PMI-RMP PMI Risk Management Professional Practice Test Set 4

You are the project manager of the GHY project for your organization. You are working with your
project team to begin identifying risks for the project. As part of your preparation for identifying the
risks within the project you will need eleven inputs for the process. Which one of the following is
NOT an input to the risk identification process?


Options are :

  • Stakeholder register
  • Quality management plan
  • Procurement management plan (Correct)
  • Cost management plan

Answer : Procurement management plan

You are the project manager of the NNN project for your company. You and the project team are
working together to plan the risk responses for the project. You feel that the team has successfully
completed the risk response planning and now you must initiate what risk process it is. Which of
the following risk processes is repeated after the plan risk responses to determine if the overall
project risk has been satisfactorily decreased?


Options are :

  • Risk identification
  • Risk response implementation
  • Quantitative risk analysis (Correct)
  • Qualitative risk analysis

Answer : Quantitative risk analysis

Which of the following risk responses delineates that the project plan will not be changed to deal
with the risk?

.


Options are :

  • Exploitation
  • Transference
  • Acceptance (Correct)
  • Mitigation

Answer : Acceptance

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?


Options are :

  • Cost and resource management
  • Quality and costs
  • Costs and schedule (Correct)
  • Risk and project planning

Answer : Costs and schedule

Where can a project manager find risk-rating rules?


Options are :

  • Organizational process assets (Correct)
  • Risk management plan
  • Risk probability and impact matrix
  • Enterprise environmental factors

Answer : Organizational process assets

You are the project manager of the NGH project for your organization. You want to create a
causeand- effect diagram to help discover the root causes of the risks within the project. Harold,
the CIO, recommends that you create an Ishikawa diagram instead. What is an Ishikawa diagram?


Options are :

  • it diagrams the risks according to the work breakdown structure including resources
  • It shows how various elements of a system interrelate
  • It is the same thing as a root cause diagram (Correct)
  • It is a graphical representation of situations showing causal influences

Answer : It is the same thing as a root cause diagram

Which of the following are parts of SWOT Analysis? Each correct answer represents a complete
solution. Choose all that apply.
A.
Opportunities
B.
Tools
C.
Weaknesses
D.
Threats
E.
Strengths
F.
Optimism


Options are :

  • A,B,C,D
  • B,C,D,E
  • A,B,D,E
  • A,C,D,E (Correct)

Answer : A,C,D,E

Adrian is a project manager for a new project using a technology that has recently been released
and there's relatively little information about the technology. Initial testing of the technology makes
the use of it look promising, but there's still uncertainty as to the longevity and reliability of the
technology. Adrian wants to consider the technology factors a risk for her project. Where should
she document the risks associated with this technology so she can track the risk status and
responses?


Options are :

  • Risk register (Correct)
  • Risk low-level watch list
  • Project charter
  • Project scope statement

Answer : Risk register

You work as a project manager for BlueWell Inc. You are about to complete the quantitative risk
analysis process for your project. You can use three available tools and techniques to complete
this process. Which one of the following is NOT a tool or technique that is appropriate for the
quantitative risk analysis process?


Options are :

  • Organizational process assets (Correct)
  • Expert judgment
  • Data gathering and representation techniques
  • Quantitative risk analysis and modeling techniques

Answer : Organizational process assets

Frances is the project manager of a project in her organization. This project has a budget of
$567,000 and is schedule to last for three years. Frances wants to examine the risk events to
determine which risk events have the most potential impact on the project. Which modeling
technique can help Frances to accomplish this goal?


Options are :

  • Quantitative risk analysis
  • Sensitivity analysis (Correct)
  • Expected monetary value
  • Modeling and simulation

Answer : Sensitivity analysis

Joan is the project manager of the BTT project for her company. She has worked with her project
to create risk responses for both positive and negative risk events within the project. As a result of
this process Joan needs to update the project document updates. She has updated the
assumptions log as a result of the findings and risk responses, but what other documentation will
need to be updated as an output of risk response planning?


Options are :

  • Lessons learned
  • Technical documentation (Correct)
  • Scope statement
  • Risk Breakdown Structure

Answer : Technical documentation

You are the project manager of the GHG project for your company. You have identified the project
risks, completed qualitative and quantitative analysis, and created risk responses. You also need
to document how and when risk audits will be performed in the project. Where will you define the
frequency of risk audits?


Options are :

  • Risk management plan (Correct)
  • Schedule management plan
  • Risk response plan
  • Quality management plan

Answer : Risk management plan

You work as a project manager for SoftTech Inc. You have implemented the risk action plan and it
was not effective. What type of plan should you as a project manager will create for
implementation if a selected risk strategy fails to be fully effective?


Options are :

  • Risk response plan
  • Mitigation plan
  • Mitigation management plan
  • Fallback plan (Correct)

Answer : Fallback plan

Fred is the project manager of the PKL project. He is working with his project team to complete the
quantitative risk analysis process as a part of risk management planning. Fred understands that
once the quantitative risk analysis process is complete, the process will need to be completed
again in at least two other times in the project. When will the quantitative risk analysis process
need to be repeated?


Options are :

  • Quantitative risk analysis process will be completed again after the risk response planning and as a part of monitoring and controlling.
  • Quantitative risk analysis process will be completed again after the plan risk response planning and as part of procurement. (Correct)
  • Quantitative risk analysis process will be completed again after new risks are identified and as part of monitoring and controlling
  • Quantitative risk analysis process will be completed again after the cost management planning and as a part of monitoring and controlling

Answer : Quantitative risk analysis process will be completed again after the plan risk response planning and as part of procurement.

Ben is the project manager of the YHT Project for his company. Alice, one of his team members, is
confused about when project risks will happen in the project. Which one of the following
statements is the most accurate about when project risk happens?


Options are :

  • Project risk is uncertain, so no one can predict when the event will happen
  • Project risk can happen at any moment
  • Project risk is always in the future (Correct)
  • Project risk happens throughout the project execution

Answer : Project risk is always in the future

Which types of project tends to have more well-understood risks?


Options are :

  • Operational work projects
  • State-of-art technology projects
  • Recurrent projects (Correct)
  • First-of-its kind technology projects

Answer : Recurrent projects

Thomas is a key stakeholder in your project. Thomas has requested several changes to the
project scope for the project you are managing. Upon review of the proposed changes, you have
discovered that these new requirements are laden with risks and you recommend to the change
control board that the changes be excluded from the project scope. The change control board
agrees with you. What component of the change control system communicates the approval or
denial of a proposed change request?


Options are :

  • Change log
  • Integrated change control (Correct)
  • Configuration management system
  • Scope change control system

Answer : Integrated change control

Harry is a project manager of a software development project. In the early stages of planning, he
and the stakeholders operated with the belief that the software they were developing would work
with their organization's current computer operating system. Now that the project team has started
developing the software it has become apparent that the software will not work with nearly half of
the organization's computer operating systems. The incorrect belief Harry had in the software
compatibility is an example of what in project management?


Options are :

  • Issue
  • Constraint
  • Assumption (Correct)
  • Risk

Answer : Assumption

You are the project manager for a construction project. The project includes a work that involves
very high financial risks. You decide to insure processes so that any ill happening can be
compensated. Which type of strategies have you used to deal with the risks involved with that
particular work?


Options are :

  • Transfer (Correct)
  • Avoid
  • Accept
  • Mitigate

Answer : Transfer

You are the project manager of the GHY project. In your organization you must follow certain
enterprise environmental factors that establish the rules for risk management . One of the policies
your project must adhere to requires periodic rapid analysis of risks within the project. These rapid,
cost-effective session must be documented and performed monthly. What type of analysis are you
required to perform according to your enterprise environmental factors?


Options are :

  • Qualitative analysis (Correct)
  • Brainstorming
  • Quantitative analysis
  • Delphi Technique

Answer : Qualitative analysis

You are the project manager of the NHH project for your company. You have completed the first
round of risk management planning and have created four outputs of the risk response planning
process. Which one of the following is NOT an output of the risk response planning?


Options are :

  • Risk register updates
  • Risk-related contract decisions
  • Project document updates
  • Organizational process assets updates (Correct)

Answer : Organizational process assets updates

Gary is the project manager for his organization. He is working with the project stakeholders on
the project requirements and how risks may affect their project. One of the stakeholders is
confused about what constitutes risks in the project. Which of the following is the most accurate
definition of a project risk?


Options are :

  • It is an unknown event that can affect the project scope
  • It is an uncertain event that can affect at least one project objective (Correct)
  • It is an uncertain event or condition within the project execution
  • It is an uncertain event that can affect the project costs.

Answer : It is an uncertain event that can affect at least one project objective

You are the project manager of the GGH Project in your company. Your company is structured as
a functional organization and you report to the functional manager that you are ready to move onto
the quantitative risk analysis process. What things will you need as inputs for the quantitative risk
analysis of the project in this scenario?


Options are :

  • You will need the risk register, risk management plan, cost management plan, schedule management plan, and any relevant organizational process assets. (Correct)
  • You will need the risk register, risk management plan, outputs of qualitative risk analysis, and anyrelevant organizational process assets
  • You will need the risk register, risk management plan, permission from the functional manager, and any relevant organizational process assets.
  • Quantitative risk analysis does not happen through the project manager in a functional structure

Answer : You will need the risk register, risk management plan, cost management plan, schedule management plan, and any relevant organizational process assets.

You work as a project manager for BlueWell Inc. You with your team are using a method or a
(technical) process that conceives the risks even if all theoretically possible safety measures
would be applied. One of your team member wants to know that what is a residual risk. What will
you reply to your team member?


Options are :

  • It is a risk that remains after planned risk responses are taken. (Correct)
  • It is a risk that can not be addressed by a risk response
  • It is a risk that remains because no risk response is taken.
  • It is a risk that will remain no matter what type of risk response is offered.

Answer : It is a risk that remains after planned risk responses are taken.

You are the project manager of the NHK Project. Management wants to know how often your risk
identification process will occur during the project. Considering that your project is scheduled to
last one year and involvs five distinct phases, how often should risk identification take place?


Options are :

  • Quarterly
  • Vary depending on the situations within the project (Correct)
  • Monthly
  • Once per project life cycle phase

Answer : Vary depending on the situations within the project

Amy is the project manager for her company. In her current project the organization has a very low
tolerance for risk events that will affect the project schedule. Management has asked Amy to
consider the affect of all the risks on the project schedule. What approach can Amy take to create
a bias against risks that will affect the schedule of the project?


Options are :

  • She can shift risk-laden activities that affect the project schedule from the critical path as much as possible.
  • She can filter all risks based on their affect on schedule versus other project objectives.
  • She can have the project team pad their time estimates to alleviate delays in the project schedule
  • She can create an overall project rating scheme to reflect the bias towards risks that affect the project schedule (Correct)

Answer : She can create an overall project rating scheme to reflect the bias towards risks that affect the project schedule

A project team member has just identified a new project risk. The risk event is determined to have
significant impact but a low probability in the project. Should the risk event happen it'll cause the
project to be delayed by three weeks, which will cause new risk in the project. What should the
project manager do with the risk event?


Options are :

  • Add the identified risk to the issues log
  • Add the identified risk to a quality control management control chart
  • Add the identified risk to the low-level risk watchlist
  • Add the identified risk to the risk register (Correct)

Answer : Add the identified risk to the risk register

Mary is the project manager for the BLB project. She has instructed the project team to assemble,
to review the risks. She has included the schedule management plan as an input for the
quantitative risk analysis process. Why is the schedule management plan needed for quantitative
risk analysis?


Options are :

  • Mary will utilize the schedule controls to determine how risks may be allowed to change the project schedule.
  • Mary will use the schedule management plan to schedule the risk identification meetings throughout the remaining project. (Correct)
  • Mary will utilize the schedule controls and the nature of the schedule for the quantitative analysis of the schedule.
  • Mary will schedule when the identified risks are likely to happen and affect the project schedule.

Answer : Mary will use the schedule management plan to schedule the risk identification meetings throughout the remaining project.

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?


Options are :

  • Risk planning
  • Risk identification
  • Risk analysis
  • Risk monitoring and controlling (Correct)

Answer : Risk monitoring and controlling

You are the project manager of the HJU project for your company. This project will last for 18
months and has a project budget of $567,000. Robert, one of your stakeholders, has introduced a
scope change request that will likely have an impact on the project costs and schedule. Robert
assures you that he will pay for the extra time and costs associated with the risk event. You tell
Robert that the change request may affect more areas of the project than just time and cost and
that you are worried about the additional risks the change request will bring. What project
management component is responsible for evaluating a change request and its impact on all of
the project management knowledge areas?


Options are :

  • Integrated change control (Correct)
  • Risk analysis
  • Project change control system
  • Configuration management

Answer : Integrated change control

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