PMI-RMP Exam Practice Test Instant Access

Question 1

During a meeting to develop the risk management plan, the risk manager recognizes that risks may be identified that could also impact other projects that the company is pursuing. What should the risk manager do?

AContact the risk managers of the other projects and inform them

BInclude an escalation process in the risk management plan

CTake note of the extensive impact of these risks in the risk register

DAddress the unique characteristics of these risks on a case-by-case basis
The risk manager should include an escalation process in the risk management plan to address risks that may impact other projects. This ensures that any identified risks that could affect multiple projects are communicated and managed appropriately across the organization.
The risk manager should include an escalation process in the risk management plan to deal with risks that may affect other projects or the organization as a whole. An escalation process is a set of procedures that defines how and when risks should be communicated to higher levels of authority or responsibility for decision making or resolution. The escalation process should specify the criteria, roles, responsibilities, and communication channels for escalating risks. The risk manager should follow the escalation process when identifying risks that may have extensive impacts beyond the scope of the project. The other options are not appropriate actions for the risk manager to take. Contacting the risk managers of the other projects and informing them is not sufficient, as it does not ensure that the risks are properly addressed or resolved. Taking note of the extensive impact of these risks in the risk register is not enough, as it does not involve the necessary stakeholders or decision makers. Addressing the unique characteristics of these risks on a case-by-case basis is not consistent, as it does not follow a standard process or protocol.Reference:2,3,4

Answer : B

Question 2

In a large industrial business, an on-going system development project faces a previously identified risk. The risk is adequately managed by the risk manager, however there is still residual risk.

What should the risk manager do?

AUpdate the risk register accordingly and review it in regular project meetings.

BAccept the risk because residual risks are often low.

CAsk a subject matter expert (SME) to assess the residual risk and take action.

DAssign a risk owner and set it as high priority and high impact.
Decision tree analysis is a technique that uses a graphical representation of various possible outcomes and consequences of different courses of action, based on their probabilities of occurrence and associated payoffs or costs. It can help the project team to compare and evaluate the alternatives and choose the optimal one. In this case, the risk manager should use decision tree analysis to help the team members predict the outcomes of their potential choices following their probability of occurrence.Political, economic, social, technological, legal, and environmental (PESTLE) analysis, strengths, weaknesses, opportunities, and threats (SWOT) analysis, and cost-benefit analysis are not techniques that can directly help the team members to predict the outcomes of their potential choices following their probability of occurrence, and are therefore not the best answer.Reference: PMI Risk Management Professional (PMI-RMP) Exam Content Outline1, PMI Practice Standard for Project Risk Management2, Risk Management Professional (PMI-RMP) Cert Guide3

Answer : C

Question 3

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?

APerform time recovery actions.

BExecute the prevention plans.

CExecute the contingency plans.

DPerform change management.
Contingency plans are predefined actions that the project team will take if an identified risk event occurs. They are designed to reduce the impact or probability of the risk, or to restore the project to its original objectives. Contingency plans are part of the risk response planning process, and they should be documented in the risk register. In this case, the risk manager should execute the contingency plans to deal with the delays caused by the weather, as they cannot be avoided or mitigated. Performing time recovery actions, executing prevention plans, or performing change management are not appropriate responses for this risk, as they are either reactive, proactive, or corrective measures that do not address the risk directly.Reference: = PMBOK Guide, 6th edition, page 443; The Standard for Risk Management in Portfolios, Programs, and Projects, page 75.

Answer : C

Question 4

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?

AEscalate

BTransfer

CEnhance

DExploit
In this scenario, the program manager is using the 'Exploit' risk response strategy, which is aimed at ensuring that an opportunity is realized. By transferring all resources to the project and arranging for overtime pay, the program manager is taking proactive steps to ensure the project is completed early, thereby securing the large bonus. According to PMI, the 'Exploit' strategy is used when the objective is to ensure that the opportunity is realized, typically involving actions that maximize the chances of achieving the desired outcome.

Answer : D

Question 5

An organization is embarking on a multi-million-dollar project with numerous identified risks. What should the project risk team do to navigate the risks on this project?

AGo for a low-risk threshold of 5% around a cost objective.

BConfirm stakeholders risk thresholds based on risk appetites.

CConduct risk identification to populate the risk register.

DGo for a high-risk threshold of 10% around a cost objective.
For a multi-million-dollar project with numerous risks, understanding the stakeholders' risk thresholds based on their risk appetites is crucial. This helps in defining the boundaries within which the project can operate and determine acceptable levels of risk. By confirming these thresholds, the risk management team can ensure that the project remains aligned with stakeholders' expectations and that appropriate risk responses are developed. This is a key step in the risk management process as per PMI guidelines, which emphasize the importance of aligning risk management efforts with stakeholders' risk tolerance and appetite.

Answer : C

Question 6

A project team's manager is responsible for delivering a specific initiative for the organization. They are preparing for a monthly meeting where the manager will present on the current state of this initiative. The agile project lead sends the manager the following email with the current initiative status (Refer to the email exhibit).

How many total story points is the entire initiative?

A72

B60

C40

D32
To determine the total story points for the entire initiative, we must sum up the estimates provided in the backlog from the email exhibit. The backlog includes the following user stories with their respective story point estimates:
New log-in screen -- 6
Save passwords -- 4
Defect fixing -- triaged top 10 -- 8
Accessibility -- color blind -- 4
Increase security -- 21
Shopping cart -- 7
Accept credit card payments -- 5
Accept bank drafts -- 9
New sort order -- 3
Add AI chatbot -- 5
Total story points calculation:
6 + 4 + 8 + 4 + 21 + 7 + 5 + 9 + 3 + 5 = 72 story points
Thus, the total number of story points for the initiative is 72, making option A the correct answer.

Answer : A

Agile estimation techniques suggest using story points to estimate the effort required for backlog items.

The PMI Agile Practice Guide explains that story points represent the complexity, effort, and risk associated with a user story.

Agile teams use story point estimation to gauge work effort without associating it with time directly.

This approach ensures that the team has a clear understanding of the overall workload and can manage risks effectively.

Question 7

The project sponsor asks the project manager about the accuracy of the project dat

a. The project manager realizes that some risks have not been updated recently.

What should the project manager do regarding those risks?

AReview the assumptions analysts

BConduct a checklist analysis on each risk

CCreate a risk response plan for those risks

DReview the risk register to check for the new risks
If the project manager realizes that some risks have not been updated recently, they should review the risk register to check for new risks and ensure that all risks are accurately documented and updated.
The risk register is a document that contains information about the identified risks, their analysis, and their response plans. It is updated throughout the project life cycle as new risks emerge, existing risks change, or risks are closed. The project manager should review the risk register regularly to ensure that the project data is accurate and reflects the current risk situation. Reviewing the risk register also helps the project manager to identify any new risks that may have occurred since the last update, and to plan appropriate responses for them.Reference:PMI, Project Risk Management, 2nd edition, 2019, p.67-681

Answer : D

PMI-RMP PMI Risk Management Professional Exam Practice Test