Latest PMI-RMP Dumps (V10.02) – Great Study Materials for Your Successful PMI Risk Management Professional (PMI-RMP) Exam Preparation

1. As per the risk analysis process carried out for a project, two risks are registered. The probability risk A will occur is 40% and its monetary impact to the project is US$100,000. The probability risk B will occur is 60% and its monetary impact to the project is US$20,000 .

What is the total contingency budget that should be created?

2. A risk manager notices that a risk owner is facing challenges implementing their response strategy and the costs are significantly exceeding expectations .

What is the first thing the risk manager should do?

3. The risk manager also serves as a facilitator for a project and realizes the project team members have biases impacting how they perceive risks .

What analysis is currently being used?

4. A project manager has requested a risk manager facilitate risk identification on a project. While facilitating this effort, the project manager wants to ensure that stakeholders interact and provide their expertise so that an exhaustive list of risks is created .

Which risk identification technique should the risk manager use?

5. In a project to promote public health and mitigate health risks, the national health authorities intend to take actions to limit the risks of harmful insects by using pesticides; however, it is expected that some residents will have negative health effects due to the use of the pesticides but according to the assessment completed by the health authorities, not moving forward with this plan will have much more serious consequences on public health rather than following through with the original plan .

How should the project manager address this concern with the health authorities?

6. 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?

7. A company is preparing a formal response to bid for an infrastructure engineering, procurement, and construction project. When should a risk register be developed to identify risks?

8. A risk manager completed risk response planning for a project that is currently in the execution phase. During a periodic review of the risk register, the project manager recognizes that some key secondary risks have not been considered.

Who should the project manager hold accountable for missing the risks?

9. A project manager is identifying risks on a project and decides to use a risk checklist to gather historical data accumulated from similar projects.

With several different historical project files to choose from, which two pieces of information should the project manager include in their risk checklist? (Choose two.)

10. 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?

11. A project is at the final development stage. The test lead informs the risk manager that a key feature may not be testable due to changes in the environment.

What should the risk manager do?

12. A risk manager is managing risks of a mission critical application. A subject matter expert (SME) asks the risk manager to treat every single risk identified as an extremely high priority .

What should the risk manager do?

13. The risk manager notices that in their workshops, most of the risks identified are threats .

What should the risk manager do to increase the number of opportunities identified?

14. During the monthly executive review meeting, the project sponsor would like to understand how the project team has planned to manage risks that were identified in the last meeting .

What should the project manager do?

15. A project manager is trying to realize benefits from new material on an adaptive project. This is the first time the project team is using the material so the team does not have information to identify and analyze risks. A team member informs the project manager that a local university has recently published a research journal on the same material.

Where should the project manager find this information?

16. A risk manager is confident that they have identified and quantified the risks and opportunities for a project.

When presenting their work to management, on what areas should the risk manager focus? (Choose two.)

17. 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?

18. A project manager works on a long-term and high visibility project at an organization that has a low risk appetite towards this project due to its impact on the company's business. The project sponsors follow up weekly with the project manager, who was just informed by one of the risk owners that the exposure from two high-impact risks are hitting the risk thresholds .

What should the project manager do next?

19. The project team recorded a risk in the risk register indicating that weather-related delays may impact equipment delivery during project execution. When it is time to request the equipment shipment there is bad weather, but the client wants the equipment delivered anyway .

What should the project manager do?

20. 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?

21. A company in the mining industry accommodates a lot of innovation and changing work conditions.

Because of this, the company experiences difficulty in predicting long term business plans.

How should a professional risk manager manage the risks in such situations?

22. While implementing the risk response plan for a previously identified risk, some secondary risks were identified but not captured on the risk register. The project manager decided to review the risk management plan to ensure this does not happen for future, similar situations .

What should the project manager do next?

23. A project manager is working on a high priority and high profile project. The project team had identified three opportunities, and after analysis, risk responses were recorded. Although risk responses were adequate for the identified opportunities, two of those opportunities were not acted upon. During the risk audit, the project manager found out that several of the planned risk responses were not implemented.

What should the project manager have done to avoid this?

24. A project manager is working on a complex construction project. During the risk identification process, hundreds of risks were identified. The team seems to be confused regarding on which risks to focus. The project manager advises the team to go ahead and start assessing the likelihood and impact of each risk.

What process is this part of?

25. A home solar panel project has many internal and external stakeholders including households, businesses, community groups, electric utility companies, local government officials, landlords, and investors .

What should the project manager do when engaging stakeholders?

26. Project stakeholders can often be risk averse with little to no knowledge of the risk process .

How should a risk manager increase stakeholder risk appetite?

27. A risk manager documents the causes in the risk register and needs to ensure the risk is adequately described .

What is critical for the risk manager to consider when describing the causes?

28. The project director and project manager have met with the board and determined that the project has depleted the entire contingency reserve and has started eroding the profit margin. The project manager would like the risk manager to take full advantage of opportunities.

Which response should the risk manager take?

29. 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?

30. The risk manager conducted an updated Monte Carlo simulation for the project at the end of a phase. The simulation reveals a key activity is now on the critical path.

What recommendation should the risk manager make to the project manager?

31. A project that was in the execution phase for the last six months was put on hold and was eventually cancelled after numerous scope related challenges. It was decided to re-plan the scope and divide the project into multiple projects to have better insight into end objectives. As part of the project start up. the project manager is developing the risk planning for the project.

What three artifacts should the project manager consult or review during this process? (Choose three.)

32. A risk manager of a major project facilitates a meeting to develop the risk management plan .

What two factors does the risk manager need to consider to ensure an effective risk management plan is developed? (Choose two.)

33. Upon reviewing the risk analysis results, the project manager notices several risks that occur more frequently than others .

What should the project manager do?

34. The project risk manager is in the process of identifying risks. The project sponsor has communicated that there is an influential stakeholder who has a senior management position. The other stakeholders do not feel comfortable speaking in front of this stakeholder .

What should the project risk manager do next to identify risks?

35. A certain risk is identified for a major project, and the risk response is planned. However, the analysis reveals a high probability for a secondary risk which will be tolerated based on the organization's risk thresholds. The secondary risk is subsequently registered. During project execution, the primary risk occurs, the planned action is taken, and the secondary risk emerges.

What two actions should the risk owner take? (Choose two.)

36. 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?

37. Towards the end of definitive design, project costs have increased to the point where it will be classified as a capital asset project. The customer has expressed they want one final total project completion date and will afford no extensions after it is established .

How should the risk manager proceed?

38. The project manager is reviewing the lessons learned from a previous similar project. The previous project was delayed due to the delay in delivery of a gas turbine generator (GTG). Construction of the previous project had to be shut down unexpectedly to wait for the late delivery of the GTG .

What should the project manager do first?

39. The project manager and the risk manager of a new project to develop an application to support autonomous driving are meeting with the sponsor and key stakeholders to discuss the project. During the meeting, it is identified that the transport authority is discussing new traffic regulations for the industry that could be in place before the project ends.

How should the project manager and the risk manager handle this situation?

40. A project manager wants to work on understanding the project risks. The project manager works with the integrated project team to develop the risk handling strategies for the identified risks .

How should the project manager work with these risk handling strategies?

41. 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?

42. The project manager for project X was expecting the mobilization of critical equipment from another project, project Y. However, a day before the mobilization was scheduled, another project manager notifies project X's project manager that the equipment would not be available for at least another month due to delayed activities for project Y. This has jeopardized meeting a critical milestone for project X.

How should project X's project manager avoid this situation in the future?

43. An organization performs an annual strategies and initiatives workshop during which a strengths, weaknesses, opportunities, and threats (SWOT) analysis is being conducted. As part of this process the functional managers identify the opportunities and threats .

What should the risk manager do next?

44. The project manager has completed four projects all with similar scope. The project manager has recently been assigned to start on a new project and believes some risks may occur again on this project.

What should the project manager do?

45. During project planning, a risk is identified for which the risk manager has defined a mitigation strategy. Later during project execution, this risk still leaves substantial residual risk.

What should the risk manager do to handle this situation?

46. An organization that spans across different countries undergoes a digital transformation project. The project manager has assigned a risk management team leader who is a risk management certified candidate in their domain.

What should the risk management team leader do in the early stages of the project?

47. A project manager is assigned to a new project and is told they need to develop the project's risk register.

When should the project manager identify the project risks?

48. A new risk manager is assigned to an ongoing project, what should the new risk manager do first to assess the project environment?

49. A risk manager faces resistance as they try to implement the project's risk strategy. Some members of the project team believe it is a waste of time and money.

What should the risk manager do?

50. The project sponsor asks the project manager about the accuracy of the project data. The project manager realizes that some risks have not been updated recently .

What should the project manager do regarding those risks?

51. A two-year project with a budget of US$2 million has completed about 60% of the work at the end of the first year. The actual cost incurred to complete the remaining 40% of work is about USS 1. 5 million. As a part of performing a specialized risk analysis, the calculated schedule performance index (SPI) is 1. 2 and cost performance index (CPI) is 0.53 .

How should the risk manager interpret such a low CPI value?

52. A risk manager is managing risks in a project. During the initial stages of project execution, a new risk is identified. There is a very small chance that this risk will occur and even if it occurs, the impact would be low.

What should the risk manager do with this risk?

53. A project manager identified a risk of communication issues with the client which may impact the project schedule. A member of (he sales team advises that this client prefers face-to- face conversations.

What should the project manager do to avoid this risk?

54. A complex project that had hundreds of risks is almost done. The project manager is closing the risks as part of the closing process. One team member mentions that there are important documents to be updated.

Which document will need to be updated?

55. A risk management professional is in the process of categorizing risks when a subject matter expert (SME) suggests categorizing the risks by their impact to the project objectives .

Why should the risk management professional use this approach?

56. Members of a project team are not taking their risk management responsibilities seriously. They do not consider risk management as primary to the project’s success and do not believe that the benefits are significant.

What should the risk manager do?

57. After a number of risk workshops, risks have been identified .

Which is the first element the risk owner should look for in the response plan to help mitigate the risks?

58. A project manager is working on a construction project. Based on past experience, the project manager identifies a risk that a supplier of a critical material may not deliver on time. The project manager has already accounted for this risk in the risk management plan. If this risk materializes, the project manager plans to procure the material from a different supplier. A potential risk in this plan is that there may be differences in the material provided by the first and second supplier .

What type of risk is this?

59. Several key stakeholders approach the project manager with concerns. The stakeholders have received feedback from local businesses that have reported a reduction in customers because of construction activities at the worksite, and they plan to submit a claim to the municipality to fine the project manager's company.

How should the project manager address this concern?

60. A list of risks was identified that could occur during the design phase. Now, the team finished the design phase and those risks did not materialize .

What should the project manager do next?

61. An IT project is 40% complete. During the initial analysis, risks A and B were identified for the project. Risk A has a probability of 0.6 and an impact of US$50.000. Risk B has a probability of 0.7 and an impact of USS60.000. After implementing the planned risk response for risk B. the probability of risk B has been reduced is 0.3.

What is the current project risk exposure?