

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

Question 1

 

During the risk management planning, key stakeholders recommend adding more factors other than probability and the impact to refine the score of prioritized threats in subsequent iterations of the qualitative risk analysis. The stakeholders ask the risk manager to prepare a list to discuss this further.

Which three valid factors should the risk manager prepare on the list for discussion? (Choose 3)

Options:

A.

Compatibility

B.

Urgency

C.

Usability

D.

Proximity

E.

Detectability

 

Question 2

In the middle of a construction project, the primary construction materials provider canceled the contract and moved to a competitor offering a higher price. The risk manager considers

this a low-impact issue because many construction materials providers can fulfill the project demands. However, after informing the stakeholders of this issue, the major investor is about

to drop their intention to continue executing the project. The risk manager does not understand their decision.

What should the risk manager do next to understand the major stakeholder's decision regarding the project?

Options:

A.

Perform a risk impact analysis.

B.

Perform a risk reserve analysis.

C.

Perform a procurement analysis.

D.

Perform a stakeholder impact and influence analysis.

Question 3

A project has consistently been lagging in cost performance index (CPI) and schedule performance index (SPI) over the past few months. The risk manager realizes that some activities are taking longer than expected and more resources are needed.

Which project artifact should the risk manager analyze to mitigate the risk of further project overrun?

Options:

A.

Schedule and resource assumptions

B.

Contingency reserves

C.

Work breakdown structure (WBS)

D.

Risk impact matrix

Question 4

A complex infrastructure construction project consisting of various stakeholders with diverse attitudes and opinions is in the execution phase. The project sponsor instructed the risk manager to evaluate the project environment and identify potential risks because many conflicts have arisen.

What should the risk manager do first?

Options:

A.

Perform an assumptions and constraints analysis.

B.

Use the Wideband Delphi method.

C.

Use the brainstorming technique.

D.

Perform a strength, weaknesses, opportunities, and threats (SWOT) analysis.

 

Question 5

The project manager has completed four projects all with similar scope. The project manager has recently been assigned to start on a new project and believes some risks may occur again on this project.

What should the project manager do?

Options:

A.

Implement the risk response strategies into the risk plan.

B.

Inform the sponsor that these risks should be added according to experience.

C.

Add the risks to the risk register and determine a contingency.

D.

Discuss and evaluate the identified risks with the project team.

Question 6

During the construction of a housing development, a project team realizes they exceeded their materials budget during the first of three execution stages. The risk manager observed that the team did not notice that the cost of the materials increased due to continuous inflation in the steel market.

What could have been done during project planning to avoid overspending?

Options:

A.

Met weekly with the finance team to monitor the cost

B.

Communicated with the stakeholders that the project costs might increase

C.

Properly documented the triggers and actions for the risk

D.

Engaged with the sponsor to buy the steel in advance of the project

 

Question 7

A risk manager has identified multiple risks in an innovation project and needs to prioritize the use of resources to respond to the risks. Which analysis will help the risk manager in this situation?

Options:

A.

Sensitivity analysis

B.

Qualitative analysis

C.

Statistical analysis

D.

Impact analysis

 

Question 8

A project manager for a predictive project just received a scope change request where additional development is required. What should the risk manager do to support the project manager with this scope change request?

Options:

A.

Evaluate any new risks that are introduced due to the change in scope.

B.

Update the risk management plan to reflect the scope change.

C.

Reassess the identified risks that impact the project scope.

D.

Update the risk register to identify, analyze, and plan a response for any new risk.

Question 9

There is a debate within the organization on whether projects need to be agile or waterfall. Some agile terms and principles are understood differently by the key stakeholders, and this delays the decision-making process.

Options:

A.

Organize training sessions to create awareness around the agile values for stakeholders.

B.

Facilitate a face-to-face discussion and have stakeholders agree to shift to agile for future projects.

C.

Recommend an external facilitator as no one in the organization is able to eliminate this roadblock.

D.

Allow stakeholders to discuss without the scrum master's intervention.

Question 10

After the initial assessment of a new project, a project manager found that in order to complete the expected results, detailed and exhaustive planning will be required to ensure the product's characteristics and quality. What should the risk manager propose to the project manager what to do?

Options:

A.

Use a predictive approach for the delivery.

B.

Use a hybrid approach for the delivery.

C.

Use an adaptive approach for the delivery.

D.

Use an agile approach for the delivery.

 

Question 11

In a project to promote public health and mitigate health risks, the national health authorities intend to take actions to limit the risks of harmful insects by using pesticides; however, it is expected that some residents will have negative health effects due to the use of the pesticides but according to the assessment completed by the health authorities, not moving forward with this plan will have much more serious consequences on public health rather than following through with the original plan.

How should the project manager address this concern with the health authorities?

Options:

A.

Suspend the project as the secondary risk will negatively impact residents' health which is not acceptable.

B.

Consult with health experts to provide a risk trigger before using pesticides that will impact the residents.

C.

Assess and record associated secondary risks and proceed to treat them as any other risks.

D.

Proceed with the project as normal since a minor number of residents will be effected negatively.

Question 12

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.

Question 13

During a risk identification session, the risk manager notices that subject matter experts (SMEs) are reluctant to participate because some risks could expose the poor maturity of processes in other business units. Which risk analysis technique should the risk manager use?

Options:

A.

Strengths, weakness, opportunities, and threats (SWOT) analysis

B.

Delphi technique

C.

Decision tree analysis

D.

Probability impact matrix

Question 14

The scope of a large mobile network deployment project includes equipment to be furnished by the customer. The risk manager is concerned that the equipment delivery might be delayed, causing additional delays in the project.

What should the risk manager do?

Options:

A.

Follow up on the schedule and assess the best course of action if any delays are detected.

B.

Ensure the equipment constraint is well-documented and manage it as a high-impact project risk.

C.

Raise the issue with the project sponsor so it can be handled as a sales or contractual matter.

D.

Obtain a signed commitment from the customer that equipment will be delivered on time.

 

Question 15

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.

Question 16

An organization performs an annual strategies and initiatives workshop during which a strengths, weaknesses, opportunities, and threats (SWOT) analysis is being conducted. As part of this process the functional managers identify the opportunities and threats.

What should the risk manager do next?

Options:

A.

Add only the threats to the risk register

B.

Utilize different tools to identify the risks

C.

Plan risk responses to the threats

D.

Update the risk register with the identified risks

Question 17

The project’s customer has stated the project must be completed by a date indicated as the P90 date established on the Monte Carlo analysis. What should the project manager do to ensure the P90 date is met?

Options:

A.

Update the assumptions/exclusions register

B.

Hire more resources and crash the schedule

C.

Perform a qualitative risk analysis for the project

D.

Mitigate risks identified on the sensitivity analysis

Question 18

Stakeholder deliverable reviews will start soon and additional work is expected to resolve any issues or required adjustments. Budget overruns during execution have put serious constraints on the remainder of the project's budget.

What should the project manager do next?

Options:

A.

Request a budget relief using the management reserve.

B.

Conduct a risk reassessment and reserve analysis.

C.

Review the consequences of potential changes.

D.

Coach stakeholders on risk identification practices.

Question 19

A complex project that had hundreds of risks is almost done. The project manager is closing the risks as part of the closing process. One team member mentions that there are important documents to be updated.

Which document will need to be updated?

Options:

A.

Lessons learned

B.

Contingency register

C.

Risk register

D.

Issue log

Question 20

Stakeholder holiday schedules and availability of raw materials were two risks initially identified in a manufacturing project. The risk manager now notices that both risks are not quite as originally described and might require a plan change.

What should the risk manager do next?

Options:

A.

Consult with the project manager to agree that these risks should be removed from the risk register

B.

Keep the risks in the risk register and continue to follow up until the change actually takes place.

C.

Identify workarounds that can be implemented whether or not the change takes place.

D.

Revisit the project the assumptions and constraints to potentially update the risk impact and response.

 

Question 21

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

Question 22

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

Question 23

The risk manager of a major project needs to ensure the organizational process assets (OPAsj are updated as a result of risk management activities. How will the risk manager accomplish this?

Options:

A.

Ensuring that the project sponsor is kept well-informed

B.

Arranging periodic risk: management process audits

C.

Communicating the status of risks regularly to stakeholders

D.

Monitoring costs with intervention when necessary

Question 24

A Scrum team has recently lost its product owner to another team. A new product owner has been hired for the Scrum team. This product owner is currently new to the project, unfamiliar with the team's practices, and does not have a full grasp of the product users. After a few sprints, the product owner is receiving constructive feedback from both internal and external stakeholders related to the direction of the product and its current challenges.

What can the product owner do to improve the product's perception among stakeholders and ensure the team understands the product vision?(Choose 2)

Options:

A.

Re-assess the product goal, place it on the product backlog, and explain it to the team.

B.

Invite more stakeholders to the daily scrum meetings to voice their opinion of the product.

C.

Create sprint goals and communicate them at the sprint planning event.

D.

Invite product teams to more frequent reviews to observe the team's work and encourage feedback.

E.

Invite stakeholders to the sprint retrospective to brainstorm with the team improvements.

Question 25

The project risk manager for an environmental preservation project has started the process of monitoring and controlling risks, The project manager has asked the project team to document the results of this process.

How should this documentation be utilized in the future?

Options:

A.

To return the remaining amount of the contingency reserve

B.

To ensure information is recorded for lessons learned

C.

To comply with the rules and regulations

D.

To hold those who created the risk accountable

Question 26

A risk manager has a well-structured risk management process in place for a complex project with a tight schedule. Despite implementing preventive actions, one of the risks identified in the early stages of the project has still occurred and is now an issue.

What should the risk manager do next?

Options:

A.

Meet with the project team to brainstorm potential solutions to the problem.

B.

Implement the risk response plan to remedy the problem as soon as possible.

C.

Initiate discussions with the project manager to decide how to manage the problem.

D.

Escalate the problem to the project sponsor to agree on the best course of action.

 

Question 27

A risk manager of a complex project has identified a risk and believes a deeper understanding of the source and likelihood is necessary. How should the risk manager proceed?

Options:

A.

Develop and employ an Ishikawa diagram

B.

Analyze the assumptions and constraints

C.

Perform a review of project documents

D.

Create prompt lists for expert interviews

Question 28

Three months into a program, multiple workstreams are showing issues. At this point, the program manager requires that a risk impact assessment be conducted.

What will help calculate the impact?

Options:

A.

Risk analysis

B.

Risk identification

C.

Risk treatment

D.

Risk evaluation

Question 29

The project sponsor asks the project manager about the accuracy of the project data. The project manager realizes that some risks have not been updated recently.

What should the project manager do regarding those risks?

Options:

A.

Review the assumptions analysts

B.

Conduct a checklist analysis on each risk

C.

Create a risk response plan for those risks

D.

Review the risk register to check for the new risks

Question 30

During project planning, a risk is identified for which the risk manager has defined a mitigation strategy. Later during project execution, this risk still leaves substantial residual risk.

What should the risk manager do to handle this situation?

Options:

A.

Revisit this risk in the risk register and redefine the mitigation strategy.

B.

Activate the contingency plan to handle this risk during execution.

C.

Mark this new risk as an extremely high priority and inform all stakeholders.

D.

Ask the project sponsor for more budget to deal with this risk.

Question 31

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.

Question 32

An organization is embarking on a multi-million-dollar project with numerous identified risks. What should the project risk team do to navigate the risks on this project?

Options:

A.

Go for a low-risk threshold of ±5% around a cost objective.

B.

Confirm stakeholders risk thresholds based on risk appetites.

C.

Conduct risk identification to populate the risk register.

D.

Go for a high-risk threshold of ±10% around a cost objective.

 

Question 33

A subcontractor working on a project may cause delays in the construction schedule. The project manager records this risk in the risk register and issues a change request sponsor rejects the change request.

What should the project manager have done differently?

Options:

A.

Executed the risk strategy response and recorded it in the risk register.

B.

Performed an analysis to affirm the request is valid before submitting.

C.

Informed the client and the project sponsor that the request is being submitted.

D.

Contacted the other stakeholders so they know the request is in process.

Question 34

A project team does not understand why a very low probability risk occurred during project execution. The team was especially vigilant about planning for this type of risk during the risk planning phase. The project has been delayed by 2 months, and the stakeholders are considering canceling the project. The risk manager needs to demonstrate that the project can be concluded.

Which analysis should the risk manager perform to demonstrate this to the stakeholders'?

Options:

A.

Monte Carlo analysis

B.

Pareto analysis

C.

Ishikawa analysis

D.

Qualitative risk analysis

Question 35

The risk manager is facilitating risk planning activities with the team. The team is documenting all the check points along the way that might indicate delays on critical deliverables.

What is this an example of?

Options:

A.

Risk responses

B.

Risk triggers

C.

Risk registers

D.

Risk categories

Question 36

A project team in a multinational organization is working on a risk management plan for a multimillion-dollar project. This project involves three global regions with a wide range of critical stakeholders with varying degrees of risk appetite.

What should the risk manager advise the project team to do?

Options:

A.

Align the project risk thresholds with the risk appetite of a critical region.

B.

Align the project risk thresholds with the organizational risk appetite.

C.

Concentrate on the risk appetites of the influential stakeholders.

D.

Concentrate on the risk appetites of the vulnerable stakeholders.

 

Question 37

in a complex and critical project, a sponsor asks the risk manager to determine where the project's concentration of risks is greatest by performing a quantitative risk analysis. There are no organizational process assets (OPAs)s about the risk categories.

Which tool could the risk manager use to discover the project risk categories?

Options:

A.

Work breakdown structure (WBS)

B.

Affinity diagram

C.

Monte Carlo simulation

D.

Mind mapping

Question 38

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

Question 39

A mega facility development project is evaluating some options to achieve the project schedule and budget. Each option's success is driven by multiple quantifiable factors.

What should the project manager do to evaluate and select the best option based on costs and probabilities?

Options:

A.

Perform a FMECA fault tree analysis

B.

Conduct a sensitivity analysis

C.

Perform a decision tree analysis

D.

Conduct an analytic hierarchy process

Question 40

In a large enablement project with strict time lines, risks need to be closely monitored. The risk manager publishes reports comparing planned enablement sessions with actual enablement sessions, which help identify potential risks to be addressed.

Which technique is the risk manager using?

Options:

A.

Variance analysis

B.

Residual impact analysis

C.

Sensitivity analysis

D.

Reserve analysis

 

Question 41

A project manager was informed that the testing of the latest component in the project's software update release was not successful. As a result, 1he delivery timelines for the software release wifi be delayed, The project manager did not previously capture this as a risk to the project.

What should the project manager do next to avoid similar risks?

Options:

A.

Add contingencies to other tasks to mitigate similar risks.

B.

Reassess risks with a new assumptions and constraints analysis.

C.

Review the risk response plan looking for lessons learned.

D.

Log the event in the issue log and update the project management plan.

Question 42

A risk manager documents the causes in the risk register and needs to ensure the risk is adequately described. What is critical for the risk manager to consider when describing the causes?

Options:

A.

Each cause has a degree of uncertainty

B.

Each cause has well defined owner

C.

The causes represent actual conditions

D.

The causes must be validated by the risk owner

Question 43

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

Question 44

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

Question 45

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

Question 46

A new risk manager has been assigned to a delayed strategic project. The risk manager presented a new plan to get the project back on track using lessons learned and applying risk response strategies. Senior management wants to remove contingency reserves because they want to finish the project earlier.

What should the risk manager do in this scenario?

Options:

A.

Review project schedule estimates.

B.

Change the response strategies.

C.

Reduce the contingency reserves.

D.

Conduct a risk planning workshop.

Question 47

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.

Question 48

A risk manager and project team are managing a software system project, which is expected to be completed within 12 months. The project is currently halfway through, and the team has just delivered the second version of the prototype. During the weekly status meeting, a team member reported that an important stakeholder is facing an issue, which will likely result in a change request that is outside the scope of the current prototype.

What should the risk manager advise the team to do first?

Options:

A.

Mitigate the risk by asking the team member to gather more information.

B.

Add the risk to the issue log and revisit it when there is more information.

C.

Arrange a meeting with the stakeholder to discuss the risk and information.

D.

Add the risk to the risk register and gather information about its probability and impact.

 

Question 49

When conducting a risk identification exercise, what two actions should the risk manager take? (Choose two.)

Options:

A.

Request a contingency reserve from management

B.

Arrange a team meeting, review the project's scope, and discuss dependency mapping

C.

Ensure participants review relevant documents before attending the meeting

D.

Ensure that all the relevant stakeholders participate

E.

Update the risk register during the team meeting.

Question 50

During the weekly project meeting a risk manager identified new risks in the last sprint, which might impact the project cost by implementing mitigation plans. The sponsor and some project team members do not agree that those risks can impact the project cost.

What should the risk manager do to resolve the sponsor and project team members' concerns about risk identification?

Options:

A.

Reinforce to the stakeholders that the risk identification was done properly during the last sprint.

B.

Highlight the importance of agreeing on the risk identification to avoid further delays.

C.

Conduct a separate meeting to show the risk identification analysis to the stakeholders.

D.

Ensure that the most knowledgeable members of the team validate risk identification processes.

 

Question 51

A product roadmap should contain which of these primary components?

Options:

A.

Detailed design plan, business objectives, timeframes

B.

Project management plan, communications management plan, stakeholder engagement plan

C.

Project release timeframes, detailed design plan

D.

Product vision, business objectives, timeframes

Question 52

During a risk identification process in a construction project, the lack of space to install air conditioners is raised as a risk with high impact. Which is an example of an early risk trigger?

Options:

A.

A potential need to share the space with other machinery

B.

A different type of equipment received before installation

C.

A time delay during air conditioning installation activities

D.

A quality nonconformance issue raised during the inspection

Question 53

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.

Question 54

A project manager is developing the risk register and works with the team to analyze risks and determine their probability and impact. There is valuable historical data available that may be used to simulate the overall risk outcome.

Which type of analysis should the project manager use in this instance?

Options:

A.

Check list analysis

B.

Cause and effect

C.

Specialized meeting

D.

Quantitative analysis

Question 55

A risk manager is facilitating a risk identification workshop on a new product with technical experts. There is no consensus among the technical experts on most of the identified risks and their characteristics. The risk manager decides to resolve this difference using another technique.

Which technique should the risk manager use in this situation?

Options:

A.

Brainstorming

B.

Delphi method

C.

Focus group

D.

Checklist analysis

Question 56

The project manager reviews project risks with the risk manager to update, monitor, and close risks in the risk register. The project manager determines one of the risks has a residual risk.

How should the risk manager document the impact of the residual risk?

Options:

A.

Utilize change management tools to request a budget increase from the project sponsor and update the risk register.

B.

Change the risk identification and description on the risk register to reflect the fact that the residual risk has materialized.

C.

Close the risk's status on the risk register since the residual risk has now materialized.

D.

Review the impact of the residual risk against the budget reserves and document the update in the risk register.

 

Question 57

An agile project manager has noticed their team's declining morale, mistrust, and isolation over the last 6 months of working on a project. What should the agile project manager do to enhance productivity and create a cohesive team culture?

Options:

A.

Introduce performance standards and evaluation methods.

B.

Clarify project goals and project contract constraints.

C.

Promote cross-training and mentoring among team members.

D.

Develop a reward system related to position and years of experience.

Question 58

An undocumented risk is realized during the rollout of a new product line important to the company. The product owner escalates this matter to the company president, who expects all risks to be documented in the project risk plan.

How should the risk manager address this concern?

Options:

A.

Risks are documented to the practicable extent possible.

B.

Probability of the risk was very low. so the risk was not documented.

C.

Impact of the risk was assessed to be insignificant, so the risk was not documented.

D.

A similar risk never occurred in the past, so it was not considered.

 

Question 59

Towards the end of definitive design, project costs have increased to the point where it will be classified as a capital asset project. The customer has expressed they want one final total project completion date and will afford no extensions after it is established.

How should the risk manager proceed?

Options:

A.

Perform a qualitative risk analysis and update the results.

B.

Update the assumptions/exclusions register with the new information.

C.

Update the risk register and prepare for the Monte Carlo analysis.

D.

Perform a quantitative risk analysis and update the results.

Question 60

A risk manager reviews a Monte Carlo schedule risk analysis model before sharing the results with the project manager. The risk manager notices that activity correlations were not included in the model.

What is an effect of adding the correlation to the model?

Options:

A.

Allows more risks to be included in the model.

B.

Reduces the project completion duration.

C.

Increases the standard deviation of the model.

D.

Increases the probability of correlated activities finishing on time.

Question 61

A project manager has requested the risk manager's support in deciding whether to purchase a new component to expedite project execution. The component price is US$100,000 and there is a 30% chance that it might not function as expected resulting in an additional US$50,000 cost However, if the component does work well the project will make a profit of USS500.000. If the component is not purchased, there is an 80% chance of failure with an impact of US$250 000.

What should the risk manager recommend?

Options:

A.

The new component should be purchased.

B.

Both options are losses to the project.

C.

Cost to expedite the execution is not worth the added risk.

D.

Perform a Monte Carlo simulation to quantify the impacts.

Question 62

A risk manager has been assigned to replace a risk manager on sick leave. The new risk manager notices that the risk register is missing data that are key to the risk management process.

Which data will the risk manager require first?

Options:

A.

Risk description risk response, and quantitative data

B.

Project plan, risk complexity, and secondary risk

C.

Project plan, risk priority, and tool availability

D.

Risk description, risk probability, and risk impact

 

Question 63

The project risk manager is in the process of identifying risks. The project sponsor has communicated that there is an influential stakeholder who has a senior management position. The other stakeholders do not feel comfortable speaking in front of this stakeholder.

What should the project risk manager do next to identify risks?

Options:

A.

Review the risk breakdown structure to ensure project scope is covered.

B.

Use the brainstorming technique to remove personal bias.

C.

Use expert judgment to remove ego or emotional conflict.

D.

Consider the Delphi technique to gather all stakeholder opinions.

Question 64

A home solar panel project has many internal and external stakeholders including households, businesses, community groups, electric utility companies, local government officials, landlords, and investors. What should the project manager do when engaging stakeholders?

Options:

A.

Include all stakeholders in the project's governance.

B.

Communicate response strategies to all stakeholders.

C.

Ignore any risks beyond stakeholders' tolerance.

D.

Consider stakeholders' positions and opinions regarding the project’s output.

Question 65

A project manager is working on a high priority and high profile project. The project team hadidentified three opportunities, and after analysis, risk responses were recorded. Although risk responses were adequate for the identified opportunities, two of those opportunities were not acted upon. During the risk audit, the project manager found out that several of the planned risk responses were not implemented.

What should the project manager have done to avoid this?

Options:

A.

Provided regular training to the risk owners for plan implementation

B.

Determined risk triggers and thresholds in the risk response plan

C.

Increased communications to influence stakeholder risk responses

D.

Updated the project schedule, adding risk owner implementation tasks.

Question 66

An organization with a portfolio of unique business functions kicks-off a performance improvement project across the entire organization. There are a large number of stakeholders the project team will need to consider during risk identification.

What three actions should the risk manager ensure the project team performs during risk identification? (Choose 3)

Options:

A.

Develop checklists based on historical information

B.

Conduct interviews, meetings, and focus groups

C.

Assign a different risk manager for each portfolio unit

D.

Employ brainstorming to generate spontaneous ideas

E.

Perform qualitative and quantitative risk analyses

 

Demo: 66 questions
Total 221 questions