PMI Risk Management Professional v1.0

Page:    1 / 12   
Exam contains 171 questions

Which of the following is the primary project artifact used to capture risks, strategies, ownership patterns, and other vital information about an organization's project risk baseline?

  • A. Risk action plan with owners
  • B. Risk register
  • C. Mitigation plan
  • D. Risk management plan


Answer : B

The project manager receives an updated project schedule from a sub team detailing the deliverables, dates, and durations for a critical milestone on the development and testing for off-shore activities. This report is received one hour before a meeting with the chief executive officer (CEO) to present an updated master schedule of the critical path. The CEO has been promised a discussion on the project schedule several times. However, based on the recent update from the off-shore team, the project manager realizes this new schedule is not realistic. There are new risks associated with it and it is not well thought out. Some key stakeholders want to present this revised plan to the CEO. This meeting has been postponed twice already.
Which action should the project manager take before meeting with the CEO?

  • A. Talk to the stakeholders before the meeting to discuss the options and ask their opinion.
  • B. Present the revised master schedule to the CEO with the caveat that it is being updated as new information is received, and these are the current dates at this point.
  • C. Request the meeting be re-scheduled before presenting the master schedule to the CEO, stating that new major risks were identified and need to be assessed thoroughly.
  • D. Present the revised schedule to the CEO and only answer questions about validity, if asked.


Answer : C

During a weekly project review meeting, a stakeholder identifies some new risks. When creating risk responses for these newly identified risks, what should the project team do to discover trends and more efficiently manage the responses?

  • A. Classify the risk impacts based on their severity.
  • B. List workaround solutions.
  • C. Identify the risk owners.
  • D. Determine the root causes.


Answer : A

Due to lack of specific knowledge within a technical domain, the project manager decides an expert from outside the organization should be invited into the project to identify and analyze risks. The project manager understands that the risk management process has many benefits, but it will also have clear costs.
Which of the following should the project manager do?

  • A. Identify internal resources with proper knowledge, and keep costs down.
  • B. Hire experts as needed.
  • C. Hire a specialized risk analysis consulting company.
  • D. Determine that the benefits outweigh the costs where risk is involved.


Answer : D

A project team is conducting initial risk planning. What other risk-related task should the project manager perform?

  • A. Identifying the risk threshold
  • B. Determining the risk register headings
  • C. Scoring the risks utilizing the risk matrix
  • D. Prioritizing the risks in the risk register


Answer : A

A company is executing a high-visibility project to develop mobile phone technology. The project sponsor is concerned that an overall high risk rating may undermine support for the project within the company. The sponsor has instructed the project manager to manipulate the data used for Monte Carlo simulation to artificially reduce the risk rating.
What should the project manager do?

  • A. Schedule a face-to-face meeting with the project sponsor.
  • B. Modify the data.
  • C. Ignore the request.
  • D. Email the project sponsor explaining why the data should not be modified.


Answer : A

The project manager schedules a third workshop to facilitate the qualitative risk analysis. One team member complains that they should not have iterative meetings, but rather, should complete this at the beginning of the project.
Which of the following should the project manager do?

  • A. Continue with the workshop, but discipline the team member for undermining the authority of the project manager.
  • B. Agree with the team member, as qualitative analysis should only be performed during the initial stages of a project.
  • C. Proceed with the meeting, but remove the team member from the inviteesג€™ list.
  • D. Explain that it is good practice to perform qualitative analysis throughout the life of the project.


Answer : D

Which of the following situational factors has a significant effect on risk attitude?

  • A. The risk heuristics evaluation available to the project team during planning and execution
  • B. The perception of probability or frequency of occurrence and the perception of impact magnitude
  • C. The number of project team members with close relationships to the chief executive officer (CEO)
  • D. The number of external stakeholders and the potential for indirect consequences


Answer : D

What are the supporting elements for effective risk management?

  • A. Trained core people, matrix organization, simple scalable process, and tools and techniques
  • B. Competent people, collaborative organization, rigorous process, and tools and techniques
  • C. Competent people, supportive organization, simple scalable process, and tools and techniques
  • D. Competent people, functional organization, policy, and tools and techniques


Answer : C

Upon returning from vacation, the risk manager observes during the project status meeting that several activities being accomplished were not in the original plan.
What should the risk manager do first?

  • A. Meet with the project team.
  • B. Inform management of out-of-scope work.
  • C. Review activities for new risks.
  • D. Review the change control log.


Answer : D

As part of identifying the risk appetite of project stakeholders, the project manager must first identify the stakeholders. Which of the following inputs are used to identify project stakeholders?

  • A. Project charter, management reserve, enterprise environmental factors, and organizational process assets
  • B. Project management plan, human resource plan, enterprise environmental factors, and organizational process assets
  • C. Project charter, bid documents, enterprise environmental factors, and organizational process assets
  • D. Project charter, communications management plan, enterprise environmental factors, and organizational process assets


Answer : C

After applying several risk identification techniques, the risk manager is ready to document project risks in the risk register, including risk name, risk statement, probability of occurring, and potential impact. After this information is complete, who is best suited to serve as risk owners?

  • A. Risk manager
  • B. Project sponsors
  • C. Project manager
  • D. Project team members


Answer : D

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


Answer : B

Within the organizational process assets, where would the project manager find risk response effectiveness from past projects?

  • A. Change management plan and lessons learned
  • B. Stakeholder register and lessons learned
  • C. Risk audit and lessons learned
  • D. Risk audit and risk matrix


Answer : C

Which analysis method uses stratified sampling without replacement?

  • A. Latin Hypercube
  • B. Monte Carlo simulation
  • C. Impact analysis
  • D. Linear regression analysis


Answer : A

Page:    1 / 12   
Exam contains 171 questions

Talk to us!


Have any questions or issues ? Please dont hesitate to contact us

Certlibrary doesn't offer Real Microsoft Exam Questions.
Certlibrary Materials do not contain actual questions and answers from Cisco's Certification Exams.
CFA Institute does not endorse, promote or warrant the accuracy or quality of Certlibrary. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.