PMI-RMP PMI Risk Management Professional Dumps

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Full version: PMI-RMP Exam Dumps Questions
1.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?
A. Quantitative risk analysis
B. Risk response planning
C. Monitor and control risks
D. Risk urgency assessment
Answer: A
Explanation:
Quantitative risk analysis helps determine the minimum acceptable level of exposure and impact for
each risk. It also helps to understand if the maximum level of exposure has been reached before
escalating the risk. ( Explanation:
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Reference: PMBOK Guide, 6th Edition, p. 423)
2.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.)
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
Answer: A,B
Explanation:
The risk manager should focus on risks that are directly tied to the success of the organization and
those that align with the organization's risk management philosophy and strategic ambition. This will
ensure that management is informed about the most relevant risks and opportunities for the project.
3.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?
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.
Answer: A
Explanation:
The project manager should evaluate the risk with the team and update the issueing to address the
concerns of the stakeholders and local businesses.
4.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?
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.
Answer: D
Explanation:
The project manager should address the communication risk by meeting the client's preference for
face-to-face conversations. This can be achieved by planning face-to-face meetings for critical
milestones.
5.A project manager has been assigned to a project that is just starting. The organization has a very
low risk appetite towards this project due to constraints on budget and schedule. The project
stakeholders are very engaged on the project and want to ensure that there is clear visibility on the
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project risks and progress.
How should the project manager handle stakeholder expectations?
A. Add buffers to the schedule to accommodate risk.
B. Ensure the risk register includes all identified risks.
C. Discuss the risk response strategies with the stakeholders.
D. Develop a communication plan to share updates on risks.
Answer: D
Explanation:
The project manager should develop a communication plan to share updates on risks (D) to handle
stakeholder expectations, especially since the organization has a low risk appetite and stakeholders
are very engaged. This approach ensures that stakeholders are regularly informed about the project's
risks and progress, addressing their concerns and expectations. This is supported by the PMI's
PMBOK Guide, Sixth Edition.
6.During project execution, a project manager invites the stakeholders to a risk review meeting.
During this meeting, a vendor highlights that the mitigation plan for a schedule risk has generated an
additional risk.
What should the risk manager do first?
A. Update the new risk in the risk register.
B. Plan responses for the new risk.
C. Passively accept the new risk.
D. Add the new risk to the watch list.
Answer: A
Explanation:
The risk manager should first update the risk register with the new risk identified by the vendor. This
will help in keeping track of all the risks associated with the project and facilitate the subsequent
planning and management of the risks.
7.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?
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.
Answer: C
Explanation:
The project manager should proceed with the planned risk response to move the equipment (C) since
the risk of weather-related delays was already identified and recorded in the risk register. This
approach ensures that the project team is prepared to handle the situation andcan mitigate the impact
of the risk. This is consistent with the PMI's PMBOK Guide, Sixth Edition.
8.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?
A. Lessons learned
B. Contingency register
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C. Risk register
D. Issue log
Answer: A
Explanation:
When closing risks as part of the closing process, it is important to update the lessons learned
document. This document captures the knowledge and experience gained during the project and can
be valuable for future projects.
9.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?
A. Update the project management plan to add contingency.
B. Perform an assumptions andconstraints analysis.
C. Complete an assessment and confirm the response with the sponsors.
D. Implement mitigation measures for those risks.
Answer: C
Explanation:
The project manager should complete an assessment of the high-impact risks and confirm the
response with the project sponsors (C) since the organization has a low risk appetite for this project.
This approach ensures that the sponsors are aware of the situation and can provide guidance on how
to proceed. This is in line with PMI's PMBOK Guide, Sixth Edition.
10.Upon reviewing the risk analysis results, the project manager notices several risks that occur more
frequently than others.
What should the project manager do?
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
Answer: C
Explanation:
The project manager should implement the risk handling strategies for the risks that occur more
frequently, as this will help reduce their impact on the project and improve overall project
performance.
11.A new risk manager is assigned to an ongoing project, what should the new risk manager dofirst to
assess the project environment?
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.
Answer: C
Explanation:
When a new risk manager is assigned to an ongoing project, their first step should be to review the
existing risk management plan to understand the current policies, practices, and strategies in place.
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12.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?
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
Answer: D
Explanation:
The project manager should have performed risk identification exercises for the full lifecycle of the
project, including the construction phase, to ensure that all potential risks were identified and
addressed in the risk register.
13.The project risk manager on a large firm fixed priced (FFP) contract has an up-to-date risk register
with accurate and detailed information.
What should the project risk manager do next?
A. Recommend the removal of risks to the project manager to reduce project risk exposure.
B. Advise the client that the project has exhausted contingency.
C. Quantify the risk exposure that exceeds project contingency.
D. Generate reports to assess and communicate the project risk level.
Answer: D
Explanation:
The project risk manager should generate reports to assess and communicate the project risk level to
stakeholders. This helps in making informed decisions and taking appropriate actions to manage risks
effectively.
14.A risk manager of a major project facilitates a meeting to develop the risk management plan.
What two factors does the risk manager need to consider to ensure an effective risk management
plan is developed? (Choose two.)
A. Applying modern risk management techniques.
B. Aligning to project constraints and priorities.
C. Ensuring risk response strategies mitigate all risks.
D. Minimizing implementation costs.
E. Obtaining stakeholder acceptance
Answer: B,E
Explanation:
To ensure an effective risk management plan, the risk manager needs to consider aligning the plan to
project constraints and priorities and obtaining stakeholder acceptance, as these factors will help
ensure that the plan is relevant and supported by the project team and stakeholders.
15.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?
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.
Answer: A
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Explanation:
Since the design phase is complete and the identified risks did not materialize, the project manager
should close the risks and update their status in the risk register.
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?
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
Answer: D
Explanation:
The risk manager should update the risk register with both the opportunities and threats identified
during the SWOT analysis. This will help in tracking and managing all potential risks throughout the
project lifecycle.
17.A project manager is working on a construction project. Based on past experience, the project
manager identifies a risk that a supplier of a critical material may not deliver on time. The project
manager has already accounted for this risk in the risk management plan. If this risk materializes, the
project manager plans to procure the material from a different supplier. A potential risk in this plan is
that there may be differences in the material provided by the first and second supplier.
What type of risk is this?
A. Residual risk
B. Primary risk
C. Secondary risk
D. Normal risk
Answer: C
Explanation:
This is a secondary risk because it is a risk that arises as a direct result of
implementing a risk response (in this case, procuring material from a different supplier).
18.After a number of risk workshops, risks have been identified.
Which is the first element the risk owner should look for in the response plan to help mitigate the
risks?
A. Probability of a response triggering a secondary risk
B. How the response will affect the quality of the components
C. If the risk response is tied to an activity on the critical path
D. Verify due dates for the actions have been identified
Answer: D
Explanation:
The first element the risk owner should look for in the response plan is to verify that due dates for the
actions have been identified. This ensures that risk mitigation actions are timely and can be effectively
monitored.
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