PMI PMI-RMP Practice Test - Questions Answers, Page 19
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A project team is concerned about a risk which, if occurs, might add additional complexity to their work. The team will need help from an external vendor, but the contracting process is long.
What should the risk manager do in this case?
Document the risk in the risk register for analysis.
Document the detailed risk consequences,
Immediately start the contracting process.
Proceed with the quantitative risk analysis.
A risk manager has been assigned to an upcoming project. A senior risk manager within the organization recently completed a similar project and has provided a lessons learned document to aid planning efforts for the upcoming project. Upon reviewing the document, the risk manager discovers that the completed project was delivered several months behind schedule and several thousands of dollars over budget. The root cause was determined to be an unforeseen risk trigger that caused several items to be reworked, creating cascading schedule delays and depleting management reserves.
What should the risk manager do to mitigate the chance of the same issues reoccurring?
Ensure that all project stakeholders have a copy of and understand the project's risk management plan.
Increase the management reserves and inform stakeholders of what is available to cover any unexpected expenses
Distribute the lessons learned document to stakeholders knowing that the likelihood of reoccurrence is low.
Document the known risk triggers as the identified cost and schedule risks in the risk register.
A critical piece of equipment broke during a project execution phase. The risk manager notices this risk in the risk register, and the response is to rent equipment until the critical piece is repaired.
What type of risk response is this?
Transfer
Accept
Mitigate
Avoid
In a highly dynamic project environment, the project manager is known to have project risks as a permanent agenda item in their periodic project progress meetings. How will this help improve the project's risk management activities? (Choose 3)
By helping to monitor variances and trends frequently throughout the project
By helping to determine the overall project risks
By helping the lessons learned from previous risks to be efficiently utilized
By helping to update the project scope statement document
By helping update the risk register and close out expired risks
A project team has completed plan risk response activities and has identified three critical risk response plans to major risk events. The responses have been monitored and implemented, with one of the responses presenting the two secondary risks.
What should the risk manager do next?
Assess the risk register to ensure the secondary risks are realistic.
Assess the impact of residual and secondary risks on project objectives.
Assess the change log to establish that changes were implemented.
Assess the stakeholder register to determine the impact of initial risks.
An organization with a portfolio of unique business functions kicks-off a performance improvement project across the entire organization. There are a large number of stakeholders the project team will need to consider during risk identification.
What three actions should the risk manager ensure the project team performs during risk identification? (Choose 3)
Develop checklists based on historical information
Conduct interviews, meetings, and focus groups
Assign a different risk manager for each portfolio unit
Employ brainstorming to generate spontaneous ideas
Perform qualitative and quantitative risk analyses
A company has a project whose objective is to extract gold reserves from Field 1. However, another field closest to the company. Field 2, which has a higher probability of having twice as much gold reserves than Field 1. The risk manager requests the board of Directors to include Field 2 under the scope of the current project by management of change because the project's profitability will increase by 80%.
What type of request is the risk manager describing?
A request to increase project earnings
A request to increase project resources
A challenge to stakeholder thresholds
A challenge to the project investment
A risk manager is preparing for the first meeting with their project sponsor on a potential project for a large client. The risk manager reviews their newly developed project risk register to identify any risks that should be analyzed further and begins by prioritizing the probability column based on the following criteria:
1 = Very Low
2 = Low
3 = Medium
4 = High
5 = Very High
What type of risk analysis is the risk manager performing?
Scenario-based risk analysis
Quantitative risk analysis
Qualitative risk analysis
Monte Carlo analysis
A risk manager has been assigned to a new project and learns that stakeholders and project team members are spread across multiple time zones. Furthermore, many project team members have not worked together in the past. These items are identified as potential risks and added to the risk register.
How should the risk manager improve collaboration during risk planning?
Gather risk information from all parties and compile all submissions into a strength, weaknesses, opportunities, and threats (SWOT) analysis template.
Create a repository for project documents and related artifacts that can be accessed by all parties.
Communicate program metrics to all parties and create a scorecard to measure the effectiveness.
Work with the project manager to develop a start-up workshop and colocate the team if permitted.
An experienced and the only developer on a software implementation project will be on leave for several weeks. The risk of this critical resource's availability was added to the risk register. Contingencies were made for a support developer to job shadow this resource, depending on how things go prior to their leave. The project team was pleased with the backup plan and the new resource was able to shadow for a few weeks.
What should the risk manager do next?
Update the risk register to indicate the risk has occurred and close out the expired risk from the register.
Update, continuously monitor, and communicate the residual and secondary risks of the backup resource on the project.
Hire a permanent developer to support the project, and work with the backup resource to eliminate this risk.
Hire another developer to support the project, contingent on when the experienced developer returns.
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