PMI-RMP Online Practice Questions and Answers

You are project manager for ABD project. You, with your team, are working on the following activities:

1.

Probabilistic analysis of a project.

2.

Probability of achieving cost and time objectives.

3.

Trends in Qualitative Risk Analysis results.

On which of the following processes are you working on?

A. Plan Risk Management

B. Perform Quantitative Risk Analysis

C. Perform Qualitative Risk Analysis

D. Identify Risks

You work as a project manager for TechSoft Inc. You, the project team, and the key project stakeholders have completed a round of quantitative risk analysis. You now need to update the risk register with your findings so that you can communicate the risk results to the project stakeholders - including management. You will need to update all of the following information except for which one?

A. Probabilistic analysis of the project

B. Probability of achieving cost and time objectives

C. Risk distributions within the project schedule

D. Trends in quantitative risk analysis

You are the project manager of the NGQQ Project for your company. To help you communicate project status to your stakeholders, you are going to create a stakeholder register. All of the following information should be included in the stakeholder register except for which one?

A. Assessment information of the stakeholders' major requirements, expectations, and potential influence

B. Stakeholder classification of their role in the project

C. Identification information for each stakeholder

D. Stakeholder management strategy

Ben is the project manager of the CMH Project for his organization. He has identified a risk that has a low probability of happening, but the impact of the risk event could save the project and the organization with a significant amount of capital. Ben assigns Laura to the risk event and instructs her to research the time, cost, and method to improve the probability of the positive risk event. Ben then communicates the risk event and response to management. What risk response has been used here?

A. Sharing

B. Transference

C. Enhance

D. Exploit

When does the Identify Risks process take place in a project?

A. At the Planning stage.

B. Throughout the project life-cycle.

C. At the Initiating stage.

D. At the Executing stage.

Where can a project manager find risk-rating rules?

A. Risk management plan

B. Organizational process assets

C. Enterprise environmental factors

D. Risk probability and impact matrix

While creating the appropriate risk strategy, the project manager discovers that the project team lacks the necessary expertise to define the risk management plan. What additional resources should be utilized?

A. Consultants, organizational process assets, subject matter experts, and stakeholder tolerance analysis

B. Consultants, industry group, and subject matter experts

C. Consultants, professional and technical associations, subject matter experts, and industry groups

D. Consultants, professional and technical associations, and subject matter experts

The risk manager wants to determine what is to be measured, how it is to be measured, and what project outcomes are to be measured. In which of the following processes should this be established?

A. Initiating Process

B. Executing Process

C. Planning Process

D. Monitoring and Controlling Process

The risk manager is prioritizing risks based on the potential impact to cost and schedule and identifies the following 4 risks:

Risk 1 has a US$500,000 potential cost increase, and a 60 day potential schedule slippage, with a 25% probability of occurring Risk 2 has a US$200,000 potential cost increase, and a 20 day potential schedule slippage, with a 60% probability of occurring Risk 3 has a US$1,200,000 potential cost increase, and a 90 day potential schedule slippage, with a 10% probability of occurring Risk 4 has @ US$600,000 potential cost increase, and a 70 day potential schedule slippage, with a 20% probability of occurring

Using expected monetary value calculation, which risk has the greatest potential impact to cost and schedule?

A. Risk 1

B. Risk 2

C. Risk 3

D. Risk 4

During project execution, the project team realizes that the power outlet for imported equipment is not compatible with the current customer's electrical infrastructure. This event was originally identified as a risk during earlier stages of the project and the associated risk response indicated a plan to purchase a new power adapter.

Which project fund will be used to cover this cost?

A. Management reserve

B. Management budget

C. Project budget

D. Contingency reserve

Company A sells a new machine to company B. During the risk assessment, the stakeholders of company A do not want the risk of transporting the machine from their facility. Instead, they want company B to take responsibility and liability once the machine leaves company A's facility.

What strategy is company A using to deal with the risk?

A. Avoid

B. Transfer

C. Mitigate

D. Accept

The risk manager of a medium-sized project is performing risk response planning with the project team. The proposed action for one specific, primary risk introduces a secondary risk

What should the risk manager and the risk owner of the primary risk do about this situation?

A. Take no action, as secondary risks are not important for the successful execution of a project.

B. Inform the project manager about the occurrence of a secondary risk and propose to increase the management reserve.

C. Perform an analysis to calculate the estimated required budget for the secondary risk and propose to increase the management reserve accordingly.

D. Produce an agreed risk description, assess the probability, impacts, and select an appropriate response strategy for the secondary risk.

When using the risk register to manage the cost risk analysis, which of the following models the way correlation arises, and avoids the need to estimate the correlation coefficients?

A. Risk Monte Carlo analysis

B. Risk driver method

C. Risk scatter diagram

D. Risk RACI matrix

A project's risk manager successfully implements the risk management plan and the risk register. Furthermore, the risk analysis and the risk response planning are finalized. All results have been documented, and the project management plan and other project documents have been updated accordingly.

What should the risk manager do next?

A. Perform a lessons learned document update with the defined risks.

B. Perform regular reserve analysis to ensure that the assigned risk reserve budgets are sufficient.

C. Perform risk date quality assessments.

D. Perform continuous risk re-evaluation throughout the project life cycle to ensure risk management effectiveness.

Which of the following should the risk manager consider as external environmental factors when creating the risk management plan?

A. Government regulations, industry best practice templates, organizational standard processes, and competitor landscape

B. Government regulations, industry standards, conditions of the marketplace, and competitor landscape

C. Government regulations, risk categories, organizational standard processes, and competitor landscape

D. Government regulations, human resource policies and procedures, organizational standard processes, and competitor landscape