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PMI-RMP certification exam covers various aspects of risk management, including identifying, assessing, and mitigating risks in projects. It also covers risk response planning, risk monitoring and control, and risk communication. PMI-RMP Exam is designed to test an individual's ability to apply risk management principles and techniques in real-world scenarios. The PMI-RMP certification is ideal for professionals who work in project management, risk management, business analysis, or any other related field. It is also suitable for individuals who want to enhance their career prospects and increase their earning potential in the industry.

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PMI Risk Management Professional Sample Questions (Q156-Q161):

NEW QUESTION # 156
The project manager has completed four projects all with similar scope. The project manager has recently been assigned to start on a new project and believes some risks may occur again on this project.
What should the project manager do?

A. Discuss and evaluate the identified risks with the project team.
B. Add the risks to the risk register and determine a contingency.
C. Implement the risk response strategies into the risk plan.
D. Inform the sponsor that these risks should be added according to experience.

Answer: A

Explanation:
Explanation
The project manager should discuss the identified risks with the project team to ensure that everyone is aware of the potential risks and can provide input on the likelihood and impact of each risk. This collaborative approach will help in developing a comprehensive risk management plan.
The project manager should discuss and evaluate the identified risks with the project team, as this is part of the risk identification process. The project manager can use their experience from previous projects to identify potential risks that may occur again on the new project, but they should also involve the project team to obtain their input and perspectives. The project team can help the project manager to validate, refine, and prioritize the identified risks, as well as to suggest possible risk responses. The project manager should document the identified risks and their characteristics in the risk register, which is a tool for risk management. The other options are not appropriate actions for the project manager to take. Implementing the risk response strategies into the risk plan is premature, as the project manager should first analyze and evaluate the risks before deciding on the best response strategies. Informing the sponsor that these risks should be added according to experience is not sufficient, as the project manager should also consult the project team and other stakeholders to ensure that all relevant risks are identified and assessed. Adding the risks to the risk register and determining a contingency is part of the risk analysis and response planning processes, which come after the risk identification process. The project manager should first discuss and evaluate the identified risks with the project team before moving to the next steps of risk management. References: 2, 3, [5]

NEW QUESTION # 157
What is a project issue within a project environment?

A. A negative effect on a project objective arising from occurrence of a threat
B. A certain event which has a positive or negative impact in the project
C. A risk which has a significant impact on the project
D. An uncertain event which may impact the project

Answer: A

Explanation:
Explanation

NEW QUESTION # 158
At the time the risk register is first prepared, it should contain all the following entries EXCEPT______________

A. Root causes of risk
B. List of potential responses
C. List of risks requiring near-term responses
D. Structure for describing risks

Answer: C

Explanation:
The primary outputs from identify risks are initial entries into the risk register. It ultimately contains outcomes of other risk management processes as they are conducted. As an output of identify risks, the risk register should contain a list of identified risks, a list of potential responses, root causes that gave rise to the identified risks, and a structure for describing risks. [Planning] PMI®, PMBOK® Guide, 2013, 327

NEW QUESTION # 159
You work as a project manager for BlueWell Inc. Management has asked you to work with the key project stakeholder to analyze the risk events you have identified in the project. They would like you to analyze the project risks with a goal of improving the project's performance as a whole. What approach can you use to achieve the goal of improving the project's performance through risk analysis with your project stakeholders?

A. Involve subject matter experts in the risk analysis activities
B. Focus on the high-priority risks through qualitative risk analysis
C. Involve the stakeholders for risk identification only in the phases where the project directly affects them
D. Use qualitative risk analysis to quickly assess the probability and impact of risk events

Answer: B

NEW QUESTION # 160
The project risk manager on a large firm fixed priced (FFP) contract has an up-to-date risk register with accurate and detailed information. What should the project risk manager do next?

A. Recommend the removal of risks to the project manager to reduce project risk exposure.
B. Quantify the risk exposure that exceeds project contingency.
C. Generate reports to assess and communicate the project risk level.
D. Advise the client that the project has exhausted contingency.

Answer: B

Explanation:
Explanation
The project risk manager should generate reports to assess and communicate the project risk level to stakeholders. This helps in making informed decisions and taking appropriate actions to manage risks effectively.
The project risk manager should quantify the risk exposure that exceeds project contingency, as this will help to determine the amount of management reserve needed to cover the potential cost overruns or schedule delays. The project risk manager should also communicate this information to the project manager and other relevant stakeholders, and update the risk management plan accordingly. References: The Standard for Risk Management in Portfolios, Programs, and Projects, page 80; PMBOK Guide, 6th edition, page 407.

NEW QUESTION # 161
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