PMI PMI-RMP Practice Test - Questions Answers, Page 20
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A software development project team was preparing for a phased release when an unknown and unexpected risk occurred with potential for delaying one of the features for the planned release. The project team decided to go ahead with the release and address this missing feature at a later date. One of the end users learned about this and strongly opposed the planned release.
What should the risk manager have done to prevent this situation?
Engaged the sponsor and informed them of the decision to remove the planned feature.
Engaged the stakeholders more in risk management activities and decisions to get their buy-in and support.
Performed proper risk identification at the project outset to ensure this risk was identified and mitigated.
Created a schedule buffer in the plan to deal with unknown risks if and when they occurred.
A key project is delayed and all contingency reserves have been used even though the project team has implemented all planned risk responses. What should the risk manager do next?
Create a new project plan including the new risks.
Review the effectiveness of the risk process.
Update the risk management plan.
Escalate the project risks to upper management.
A risk manager monitors risks on a medium-sized project by collecting inputs and data from individual project team members. What output is produced by the risk manager after analyzing the information they receive?
Updated probability and impact matrix
Updated risk register
Updated mitigation plans
Updated project schedule
A risk manager has been assigned to replace a risk manager on sick leave. The new risk manager notices that the risk register is missing data that are key to the risk management process.
Which data will the risk manager require first?
Risk description risk response, and quantitative data
Project plan, risk complexity, and secondary risk
Project plan, risk priority, and tool availability
Risk description, risk probability, and risk impact
During the construction of a housing development, a project team realizes they exceeded their materials budget during the first of three execution stages. The risk manager observed that the team did not notice that the cost of the materials increased due to continuous inflation in the steel market.
What could have been done during project planning to avoid overspending?
Met weekly with the finance team to monitor the cost
Communicated with the stakeholders that the project costs might increase
Properly documented the triggers and actions for the risk
Engaged with the sponsor to buy the steel in advance of the project
A risk manager for a hospital extension project is leading a project team in developing a risk management plan. One team member is responsible for conducting risk identification. The team member just joined the team and is struggling to ensure the coverage of all risks that might arise in this complex project.
How should the risk manager address this concern?
Develop a risk breakdown structure {RBS) to identify possible risks.
Develop a risk impact analysis to assess the consequences of possible risks
Develop a probability and impact matrix to analyze possible risks.
Create a risk register to capture and track possible risks.
A company manages confidential customer information, and a data breach exposing sensitive information was discovered. What should the risk manager do?
Execute the security risks contingency plan.
Get a report of customers affected by the risk.
Identify residual and secondary risks.
Coordinate a response with the risk owner.
The risk manager for an IT project developing a software application has a major stakeholder concerned that the project will not conclude within the available funding. The risk manager found delays in the iterations and increments in the project's budget, potentially increasing the duration by two weeks.
What tools should the risk manager use to properly decide the risk of not finishing the project within the budget?
Stakeholder management and communication tools
Team performance reports and analysis tools
Schedule management tools (i.e., Gantt Charts)
Estimation and probability analysis tools (i.e. Monte Carlo simulations)
A risk manager recently had to take an unexpected leave of absence. An interim risk manager has been tasked with completing risk planning for a new project. The interim risk manager has been provided with a strength, weaknesses, opportunities, and threats (SWOT) analysis that was completed during a project kickoff meeting several weeks ago.
What should the interim risk manager do to derive actionable risk responses from the SWOT analysis?
Determine risks from the SWOT analysis and break them down into threats and opportunities.
Work with the project sponsor to understand which items they would prioritize from the SWOT analysis.
Conduct an extensive review with the project team to ensure all SWOT items can be mitigated or eliminated.
Input the items identified on the SWOT analysis into the project's risk register for consideration as-is.
A risk manager is preparing risk reports to be included in the monthly status report for project executives. How should the risk manager present the information?
Earned value management (EVM) variance metrics
A risk burndown chart showing remaining risks
The format established in the risk management plan
An itemized list of remaining risks and their scores
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