Home - PMI RMP Practice Exam - Page 27 PMI RMP Practice Exam PMI-RMP Practice Exam Updates Question 1: Which of the following risk management processes numerically analyses the effects of identified risks on the project objectives? Plan risk response Perform quantitative risk analysis Perform qualitative risk analysis Identify risksQuestion 2: The project manager needs to effectively engage stakeholders throughout the project life cycle. Analytical techniques can be used to identity the current and desired engagement levels of each stakeholder on the project. This information is captured usually captured in which of the following? Stakeholders’ analysis matrix Stakeholder register Stakeholders’ engagement assessment matrix Analytical forecastsQuestion 3: During which stage of risk planning are modelling techniques used to determine overall effects of risks on project objectives for high probability and high impact risks? Perform quantitative risk analysis Perform qualitative risk analysis Identify risks Plan risk responsesQuestion 4: You have created a risk management plan to decide how to approach, plan and execute the risk management activities for your project. Thereafter, you are involved with identify risks process to determine which risks might affect your project. What should you do next? Plan quality Define activities Perform qualitative risk analysis Plan risk responses Question 5: You are managing a project where you just finished the risk response planning, and the project budget is $500,000. In this situation, which of the following should you probably do next? Determine the overall risk rating of the project Add work packages to the project work breakdown structure Hold a project risk reassessment Begin to analyse the risks that show up in the project drawingsQuestion 6: Sami is a new project manager and is introduced into the project at an early stage. Sami wants to liaise with stakeholders of other projects by using communication techniques and sharing information on project risk performance. Which technique should Sami use? Basic risk identification tools Cause and effect analysis SWOT analysis Brainstorming techniquesQuestion 7: In your project, you want to determine which risks have the most potential impact on your project, so you examine the extent to which the uncertainty of each project elements affects the objective being examined when all other uncertain elements are held at their baseline values. This is an example of which of the following? Sensitivity analysis Expected monetary value analysis Simulation Risk response planningQuestion 8: Yara is managing a project, and she is done with risk analysis. These efforts were ended by defining the need of $200,000 contingency reserves. While managing the project risks responses implementation, a team member notified Yara that a risk which was expected to impact the project with an extra cost of $80,000 is no longer valid, as this risk was related to delay in material which arrived to site already. But a critical identified risk occurred and impacted the project with $30,000 loss. Given that the material delay likelihood was 20%, and that Yara needs to update the reserves report. What are the remaining contingency reserves on the project? $178,000 $200,000 $154,000 $90,000Question 9: Being the project manager, you understand the importance of identifying all project risks which can then be prioritized using the perform qualitative and quantitative risk analysis processes. In this context, which of the following tools and techniques can be used for the identify risks process? Assumption analysis, interviewing and Delphi technique Expected monetary value, root cause analysis, Documentation reviews, brainstorming, root cause analysis and checklist analysis Contingent response strategies, assumption analysis, influence diagrams and Delphi technique influence diagrams and documentation reviewsQuestion 10: When your company buys computers from Apple, you also pay extra fee for a three-year warranty which ensures that any manufacturing defects will be taken care if by Apple. This is an example of which of the following risk response strategies? Transfer Share Exploit MitigateQuestion 11: You have replaced an earlier project manager in a project of your organization. On reviewing the project management plan, you are worried because the number of procurement contracts of “Cost plus fixed fees “type. Why are you worried? Contracts must always be of fixed price contract The seller has no motivation to control the costs The risk of these contract types on the seller Contracts are best to be time and material typeQuestion 12: Shadi is the project manager for a project for his company. His project has 95 stakeholders, some of which are external to the organization. Shadi 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 Shadi to communicate to the external stakeholders? Project management plan Communications management plan Risk management plan Risk response planQuestion 13: In your project, you have included contingency allowances in the cost estimates of many schedule activities. In this context, which of the following statements about contingency reserve in incorrect? Precise information on the project helps reduce contingency reserve Quantitative analysis methods are used to develop contingency reserve Cost estimates may not include contingency reserve Contingency reserve may be a percentage of the estimated costsQuestion 14: After conducting a SWOT analysis, you have determined that a business deal is worth pursuing. You are required to use agile development practices. In your company, there is no expertise in Agile development. Hence, you partner with another organization that specialists in agile development. This is an example of which risk response strategy? Accepting a negative risk Sharing a positive risk Mitigating a negative risk Exploiting a positive riskQuestion 15: You have just been assigned to manage a $1,500,000 project for your organization. Looking into all necessary project documents and investigating the project charter, you found out that your organization completed several similar projects, and the project is straightforward with less risk than most other projects you have worked on. Therefore, you do not spend a long time on risk identification, and you decided to use the expert judgment and brainstorming sessions. While preparing your risk responses of the previously identified risks, you identify secondary risks that could result in serious consequences later in the project. What should you do to deal with these secondary risks? Add reserves to the project to accommodate the new risks and notify management Determine the risk events and the associated costs, then add the cost to the project budget as a reserve Add a 10% contingency to the project budget, and notify the customer Document the risk items, subjectively evaluate the risks, if necessary, do the numerical analysis, and plan for responsesQuestion 16: Yara is the project manager of the most important project within her organization. In Yara's's project, there are certain enterprise environmental factors that require Yara to use modeling and simulation techniques to predict the likelihood of achieving cost and schedule objectives. Yara is using a technique for which the cost estimates are chosen at random for each iteration of the analysis, such as pessimistic, most likely, and worst-case scenarios. What type of analysis is Yara using in this scenario? Risk distribution Qualitative analysis Quantitative analysis Monte Carlo analysisQuestion 17: While managing a project, you decide to create a prototype of your product to ensure that it is acceptable to stakeholders before creating your product. This is an example of which risk response strategy? Risk mitigation Risk acceptance Risk sharing Risk avoidanceQuestion 18: When meeting with stakeholders to identify risks, you usually start with general or high-level questions and then get into specific or particular questions. This approach is known as which of the following? Funnel analysis Nominal group techniques Risk categorization Delphi technique Question 19: You are the project manager in a leading firm with multinational dealings in the project management consultancy services. You feel the financial meltdown in one of the client's countries could affect your project adversely, and you want to reduce your risks. Although the probability of occurrence of the risk event is low, you are advised by senior management to play it safe. In terms of risk attitude, your organization could best be described as which of the following? Risk averse Risk seeker Risk mitigator Risk neutralQuestion 20: You are the project manager of a software development project. You have outsourced a component of your product to a third-party vendor, and it is due to be delivered next week. You find out that the delivery of the component may be delayed due to political issues in the vendor's location. What is the best you can do in this situation? Revisit your project schedule and look at alternatives to reduce the impact of the delay Communicate to the vendor that any possible delay would attract a fine and affect future payments Since there is no official communication from the vendor, you need to use the "wait and watch" policy Report to your senior manager about probable delay, along with details on the current political situation at vendor's placeEmailSubmit Top Risk Management Certifications in 2025: Boost Your Career with PMI-RMP, FRM, CRM & More Dec 24, 2019 | BlogTop Risk Management Certifications in 2025: Boost Your Career with PMI-RMP, FRM, CRM & More PMI-PBA® Certification: Unlocking Career Growth Through Business Analysis Dec 23, 2019 | BlogPMI-PBA® Certification: Unlocking Career Growth Through Business Analysis Next Entries »
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