PMI Risk Management Professional - PMI-RMP Exam Practice Test

Question 1

An IT project is 40% complete. During the initial analysis, risks A and B were identified for the project. Risk A has a probability of 0.6 and an impact of US$50.000. Risk B has a probability of 0.7 and an impact of USS60.000. After implementing the planned risk response for risk B. the probability of risk B has been reduced is 0.3.
What is the current project risk exposure?

A. US$48,000

B. US$72.000

C. US$30,000

D. US$18,000

Correct Answer: B

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Question 2

What should the risk owner use as an effective information-gathering technique during the planning session?

A. Brainstorming

B. Monte Carlo analysis

C. Update risk register

D. Cost and time estimating

Correct Answer: A

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Question 3

A project manager is working on a complex construction project. During the risk identification process, hundreds of risks were identified. The team seems to be confused regarding on which risks to focus. The project manager advises the team to go ahead and start assessing the likelihood and impact of each risk.
What process is this part of?

A. Plan Risk Management

B. Monitor and Control Risk

C. Perform Quantitative Risk Analysis

D. Perform Qualitative Risk Analysis

Correct Answer: D

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Question 4

In the middle of a construction project, the primary construction materials provider canceled the contract and moved to a competitor offering a higher price. The risk manager considers this a low-impact issue because many construction materials providers can fulfill the project demands.
However, after informing the stakeholders of this issue, the major investor is about to drop their intention to continue executing the project. The risk manager does not understand their decision.
What should the risk manager do next to understand the major stakeholder ' s decision regarding the project?

A. Perform a risk impact analysis.

B. Perform a procurement analysis.

C. Perform a stakeholder impact and influence analysis.

D. Perform a risk reserve analysis.

Correct Answer: C

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Question 5

A project manager is working on a construction project. Based on past experience, the project manager identifies a risk that a supplier of a critical material may not deliver on time. The project manager has already accounted for this risk in the risk management plan. If this risk materializes, the project manager plans to procure the material from a different supplier. A potential risk in this plan is that there may be differences in the material provided by the first and second supplier.
What type of risk is this?

A. Secondary risk

B. Primary risk

C. Residual risk

D. Normal risk

Correct Answer: A

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Question 6

A risk manager is conducting a qualitative risk analysis for a renewable energy project that faces tight deadlines. The team identifies risks such as weather unpredictability, material cost fluctuations, and potential regulatory delays. While some members advocate prioritizing high-likelihood risks, others emphasize addressing unlikely but high-impact risks.
What should the risk manager do?

A. Prioritize uncertainties that align closely with the project ' s primary deliverables.

B. Evaluate all identified concerns and consider likelihood and impact to prioritize the concerns effectively.

C. Delegate the assessment of lower-priority concerns to team leads while addressing critical ones.

D. Focus on high-probability concerns first to proactively address the most immediate threats.

Correct Answer: B

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Question 7

A risk manager is assigned to a new system deployment project with a strict contractually agreed-on schedule.
One of the key risks identified is the availability of experts because many are shared on other strategic projects in the organization.
What should the risk manager do to address this situation?

A. Escalate the staffing topic to the sponsor and request more budget for contingencies.

B. Implement a disciplined tracking method and report to stakeholders accordingly.

C. Call for a project team meeting to review risk strategies and make required adjustments.

D. Revisit the project charter for scope adjustments and sign them off with the customer.

Correct Answer: B

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Question 8

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. A project specific risk strategy includes enough information to respond to audits and compliance requirements.

B. A risk strategy aligns individual project risk thresholds with organizational risk appetite.

C. A risk strategy ensures alignment of the organizational structure to the specific project.

D. A risk strategy is a best practice and ensures quality in the project planning.

Correct Answer: B

Question 9

A risk manager is confident that they have identified and quantified the risks and opportunities for a project.
When presenting their work to management, on what areas should the risk manager focus? (Choose two.)

A. Risks as they apply to the organization ' s overall risk management philosophy and strategic ambition

B. Risks related to cost that will impact the major projects that are currently in the execution phase

C. Risk mitigation actions that will require work from stakeholders

D. Huge opportunities that possibly bring an additional 30% return for 10 projects in the next year

E. Risks that are tied to the success of the organization

Correct Answer: A,E

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Question 10

A financial institution is creating a new product database tor their clients. The project sponsor of this project is concerned about failure of the digital platform that hosts the database. The risk manager states that this risk will only occur if there is a major power outage; however, the financial institution has back-up power generators in place.
What type of risk is being referred to here?

A. Major risk

B. Environment risk

C. Secondary risk

D. Residual risk

Correct Answer: D

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Question 11

After starting a new pipeline project, a risk manager schedules an initial meeting with the project sponsor. For the meeting, the project sponsor requests a presentation of the risks that have the most impact on achieving the project objectives.
What should the risk manager do to facilitate the sponsor ' s ask?

A. Monte Carlo analysis

B. Quantitative risk analysis

C. Qualitative risk analysis

D. Sensitivity analysis

Correct Answer: D

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Question 12

After completing the risk register, many team members feel there is a lack of time prioritization for one of the identified risks What are the team members referring to?

A. Risk urgency

B. Risk trigger

C. Risk time impact

D. Risk escalation

Correct Answer: A

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Question 13

A project manager realizes the team undertaking the project work has fallen behind the planned schedule. The risk manager identifies a new risk resulting from this delay and will need to understand how this will affect the project deadline.
Which kind of numerical analysis should be performed to understand the worst-case scenarios?

A. Earned value analysis

B. Qualitative risk analysis

C. Sensitivity analysis

D. Root cause analysis

Correct Answer: C

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Question 14

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?

A. Review published operational experience reports

B. Review the results with the project manager afterward

C. Remind the project team to keep an open mind

D. Use the mean answers provided by the project team

Correct Answer: A

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PMI Risk Management Professional - PMI-RMP Exam Practice Test

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