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PMI PMI-RMP: PMI Risk Management Professional

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Question 1

Ted is the project manager of the HRR project for his company. Management has asked that Ted periodically reviews the contingency reserve as risk events happen, pass, or are still pending. What is the purpose of reviewing the contingency reserve?

A. It helps to evaluate if the remaining reserve is adequate for the risk exposure.

B. It helps to determine how much more funds will need to be invested in the project.

C. It helps to evaluate secondary and residual risks related to the risk responses and their costs.

D. It helps to determine the probability and impact of project risks.

Correct Answer:A

Question 2

Joan is the project manager of the KYU project for her company. She is working with management on defining a contingency reserve for her project. Currently the project is scheduled to last 18 months and it has a cost budget of $2.5 million. What two areas of the project can the contingency reserve address in regard to risk management?

A. Quality and costs

B. Cost and resource management

C. Risk and project planning

D. Costs and schedule

Correct Answer:D

Question 3

You are the project manager of the NHQ Project for your company. You have completed qualitative and quantitative analysis of your identified project risks and you would now like to find an approach to increase project opportunities and to reduce threats within the project. What project management process would best help you?

A. Monitor and control project risks

B. Create a risk governance approach

C. Create the project risk register

D. Plan risk responses

Correct Answer:D

Question 4

You are the project manager of the NHH Project for your company and you have completed the risk analysis processes for the risk events. You and the project team have created risk responses for most of the identified project risks. Now, you would like to assign risk owners to the events. Which risk events should have risk response owners?

A. Only the risks with a high risk rating

B. Each agreed-to and funded risk response should have a risk response owner

C. Each risk that has a risk response should have a risk response owner

D. Only the risk events that are considered a negative risk event with a high risk rating

Correct Answer:B

Question 5

You and your project team are identifying the risks that may exist within your project. Some of the risks are small risks that won't affect your project much if they happen. What should you do with these identified risk events?

A. All risks must have a valid, documented risk response.

B. These risks can be accepted.

C. These risks can be added to a low priority risk watch list.

D. These risks can be dismissed.

Correct Answer:C

Question 6

You work as the project manager for BlueWell Inc. You are monitoring the project performance. You want to make a decision to change the project plan to eliminate a risk in order to protect the project objectives. Which of the following strategies will you use to tackle the risk?

A. Risk mitigation

B. Risk avoidance

C. Risk acceptance

D. Risk transference

Correct Answer:B

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