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PMI-RMP Complete Exam Dumps - PMI-RMP Exam Topics Pdf

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PMI Risk Management Professional Sample Questions (Q73-Q78):

NEW QUESTION # 73
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 transference because of the $260,000 cost of the solution.
B. This is mitigation because the response reduces the probability.
C. This is not a risk response, but a change request.
D. This is avoidance because the risk response caused the project plan to be changed.

Answer: B

NEW QUESTION # 74
You work as a project manager for BlueWell Inc. You are working with Nancy, the COO of your company, on several risks within the project. Nancy understands that through qualitative analysis you have identified 80 risks that have a low probability and low impact as the project is currently planned. Nancy's concern, however, is that the impact and probability of these risk events may change as conditions within the project may change. She would like to know where will you document and record these 80 risks that have low probability and low impact for future reference. What should you tell Nancy?

A. Risks with low probability and low impact are recorded in a watchlist for future monitoring.
B. All risks are recorded in the risk management plan.
C. All risks, regardless of their assessed impact and probability, are recorded in the risk log.
D. Risk identification is an iterative process so any changes to the low probability and low impact risks will be reassessed throughout the project life cycle.

Answer: A

Explanation:
Explanation/Reference:

NEW QUESTION # 75
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. Added generic construction risks to the risk register before construction began
B. Performed risk identification exercises for the full lifecycle of the project
C. Reviewed the assumptions/exclusions register in the project charter
D. Executed the Monte Carlo sensitivity analysis prior to mobilization

Answer: B

Explanation:
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.
Risk identification is the process of determining the risks that may affect the project and documenting their characteristics. Risk identification should be performed throughout the project lifecycle, as new risks may emerge or change over time. Risk identification should also consider all aspects of the project, such as scope, schedule, cost, quality, resources, stakeholders, and procurement. By performing risk identification exercises for the full lifecycle of the project, the project manager could have identified and planned for the potential risks associated with the construction phase, such as delays, material shortages, quality issues, or safety hazards. This would have helped to prevent or mitigate the impact of the risk event that occurred, and to ensure that the risk register is updated and comprehensive. Performing a Monte Carlo sensitivity analysis, adding generic construction risks, or reviewing the assumptions/exclusions register are not sufficient or effective ways of identifying the specific risks that may affect the project during the construction phase. These are either tools for risk analysis, risk response planning, or project initiation, but not risk identification.
References: PMI-RMP Certification Handbook1, page 9; PMBOK Guide, pages 397-398.

NEW QUESTION # 76
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 new risks identified and take the appropriate actions.
B. Document what went well and not so well with the risk management process, and recommend actions to improve.
C. Assess responsibilities of risks that have occurred and take the appropriate actions.
D. Assess performance of project team members and make required changes.

Answer: C

NEW QUESTION # 77
After presenting a list of risks to the major project stakeholders and project sponsor, the board requested the risks be sorted differently from the results presented by the project team. This is a major issue and will cause a
2-week delay in the project.How could the risk manager have avoided the board's response?

A. Working with an established industry standard prioritization method
B. Prioritizing the risks based on the project sponsor's risk appetite
C. Engaging with the project sponsor before presenting to the board
D. Engaging the key stakeholders during the prioritization process

Answer: D

Explanation:
According to the PMBOK Guide, risk prioritization is the process of assigning a level of importance to each identified risk based on its probability and impact, as well as other factors such as urgency, stakeholder tolerance, and project objectives. Risk prioritization helps the project team to focus on the most significant risks and allocate resources accordingly. One of the tools and techniques for risk prioritization is stakeholder engagement, which involves involving the key stakeholders in the risk analysis and decision making process.
Stakeholder engagement helps to ensure that the risk prioritization reflects the expectations and preferences of the stakeholders, and that they are aware of and agree with the results. By engaging the key stakeholders during the prioritization process, the risk manager could have avoided the board's request to sort the risks differently, as the board would have been part of the process and would have accepted the outcome. References: = PMBOK Guide, 6th edition, pages 406-407; The Standard for Risk Management in Portfolios, Programs, and Projects, page 67.

NEW QUESTION # 78
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