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PMI PMI-RMP Dumps

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Total 264 questions

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

Question 1

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 2

A risk manager is assigned to a new system deployment project with a strict contractually agreed-on schedule. One of the key risks identified is the availability of experts because many are shared on other strategic projects in the organization.

What should the risk manager do to address this situation?

Options:

A.

Implement a disciplined tracking method and report to stakeholders accordingly.

B.

Call for a project team meeting to review risk strategies and make required adjustments.

C.

Escalate the staffing topic to the sponsor and request more budget for contingencies.

D.

Revisit the project charter for scope adjustments and sign them off with the customer.

Question 3

 

One project in a program needs to be completed in 6 months because there is a large bonus for early completion. Consequently, the program manager transfers all resources to this project and arranges for employees to receive overtime pay.

Which risk response strategy is the program manager using in this scenario?

Options:

A.

Escalate

B.

Transfer

C.

Enhance

D.

Exploit 

Question 4

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 5

In the early stages of a manufacturing project, a risk manager has identified a risk with a component provided by an external supplier that might be delayed. The delay may or may not be significant to the project.

What should the risk manager do?

Options:

A.

Agree with the external supplier on the timeline.

B.

Register the risk with a medium impact.

C.

Align with stakeholders on the risk threshold.

D.

Engage another supplier with shorter delivery times.

Question 6

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 7

At the beginning of a small project, the risk manager facilitates workshops to identify and analyze risks. At the end of the sessions, a stakeholder says that there should be no need to meet again about the risk register now that it's complete since it is such a short and simple project.

How should the risk manager respond to this comment?

Options:

A.

The risk register must only be updated if a change is approved during the project.

B.

Agree on the condition that the risk register be updated if the project environment changes.

C.

Compromise by updating the risk register at the end of each phase only.

D.

Insist on continuous review and updating of the risk register during the project.

Question 8

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 9

A risk manager is preparing risk reports to be included in the monthly status report for project executives. How should the risk manager present the information?

Options:

A.

Earned value management (EVM) variance metrics

B.

A risk burndown chart showing remaining risks

C.

The format established in the risk management plan

D.

An itemized list of remaining risks and their scores 

Question 10

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 11

The project team has correctly identified, assessed, and planned responses for a project's risks. The risk manager is required to prepare a quarterly report on the performance of managing the risks.

What are two options the risk manager should consult for the analysis? (Choose two.)

Options:

A.

Proximity dales for open risks

B.

Backlog of change orders to be submitted to client

C.

Risks that have materialized and the overall risk profile

D.

Number of schedule baseline changes approved

E.

Risks due to the number of claims submitted to the client

Question 12

Some issues and unexpected results were found after completing the first phase of a project. The project team is planning the next phase and team members want to avoid the previous issues.

What should the risk manager do to avoid the previous issues?

Options:

A.

Use the information for a risk workshop.

B.

Improve monitoring and controlling of activities.

C.

Document the issues in the lessons learned.

D.

Create an issue log to share with the team.

Question 13

In a highly dynamic project environment, the project manager is known to have project risks as a permanent agenda item in their periodic project progress meetings. How will this help improve the project's risk management activities? (Choose 3)

Options:

A.

By helping to monitor variances and trends frequently throughout the project

B.

By helping to determine the overall project risks

C.

By helping the lessons learned from previous risks to be efficiently utilized

D.

By helping to update the project scope statement document

E.

By helping update the risk register and close out expired risks 

Question 14

A project manager is assigned to a new project and is told they need to develop the project's risk register. When should the project manager identify the project risks?

Options:

A.

Identify risks only at the project's midpoint for the stakeholders to review them

B.

Ensure project team members proactively identify risks throughout the project to plan for possible response strategies

C.

Identify risks at the beginning of the project because the risk posture will not change

D.

Delegate risk identification to each team member and have them record the risks on separate risk registers for their areas

Question 15

A risk manager for a hospital extension project is leading a project team in developing a risk management plan. One team member is responsible for conducting risk identification. The team member just joined the team and is struggling to ensure the coverage of all risks that might arise in this complex project.

How should the risk manager address this concern?

Options:

A.

Develop a risk breakdown structure {RBS) to identify possible risks.

B.

Develop a risk impact analysis to assess the consequences of possible risks

C.

Develop a probability and impact matrix to analyze possible risks.

D.

Create a risk register to capture and track possible risks. 

Question 16

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 17

A project's design has been completed and approved on time. The construction subcontractor should be mobilizing to start construction but does not have the necessary materials in place, causing a delaying in the project. The risk register only contains risks for the design phase of the project.

What should the project manager have done differently?

Options:

A.

Executed the Monte Carlo sensitivity analysis prior to mobilization

B.

Added generic construction risks to the risk register before construction began

C.

Reviewed the assumptions/exclusions register in the project charter

D.

Performed risk identification exercises for the full lifecycle of the project

Question 18

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 19

A project is at the final development stage. The test lead informs the risk manager that a key feature may not be testable due to changes in the environment

What should the risk manager do?

Options:

A.

Confirm the risk triggers are still valid.

B.

Ask the architect to develop acceptance criteria.

C.

Review the feature with the project team.

D.

Escalate the issue to the project board.

Question 20

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 21

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 simul-ations

C.

Perform a sensitivity analysis

D.

Perform a risk data quality assessment

Question 22

Project stakeholders can often be risk averse with little to no knowledge of the risk process. How should a risk manager increase stakeholder risk appetite?

Options:

A.

Exclude risk averse stakeholders from future risk discussions

B.

Explain risk handling and mitigation strategies

C.

Increase the impact of all risks in the risk breakdown structure (RBS)

D.

Develop a generous probabilistic cash flow model

Question 23

Multiple new risks have come up on a project that were not included on the risk register. The project manager met with the team to explain that risk management is critical for the success of the project, and risk identification is key.

What should the project manager do next?

Options:

A.

Review assumptions and constraints around risks.

B.

Develop the risk response plans for identified risks.

C.

Determine the likelihood and impact of the risks.

D.

Apply an iterative approach to risk identification.

Question 24

In a complex project, individual risks have been identified with the stakeholders. The project sponsor asks the risk manager about the likelihood of project success. Which risk analysis tool(s) should the risk manager use as a basis for their response?

Options:

A.

Probabilistic and quantitative risk analyses to get the overall risk score

B.

Quantitative risk analysis to get the overall risk score

C.

Probabilistic risk analysis to get the overall risk score

D.

Qualitative risk analysis to get the overall risk score 

Question 25

 

A new company initiates a project to incorporate a cybersecurity team. Which three documents should the risk manager analyze first? (Choose 3)

Options:

A.

Industry's standard procedures

B.

Current request for proposal (RFP)

C.

Company's historical financial reports

D.

IT infrastructure, networks, and data information

E.

Government laws and regulations 

Question 26

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 27

The risk manager conducted an updated Monte Carlo simul-ation for the project at the end of a phase. The simul-ation reveals a key activity is now on the critical path.

What recommendation should the risk manager make to the project manager?

Options:

A.

Add more float to the key activity

B.

Add more contingency to the project

C.

Review the plans for the key activity

D.

Increase the budget for the key activity

Question 28

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 29

After completing the sprint on an agile project, a team updates the risk burndown chart and notices that risk exposure has increased to levels that could negatively affect project completion. What should the risk manager do to return the project's risk exposure to an acceptable level?

Options:

A.

Update the definition of done (DoD) to improve risk management.

B.

Review the acceptance criteria for upcoming stories.

C.

Prioritize risk mitigation stories for the next sprint.

D.

Check stories in the product backlog to identify risks.

Question 30

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 31

An external vendor needs to be contracted to provide additional capacity and expertise to a project team to reduce the probability of delays in a project. The contracts department is raising a concern about confidentiality risks not addressed in the proposed contract and missing from the risk register.

What should the risk manager do next?

Options:

A.

Assess the identified secondary risk.

B.

Implement the risk response plan.

C.

Implement the risk contingency plan.

D.

Communicate the identified residual risk.

Question 32

A project manager is working on a complex construction project. During the risk identification process, hundreds of risks were identified. The team seems to be confused regarding on which risks to focus. The project manager advises the team to go ahead and start assessing the likelihood and impact of each risk.

What process is this part of?

Options:

A.

Plan Risk Management

B.

Perform Qualitative Risk Analysis

C.

Perform Quantitative Risk Analysis

D.

Monitor and Control Risk

Question 33

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

Question 34

As part of standard procedure to monitor and control a project, a risk manager should constantly update the risk register. The risk register updates should include information on risk reassessment, risk audits, and periodic risk reviews.

What additional information should the risk manager prioritize in the risk register updates?

Options:

A.

Actual outcomes and performance of risk management strategies

B.

Actual outcomes of the project's risks and risk responses

C.

Actual costs and schedule delays of risk events

D.

Actual cost impact of risk events

Question 35

When selecting strategies as an activity of Plan Risk Response, what is the overall goal?

Options:

A.

Select the strategies with the least overall impact to resources.

B.

Select the strategies with the least financial impact.

C.

Select the strategies with the greatest overall positive influence.

D.

Select the strategies with the greatest benefit to stakeholders.

Question 36

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 37

A software development project team was preparing for a phased release when an unknown and unexpected risk occurred with potential for delaying one of the features for the planned release. The project team decided to go ahead with the release and address this missing feature at a later date. One of the end users learned about this and strongly opposed the planned release.

What should the risk manager have done to prevent this situation?

Options:

A.

Engaged the sponsor and informed them of the decision to remove the planned feature.

B.

Engaged the stakeholders more in risk management activities and decisions to get their buy-in and support.

C.

Performed proper risk identification at the project outset to ensure this risk was identified and mitigated.

D.

Created a schedule buffer in the plan to deal with unknown risks if and when they occurred. 

Question 38

An organization is executing two projects — Project A and Project B — simultaneously. A previously identified risk will impact the schedule for Project A. While executing the mitigation plan, a number of residual risks are identified that could provide cost savings for Project B.

Which action should the risk manager for Project A take?

Options:

A.

Review the findings in Project A's closure documents and propose a new organizational process for portfolio risk management.

B.

Consult with Project B's risk manager and determine where synergies might exist between the risk management plans for both projects.

C.

Combine the risk registers for Project A and Project B and determine if there are any additional cross-project opportunities to exploit.

D.

Continue executing the planned risk mitigation to avoid any additional schedule impact to Project A.

Question 39

A risk manager manages risks in a construction project. A stakeholder mentions that if there is less than a 50% chance of rain, construction should continue. Another stakeholder says that if there is less than a 60% chance of rain, construction should continue.

What should the risk manager do next to find out the correct limit?

Options:

A.

Review the agreed-upon risk tolerance

B.

Perform a sensitivity analysis of the risk

C.

Find out the stakeholders’ risk appetite

D.

Use industry standard risk thresholds

Question 40

When approving the risk contingency budget for a project, the CEO notices each team has a different approach to report risks and their impacts. The CEO decides to create a new centralized risk management function to help resolve the problem.

How does centralizing the risk management function help resolve the problem?

Options:

A.

Enhance the process of identification of different Individual project risks.

B.

Allows monitoring the impact against the overall project risk exposure.

C.

Establishes risk sources and ownership for trigger monitoring.

D.

Creates a single repository for all project risk documents.

Question 41

The project team recorded a risk in the risk register indicating that weather-related delays may impact equipment delivery during project execution. When it is time to request the equipment shipment there is bad weather, but the client wants the equipment delivered anyway.

What should the project manager do?

Options:

A.

Wait until the weather improves before sending the equipment.

B.

Ask the project sponsor to approve shipping the equipment.

C.

Proceed with the planned risk response to move the equipment.

D.

Request the shipment of the equipment to satisfy the client.

Question 42

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 43

A project team is discussing which risk requires more attention and resources for response planning. The team evaluated the schedule to determine which activity had the greatest impact on the project's total duration.

After analyzing the quantitative analysis results, which activity should the team pay more attention to?

Use the chart for the analysis.

as

Options:

A.

Activity 3.2

B.

Activity 2.3

C.

Activity 3.5

D.

Activity 1.2

Question 44

A project team's manager is responsible for delivering a specific initiative for the organization. They are preparing for a monthly meeting where the manager will present on the current state of this initiative. The agile project lead sends the manager the following email with the current initiative status (Refer to the email exhibit).

as

as

as

How many total story points is the entire initiative?

Options:

A.

72

B.

60

C.

40

D.

32

Question 45

During a project team meeting, a risk manager realizes that the initial assumptions on the project schedule are too optimistic. The risk manager believes that the project might not meet its deadline as initially stated.

What is the reason for misunderstanding the assumptions from the beginning?

Options:

A.

Government regulations have changed in the last week, and now additional approval processes are required.

B.

The team's compensation was reduced and they lost the motivation to comply with the project deadline.

C.

The stakeholders prepared the initial schedule assumptions based only on the results of the last project.

D.

The sponsor had neither presented the actual results to the stakeholders nor updated the initial assumptions.

Question 46

A company has been awarded a large government contract to develop a new transportation system. There is uncertainty surrounding the project's timeline. The project team is struggling to finalize the project's budget due to unclear estimates from vendors. An updated vendor price list detailing the costs of available technologies is an essential component in determining the project's final cost. The project team will not be able to finalize the project's timeline until the budget is finalized.

What should the risk manager do?

Options:

A.

Request an extension to mitigate schedule constraints.

B.

Register the risks as vendor issues and avoid further action.

C.

Log the risk and the response strategies in the risk register.

D.

Catalog the risks as assumptions and avoid further action.

Question 47

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 48

A project team is presenting a delivery plan to a client. Some of the client's experts do not feel comfortable with some activities at a critical stage. The experts ask to change the plan and present a better alternative.

What should the risk manager do first?

Options:

A.

Review and update the project quality management plan.

B.

Conduct a risk assessment process for the critical stage.

C.

Create a more detailed work breakdown structure (WBS).

D.

Add additional time to the delivery plan to cover issues.  

Question 49

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

Question 50

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 51

A risk manager is managing risks in a project. During the initial stages of project execution, a new risk is identified. There is a very small chance that this risk will occur and even if it occurs, the impact would be low.

What should the risk manager do with this risk?

Options:

A.

Put the risk on the watch list.

B.

Seek guidance from subject matter experts (SMEs).

C.

Ignore this risk as it is not critical.

D.

Inform the stakeholders about this risk.

Question 52

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

Question 53

A project manager managing a high-risk rating project was just informed that one of the key project resources has decided to leave the organization. The project manager asks the risk manager for their recommendations. The risk manager previously identified this as a risk and had created a transition plan to enable another resource to carry out the same duties. The risk manager was informed that by transitioning the responsibilities to the new resource, new risks to the completion dates of other project-related tasks appear.

What should the risk manager advise the project manager?

Options:

A.

Escalate the new risks immediately to the project stakeholders to ensure proper risk communication is in place.

B.

Address these secondary risks as per the risk management plan

C.

Apply a risk acceptance strategy to the new risks as there is no risk response plan.

D.

Update the risk management plan with the new probabily/impact and change the response.

Question 54

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

Question 55

A risk manager is conducting a qualitative risk analysis for a renewable energy project that faces tight deadlines. The team identifies risks such as weather unpredictability, material cost fluctuations, and potential regulatory delays. While some members advocate prioritizing high-likelihood risks, others emphasize addressing unlikely but high-impact risks.

What should the risk manager do?

Options:

A.

Focus on high-probability concerns first to proactively address the most immediate threats.

B.

Delegate the assessment of lower-priority concerns to team leads while addressing critical ones.

C.

Evaluate all identified concerns and consider likelihood and impact to prioritize the concerns effectively.

D.

Prioritize uncertainties that align closely with the project's primary deliverables.

Question 56

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 57

A risk manager for a new product development project has worked diligently with stakeholders and the project team to identify and document risks. These project risks vary widely in probability and impact.

Which three actions should the risk manager take to inform the identification of resource requirements for individual risk responses? (Choose 3).

Options:

A.

Work with the project team to conduct a decision tree analysis for each risk or set of related risks.

B.

Calculate the expected monetary value (EMV) of each risk and use these outputs to inform and defend project reserves.

C.

Conduct a Monte Carlo simul-ation to understand the probabilities of various risk outcomes.

D.

Use the risk breakdown structure (RBS) to calculate the total cost of mitigating all risks and ensure project reserves are adequate to cover this amount.

E.

Focus attention and resources on identified risks with the highest potential to impact the project.

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?

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.

Question 59

A project team is overseeing the construction of a new office building. The project is complex, involving multiple contractors, regulatory requirements, and a tight schedule. During a team meeting, the risk manager realizes that a formal risk identification exercise has not yet been conducted.

Given the project's complexity, what should the risk manager do?

Options:

A.

Wait until halfway through the project to identify risks, as most issues will be clear by then.

B.

Conduct the exercise with the key team members, excluding external stakeholders.

C.

Facilitate a risk identification exercise with key stakeholders, considering all factors.

D.

Focus only on identifying the most obvious risks to save time and project resources.

Question 60

A project has a significant impact on an organization. Multiple stakeholders expressed concerns regarding the overall project risk during construction of the risk management plan, and they agreed that the risk appetite is low.

What should the project risk manager monitor closely?

Options:

A.

Risk thresholds

B.

Risk response strategies

C.

Risk management reports

D.

Risk breakdown structure (RBS)

Question 61

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

Question 62

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 63

A web page for weather reports will be online next quarter. During the retrospective, discrepancies were discovered with the customer’s requests and the user experience (UX). There is a disagreement between the product owner and the development team about what may have gone wrong and led to this.

What should the Extreme Programming (XP) coach do to keep the project on track and deliver on time?

Options:

A.

Release this version and leave changes to be done at the end of the project phase.

B.

Arrange a workshop where all ideas will be discussed and take corrective actions ensuring value delivery.

C.

Ask the development team to brainstorm and come up with suggestions that will improve the delivery date.

D.

Run a spike, identify what went wrong during implementation, and request a change to enhance value delivery.

Question 64

A risk manager is collaborating with project stakeholders and the project team to identify risks in a construction project. The risk manager intends to use an approach that engages stakeholders based on information, such as scope baseline and project estimates, while also determining risk impacts based on this approach.

Which risk identification approach should the risk manager use to achieve this goal?

Options:

A.

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

B.

Brainstorming technique

C.

Delphi technique

D.

Assumptions and constraints analysis

Question 65

A project manager is educating the project team on risk management regarding the role of threats and opportunities. The team decides to log the opportunities in the current project's risk register to try to maximize their chances of occurrence.

What should the project team do next?

Options:

A.

Conduct a strengths, weaknesses, opportunities, and threats (SWOT) analysis.

B.

Log the threats in the risk register to try to minimize the probability of occurrence.

C.

Log the threats in the risk register to try to maximize the probability of occurrence.

D.

Update the project management plan to ensure the results of the opportunities are captured.

Question 66

A project to deploy a new technology in field offices across the country has just been initiated. Some stakeholders are not supportive of this project because their teams will potentially be impacted by staff reductions once the technology is implemented.

How should the risk manager address this concern?

Options:

A.

Invite these stakeholders to regular meetings to engage them in the definition of project assumptions.

B.

Identify new stakeholders who might replace those involved thus far and are more closely aligned to the project goals.

C.

Review the risk thresholds to potentially accommodate the concerns raised by these stakeholders.

D.

Perform a stakeholder analysis to determine their interests and how they should be taken into account. 

Question 67

The risk manager for an IT project developing a software application has a major stakeholder concerned that the project will not conclude within the available funding. The risk manager found delays in the iterations and increments in the project's budget, potentially increasing the duration by two weeks.

What tools should the risk manager use to properly decide the risk of not finishing the project within the budget?

Options:

A.

Stakeholder management and communication tools

B.

Team performance reports and analysis tools

C.

Schedule management tools (i.e., Gantt Charts)

D.

Estimation and probability analysis tools (i.e. Monte Carlo simul-ations) 

Question 68

A project has a S0S4 chance of a US$100 000 profit and a 40% chance of a US$100,000 loss. What is the expected monetary value for this project?

Options:

A.

US$20.000 loss

B.

US$20,000 profit

C.

US$40,000 loss

D.

US$100,000 profit

Question 69

A risk manager recently had to take an unexpected leave of absence. An interim risk manager has been tasked with completing risk planning for a new project. The interim risk manager has been provided with a strength, weaknesses, opportunities, and threats (SWOT) analysis that was completed during a project kickoff meeting several weeks ago.

What should the interim risk manager do to derive actionable risk responses from the SWOT analysis?

Options:

A.

Determine risks from the SWOT analysis and break them down into threats and opportunities.

B.

Work with the project sponsor to understand which items they would prioritize from the SWOT analysis.

C.

Conduct an extensive review with the project team to ensure all SWOT items can be mitigated or eliminated.

D.

Input the items identified on the SWOT analysis into the project's risk register for consideration as-is. 

Question 70

A project manager has requested a risk manager facilitate risk identification on a project. While facilitating this effort, the project manager wants to ensure that stakeholders interact and provide their expertise so that an exhaustive list of risks is created.

Which risk identification technique should the risk manager use?

Options:

A.

Prompt lists

B.

Interviews

C.

Delphi technique

D.

Nominal group technique

Question 71

A project team has failed to complete an important project milestone on time. The team was counting on an external provider to deliver key equipment on a specific date but the provider was delayed.

What should the risk manager have done to prevent missing the milestone?

Options:

A.

Better schedule monitoring and controlling.

B.

Identify and analyze project plan assumptions.

C.

Have a detailed work breakdown structure (WBS).

D.

Use management reserves to cover delays.

Question 72

A project manager is trying to realize benefits from new material on an adaptive project. This is the first time the project team is using the material so the team does not have information to identify and analyze risks. A team member informs the project manager that a local university has recently published a research journal on the same material.

Where should the project manager find this information?

Options:

A.

Industrial studies

B.

Commercial risk databases

C.

Organizational process assets (OPAs)

D.

Enterprise environmental factors (EEFs)

Question 73

A risk manager is integrated into a team overseeing a crucial software development project. During the information gathering phase, the risk manager notices significant weaknesses in the maturity of the risk management process. The team needs to establish a more structured approach to managing risks, including the documentation of strategies, ownership structures, and details about the organization's project risk baseline.

What should the risk manager do?

Options:

A.

Prioritize the risk management plan.

B.

Arrange the risk mitigation plan.

C.

Create a risk action plan with risk owners.

D.

Prioritize the risk register.

Question 74

An agriculture government agency faces different challenges with farmers and landlords In implementing its ambitious growth strategy. The agency decided to establish an enterprise risk management unit to identify risks, analyze risks, and provide a handbook showing how to handle the surrounding uncertainty.

What should the risk management expert recommend the agency do first to identify risks and develop the handbook?

Options:

A.

Follow standard risk Identification tools dedicated for agriculture and tailor them to the environment.

B.

Hire an agriculture expert who can develop the required handbook and discuss it with the agriculture minister.

C.

Prepare a list of the key resources that will be used to compile a risk management plan.

D.

Conduct meetings, facilitated workshops, and interviews with stakeholders to identify potential risks.

Question 75

A risk management team has completed a quantitative analysis, and the individual score in terms of schedule and cost has been identified. The team is consolidating inputs for contingency planning and notices that the available time and funds are not sufficient for all the risks.

What should the risk manager advise the project team?

Options:

A.

Ask the project sponsor for more time and funds if needed.

B.

Create a change request if there are additional needs based on the risk responses.

C.

Accept some risks might not be materialized so no extra time and funds will be needed.

D.

Focus on the high-impact risk for contingency planning purposes.

Question 76

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

Question 77

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 78

A project manager has just been assigned to a new project. The project manager has been tasked by the project sponsor to ensure the project risks are closely managed. The project manager starts with developing the risk management plan.

What is the expected outcome of developing the risk management plan?

Options:

A.

Being able to monitor and control risks throughout the project.

B.

Defining how risk management will be executed throughout the project.

C.

Documenting the communication strategy for risks throughout the project.

D.

Having the ability to identify risks throughout the project.

Question 79

A risk manager is preparing the risk strategy for a strategic project, which involves stakeholders based in multiple locations. What should the risk manager do at this stage?

Options:

A.

Update the risk communications plan to include all stakeholders.

B.

Define the risk processes and tools to be adopted.

C.

Update the risk register to include this stakeholder-related risk.

D.

Refine the risk assumptions and criteria to be used.

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Total 264 questions