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2. In case you have a four-year degree such as a bachelor's degree, you need to have:
- worked as a project manager for 24 months in the past 5 years;
- undergone project risk management education for at least 30 hours.
This PMI-RMP exam is open to everyone who meets the aforementioned requirements and when it comes to the test details, it contains multiple-choice questions about risk identification, strategies, analysis, mitigation procedures, and best practices. In all, you will have 3 hours and 30 minutes to choose the correct answers to 170 items. What concerns the exam entry fee, the prices for PMI members and non-members differ. Thus, members of the PMI pay $520 for the official test while non-members pay $670. So, if you want to save another $150 on your PMI-RMP certification, you can become a PMI member by registering on their website. To add more, the PMI-RMP exam will be held in any of the Pearson VUE-approved centers in your area. Overall, there are several such testing centers around the world so all you need to do is to find one near your location. Finally, eligible candidates are allowed to take the PMI-RMP exam a maximum of 3 times within one year of eligibility.
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PMI-RMP certification can help professionals stand out in a competitive job market and increase their earning potential. It is also an opportunity to improve their project management skills and expand their knowledge in risk management. PMI offers various resources to help candidates prepare for the exam, including study materials, online courses, and practice exams. By obtaining the PMI-RMP certification, project managers can demonstrate their commitment to excellence in risk management and enhance their professional reputation.
NEW QUESTION # 141
A risk manager has noticed that response actions are not working as expected when a risk occurs, mainly because the risk triggers are not well-defined. Which tool should the risk manager use to facilitate risk trigger identification in the upcoming risk review assessment?
- A. Risk burndown chart
- B. Risk breakdown structure (RBS)
- C. Affinity diagram
- D. Ishikawa diagram
Answer: D
Explanation:
An Ishikawa diagram, also known as a fishbone or cause-and-effect diagram, is a tool used to systematically identify potential factors causing an overall effect. In the context of risk management, it helps in pinpointing specific triggers that could lead to identified risks. By categorizing potential causes, the project team can visualize and analyze the root causes of risks, ensuring that risk triggers are well-defined and understood. This clarity enhances the effectiveness of response actions when risks materialize.
PMI Risk Management Study Guide References:
The PMI-RMP Exam Preparation Study Guide discusses the use of Ishikawa diagrams in risk identification, stating that they "assist teams in uncovering root causes of potential risks by visually mapping out cause-and- effect relationships."
NEW QUESTION # 142
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 not a risk response, but a change request.
- C. This is avoidance because the risk response caused the project plan to be changed.
- D. This is mitigation because the response reduces the probability.
Answer: D
NEW QUESTION # 143
Mary is the project manager of the HGH Project for her company. She and her project team have agreed that if the vendor is late by more than ten days they will cancel the order and hire the NBG Company to fulfill the order. The NBG Company can guarantee orders within three days, but the costs of their products are significantly more expensive than the current vendor. What type of a response strategy is this?
- A. External risk response
- B. Contingent response strategy
- C. Expert judgment
- D. Internal risk management strategy
Answer: B
NEW QUESTION # 144
Your project team has identified a project risk that must be responded to. The risk has been recorded in the risk register and the project team has been discussing potential risk responses for the risk event. The event is not likely to happen for several months but the probability of the event is high. Which one of the following is a valid response to the identified risk event?
- A. Risk audit
- B. Earned value management
- C. Corrective action
- D. Technical performance measurement
Answer: C
NEW QUESTION # 145
Multiple new risks have come up on a project that were not included on the risk register. The project manager met with the team to explain that risk management is critical for the success of the project, and risk identification is key.
What should the project manager do next?
- A. Determine the likelihood and impact of the risks.
- B. Review assumptions and constraints around risks.
- C. Develop the risk response plans for identified risks.
- D. Apply an iterative approach to risk identification.
Answer: D
Explanation:
Explanation
The project manager should apply an iterative approach to risk identification, which involves continuous risk identification throughout the project lifecycle. This will help to identify and address new risks that may arise during the project.
According to the PMBOK Guide, risk identification is the process of determining which risks may affect the project and documenting their characteristics. It is an iterative process because new risks may evolve or become known only as the project progresses through its life cycle. There are many techniques available for risk identification and assessment, such as brainstorming, interviews, checklists, SWOT analysis, cause and effect diagrams, etc. The project manager should apply an iterative approach to risk identification to ensure that all relevant risks are captured and updated throughout the project. The project manager should also involve the project team and other stakeholders in the risk identification process to obtain their input and perspectives.
The other options are not valid for the next step after explaining the importance of risk management to the team:
Review assumptions and constraints around risks: This is a technique for risk identification, but it is not the only one. The project manager should use a combination of techniques to identify risks, not just focus on one aspect. Also, reviewing assumptions and constraints is not the same as applying an iterative approach, which implies repeating the risk identification process at regular intervals or when changes occur.
Develop the risk response plans for identified risks: This is a step in the Plan Risk Responses process, which comes after the Perform Qualitative Risk Analysis and Perform Quantitative Risk Analysis processes. The project manager should not develop the risk response plans before identifying and analyzing the risks.
Determine the likelihood and impact of the risks: This is a step in the Perform Qualitative Risk Analysis process, which comes after the Identify Risks process. The project manager should not determine the likelihood and impact of the risks before identifying them.
References: PMBOK Guide1, Risk Management Professional (PMI-RMP) Cert Guide
NEW QUESTION # 146
A project team does not understand why a very low probability risk occurred during project execution. The team was especially vigilant about planning for this type of risk during the risk planning phase. The project has been delayed by 2 months, and the stakeholders are considering canceling the project. The risk manager needs to demonstrate that the project can be concluded.
Which analysis should the risk manager perform to demonstrate this to the stakeholders'?
- A. Ishikawa analysis
- B. Pareto analysis
- C. Monte Carlo analysis
- D. Qualitative risk analysis
Answer: A
Explanation:
In this scenario, a low-probability risk has occurred, leading to a significant project delay. To demonstrate to stakeholders that the project can still be concluded successfully, it's essential to identify the root cause of this unexpected event. An Ishikawa diagram, also known as a fishbone diagram or cause-and-effect diagram, is a tool that helps in identifying the various potential causes of a specific problem or effect. By systematically exploring all possible causes, the project team can pinpoint the underlying issues that led to the risk event.
Understanding these root causes enables the team to implement corrective actions and preventive measures, thereby assuring stakeholders of the project's viability and the team's commitment to addressing unforeseen challenges effectively.
PMI Risk Management Study Guide References:
The PMI-RMP Exam Preparation Study Guide emphasizes the importance of root cause analysis in risk management, stating that tools like the Ishikawa diagram are instrumental in uncovering the fundamental reasons behind unexpected risk events, which is crucial for developing effective mitigation strategies.
NEW QUESTION # 147
You are the project manager for the TTR project. You are in the process of gathering information for risk identification. You ask experts to participate in the process through their emails for maintaining anonymity. You collect the responses, summarize them, and are then re-circulated to the experts for further comment. Which of the following techniques are you using for risk identification?
- A. SWOT analysis
- B. Expert judgment
- C. Delphi
- D. Brainstorming
Answer: C
NEW QUESTION # 148
During a risk identification session, the risk manager notices that subject matter experts (SMEs) are reluctant to participate because some risks could expose the poor maturity of processes in other business units. Which risk analysis technique should the risk manager use?
- A. Decision tree analysis
- B. Strengths, weakness, opportunities, and threats (SWOT) analysis
- C. Delphi technique
- D. Probability impact matrix
Answer: C
Explanation:
Explanation
According to the PMI-RMP Exam Content Outline1, one of the tools and techniques for risk identification is the Delphi technique. This is a method of obtaining expert opinions anonymously and iteratively until a consensus is reached. The Delphi technique can help overcome the problem of SMEs being reluctant to participate in risk identification because it allows them to express their views without fear of criticism or confrontation from other participants. The Delphi technique can also reduce the influence of dominant or biased individuals and encourage honest and independent feedback. Therefore, the best answer is
B: References: 1: PMI-RMP Exam Content Outline, page 8.
NEW QUESTION # 149
A project manager for a predictive project just received a scope change request where additional development is required. What should the risk manager do to support the project manager with this scope change request?
- A. Reassess the identified risks that impact the project scope.
- B. Update the risk management plan to reflect the scope change.
- C. Update the risk register to identify, analyze, and plan a response for any new risk.
- D. Evaluate any new risks that are introduced due to the change in scope.
Answer: D
Explanation:
According to the PMBOKGuide, a scope change request is a formal proposal to modify any project document, deliverable, or baseline. It is an output of the Perform Integrated Change Control process, which is the process of reviewing all change requests, approving changes, and managing changes to the deliverables, organizational process assets, project documents, and the project management plan. A scope change request may introduce new risks or affect existing risks on the project, which may impact the project objectives, such as scope, schedule, cost, and quality.
The risk manager should support the project manager with the scope change request by evaluating any new risks that are introduced due to the change in scope. This is because the risk manager is responsible for planning, implementing, and monitoring the risk management activities on the project, as well as communicating and reporting the risk information to the project manager and other stakeholders. The risk manager should use the appropriate risk identification and analysis techniques, such as brainstorming, interviews, checklists, SWOT analysis, cause and effect diagrams, probability and impact assessment, etc., to identify and evaluate the new risks that may arise from the scope change. The risk manager should also document the new risks in the risk register, which is a project document that contains the details of all identified individual project risks and other relevant information.
The other options are not valid for what the risk manager should do to support the project manager with the scope change request:
Update the risk management plan to reflect the scope change: This is not a valid option because the risk management plan is a component of the project management plan, which describes how risk management activities will be structured and performed on the project. It is an output of the Plan Risk Management process, which is the process of defining how to conduct risk management activities for a project. The risk management plan should not be updated to reflect the scope change, but rather to reflect any changes in the risk management approach, methodology, roles and responsibilities, budget, timing, risk categories, definitions, reporting formats, etc. The risk management plan should be updated only when there is a change in the risk management process, not in the project scope.
Reassess the identified risks that impact the project scope: This is not a valid option because reassessing the identified risks that impact the project scope is part of the Monitor Risks process, which is the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project. The risk manager should not reassess the identified risks that impact the project scope before evaluating any new risks that are introduced due to the change in scope. The risk manager should first identify and analyze the new risks, and then reassess the existing risks to determine if they are still valid, relevant, and prioritized.
Update the risk register to identify, analyze, and plan a response for any new risk: This is not a valid option because updating the risk register to identify, analyze, and plan a response for any new risk is a combination of several risk management processes, such as Identify Risks, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, and Plan Risk Responses. The risk manager should not update the risk register to identify, analyze, and plan a response for any new risk in one step, but rather follow the sequential and iterative risk management processes to ensure a comprehensive and consistent risk management approach. The risk manager should also coordinate and communicate with the project manager and other stakeholders when updating the risk register, as well as obtain their approval and input.
NEW QUESTION # 150
You are the project manager of the AFD project for your company. You are working with the project team to reassess existing risk events and to identify risk events that have not happened and whose relevancy to the project has passed. What should you do with these events that have not happened and would not happen now in the project?
- A. Add the risk to the issues log
- B. Close the outdated risks
- C. Add the risks to a low-prioritywatchlist
- D. Add the risks to the risk register
Answer: B
NEW QUESTION # 151
You work as the project manager for Bluewell Inc. There has been a delay in your project work that is adversely affecting the project schedule. You decide, with your stakeholders' approval, to fast track the project work to get the project done faster. When you fast track the project, what is likely to increase?
- A. Quality control concerns
- B. Human resource needs
- C. Risks
- D. Costs
Answer: C
Explanation:
Explanation/Reference:
NEW QUESTION # 152
A financial service firm adheres to heavily regulated compliance legislation. During the firm's latest project, the Chief Financial Officer (CFO) and the Chief Information Officer (CIO) endorsed a risk-based approach.
This approach ensured compliance with the legislative requirements for properly storing confidential employee salary information. The risk manager recorded this information in the project's risk management plan.
What is the organization's risk maturity level?
- A. Medium maturity
- B. No maturity
- C. High maturity
- D. Low maturity
Answer: C
Explanation:
An organization that uses an integrated, risk-based approach supported by executive management and documents this in a risk management plan demonstrates a high level of risk maturity. This aligns with best practice models such as the PMI's Organizational Project Management Maturity Model (OPM3) and ISO
31000:
"High maturity organizations have risk management integrated with governance and strategic decision- making, with executive-level endorsement and formal documentation."
- ISO 31000:2018, Section 5.2
"At the highest maturity, risk management is part of the culture and is proactively used to achieve objectives."
- OPM3, PMI
References:
ISO 31000:2018, Section 5.2
PMI OPM3 Model
NEW QUESTION # 153
You are the project manager of the GHQ project for your company. You are working with your project team to prepare for the qualitative risk analysis process. Mary, a project team member, does not understand why you need to complete qualitative risks analysis. You explain to Mary that qualitative risks analysis helps you determine which risks needs additional analysis. There are also some other benefits that qualitative risks analysis can do for the project. Which one of the following is NOT an accomplishment of the qualitative risk analysis process?
- A. Prioritization of identified risk events based on probability and impact
- B. Corresponding impact on project objectives
- C. Time frame for a risk response
- D. Cost of the risk impact if the risk event occurs
Answer: D
NEW QUESTION # 154
Examine the figure given below.
What will be the expected monetary value of Risk C?
- A. $175,000 if the risk event actually happens
- B. -$175,000
- C. -$27,000
- D. -$113,750
Answer: C
NEW QUESTION # 155
A risk manager was recently hired to assist with a mid-sized infrastructure project. The risk manager becomes aware that they have an inexperienced project team.
What two items should the risk manager have their team review in order to prepare for an upcoming risk identification workshop? (Choose two.)
- A. Monte Carlo analysis from a similar project
- B. Organization chart for city permit department
- C. Scope of work and requirements
- D. List of pre-approved contractors
- E. Risk management plan
Answer: C,E
Explanation:
Explanation
The risk manager should have their team review the scope of work and requirements to ensure they understand the project's objectives and deliverables. Additionally, reviewing the risk management plan will help the team understand the risk management process, roles, and responsibilities, and prepare for the risk identification workshop.
NEW QUESTION # 156
A project manager managing a high-risk rating project was just informed that one of the key project resources has decided to leave the organization. The project manager asks the risk manager for their recommendations.
The risk manager previously identified this as a risk and had created a transition plan to enable another resource to carry out the same duties. The risk manager was informed that by transitioning the responsibilities to the new resource, new risks to the completion dates of other project-related tasks appear.
What should the risk manager advise the project manager?
- A. Update the risk management plan with the new probabily/impact and change the response.
- B. Apply a risk acceptance strategy to the new risks as there is no risk response plan.
- C. Escalate the new risks immediately to the project stakeholders to ensure proper risk communication is in place.
- D. Address these secondary risks as per the risk management plan
Answer: B
Explanation:
In this situation, the departure of a key project resource was an anticipated risk, and a transition plan was established as a response. However, implementing this plan has introduced new risks, known as secondary risks, which may impact the completion dates of other project-related tasks. According to PMI's risk management framework, it's essential to address these secondary risks in alignment with the predefined risk management plan. This involves assessing the new risks' probabilities and impacts, determining appropriate response strategies, and updating the risk register accordingly. By systematically managing secondary risks as outlined in the risk management plan, the project manager can mitigate potential adverse effects on the project's schedule and objectives.
PMI Risk Management Study Guide References:
The PMI-RMP Exam Preparation Study Guide highlights the necessity of managing secondary risks, stating that "secondary risks should be identified, analyzed, and planned for in the same manner as primary risks, ensuring that all potential threats to project objectives are adequately addressed."
NEW QUESTION # 157
You and your project team are identifying the risks that may exist within your project. Some of the risks are small risks that won't affect your project much if they happen. What should you do with these identified risk events?
- A. These risks can be added to a low priority risk watch list.
- B. These risks can be accepted.
- C. All risks must have a valid, documented risk response.
- D. These risks can be dismissed.
Answer: A
NEW QUESTION # 158
You are the project manager of the NHK Project. Management wants to know how often your risk identification process will occur during the project. Considering that your project is scheduled to last one year and involvs five distinct phases, how often should risk identification take place?
- A. Quarterly
- B. Vary depending on the situations within the project
- C. Once per project life cycle phase
- D. Monthly
Answer: B
NEW QUESTION # 159
A newly assigned risk manager realizes that a project has unrealistic funding and low resources. Which document should the risk manager review?
- A. Risk assessment criteria
- B. Project management plan
- C. Project assumptions
- D. Risk management plan
Answer: C
Explanation:
When a risk manager realizes that a project has unrealistic funding and low resources, the appropriate document to review is the Project Management Plan. The Project Management Plan includes detailed information about the project's budget, resources, and overall strategy. By reviewing this plan, the risk manager can identify any discrepancies between the planned and actual resources and funding, allowing them to assess the associated risks and take necessary corrective actions.
PMI's standards indicate that the Project Management Plan is the primary document that outlines how the project will be executed, monitored, and controlled, including how resources and budgets are allocated.
NEW QUESTION # 160
A supplier Is delayed in delivering fuel for a project. The project manager anticipated this risk and is requesting fuel from another supplier. When speaking with the other supplier, a new risk appears because fulfilling the order will cause delays with several other projects.
After performing a detailed analysis, what should the risk manager do?
- A. Execute the approved risk response plan.
- B. Negotiate with the supplier to resolve the problem.
- C. Assign a team member to update the issue leg.
- D. Escalate the problem to the project sponsors.
Answer: A
Explanation:
According to the PMI Risk Management Professional (PMI-RMP)®Examination Content Outline1, one of the tasks in the domain of Risk Response is to execute the approved risk response plan in accordance with project guidelines and procedures1. A risk response plan is a component of the project management plan that describes the agreed-upon and funded actions to address the project risks, both positive and negative2. In this scenario, the risk manager should execute the approved risk response plan to deal with the new risk that appears when requesting fuel from another supplier, which will cause delays with several other projects. The risk response plan should have been developed and approved during the risk response planning process, which involves selecting and prioritizing the appropriate risk strategies and actions for each risk3. The risk response plan should also be aligned with the project guidelines and procedures, which are the rules and directions that define the project's scope, schedule, cost, quality, and other aspects4. The risk manager should not escalate the problem to the project sponsors, because that is not a risk response strategy, but rather a way to seek higher-level authority or support for a risk that is outside the project's scope or influence5. The risk manager should not negotiate with the supplier to resolve the problem, because that is not a risk response strategy, but rather a procurement management technique that involves reaching a mutually acceptable agreement with the supplier on the terms and conditions of the contract6. The risk manager should not assign a team member to update the issue log, because that is not a risk response strategy, but rather a risk monitoring and reporting technique that involves tracking and documenting the issues that have occurred or are currently affecting the project7. References: 1: PMI Risk Management Professional (PMI-RMP)®Examination Content Outline, page 102: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, page
4143: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, page
4404: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, page 385:
A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, page 4376: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, page 4717: What Is an Issue Log? Templates & Tips7.
NEW QUESTION # 161
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