Exam Code: PMI-RMP
Exam Name: PMI Risk Management Professional (PMI-RMP)
Beth is the project manager of the BFG Project for her company. In this project Beth has decided to create a contingency response based on the performance of the project schedule. If the project schedule variance is greater than $10,000 the contingency plan will be implemented. What is the
formula for the schedule variance?
John is the project manager of the NHQ Project for his company. His project has 75 stakeholders, some of which are external to the organization. John needs to make certain that he communicates about risk in the most appropriate method for the external stakeholders. Which project management plan will be the best guide for John to communicate to the external stakeholders?
A. Risk Response Plan
B. Risk Management Plan
C. Communications Management Plan
D. Project Management Plan
You are the project manager of the KJH Project and are working with your project team to plan the risk responses. Consider that your project has a budget of $500,000 and is expected to last six months. Within the KJH Project you have identified a risk event that has a probability of .70 and has a cost impact of $350,000. When it comes to creating a risk response for this event what is the risk exposure of the event that must be considered for the cost of the risk response?
A. The risk exposure of the event is $245,000.
B. The risk exposure of the event is $500,000.
C. The risk exposure of the event is $350,000.
D. The risk exposure of the event is $850,000.
Which one of the following is the only output for the qualitative risk analysis process?
A. Enterprise environmental factors
B. Project management plan
C. Risk register updates
D. Organizational process assets
Jeff, a key stakeholder in your project, wants to know how the risk exposure for the risk events is calculated during quantitative risk analysis. He is worried about the risk exposure which is too low for the events surrounding his project requirements. How is the risk exposure calculated?
A. The risk exposure of a risk event is determined by historical information.
B. The probability of a risk event times the impact of a risk event determines the true risk exposure.
C. The probability of a risk event plus the impact of a risk event determines the true risk exposure.
D. The probability and impact of a risk event are gauged based on research and in-depth analysis.
You are the project manager of the YHG project for your company. Within the project, you and the project team have identified a risk event that could have a financial impact on the project of $450,000. This risk event has a 70 percent chance of occurring in the project. The project identifies a solution that will reduce the probability of the risk event to ten percent, but it will cost $260,000 to implement. Management agrees with the solution and asks that you include the risk response in the project plan. What risk response is this?
A. This is mitigation because the response reduces the probability.
B. This is not a risk response, but a change request.
C. This is transference because of the $260,000 cost of the solution.
D. This is avoidance because the risk response caused the project plan to be changed.
You are the project manager of the NKJ Project for your company. The project’s success or failure will have a significant impact on your organization’s profitability for the coming year. Management has asked you to identify the risk events and communicate the event’s probability and impact as early as possible in the project. Management wants to avoid risk events and needs to analyze the cost-benefits of each risk event in this project. What term is assigned to the low-level of stakeholder tolerance in this project?
A. Mitigation-ready project management
B. Risk utility function
C. Risk avoidance
D. Risk-reward mentality
You are the project manager for your organization. You are working with your key stakeholders in the qualitative risk analysis process. You understand that there is certain bias towards the risk events in the project that you need to address, manage, and ideally reduce. What solution does the PMBOK recommend to reduce the influence of bias during qualitative risk analysis?
A. Establish the definitions of the levels of probability and impact
B. Provide iterations of risk analysis for true reflection of a risk probability and impact
C. Isolate the stakeholders by project phases to determine their risk bias
D. Involve all stakeholders to vote on the probability and impact of the risk events
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. Each risk reassessment should go into the same depth as the original risk assessment activity.
B. The probability and impact of risk event should determine the level of reassessment throughout the project lifecycle.
C. The amount of detail of repetition that is appropriate depends on how the project progresses relative to its objectives.
D. The level of detail and reassessment should reflect the priority of the project.
Your project spans the entire organization. You would like to assess the risk of the project but are worried that some of the managers involved in the project could affect the outcome of any risk identification meeting. Your worry is based on the fact that some employees would not want to publicly identify risk events that could make their supervisors look bad. You would like a method that would allow participants to anonymously identify risk events. What risk identification method could you use?
A. Delphi technique
B. Isolated pilot groups
C. SWOT analysis
D. Root cause analysis
Frank is the project manager of the NHL Project for his company and he is starting the risk
identification process for the project. Frank needs to ensure that the correct stakeholders are interviewed as part of risk identification. What document will help Frank to communicate and solicit inputs of the project stakeholders during risk identification?
A. Project charter
B. Risk register
C. Requirements management plan
D. Stakeholder register
You are working with your project stakeholders to identify risks within the JKP Project. You want to use an approach to engage the stakeholders to increase the breadth of the identified risks by including internally generated risk. Which risk identification approach is most suited for this goal?
A. Delphi Technique
B. SWOT analysis
C. Assumptions analysis
Ted is the project manager of the HRR project for his company. Management has asked that Ted periodically reviews the contingency reserve as risk events happen, pass, or are still pending. What is the purpose of reviewing the contingency reserve?
A. It helps to evaluate if the remaining reserve is adequate for the risk exposure.
B. It helps to determine how much more funds will need to be invested in the project.
C. It helps to evaluate secondary and residual risks related to the risk responses and their costs.
D. It helps to determine the probability and impact of project risks.
Which of the following documents is described in the statement below? "It is developed along with all processes of the risk management. It contains the results of the qualitative risk analysis, quantitative risk analysis, and risk response planning."
A. Risk management plan
B. Project charter
C. Risk register
D. Quality management plan
Fred is the project manager of the CPS project. He is working with his project team to prioritize the identified risks within the CPS project. He and the team are prioritizing risks for further analysis or action by assessing and combining the risks probability of occurrence and impact. What process is Fred completing?
A. Risk identification
B. Perform qualitative analysis
C. Perform quantitative analysis
D. Risk Breakdown Structure creation
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