[May 02, 2024] PMI-RMP Exam Dumps, PMI-RMP Practice Test Questions [Q64-Q87]

[May 02, 2024] PMI-RMP Exam Dumps, PMI-RMP Practice Test Questions

Free PMI-RMP Study Guides Exam Questions and Answer

NEW QUESTION # 64
Tom is the project manager for his organization. In his project he has recently finished the risk response planning. He tells his manager that he will now need to update the cost and schedule baselines. Why would the risk response planning cause Tom the need to update the cost and schedule baselines?

• A. Risk responses protect the time and investment of the project.
• B. New or omitted work as part of a risk response can cause changes to the cost and/or schedule baseline.
• C. Baselines should not be updated, but refined through versions.
• D. Risk responses may take time and money to implement.

Answer: B

NEW QUESTION # 65
The risk manager for a data center infrastructure project performs a risk audit. Which of the following represents the primary goals of the audit?

• A. Document what went well and not so well with the risk management process, and recommend actions to improve.
• B. Assess responsibilities of risks that have occurred and take the appropriate actions.
• C. Assess performance of project team members and make required changes.
• D. Document new risks identified and take the appropriate actions.

Answer: B

NEW QUESTION # 66
When considering human factors and risk attitudes relative to the risk process, which approach should be used to influence the risk management process for optimal effects at the individual and group levels?

• A. Ongoing
• B. Reactive
• C. Agile
• D. Proactive

Answer: D

Explanation:
Explanation/Reference:

NEW QUESTION # 67
Your organization, as part of its enterprise environmental factors, has established risk governance to be implemented in each project. Part of this governance is the reassessment of risks within each project. How much detail and repetition in approach for risks to be reassessed for probability and impact?

• A. The probability and impact of risk event should determine the level of reassessment throughout the project lifecycle.
• B. The amount of detail of repetition that is appropriate depends on how the project progresses relative to its objectives.
• C. The level of detail and reassessment should reflect the priority of the project.
• D. Each risk reassessment should go into the same depth as the original risk assessment activity.

Answer: B

NEW QUESTION # 68
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?

• A. Increases the probability of correlated activities finishing on time.
• B. Allows more risks to be included in the model.
• C. Increases the standard deviation of the model.
• D. Reduces the project completion duration.

Answer: C

Explanation:
Explanation
Adding correlation to the model accounts for the relationship between activities, which can result in increased variability in the model's outcomes. This will increase the standard deviation, which is a measure of the uncertainty in the model.

NEW QUESTION # 69
An organization that spans across different countries undergoes a digital transformation project. The project manager has assigned a risk management team leader who is a risk management certified candidate in their domain.
What should the risk management team leader do in the early stages of the project?

• A. Plan a solid risk response plan and secure the necessary funding.
• B. Educate stakeholders on best practices to perform risk management.
• C. Conduct qualitative risk analysis to prioritize potential risks.
• D. Benchmark to an organization which has executed a similar project,

Answer: B

Explanation:
Explanation
In the early stages of a project, the risk management team leader should conduct qualitative risk analysis to prioritize potential risks. This will help the team to focus on the most significant risks and develop appropriate risk response strategies.
According to the PMI-RMP Handbook, the early stages of the project are the best time to establish the risk management plan, which is a document that describes how risk management activities will be structured and performed on the project. It is one of the main outputs of the Plan Risk Management process. The risk management plan should be developed with the involvement and input of key stakeholders, such as the project sponsor, customer, team members, subject matter experts, and other relevant parties. The risk management plan should also define the roles and responsibilities of the stakeholders in risk management, as well as the reporting and escalation mechanisms.
The risk management team leader, who is a risk management certified candidate in their domain, should educate stakeholders on best practices to perform risk management in the early stages of the project. This is because the stakeholders may have different levels of knowledge, experience, and expectations regarding risk management, especially in an organization that spans across different countries. The risk management team leader should provide training, coaching, and guidance to the stakeholders on how to apply the risk management processes, tools, and techniques, as well as how to use the risk management plan. The risk management team leader should also promote a positive risk culture and encourage stakeholder participation and collaboration in risk management activities.
The other options are not valid for what the risk management team leader should do in the early stages of the project:
Conduct qualitative risk analysis to prioritize potential risks: This is not a valid option because the qualitative risk analysis is part of the Perform Qualitative Risk Analysis process, which comes after the Identify Risks process and before the Perform Quantitative Risk Analysis process. The risk management team leader should not conduct the qualitative risk analysis before developing the risk management plan and identifying the risks.
Plan a solid risk response plan and secure the necessary funding: This is not a valid option because the risk response plan is part of the Plan Risk Responses process, which comes after the Perform Qualitative Risk Analysis and Perform Quantitative Risk Analysis processes. The risk management team leader should not plan the risk response plan and secure the necessary funding before developing the risk management plan, identifying, and analyzing the risks.
Benchmark to an organization which has executed a similar project: This is not a valid option because benchmarking is a technique for risk identification, but it is not the only one. The risk management team leader should use a combination of techniques to identify risks, not just focus on one aspect. Also, benchmarking is not the same as educating stakeholders, which implies providing training, coaching, and guidance on risk management best practices.
References: PMI-RMP Handbook1, PMBOK Guide2, Practice Standard for Project Risk Management2

NEW QUESTION # 70
You work as a project manager for BlueWell Inc. Management has asked you to work with the key project stakeholder to analyze the risk events you have identified in the project. They would like you to analyze the project risks with a goal of improving the project's performance as a whole. What approach can you use to achieve the goal of improving the project's performance through risk analysis with your project stakeholders?

• A. Focus on the high-priority risks through qualitative risk analysis
• B. Involve the stakeholders for risk identification only in the phases where the project directly affects them
• C. Involve subject matter experts in the risk analysis activities
• D. Use qualitative risk analysis to quickly assess the probability and impact of risk events

Answer: A

NEW QUESTION # 71
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?

• A. Add more contingency to the project
• B. Increase the budget for the key activity
• C. Review the plans for the key activity
• D. Add more float to the key activity

Answer: C

Explanation:
Explanation
The risk manager should recommend that the project manager review the plans for the key activity, as this will help identify potential issues and opportunities to improve the activity's performance and reduce its impact on the critical path.

NEW QUESTION # 72
You are working as a project manager in your organization. You are nearing the final stages of project execution and looking towards the final risk monitoring and controlling activities. For your project archives, which one of the following is an output of risk monitoring and control?

• A. Qualitative risk analysis
• B. Risk audits
• C. Requested changes
• D. Quantitative risk analysis

Answer: C

NEW QUESTION # 73
Who is responsible for the stakeholder expectations management in a high-profile, high-risk project?

• A. Project risk assessment officer
• B. Project sponsor
• C. Project manager
• D. Project management office

Answer: C

NEW QUESTION # 74
A budget change request was initiated by a functional manager in an organization due to a shortage in the functional manager's department budget. The functional manager asks the CEO to approve utilization of a contingency budget reserved for one of the projects in its closing phase.
What should the risk manager of the related project have done to prevent this situation from happening?

• A. Educated the project team on budget change requests.
• B. Communicated better with the organization's CEO.
• C. Reformed the risk monitoring and closing process properly.
• D. Created the project work plan and budget more accurately.

Answer: C

Explanation:
Explanation
According to the PMI Risk Management Professional (PMI-RMP) Handbook1, one of the domains of the PMI-RMP exam is Risk Monitoring and Reporting, which involves tracking identified risks, monitoring residual risks, identifying new risks, executing risk response plans, and evaluating risk process effectiveness throughout the project1. The risk manager of the related project should have reformed the risk monitoring and closing process properly to ensure that the contingency budget is only used for the intended risks and not for other purposes. The risk manager should have also communicated the status and outcomes of the risk activities to the relevant stakeholders, such as the functional manager and the CEO, to avoid any confusion or conflict over the budget allocation1. References: 1: PMI Risk Management Professional (PMI-RMP) Handbook, page 6.
The risk manager should have ensured a more accurate project work plan and budget to prevent the functional manager from requesting to use the project's contingency budget. A well-planned budget would have avoided the shortage in the functional manager's department budget.

NEW QUESTION # 75
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?

• A. Communicate the identified residual risk.
• B. Assess the identified secondary risk.
• C. Implement the risk response plan.
• D. Implement the risk contingency plan.

Answer: B

Explanation:
Explanation
According to the PMI Risk Management Professional (PMI-RMP) Examination Content Outline1, a secondary risk is a risk that arises as a direct result of implementing a risk response to a specific risk. In this case, the risk response is to contract an external vendor to provide additional capacity and expertise to the project team. The secondary risk is the confidentiality risk that the contracts department has identified. The risk manager should assess the secondary risk to determine its probability, impact, and priority, and to plan appropriate responses. This is part of the Perform Qualitative Risk Analysis and Plan Risk Responses processes in the PMBOK Guide2. References: 1: PMI Risk Management Professional (PMI-RMP) Examination Content Outline 2: A Guide to the Project Management Body of Knowledge (PMBOK Guide)
- Sixth Edition

NEW QUESTION # 76
During what process should a project manager assign a risk owner?

• A. Monitor Risks
• B. Identify Risks
• C. Plan Risk Responses
• D. Plan Risk Management

Answer: D

NEW QUESTION # 77

Very low = 1, Low = 2, Moderate = 3, High = 4, Very High = 5.
A project manager must complete a report for a stakeholder who is concerned about the possibility of a funding shortfall. What is the most effective way to explain the risk to this stakeholder?

• A. The funding shortage has a very low probability of occurring and is not a concern for the project.
• B. The funding shortage will have a very high impact on the project and is the highest priority.
• C. The funding shortage is a significant risk.
• D. The funding shortage is the lowest ranked/scored risk.

Answer: C

NEW QUESTION # 78
A project manager is running a high-cost telecommunications project. There is a monthly status meeting, and the risk manager should provide an update to the project team and project sponsors on major risks.
What risk related information should be included in the monthly status meeting of this complex project?

• A. Top priority risks at present, risks that have occurred, risk management plan
• B. Top priority risks at present, risks that have occurred, changes in scope
• C. Top priority risks at present, risks closed in the last period, milestone changes
• D. Top priority risks at present, risks that have occurred, risks closed in the last period

Answer: D

NEW QUESTION # 79
You are the project manager of the BJA Project for your company. Management is worried about one of the identified risks in your project. The risk event has a probability of 90 percent and a cost impact of $85,000.
Management and you discuss possible solutions to address the risk. You share with them that for $75,000 you can reduce the probability of the risk event to 15 percent and the impact to $25,000. This solution will add three weeks to the project schedule. Management thinks this is a good idea and they would like you to add the time and cost additions to your project plan. What type of risk response is used?

• A. Exploit
• B. Mitigation
• C. Acceptance
• D. Avoidance

Answer: B

NEW QUESTION # 80
Donna is the project manager of the QSD Project and she believes Risk Event D in the following figure is likely to happen.

If this event does happen, how much will Donna have left in the risk contingency reserve if none of the other risk events have happened?

• A. $14,000
• B. $35,000
• C. $6,700
• D. $41,700

Answer: C

NEW QUESTION # 81
You are the project manager of your organization. Your organization will receive a bonus if the project finishes by December 20. Management has communicated this bonus to you and your project team and has asked you to evaluate the project to see if it is possible to realize the reward. The bonus offered to your organization is $750,000. You have examined the project and believe that you can crash the project for an additional $275,000 and reach the December 20 date. Management is thrilled with your assessment and they approve the crash fee. What risk response is this?

• A. Crashing can be considered transference because of the $275,000 is actually paid from the bonus, which is paid by the project customer.
• B. Crashing is the addition of labor, not a risk response.
• C. Crashing can be a type of the enhancing risk response.
• D. Crashing can be a type of the exploit risk response.

Answer: C

NEW QUESTION # 82
Melody is the project manager for her organization. She has created a risk response to conduct more tests on the software her project is creating. The identified risk that prompted this response was that the software is mission-critical and must be flawless before it can be put into product. What type of a risk response has Melody used in this scenario?

• A. Mitigation
• B. Enhance
• C. Transference
• D. Avoidance

Answer: A

NEW QUESTION # 83
SIMULATION
Fill in the blank with an appropriate phrase.
________are activities that are dangerous to complete and manage such as construction, electrical work, or manufacturing.

Answer:

Explanation:
Pure risks

NEW QUESTION # 84
Harry is the project manager of the MMQ Construction Project. In this project, Harry has identified a supplier who can create stained glass windows for 1,000 window units in the construction project. The supplier is an artist who works by himself, but creates windows for several companies throughout the United States. Management reviews the proposal to use this supplier and while they agree that the supplier is talented, they do not think the artist can fulfill the 1,000 window units in time for the project's deadline. Management asked Harry to find a supplier who can fulfill the completion of the windows by the needed date in the schedule. What risk response has management asked Harry to implement?

• A. Mitigation
• B. Acceptance
• C. Transference
• D. Avoidance

Answer: A

NEW QUESTION # 85
Tracy is the project manager of the NLT Project for her company. The NLT Project is scheduled to last 14 months and has a budget at completion of $4,555,000. Tracy's organization will receive a bonus of
$80,000 per day that the project is completed early up to $800,000. Tracy realizes that there are several opportunities within the project to save on time by crashing the project work. Crashing the project is what type of risk response?

• A. Mitigation
• B. Exploit
• C. Enhance
• D. Transference

Answer: C

NEW QUESTION # 86
A part of a project deals with the hardware work. As a project manager, you have decided to hire a company to deal with all hardware work on the project. Which type of risk response is this?

• A. Mitigation
• B. Exploit
• C. Transference
• D. Avoidance

Answer: C

NEW QUESTION # 87
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PMI-RMP Certification Exam is designed to test the knowledge and skills of professionals in the area of risk management. PMI-RMP exam covers a range of topics, including risk identification, risk analysis, risk response planning, risk monitoring and control, and stakeholder engagement. PMI-RMP exam is based on the PMI-RMP Examination Content Outline, which is developed by a group of experienced risk management professionals.

 

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