Pass PMI PMI-RMP exam questions – convert Test Engine to PDF [Q104-Q126]

QUESTION 104
A project manager wants to work on understanding the project risks. The project manager works with the integrated project team to develop the risk handling strategies for the identified risks.
How should the project manager work with these risk handling strategies?

Review and revise the strategies periodically.

Implement the strategies after completing the risk analysis.

Implement the strategies immediately.

Ensure the strategies are approved by the stakeholders.

Explanation
Risk handling strategies should be reviewed and revised periodically to ensure they remain effective and relevant as the project progresses. This allows the project manager to adapt to changing circumstances and minimize the impact of risks on the project.
According to the PMBOK Guide, risk handling strategies are the specific actions that are taken to implement the risk response plan. The risk response plan is the output of the Plan Risk Responses process, which describes how the project team intends to address the identified risks. The risk handling strategies should be aligned with the risk response strategies, which are the general approaches to deal with the risks, such as avoid, transfer, mitigate, accept, exploit, share, enhance, or accept.
The project manager should work with the risk handling strategies by reviewing and revising them periodically. This is because the project risks are not static, but dynamic and uncertain. They may change over time due to various factors, such as changes in the project scope, schedule, cost, quality, resources, stakeholder expectations, assumptions, constraints, etc. Therefore, the project manager should monitor and control the risk handling strategies to ensure that they are still effective and appropriate for the current risk situation. The project manager should also update the risk register and the risk report with the results of the risk handling strategies, such as the residual risks, secondary risks, and risk triggers.
The other options are not valid for how the project manager should work with the risk handling strategies:
Implement the strategies after completing the risk analysis: This is not a valid option because the risk analysis is not the final step in the risk management process. The risk analysis is part of the Perform Qualitative Risk Analysis and Perform Quantitative Risk Analysis processes, which come after the Identify Risks process and before the Plan Risk Responses process. The risk analysis helps the project manager to prioritize and evaluate the risks, but it does not provide the specific actions to address them.
The risk handling strategies are developed in the Plan Risk Responses process, which comes after the risk analysis.
Implement the strategies immediately: This is not a valid option because the risk handling strategies should not be implemented without proper planning and approval. The risk handling strategies should be documented in the risk response plan, which should be communicated and approved by the project sponsor, customer, and other relevant stakeholders. The risk handling strategies should also be integrated with the other project management plans, such as the scope, schedule, cost, quality, resource, communication, procurement, and stakeholder management plans. The risk handling strategies should be implemented only when the risk triggers or conditions occur, or when the project manager decides to do so based on the risk analysis and evaluation.
Ensure the strategies are approved by the stakeholders: This is not a valid option because the approval of the risk handling strategies is not the only thing that the project manager should do with them. The approval of the risk handling strategies is part of the Plan Risk Responses process, which comes before the Implement Risk Responses and Monitor Risks processes. The project manager should also implement, monitor, and control the risk handling strategies to ensure that they are effective and appropriate for the current risk situation.
References: PMBOK Guide1, Risk Management Professional (PMI-RMP) Cert Guide1

QUESTION 105
A project manager wants to represent the distribution of uncertainty around a risk model element.
However, good data on the variability, of the risk model element has not been collected, and only contains minimum and maximum values.
What curve should the project manager use to represent the distribution?

Uniform

Beta

Normal

Lognormal

QUESTION 106
A project in the execution phase at the customer’s site has an issue concerning new parts that do not fit properly into a machine. The site project manager cannot find this high probability risk in the risk register.
What action should the site project manager take?

Variance analysis

Workaround

Risk assessment

Risk audit

QUESTION 107
During a meeting with a project team, a project manager asks a risk manager to determine the risk events that could potentially have the most impact on a 2-year project with a budget of US$800 000. Which approach should the risk manager suggest the project manager take?

Sensitivity analysis

simul-ation analysis

Monte Carlo simul-ation

Quantitative analysis

QUESTION 108
During the monthly executive review meeting, the project sponsor would like to understand how the project team has planned to manage risks that were identified in the last meeting. What should the project manager do?

Utilize a Monte Carlo assessment to provide risk related impacts.

React to the secondary and residual risks only if they occur.

Include secondary and residual risks as part of the response.

Transfer secondary and residual risks to the project sponsor.

QUESTION 109
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

QUESTION 110

The project sponsor has asked the project manager how much more a P90 will cost. The sponsor has budgeted for a P40. The project values are in thousands.
How much additional funding would the sponsor need to budget for a P90?

US$9,408,000

US$8,495,000

US$913,000

US$794,000

QUESTION 111
You are the project manager of the AFD project for your company. You are working with the project team to reassess existing risk events and to identify risk events that have not happened and whose relevancy to the project has passed. What should you do with these events that have not happened and would not happen now in the project?

Add the risks to the risk register

Add the risks to a low-priority watchlist

Close the outdated risks

Add the risk to the issues log

QUESTION 112
A project manager identified a risk of communication issues with the client which may impact the project schedule. A member of (he sales team advises that this client prefers face-to- face conversations.
What should the project manager do to avoid this risk?

Record this risk and the clients preference in the risk register.

Ask the sales person to lead the communication with the client

Call the client and advise that online communication is easier and faster.

Meet the client and plan tor critical milestone meetings.

QUESTION 113
A risk management professional is currently facilitating the risk planning process with the project team. To increase the breadth of considered risks, the team wants to include high-level and strategic project risks.
What should the risk management professional do next?

Perform a sensitivity analysis to the higher-level aggregate activities

Develop a risk breakdown structure (RBS) identifying the potential risk categories

Conduct a strengths, weaknesses, opportunities, and threats (SWOT) analysis

Perform a base line Monte Carlo simulation to address overall threats to project objectives

QUESTION 114
An agriculture government agency faces different challenges with farmers and landlords In implementing its ambitious growth strategy. The agency decided to establish an enterprise risk management unit to identify risks, analyze risks, and provide a handbook showing how to handle the surrounding uncertainty.
What should the risk management expert recommend the agency do first to identify risks and develop the handbook?

Follow standard risk Identification tools dedicated for agriculture and tailor them to the environment.

Hire an agriculture expert who can develop the required handbook and discuss it with the agriculture minister.

Prepare a list of the key resources that will be used to compile a risk management plan.

Conduct meetings, facilitated workshops, and interviews with stakeholders to identify potential risks.

QUESTION 115
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.

QUESTION 116
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

QUESTION 117
The project manager wants to use an objective method to evaluate the key project risks and develop response plans.
What action should the risk manager propose?

Ask the team to perform an earned value analysis.

Review the lessons learned from other projects.

Ask the team to prepare a Monte Carlo analysis.

Ask the risk expert to perform a PESTLE evaluation.

QUESTION 118
There is a debate within the organization on whether projects need to be agile or waterfall. Some agile terms and principles are understood differently by the key stakeholders, and this delays the decision-making process.

Organize training sessions to create awareness around the agile values for stakeholders.

Facilitate a face-to-face discussion and have stakeholders agree to shift to agile for future projects.

Recommend an external facilitator as no one in the organization is able to eliminate this roadblock.

Allow stakeholders to discuss without the scrum master’s intervention.

Comprehensive and Detailed In-Depth Explanation:
When there is confusion among stakeholders regarding agile concepts, thebest course of action is to provide trainingto ensure all stakeholders have a common understanding of agile principles and terminology.
Option A: Organize training sessions to create awareness around the agile values for stakeholders (Correct Answer).
* Training sessions help bridge knowledge gaps by ensuring that stakeholdersunderstand agile principles, frameworks (Scrum, Kanban, XP), and terminology.
* The PMI-RMP Guide highlights thateffective stakeholder engagement requires education and alignmenton risk management strategies, which applies here as well (PMI Risk Management in Portfolios, Programs, and Projects – A Practice Guide, 2022, p. 78).
* Educating stakeholdersreduces resistanceto change and promotesinformed decision-making.
* PMI’sAgile Practice Guideemphasizes that “a shared understanding of agile principles across all levels of an organization increases agility and reduces friction during decision-making” (PMI & Agile Alliance, 2017, p. 44).
Option B: Facilitate a face-to-face discussion and have stakeholders agree to shift to agile for future projects (Incorrect).
* Forcing a decisionbefore stakeholders fully understand agile methodologiescould lead to resistance and ineffective implementation.
* The decision should bebased on business needsrather than prematurely committing to agile.
Option C: Recommend an external facilitator as no one in the organization is able to eliminate this roadblock (Incorrect).
* While an external facilitatorcan helpin some situations, the Scrum Masteris already responsible for coaching the organization on Scrum and Agile methodologies(Scrum Guide, 2020).
* The Scrum Mastershould take the leadin educating stakeholders before escalating the issue externally.
Option D: Allow stakeholders to discuss without the Scrum Master’s intervention (Incorrect).
* Without proper guidance, discussions could lead to furthermisinterpretations and delays.
* The Scrum Masteris responsible for educating and guiding stakeholdersin understanding agile ( Scrum Guide, 2020).
Final Verdict:The correct answer isA (Organize training sessions to create awareness around agile values for stakeholders)because trainingensures a common understanding, reduces resistance, and promotes effective decision-making.
References:
* PMI.Agile Practice Guide(2017). PMI & Agile Alliance.
* PMI.Risk Management in Portfolios, Programs, and Projects – A Practice Guide(2022).
* Scrum.org.The Scrum Guide(2020).

QUESTION 119
An organization is executing two projects – Project A and Project B – simultaneously. A previously identified risk will impact the schedule for Project A. While executing the mitigation plan, a number of residual risks are identified that could provide cost savings for Project B.
Which action should the risk manager for Project A take?

Review the findings in Project A’s closure documents and propose a new organizational process for portfolio risk management.

Consult with Project B’s risk manager and determine where synergies might exist between the risk management plans for both projects.

Combine the risk registers for Project A and Project B and determine if there are any additional cross- project opportunities to exploit.

Continue executing the planned risk mitigation to avoid any additional schedule impact to Project A.

QUESTION 120
What is an example of legal and regulatory requirements and/or constraints when assessing a project environment for threats and opportunities?

Organizational communication requirements

Organizational standard policies, processes, and procedures

Formal knowledge sharing and information sharing procedures

Confidentiality of project information

QUESTION 121
The company board is concerned about potential legal action from a high-risk project. What technique can be used to justify risk response decisions taken on this project?

Interviews

Nominal group technique

Brainstorming

Decision tree analysis

QUESTION 122
Your organization, as part of its enterprise environmental factors, has established risk governance to be implemented in each project. Part of this governance is the reassessment of risks within each project. How much detail and repetition in approach for risks to be reassessed for probability and impact?

Each risk reassessment should go into the same depth as the original risk assessment activity.

The probability and impact of risk event should determine the level of reassessment throughout the project lifecycle.

The amount of detail of repetition that is appropriate depends on how the project progresses relative to its objectives.

The level of detail and reassessment should reflect the priority of the project.

QUESTION 123
During a risk identification process in a construction project, the lack of space to install air conditioners is raised as a risk with high impact. Which is an example of an early risk trigger?

A potential need to share the space with other machinery

A different type of equipment received before installation

A time delay during air conditioning installation activities

A quality nonconformance issue raised during the inspection

QUESTION 124
A company has implemented a policy requirement for employees to use complex passwords and update them regularly. A few employees are unable to make the changes, which increases the likelihood of cybercriminals compromising their passwords.
What should the risk manager do?

Increase the residual risk monitoring.

Increase the inherent risk monitoring.

Reassess the inherent risk level.

Reassess the residual risk level.

QUESTION 125
A risk manager notices that a risk owner is facing challenges implementing their response strategy and the costs are significantly exceeding expectations. What is the first thing the risk manager should do?

Highlight this situation to the project manager

Conduct a cost-benefit analysis

Change the risk response strategy

Analyze the situation and meet with the risk owner

QUESTION 126
Kelly is the project manager of the BHH project for her organization. She is completing the risk identification process for this portion of her project. Which one of the following is the only thing that the risk identification process will create for Kelly?

Risk register

Risk register updates

Change requests

Project document updates

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Pass PMI PMI-RMP exam questions – convert Test Engine to PDF [Q104-Q126]

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