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PMI-RMP: PMI Risk Management Professional

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PMI

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Last Updated
April - 2025
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The PMI-RMP (Risk Management Professional) exam is a key certification for professionals aspiring to advance their careers in project risk management. Our comprehensive resource for PMI-RMP practice tests, shared by individuals who have successfully passed the exam, provides realistic scenarios and invaluable insights to enhance your exam preparation.

Why Use PMI-RMP Practice Test?

  • Real Exam Experience: Our practice test accurately replicates the format and difficulty of the actual PMI-RMP exam, providing you with a realistic preparation experience.

  • Identify Knowledge Gaps: Practicing with these tests helps you identify areas where you need more study, allowing you to focus your efforts effectively.

  • Boost Confidence: Regular practice with exam-like questions builds your confidence and reduces test anxiety.

  • Track Your Progress: Monitor your performance over time to see your improvement and adjust your study plan accordingly.

Key Features of PMI-RMP Practice Test:

  • Up-to-Date Content: Our community ensures that the questions are regularly updated to reflect the latest exam objectives and technology trends.

  • Detailed Explanations: Each question comes with detailed explanations, helping you understand the correct answers and learn from any mistakes.

  • Comprehensive Coverage: The practice test covers all key topics of the PMI-RMP exam, including risk management processes, risk identification, risk analysis, and risk response planning.

  • Customizable Practice: Create your own practice sessions based on specific topics or difficulty levels to tailor your study experience to your needs.

Exam number: PMI-RMP

Exam name: Risk Management Professional (PMI-RMP)

Length of test: 3 hours

Exam format: Multiple-choice questions

Exam language: English

Number of questions in the actual exam: 150 questions

Passing score: Determined through psychometric analysis

Use the member-shared PMI-RMP Practice Test to ensure you’re fully prepared for your certification exam. Start practicing today and take a significant step towards achieving your certification goals!

Related questions

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 USS1.5 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?

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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?

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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.)

Applying modern risk management techniques.

Applying modern risk management techniques.

Aligning to project constraints and priorities.

Aligning to project constraints and priorities.

Ensuring risk response strategies mitigate all risks.

Ensuring risk response strategies mitigate all risks.

Minimizing implementation costs.

Minimizing implementation costs.

Obtaining stakeholder acceptance

Obtaining stakeholder acceptance

Suggested answer: B, E
Explanation:

To ensure an effective risk management plan, the risk manager needs to consider aligning the plan to project constraints and priorities and obtaining stakeholder acceptance, as these factors will help ensure that the plan is relevant and supported by the project team and stakeholders.

According to the PMI-RMP Handbook, the risk management plan is a document that describes how risk management activities will be structured and performed on the project. It is one of the main outputs of the Plan Risk Management process. The risk management plan should consider the following factors to ensure its effectiveness:

Aligning to project constraints and priorities: The risk management plan should be aligned with the project objectives, scope, schedule, cost, quality, resources, and stakeholder expectations. It should also reflect the project's risk appetite, tolerance, and threshold levels, which indicate the degree of uncertainty that the project can accept. The risk management plan should prioritize the risk management activities based on the project's critical success factors and key performance indicators.

Obtaining stakeholder acceptance: The risk management plan should be developed with the involvement and input of key stakeholders, such as the project sponsor, customer, team members, subject matter experts, and other relevant parties. The risk management plan should be communicated and approved by the stakeholders to ensure their commitment and support for the risk management process. The risk management plan should also define the roles and responsibilities of the stakeholders in risk management, as well as the reporting and escalation mechanisms.

The other options are not valid factors for ensuring an effective risk management plan:

Applying modern risk management techniques: The risk management plan should apply the appropriate risk management techniques that suit the project's context, complexity, and characteristics. The techniques should be based on the best practices and standards of the profession, such as the PMBOK Guide and the Practice Standard for Project Risk Management. The techniques do not have to be modern or innovative, as long as they are effective and efficient.

Ensuring risk response strategies mitigate all risks: The risk management plan should define the risk response strategies that will be used to address the identified risks. However, the risk response strategies do not have to mitigate all risks, as some risks may be accepted, transferred, or avoided. The risk response strategies should be based on the risk analysis and evaluation, which consider the probability and impact of the risks, as well as the cost and benefits of the responses.

Minimizing implementation costs: The risk management plan should consider the budget and resources available for the risk management activities. However, the risk management plan should not aim to minimize the implementation costs at the expense of the quality and effectiveness of the risk management process. The risk management plan should balance the costs and benefits of the risk management activities, and ensure that they provide value to the project.

asked 14/11/2024
DAVID Durbin
42 questions

The project manager asks the risk manager to determine the initial risk assessment for a six month initiative that is about to kick-off. Which two artifacts will help the risk manager conduct the related analysis? (Choose two.)

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The project team is updating the risk register with the minimum acceptable level of exposure and impact for each risk. The team also wants to determine if they have reached the maximum level of exposure before they escalate the risk.

What should the team perform in this scenario?

Quantitative risk analysis

Quantitative risk analysis

Risk response planning

Risk response planning

Monitor and control risks

Monitor and control risks

Risk urgency assessment

Risk urgency assessment

Suggested answer: A
Explanation:

Quantitative risk analysis helps determine the minimum acceptable level of exposure and impact for each risk. It also helps to understand if the maximum level of exposure has been reached before escalating the risk. (Reference: PMBOK Guide, 6th Edition, p. 423)

The team should perform quantitative risk analysis, which is the process of numerically analyzing the effect of identified risks on overall project objectives. Quantitative risk analysis can help the team to establish the minimum acceptable level of exposure and impact for each risk, as well as the maximum level of exposure before escalation. Quantitative risk analysis can also provide probabilistic estimates of project outcomes, such as cost and schedule, and support risk prioritization and decision making.Reference:PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition, 2017, p. 399; PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 69.

asked 14/11/2024
Floran Pikaar
38 questions

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?

Perform a FMECA fault tree analysis

Perform a FMECA fault tree analysis

Conduct a sensitivity analysis

Conduct a sensitivity analysis

Perform a decision tree analysis

Perform a decision tree analysis

Conduct an analytic hierarchy process

Conduct an analytic hierarchy process

Suggested answer: C
Explanation:

A decision tree analysis is a tool that helps to evaluate and select the best option among different alternatives based on costs and probabilities. A decision tree analysis uses a graphical representation of a decision problem, where each node represents a decision point, a chance event, or an outcome. The branches of the tree show the possible choices, events, or consequences that can occur at each node. The end nodes of the tree show the expected value or payoff of each option, which is calculated by multiplying the probability and the cost or benefit of each outcome.A decision tree analysis can help to compare the expected values of different options and choose the one that maximizes the benefit or minimizes the cost1.A decision tree analysis can also help to incorporate uncertainty and risk into the decision making process, as it shows the range of possible outcomes and their likelihoods2. Therefore, the project manager should perform a decision tree analysis to evaluate and select the best option based on costs and probabilities for a mega facility development project. Performing a FMECA fault tree analysis, conducting a sensitivity analysis, or conducting an analytic hierarchy process are not the best options to evaluate and select the best option based on costs and probabilities. A FMECA fault tree analysis is a tool that helps to identify and analyze the potential causes and effects of failures in a system or process. It uses a graphical representation of a failure event, where each node represents a basic or intermediate event that contributes to the failure. The branches of the tree show the logical relationships between the events, using AND or OR gates.A FMECA fault tree analysis can help to calculate the probability and severity of failures, as well as to prioritize and mitigate the risks3. However, a FMECA fault tree analysis does not help to compare different options or alternatives, as it focuses on a single failure scenario. Conducting a sensitivity analysis is a tool that helps to measure how the uncertainty in the input variables of a model affects the output or outcome of the model. It uses a graphical or numerical representation of the relationship between the input and output variables, showing how the output changes when the input changes.A sensitivity analysis can help to identify the most critical or influential variables, as well as to test the robustness or reliability of the model4. However, a sensitivity analysis does not help to compare different options or alternatives, as it focuses on a single model or option. Conducting an analytic hierarchy process is a tool that helps to evaluate and select the best option among different alternatives based on multiple criteria. It uses a mathematical method of pairwise comparison, where each alternative is compared to each other in terms of each criterion. The results of the comparisons are then aggregated into a matrix, which shows the relative importance or preference of each alternative.An analytic hierarchy process can help to rank the alternatives and choose the one that best satisfies the criteria5.However, an analytic hierarchy process does not help to incorporate costs and probabilities into the decision making process, as it relies on subjective judgments and preferences.Reference:1,2,3,4,5.

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.

asked 14/11/2024
Dario ZUGCIC
46 questions

After the initial assessment of a new project, a project manager found that in order to complete the expected results, detailed and exhaustive planning will be required to ensure the product's characteristics and quality. What should the risk manager propose to the project manager what to do?

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A new company initiates a project to incorporate a cybersecurity team. Which three documents should the risk manager analyze first? (Choose 3)

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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?

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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?

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