Project Management Professional Certification PMI-RMP Sample Questions Reliable [Q35-Q50]

Q35. Holly is the project manager of the NHQ project for her company. Her project sponsor, Tracy, has requested that Thomas, the department manager, from the Risk Management Department, will work with Holly to determine the effectiveness of the risk responses. Tracy and Thomas are concerned that some of the risks within Holly’s project may not be addressed to depth they would like. In this scenario, who is responsible for ensuring that risk audits are performed at an appropriate frequency throughout the project?

Thomas

Tracy

The project team

Holly

Q36. During the weekly project meeting a risk manager identified new risks in the last sprint, which might impact the project cost by implementing mitigation plans. The sponsor and some project team members do not agree that those risks can impact the project cost.
What should the risk manager do to resolve the sponsor and project team members’ concerns about risk identification?

Reinforce to the stakeholders that the risk identification was done properly during the last sprint.

Highlight the importance of agreeing on the risk identification to avoid further delays.

Conduct a separate meeting to show the risk identification analysis to the stakeholders.

Ensure that the most knowledgeable members of the team validate risk identification processes.

In the context of risk management, particularly as outlined in various risk management procedures and policies from Lycopodium documents, the validation of risk identification processes by knowledgeable team members is critical. This approach ensures that risks are accurately identified, assessed, and documented, which can mitigate disagreements about the potential impact of these risks on the project, including cost implications.
1. Risk Management Procedure:
According to the Risk Management Procedure (BRM-PRC-009), the process of risk identification and assessment is a collaborative effort that involves input from individuals with relevant expertise. This ensures that risks are properly identified and that the risk assessment is robust (Section 4.1.1, Assessment and Identification).
2. Importance of Expertise:
The procedure emphasizes the involvement of key personnel who are knowledgeable about the specific risks in their areas of responsibility. By involving these experts, the project can ensure that the risk identification process is thorough and that all potential risks are considered (Section 3.5, Project Manager or Lead Project Engineer responsibilities).
3. Validation Process:
The risk management framework also requires the review and validation of identified risks by experienced team members, particularly those most knowledgeable about the project’s specific technical and operational aspects. This validation process helps in resolving any disputes regarding the impact of identified risks on the project, including cost implications (Section 6.4.1, Workplace Risk Assessment and Controls – WRAC).
4. PMI Alignment:
According to PMI’s Project Management Body of Knowledge (PMBOK), risk management processes should involve key stakeholders and subject matter experts to ensure that all potential risks are identified and that the risk register is accurate. This aligns with the option of ensuring that the most knowledgeable members validate the risk identification processes to address concerns and enhance the credibility of the risk management efforts.
Thus, by selecting option D, the Risk Manager is ensuring a comprehensive and expert-validated approach to risk identification, which aligns with best practices in risk management and addresses the concerns of stakeholders by providing credible, expert-backed risk assessments.

Q37.

The project values are in thousands. The project manager has a budget of US$8,000,000 for this project and asks how much more would be needed to add to the contingency reserve for a P40?

US$247,500

US$495,000

US$644,000

US$764,000

Q38. Upon reviewing the risk analysis results, the project manager notices several risks that occur more frequently than others. What should the project manager do?

Reduce the probabilities of those risks on the risk register

Transfer ownership of those risks to the customer

Implement the risk handling strategies for those risks

Request additional management reserve for those risks

Q39. After years of experience, a project manager becomes the lead manager for a company. This new lead manager asks all project managers to use a specific technique when they perform qualitative risk analysis on their projects. This technique consists of achieving the relative weighting of the project’s objectives in terms of priority to the stakeholders.
What is the name of this technique?

Relative Weighting of the objectives of Stakeholders (RWS)

Objectives Stakeholders Weighting (OSW)

Quantitative Weighted Analysis (QWA)

Analytic Hierarchy Process (AHP)

Q40. You are the project manager of a large project that will last four years. In this project, you would like to model the risk based on its distribution, impact, and other factors. There are three modeling techniques that a project manager can use to include both event-oriented and project-oriented analysis. Which modeling technique does NOT provide event-oriented and project-oriented analysis for identified risks?

Sensitivity analysis

Jo-Hari Window

Expected monetary value

Modeling and simulation

Q41. 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.

Q42. A project manager managing a high-risk rating project was just informed that one of the key project resources has decided to leave the organization. The project manager asks the risk manager for their recommendations.
The risk manager previously identified this as a risk and had created a transition plan to enable another resource to carry out the same duties. The risk manager was informed that by transitioning the responsibilities to the new resource, new risks to the completion dates of other project-related tasks appear.
What should the risk manager advise the project manager?

Escalate the new risks immediately to the project stakeholders to ensure proper risk communication is in place.

Address these secondary risks as per the risk management plan

Apply a risk acceptance strategy to the new risks as there is no risk response plan.

Update the risk management plan with the new probabily/impact and change the response.

Q43. During a risk identification session, the risk manager notices that subject matter experts (SMEs) are reluctant to participate because some risks could expose the poor maturity of processes in other business units. Which risk analysis technique should the risk manager use?

Strengths, weakness, opportunities, and threats (SWOT) analysis

Delphi technique

Decision tree analysis

Probability impact matrix

Q44. After presenting a list of risks to the major project stakeholders and project sponsor, the board requested the risks be sorted differently from the results presented by the project team. This is a major issue and will cause a
2-week delay in the project.How could the risk manager have avoided the board’s response?

Engaging the key stakeholders during the prioritization process

Prioritizing the risks based on the project sponsor’s risk appetite

Engaging with the project sponsor before presenting to the board

Working with an established industry standard prioritization method

Q45. You work as a project manager for BlueWell Inc. Your project is using a new material to construct a large warehouse in your city. This new material is cheaper than traditional building materials, but it takes some time to learn how to use the material properly. You have communicated to the project stakeholders that you will be able to save costs by using the new material, but you will need a few extra weeks to complete training to use the materials. This risk response of learning how to use the new materials can also be known as what term?

Team development

Benchmarking

Cost of conformance to quality

Cost-benefits analysis

Q46. The project team has correctly identified, assessed, and planned responses for a project’s risks. The risk manager is required to prepare a quarterly report on the performance of managing the risks.
What are two options the risk manager should consult for the analysis? (Choose two.)

Proximity dales for open risks

Backlog of change orders to be submitted to client

Risks that have materialized and the overall risk profile

Number of schedule baseline changes approved

Risks due to the number of claims submitted to the client

Q47. A risk manager reviews a Monte Carlo schedule risk analysis model before sharing the results with the project manager. The risk manager notices that activity correlations were not included in the model.
What is an effect of adding the correlation to the model?

Allows more risks to be included in the model.

Reduces the project completion duration.

Increases the standard deviation of the model.

Increases the probability of correlated activities finishing on time.

Adding correlation to the model accounts for the relationship between activities, which can result in increased variability in the model’s outcomes. This will increase the standard deviation, which is a measure of the uncertainty in the model.
According to the PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1, an effect of adding the correlation to the Monte Carlo schedule risk analysis model is that it increases the standard deviation of the model. This is because:
Correlation is the statistical relationship between two or more variables. In a schedule risk analysis, correlation can be used to model the dependency between the durations of different activities. For example, if two activities are positively correlated, it means that if one activity takes longer than expected, the other activity is also likely to take longer than expected. Conversely, if two activities are negatively correlated, it means that if one activity takes longer than expected, the other activity is likely to take shorter than expected.
A Monte Carlo schedule risk analysis is a simul-ation technique that uses random values for uncertain variables, such as activity durations, to generate possible outcomes for the project schedule. The simul-ation is repeated many times to produce a probability distribution of the project completion date and duration. The standard deviation is a measure of the variability or dispersion of the distribution. A higher standard deviation means that the distribution is more spread out and less predictable.
Adding correlation to the Monte Carlo schedule risk analysis model increases the standard deviation of the model because it introduces more variability and uncertainty to the simul-ation. Correlated activities can have a cumulative effect on the project schedule, either positively or negatively, depending on the direction and strength of the correlation. This can result in more extreme outcomes for the project completion date and duration, which increase the spread of the distribution and the standard deviation.
PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1
Risk Management Professional (PMI-RMP) Exam Cert Guide2

Q48. During a brainstorming session, a stakeholder identifies a risk that, if realized, could greatly impact their team. The stakeholder insists that this particular risk should be mitigated to the greatest extent possible, however, the majority of other stakeholders feel that different risks have higher probabilities of occurring.
Which action should the risk manager take to address this risk?

Accept the identified risk because other stakeholders feel that there are higher priority risks to address.

Mitigate the identified risk in order to reduce the probability of impacting the stakeholder’s team.

Escalate the identified risk to the project sponsor and allow them to determine the best course of action.

Add the identified risk to the risk register for future probability and impact analysis.

Q49. The company is a risk seeking organization, and has experienced measurable success based on their current strategy for growth. A new project has an overall project risk that exceeds the risk levels documented in the risk management plan.
What would be the best course of action for the company to take with the project based on its current scope?

Monitor ongoing risks closely for any major changes.

Perform a Monte Carlo simulation to understand possible risk outcomes.

Cancel the project, as the overall level of risk remains unacceptable.

Conduct a stakeholder meeting to validate stakeholder risk appetite.

Q50. You are the project manager of the GHY Project for your company. You need to complete a project management process that will be on the lookout for new risks, changing risks, and risks that are now outdated. Which project management process is responsible for these actions?

Risk planning

Risk identification

Risk monitoring and controlling

Risk analysis

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