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Prestigious Positions to Get
The PMI-RMP certification is the perfect boost you need to prove to your employers that you are well versed in all the techniques of project risk management. It places you at a higher competing ground among other risk management professionals. The individuals with this certificate can take up the job roles, such as a Risk Analyst, a Senior Risk Analyst, a Project Coordinator, a Risk Manager, a Project Manager, and a Program Manager, among others. The salary prospects for the Risk Analysts range from $80,730 to $106,991 per year, with an average remuneration of $93,469 per annum.
NEW QUESTION # 43
You work as a project manager for BlueWell Inc. You are working with your team members on the risk responses in the project. Which risk response will likely cause a project to use the procurement processes?
- A. Sharing
- B. Exploiting
- C. Mitigation
- D. Acceptance
Answer: A
NEW QUESTION # 44
A risk management professional is currently facilitating the risk planning process with the project team. To increase the breadth of considered risks, the team wants to include high-level and strategic project risks.
What should the risk management professional do next?
- A. Conduct a strengths, weaknesses, opportunities, and threats (SWOT) analysis
- B. Develop a risk breakdown structure (RBS) identifying the potential risk categories
- C. Perform a base line Monte Carlo simulation to address overall threats to project objectives
- D. Perform a sensitivity analysis to the higher-level aggregate activities
Answer: B
Explanation:
Explanation
A risk breakdown structure (RBS) is a hierarchical representation of risks, organized by risk categories.
Developing an RBS will help the team systematically identify and consider high-level and strategic project risks across various categories, ensuring a comprehensive risk identification process.
NEW QUESTION # 45
Joan is the project manager of the BTT project for her company. She has worked with her project to create risk responses for both positive and negative risk events within the project. As a result of this process Joan needs to update the project document updates. She has updated the assumptions log as a result of the findings and risk responses, but what other documentation will need to be updated as an output of risk response planning?
- A. Technical documentation
- B. Scope statement
- C. Lessons learned
- D. Risk Breakdown Structure
Answer: A
NEW QUESTION # 46
You are the project manager for your organization. You have determined that an activity is too dangerous to complete internally so you hire licensed contractor to complete the work. The contractor, however, may not complete the assigned work on time which could cause delays in subsequent work beginning. This is an example of what type of risk event?
- A. Internal
- B. Pure risk
- C. Transference
- D. Secondary risk
Answer: D
NEW QUESTION # 47
You work as the project manager for BlueWell Inc. You are monitoring the project performance. You want to make a decision to change the project plan to eliminate a risk in order to protect the project objectives. Which of the following strategies will you use to tackle the risk?
- A. Risk acceptance
- B. Risk mitigation
- C. Risk transference
- D. Risk avoidance
Answer: D
NEW QUESTION # 48
Frank is the project manager of the NHH Project. He is working with the project team to create a plan to document the procedures to manage risks throughout the project. This document will define how risks will be identified and quantified. It will also define how contingency plans will be implemented by the project team.
What document is Frank and the NHH Project team creating in this scenario?
- A. Project management plan
- B. Project plan
- C. Risk management plan
- D. Resource management plan
Answer: C
Explanation:
Explanation/Reference:
NEW QUESTION # 49
A subcontractor working on a project may cause delays in the construction schedule. The project manager records this risk in the risk register and issues a change request sponsor rejects the change request.
What should the project manager have done differently?
- A. Informed the client and the project sponsor that the request is being submitted.
- B. Contacted the other stakeholders so they know the request is in process.
- C. Executed the risk strategy response and recorded it in the risk register.
- D. Performed an analysis to affirm the request is valid before submitting.
Answer: D
Explanation:
Explanation
The project manager should have performed an analysis to ensure that the change request was valid and well-supported before submitting it to the sponsor. This would help in making a strong case for the change request and increase the chances of its approval.
NEW QUESTION # 50
Wendy is about to perform qualitative risk analysis on the identified risks within her project. Which one of the following will NOT help Wendy to perform this project management activity?
- A. Project scope statement
- B. Risk management plan
- C. Stakeholder register
- D. Risk register
Answer: C
NEW QUESTION # 51
Adrian is the project manager of the NHP Project. In her project there are several work packages that deal with electrical wiring. Rather than to manage the risk internally she has decided to hire a vendor to complete all work packages that deal with the electrical wiring. By removing the risk internally to a licensed electrician Adrian feels more comfortable with project team being safe. What type of risk response has Adrian used in this example?
- A. Avoidance
- B. Transference
- C. Mitigation
- D. Acceptance
Answer: B
NEW QUESTION # 52
During a risk identification process in a construction project, the lack of space to install air conditioners is raised as a risk with high impact. Which is an example of an early risk trigger?
- A. A time delay during air conditioning installation activities
- B. A potential need to share the space with other machinery
- C. A quality nonconformance issue raised during the inspection
- D. A different type of equipment received before installation
Answer: B
Explanation:
Explanation
A risk trigger is an indication or warning sign that a risk is about to occur or has occurred. A risk trigger can be an event, a condition, or a situation that signals the onset of a risk. A risk trigger can help the project team to identify and respond to risks in a timely manner. In this case, the lack of space to install air conditioners is a risk with high impact on the project. A potential need to share the space with other machinery is an example of an early risk trigger, because it indicates that the space issue may become a problem in the future. If the project team detects this trigger, they can take proactive actions to avoid or mitigate the risk, such as finding an alternative location, modifying the design, or negotiating with the stakeholders. References: PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 102-103.
NEW QUESTION # 53
Kelly is the project manager of the NNQ Project for her company. This project will last for one year and has a budget of $350,000. Kelly is working with her project team and subject matter experts to begin the risk response planning process. When the project manager begins the plan risk response process, what two inputs will she need?
- A. Risk register and the risk response plan
- B. Risk register and the results of risk analysis
- C. Risk register and the risk management plan
- D. Risk register and power to assign risk responses
Answer: C
NEW QUESTION # 54
You are the project manager of the GHG project for your company. You have identified the project risks, completed qualitative and quantitative analysis, and created risk responses. You also need to document how and when risk audits will be performed in the project. Where will you define the frequency of risk audits?
- A. Risk management plan
- B. Risk response plan
- C. Quality management plan
- D. Schedule management plan
Answer: A
NEW QUESTION # 55
The project manager wants to use an objective method to evaluate the key project risks and develop response plans.
What action should the risk manager propose?
- A. Review the lessons learned from other projects.
- B. Ask the team to perform an earned value analysis.
- C. Ask the team to prepare a Monte Carlo analysis.
- D. Ask the risk expert to perform a PESTLE evaluation.
Answer: C
Explanation:
Explanation
The action that the risk manager should propose is to ask the team to prepare a Monte Carlo analysis. This is a statistical technique that can be used to model the probability of different outcomes in a project. By performing a Monte Carlo analysis, the project manager can objectively evaluate key project risks and develop response plans based on this analysis.
NEW QUESTION # 56
Who is responsible for the stakeholder expectations management in a high-profile, high-risk project?
- A. Project manager
- B. Project management office
- C. Project risk assessment officer
- D. Project sponsor
Answer: A
NEW QUESTION # 57
In the country where a project is being executed, customs procedures are complex and change frequently.
During the risk identification process, the project team identifies a risk related to delays in customs on substantial equipment that will likely occur. Equipment delays on this project could lead to the project cancellation.
How should the probability and impact be characterized for this risk?
- A. High probability/low impact
- B. Low probability/low impact
- C. Low probability/high impact
- D. High probability/high impact
Answer: D
NEW QUESTION # 58
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. Agile
- C. Proactive
- D. Reactive
Answer: C
NEW QUESTION # 59
Which of the following describes a difference between qualitative and quantitative risk analysis?
- A. Quantitative risk analysis prioritizes individual risks for subsequent treatment, qualitative risk analysis leads to quantitative risk analysis.
- B. Quantitative risk analysis adds to the risk register, qualitative risk analysis leads to quantitative risk analysis.
- C. Qualitative risk analysis addresses individual risks descriptively; quantitative risk analysis predicts likely project outcomes based on combined effects of risks.
- D. Quantitative risk analysis addresses individual risks descriptively; qualitative risk analysis predicts likely project outcomes based on combined effects of risks.
Answer: C
NEW QUESTION # 60
Ned is the project manager of the HNN project for your company. Ned has asked you to help him complete some probability distributions for his project. What portion of the project will you most likely use for probability distributions?
- A. Uncertainty in values such as duration of schedule activities
- B. Risk identification
- C. Bias towards risk in new resources
- D. Risk probability and impact matrixes
Answer: A
NEW QUESTION # 61
When approving the risk contingency budget for a project, the CEO notices each team has a different approach to report risks and their impacts. The CEO decides to create a new centralized risk management function to help resolve the problem.
How does centralizing the risk management function help resolve the problem?
- A. Allows monitoring the impact against the overall project risk exposure.
- B. Creates a single repository for all project risk documents.
- C. Establishes risk sources and ownership for trigger monitoring.
- D. Enhance the process of identification of different Individual project risks.
Answer: A
Explanation:
Explanation
Centralizing the risk management function enables the organization to have a consistent approach to reporting risks and their impacts. This allows for better monitoring of the impact against the overall project risk exposure, which helps in making informed decisions and allocating resources effectively.
According to the PMI-RMP Exam Content Outline1, one of the tasks in the domain of risk governance is to
"establish and maintain a centralized risk management function to support the project and organizational objectives". A centralized risk management function can help resolve the problem of inconsistent risk reporting by providing a common framework, methodology, and standards for risk management across the organization. One of the benefits of centralizing the risk management function is that it allows monitoring the impact of individual project risks against the overall project risk exposure, as well as the organizational risk appetite and tolerance. This can help the CEO and other senior management to make informed decisions and allocate resources accordingly. Therefore, the best answer is B.
References: 1: PMI-RMP Exam Content Outline, page 6.
NEW QUESTION # 62
You are the project manager of the NHJ project for your company. This project has a budget at completion of $1,650,000 and you are 60 percent complete. According to the project plan, however, the project should be 65 percent complete. In this project you have spent $995,000 to reach this point of completion. There is a risk that this project may be late so you have taken some measures to recover the project schedule.
Management would like to know, based on current performance, what the estimate at completion for this project will be. What is the estimate at completion?
- A. $1,650,000
- B. -$8,333
- C. $1,666,667
- D. $663,333
Answer: C
NEW QUESTION # 63
Which form of communication minimizes misunderstandings and reinforces teamwork?
- A. Status reports
- B. Face-to-face discussions
- C. Project archives
- D. Discussion threads
Answer: B
NEW QUESTION # 64
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