PMI PMI-RMP Practice Test - Questions Answers, Page 15
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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?
Enhance risk identification.
Review the contingency reserves.
Create a risk response plan.
Review the risk registry.
During a brainstorming session, a stakeholder identifies a risk that, if realized, could greatly impact their team. The stakeholder insists that this particular risk should be mitigated to the greatest extent possible, however, the majority of other stakeholders feel that different risks have higher probabilities of occurring.
Which action should the risk manager take to address this risk?
Accept the identified risk because other stakeholders feel that there are higher priority risks to address.
Mitigate the identified risk in order to reduce the probability of impacting the stakeholder's team.
Escalate the identified risk to the project sponsor and allow them to determine the best course of action.
Add the identified risk to the risk register for future probability and impact analysis.
A project team identifies that there is a probability of missing a key milestone in a project. The team wants to move forward with the risk response planning.
What should the risk manager complete first?
The risk categorization
The risk simulation
The full risk description
The risk response plan
While executing an oil extraction project in an environmentally sensitive area, weather is the main cause of delay in the project work. The risk manager was aware that the delays caused by the weather could not be avoided or mitigated.
What should the risk manager do to manage this risk?
Perform time recovery actions.
Execute the prevention plans.
Execute the contingency plans.
Perform change management.
The project manager reviews project risks with the risk manager to update, monitor, and close risks in the risk register. The project manager determines one of the risks has a residual risk.
How should the risk manager document the impact of the residual risk?
Utilize change management tools to request a budget increase from the project sponsor and update the risk register.
Change the risk identification and description on the risk register to reflect the fact that the residual risk has materialized.
Close the risk's status on the risk register since the residual risk has now materialized.
Review the impact of the residual risk against the budget reserves and document the update in the risk register.
A project team in a multinational organization is working on a risk management plan for a multimillion-dollar project. This project involves three global regions with a wide range of critical stakeholders with varying degrees of risk appetite.
What should the risk manager advise the project team to do?
Align the project risk thresholds with the risk appetite of a critical region.
Align the project risk thresholds with the organizational risk appetite.
Concentrate on the risk appetites of the influential stakeholders.
Concentrate on the risk appetites of the vulnerable stakeholders.
While performing risk identification exercises, the risk manager often encounters biases from the project team. How can the risk manager accurately identify what will trigger a risk?
Remind the project team to keep an open mind
Review the results with the project manager afterward
Review published operational experience reports
Use the mean answers provided by the project team
In a large mobile network deployment project, there is delay risk due to insufficient staffing. The risk manager is considering executing a response plan, which involves allowing staff members to work overtime. However, this action may lead to excessive additional cost.
What should the risk manager do?
Document the concern over the potential excessive additional cost.
Manage the potential excessive additional cost as a new risk.
Ensure the project sponsor has the risk appetite for the residual risk created by allowing overtime.
Prepare a detailed response plan for the residual risk with a clear owner and time line to ensure there are no impacts to the project.
A project team has just completed a project plan, which includes extra days for most of the critical activities to cover any possible issues. Stakeholders want to remove these additional days, because the end date is longer than expected.
What should the risk manager do first?
Remove the activity padding.
Review the risk response plan.
Update the risk contingency plan.
Update the schedule constraints.
A project manager for a large product development project assigned a risk manager to perform the risk management. The project sponsor questions why this project requires a risk manager as it is similar to a previous project with a developed risk strategy.
How should the risk manager explain the need for a risk strategy specific to this project?
A risk strategy is a best practice and ensures quality in the project planning.
A project specific risk strategy includes enough information to respond to audits and compliance requirements.
A risk strategy ensures alignment of the organizational structure to the specific project.
A risk strategy aligns individual project risk thresholds with organizational risk appetite.
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