PMI Risk Management Professional (PMI-RMP) Free Practice Test

Question 1

During the project ' s lifecycle, project risk managers must monitor any risks and address risk responses. What does this level of monitoring consist of?

A. Track identified risks and maintain the viability of response plans.

B. Develop the overall risk management strategy for risk integration.

C. Provide a numerical estimate of the overall effect of risk on the objectives.

D. Carry out the agreed risk response action should the risk occur.

Correct Answer: A

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Question 2

A newly assigned risk manager realizes that a project has unrealistic funding and low resources. Which document should the risk manager review?

A. Risk management plan

B. Risk assessment criteria

C. Project assumptions

D. Project management plan

Correct Answer: C

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Question 3

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?

A. Highlight this situation to the project manager

B. Change the risk response strategy

C. Conduct a cost-benefit analysis

D. Analyze the situation and meet with the risk owner

Correct Answer: D

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Question 4

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. Pareto analysis

B. Monte Carlo analysis

C. Qualitative risk analysis

D. Ishikawa analysis

Correct Answer: B

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Question 5

A core project team is working on unrelated tasks in advance to reduce the risk of delay due to an external team not completing its tasks on time. The core project team has completed all possible unrelated tasks but cannot move forward, because the external team ' s tasks have yet to be completed.
What should the risk manager do next?

A. Crash the schedule to mitigate the risk consequences.

B. Transfer the risk to the external team.

C. Start a quantitative analysis to understand the impact.

D. Ask the risk owners to review the risk response plan.

Correct Answer: D

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Question 6

One project in a program needs to be completed in 6 months because there is a large bonus for early completion. Consequently, the program manager transfers all resources to this project and arranges for employees to receive overtime pay.
Which risk response strategy is the program manager using in this scenario?

A. Exploit

B. Escalate

C. Transfer

D. Enhance

Correct Answer: A

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Question 7

The customer expresses concern about the increasing likelihood of delays from one of the subcontractors on the project. This risk was previously identified and planned for during the project planning phase. The project sponsor reassured the customer that this is a known risk and will be handled accordingly by the risk manager.
What should the risk manager do?

A. Escalate risk to the owner.

B. Reinforce the customer relationship.

C. Call an emergency meeting.

D. Implement the risk response plan.

Correct Answer: D

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Question 8

A project manager has finished the project charter for a project and has now moved into the planning phase.
In the first planning meeting, the project manager is trying to determine the risk tolerance and risk attitudes of the project ' s key stakeholders.
What is the first resource the project manager should reference?

A. Benefits management plan

B. Requirements management plan

C. Enterprise environmental factors (EEFs)

D. Project charter

Correct Answer: D

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Question 9

A financial services company has implemented a risk response plan to mitigate potential cybersecurity threats.
The project team has conducted a series of tests to ensure the new security measures are effective. However, some executives have expressed concerns about the impact of these measures on daily operations.
What should the risk manager do?

A. Organize a stakeholder workshop to discuss the effectiveness of the new security measures.

B. Facilitate a risk identification session on security measures with the company executives.

C. Implement additional security measures to address the concerns expressed by the executives.

D. Acknowledge the concerns and focus on monitoring the effectiveness of the new security measures.

Correct Answer: A

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Question 10

Some project risks are applicable for the project ' s lifecycle while others risks are only applicable to specific project activities. When should project risks be closed?

A. When the stakeholders agree a risk is no longer applicable

B. When the forecast activity date has been met or exceeded

C. When iterative data analysis determines the risk is not applicable

D. When the risk has been realized and can no longer happen again

Correct Answer: A

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Question 11

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?

A. US$68,000

B. US$52,000

C. US$80,000

D. US$120,000

Correct Answer: B

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Question 12

A global company with diverse teams is working on an extensive infrastructure project. The risk manager monitors separate risk registers for different project phases and identifies that several risks recorded during earlier phases are no longer applicable because the project has progressed into subsequent phases. The risk manager needs to control the risks that expired during the previous phases.
What should the risk manager do?

A. Brainstorm the potential impacts of the expired risks.

B. Develop a new risk-response plan for the expired risks.

C. Close the expired risks and update the risk registers.

D. Assign dedicated risk owners to the expired risks.

Correct Answer: C

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Question 13

A project team has just initiated a large project to move an organization ' s headquarters to another location.
The risk manager has scheduled a risk identification session but notices that the project charter, work breakdown structure (WBS). and scope statement are not available.
What should the risk manager consider?

A. The ideal solution is to find alternate documents that provide good visibility on the environment.

B. The risk identification process can be carried out as long as the project statement is available.

C. Aligning with the project manager to hold an open brainstorm session with all stakeholders will suffice.

D. Risk evaluation will be challenging without these elements as a frame of reference.

Correct Answer: D

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Question 14

The scope of a large mobile network deployment project includes equipment to be furnished by the customer.
The risk manager is concerned that the equipment delivery might be delayed, causing additional delays in the project.
What should the risk manager do?

A. Obtain a signed commitment from the customer that equipment will be delivered on time.

B. Ensure the equipment constraint is well-documented and manage it as a high-impact project risk.

C. Follow up on the schedule and assess the best course of action if any delays are detected.

D. Raise the issue with the project sponsor so it can be handled as a sales or contractual matter.

Correct Answer: B

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PMI Risk Management Professional (PMI-RMP) Free Practice Test