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The Project Management Institute (PMI) is a renowned professional organization that offers a wide range of certifications for professionals in the field of project management. One of the most sought-after certifications offered by PMI is the PMI Risk Management Professional (PMI-RMP). PMI Risk Management Professional certification is specifically designed for individuals who are involved in risk management activities within their organizations.
NEW QUESTION # 19
You are the project manager of the NGH project for your organization. You want to create a causeand- effect diagram to help discover the root causes of the risks within the project. Harold, the CIO, recommends that you create an Ishikawa diagram instead. What is an Ishikawa diagram?
- A. It shows how various elements of a system interrelate.
- B. It is the same thing as a root cause diagram.
- C. It diagrams the risks according to the work breakdown structure including resources.
- D. It is a graphical representation of situations showing causal influences.
Answer: B
NEW QUESTION # 20
A new company initiates a project to incorporate a cybersecurity team. Which three documents should the risk manager analyze first? (Choose 3)
- A. Current request for proposal (RFP)
- B. Company's historical financial reports
- C. IT infrastructure, networks, and data information
- D. Government laws and regulations
- E. Industry's standard procedures
Answer: C,D,E
NEW QUESTION # 21
A project manager has determined that an activity is too complex to complete internally so they hire a licensed contractor to complete the work. What is the project manager performing in this situation?
- A. Risk mitigation
- B. Risk transfer
- C. Risk acceptance
- D. Risk avoidance
Answer: B
Explanation:
By hiring a licensed contractor to complete the complex activity, the project manager is transferring the risk associated with that activity to the contractor. This is an example of risk transfer, as the responsibility for managing the risk is shifted from the project manager to the contractor.
According to the PMI Risk Management Professional (PMI-RMP)Handbook1, one of the domains of the PMI-RMP exam is Risk Response Planning, which involves developing options and actions to enhance opportunities and reduce threats to project objectives1. One of the strategies for negative risks or threats is risk transfer, which involves shifting the impact of a threat to a third party, such as a contractor, a vendor, or an insurer2. In this situation, the project manager is performing risk transfer by hiring a licensed contractor to complete the work that is too complex to complete internally. By doing so, the project manager is transferring the responsibility and liability of the activity to the contractor, who is expected to have the expertise and resources to handle the complexity. The project manager is not performing risk mitigation, which involves reducing the probability and/or impact of a threat2. The project manager is not performing risk acceptance, which involves acknowledging the existence of a threat and making a conscious decision to accept it without taking any action2. The project manager is not performing risk avoidance, which involves changing the project plan to eliminate the threat or protect the project objectives from its impact2. Reference: 1: PMI Risk Management Professional (PMI-RMP)Handbook, page 62: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, page 436.
NEW QUESTION # 22
A project manager has been assigned to a project that is just starting. The organization has a very low risk appetite towards this project due to constraints on budget and schedule. The project stakeholders are very engaged on the project and want to ensure that there is clear visibility on the project risks and progress.
How should the project manager handle stakeholder expectations?
- A. Discuss the risk response strategies with the stakeholders.
- B. Add buffers to the schedule to accommodate risk.
- C. Ensure the risk register includes all identified risks.
- D. Develop a communication plan to share updates on risks.
Answer: D
Explanation:
Explanation
The project manager should develop a communication plan to share updates on risks (D) to handle stakeholder expectations, especially since the organization has a low risk appetite and stakeholders are very engaged. This approach ensures that stakeholders are regularly informed about the project's risks and progress, addressing their concerns and expectations. This is supported by the PMI's PMBOK Guide, Sixth Edition.
NEW QUESTION # 23
A mega facility development project is evaluating some options to achieve the project schedule and budget.
Each option's success is driven by multiple quantifiable factors.
What should the project manager do to evaluate and select the best option based on costs and probabilities?
- A. Perform a decision tree analysis
- B. Conduct a sensitivity analysis
- C. Conduct an analytic hierarchy process
- D. Perform a FMECA fault tree analysis
Answer: A
Explanation:
Explanation
A decision tree analysis is a quantitative risk analysis technique that helps evaluate and select the best option based on costs and probabilities. It visually represents different decision paths and their associated probabilities, allowing the project manager to compare and select the most appropriate option for the project.
NEW QUESTION # 24
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. Bias towards risk in new resources
- C. Risk identification
- D. Risk probability and impact matrixes
Answer: A
NEW QUESTION # 25
Joan is a project management consultant and she has been hired by a firm to help them identify risk events within the project. Joan would first like to examine the project documents including the plans, assumptions lists, project files, and contracts. What key thing will help Joan to discover risks within the review of the project documents?
- A. Poorly written requirements will reveal inconsistencies in the project plans and documents.
- B. Lack of consistency between the plans and the project requirements and assumptions can be the indicators of risk in the project.
- C. Plans that have loose definitions of terms and disconnected approaches will reveal risks.
- D. The project documents will help the project manager, or Joan, to identify what risk identification approach is best to pursue.
Answer: B
NEW QUESTION # 26
You are the project manager of a large construction project. You are evaluating the strengths, weaknesses, opportunities, and threats involved in a project. In which of the following processes are you on?
- A. Plan Risk Responses
- B. Define Scope
- C. Identify Risks
- D. Plan Risk Management
Answer: C
NEW QUESTION # 27
The project team has correctly identified, assessed, and planned responses for a project's risks. The risk manager is required to prepare a quarterly report on the performance of managing the risks.
What are two options the risk manager should consult for the analysis? (Choose two.)
- A. Risks due to the number of claims submitted to the client
- B. Number of schedule baseline changes approved
- C. Risks that have materialized and the overall risk profile
- D. Proximity dales for open risks
- E. Backlog of change orders to be submitted to client
Answer: A,C
Explanation:
Explanation
The risk manager should consult the risks that have materialized and the overall risk profile to analyze the performance of managing the risks, as well as the risks due to the number of claims submitted to the client.
These options provide insights into how well risks are being managed and the potential impact on the project.
NEW QUESTION # 28
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 probability of a risk event times the impact of a risk event determines the true risk exposure.
- B. The risk exposure of a risk event is determined by historical information.
- C. The probability and impact of a risk event are gauged based on research and in-depth analysis.
- D. The probability of a risk event plus the impact of a risk event determines the true risk exposure.
Answer: A
NEW QUESTION # 29
A risk manager wants to determine which risks are going to have the highest impact on a project. Which of the following techniques should the risk manager use?
- A. Sensitivity analysis
- B. Prioritization matrices
- C. Assumptions analysis
- D. Root cause analysis
Answer: B
NEW QUESTION # 30
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. Perform qualitative analysis
- B. Perform quantitative analysis
- C. Risk Breakdown Structure creation
- D. Risk identification
Answer: A
NEW QUESTION # 31
The project manager performed' a variance analysis on the project during the execution phase. The variances were shown as increasing What does this result imply?
- A. The project schedule is lagging behind.
- B. The uncertainty and risk are increasing.
- C. There is no potential for future deviation.
- D. The project is over budget.
Answer: B
Explanation:
Explanation
Increasing variances during the execution phase imply that the uncertainty and risk are increasing, as the project performance is deviating from the planned values.
According to the PMBOK Guide - Sixth Edition1, variance analysis is a technique used to compare the actual performance of the project against the planned or expected performance. It can be applied to various aspects of the project, such as scope, schedule, cost, quality, and risk. Variance analysis can help identify deviations from the baseline and determine the causes and impacts of those deviations. If the variances are shown as increasing, it means that the actual performance is deviating more and more from the planned performance, which implies that the uncertainty and risk are increasing. This could affect the project objectives and deliverables, and require corrective or preventive actions to bring the project back on track. The other options are not correct, as they are either too specific (B and D) or contradictory to the result of the variance analysis. References: PMBOK Guide - Sixth Edition, pages 262-263.
NEW QUESTION # 32
You and your project team are just starting the risk identification activities for a project that is scheduled to last for 18 months. Your project team has already identified a long list of risks that need to be analyzed. How often should you and the project team do risk identification?
- A. It depends on how many risks are initially identified.
- B. Several times until the project moves into execution
- C. At least once per month
- D. Identify risks is an iterative process.
Answer: D
NEW QUESTION # 33
A new risk manager has been assigned to a project experiencing delays, quality issues, low performance, and client complaints. The work is being completed with the client's vendor, which apparently has been causing all of the issues.
What should the risk manager do first?
- A. Review the risk registry.
- B. Review the contingency reserves.
- C. Enhance risk identification.
- D. Create a risk response plan.
Answer: A
Explanation:
The risk registry is a document that records the identified risks, their characteristics, their status, and their responses. It is a key input for risk management and a source of information for project stakeholders. The risk manager should review the risk registry first to understand the current state of the project risks, especially the ones related to the client's vendor, and to evaluate the effectiveness of the risk responses implemented so far. Enhancing risk identification, reviewing the contingency reserves, and creating a risk response plan are possible actions that the risk manager may take after reviewing the risk registry, but they are not the first thing to do. Reference: PMI Risk Management Professional (PMI-RMP)Exam Content Outline1, PMI Practice Standard for Project Risk Management2, Risk Management Professional (PMI-RMP)Cert Guide3
NEW QUESTION # 34
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. Contacted the other stakeholders so they know the request is in process.
- B. Performed an analysis to affirm the request is valid before submitting.
- C. Executed the risk strategy response and recorded it in the risk register.
- D. Informed the client and the project sponsor that the request is being submitted.
Answer: B
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 # 35
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