PMI-RMP PMI Risk Management Professional Practice Test Set 1

Shelly is the project manager of the BUF project for her company. In this project Shelly needs to
establish some rules to reduce the influence of risk bias during the qualitative risk analysis
process. What method can Shelly take to best reduce the influence of risk bias?


Options are :

  • Group stakeholders according to positive and negative stakeholders and then complete the risk analysis
  • . Determine the risk root cause rather than the person identifying the risk events
  • Establish risk boundaries
  • Establish definitions of the level of probability and impact of risk event (Correct)

Answer : Establish definitions of the level of probability and impact of risk event

Beth is the project manager of the BFG Project for her company. In this project Beth has decided
to create a contingency response based on the performance of the project schedule. If the project
schedule variance is greater than $10,000 the contingency plan will be implemented. What is the
formula for the schedule variance?


Options are :

  • SV=EV/AC
  • SV=EV/PV
  • SV=EV-PV (Correct)
  • SV=PV-EV

Answer : SV=EV-PV

There are seven risk responses for any project. Which one of the following is a valid risk response
for a negative risk event?


Options are :

  • Acceptance (Correct)
  • Enhance
  • Share
  • Exploit

Answer : Acceptance

Frank is the project manager of the NHL Project for his company and he is starting the risk
identification process for the project. Frank needs to ensure that the correct stakeholders are
interviewed as part of risk identification. What document will help Frank to communicate and solicit
inputs of the project stakeholders during risk identification?


Options are :

  • Requirements management plan
  • Stakeholder register (Correct)
  • Project charter
  • Risk register

Answer : Stakeholder register

PMI-SP Scheduling Professional Practice Exam Set 3

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?


Options are :

  • Benchmarking
  • Cost-benefits analysis
  • Team development
  • Cost of conformance to quality (Correct)

Answer : Cost of conformance to quality

You are the project manager of the KJH Project and are working with your project team to plan the
risk responses. Consider that your project has a budget of $500,000 and is expected to last six
months. Within the KJH Project you have identified a risk event that has a probability of .70 and
has a cost impact of $350,000. When it comes to creating a risk response for this event what is the
risk exposure of the event that must be considered for the cost of the risk response?


Options are :

  • The risk exposure of the event is $350,000.
  • The risk exposure of the event is $500,000.
  • .The risk exposure of the event is $850,000.
  • The risk exposure of the event is $245,000. (Correct)

Answer : The risk exposure of the event is $245,000.

Holly is the project manager of the GHH Project. During risk identification and the subsequent risk
analysis process she has identified a risk with a high probability and high impact for her project.
She and the stakeholder agree that the project management plan should be changed to eliminate
the risk threat entirely. What risk response has Holly used in this instance?


Options are :

  • This is the transference risk response.
  • A. This is the risk mitigation response.
  • This is a scope change and not a risk response.
  • This is the avoidance risk response. (Correct)

Answer : This is the avoidance risk response.

PMI-100 Certified Associate Management Practical Exam Set 10

You are working with your project stakeholders to identify risks within the JKP Project. You want to
use an approach to engage the stakeholders to increase the breadth of the identified risks by
including internally generated risk. Which risk identification approach is most suited for this goal?


Options are :

  • Assumptions analysis
  • SWOT analysis (Correct)
  • Delphi Technique
  • . Brainstorming

Answer : SWOT analysis

Tom works as a project manager for BlueWell Inc. He is determining which risks can affect the
project. Which of the following inputs of the identify risks process is useful in identifying risks, and
provides a quantitative assessment of the likely cost to complete the scheduled activities?


Options are :

  • Cost management plan
  • Risk management plan
  • Activity cost estimates (Correct)
  • Activity duration estimates

Answer : Activity cost estimates

Your organization has named you the project manager of the JKN Project. This project has a BAC
of $1,500,000 and it is expected to last 18 months. Management has agreed that if the schedule
baseline has a variance of more than five percent then you will need to crash the project. What
happens when the project manager crashes a project?


Options are :

  • The amount of hours a resource can be used will diminish.
  • Project risks will increase.
  • . The project will take longer to complete, but risks will diminish.
  • . Project costs will increase. (Correct)

Answer : . Project costs will increase.

PMI-SP Scheduling Professional Practice Exam Set 7

There are five outputs of the risk monitoring and controlling process. Which one of the following is
NOT an output of the process?


Options are :

  • Risk register updates
  • Change requests
  • Organizational process assets updates
  • . Vendor contracts (Correct)

Answer : . Vendor contracts

Your project team has identified a project risk that must be responded to. The risk has been
recorded in the risk register and the project team has been discussing potential risk responses for
the risk event. The event is not likely to happen for several months but the probability of the event
is high. Which one of the following is a valid response to the identified risk event?


Options are :

  • Earned value management
  • Technical performance measurement
  • Risk audit
  • Corrective action (Correct)

Answer : Corrective action

Which of the following statements describe the purpose of an Issue Log? Each correct answer
represents a complete solution. Choose all that apply.
A.
It analyzes the impact that the issue is having on the project.
B.
It tracks the actions taken to resolve the issue.
C.
It tracks the outcome of the actions taken.
D.
It addresses the risks that could affect the project.


Options are :

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

Answer : A,B,C

PMI-SP Scheduling Professional Certification Practice Test Set 9

Tom is the project manager for his organization. In his project he has recently finished the risk
response planning. He tells his manager that he will now need to update the cost and schedule
baselines. Why would the risk response planning cause Tom the need to update the cost and
schedule baselines?


Options are :

  • Risk responses may take time and money to implement.
  • New or omitted work as part of a risk response can cause changes to the cost and/or schedule baseline. (Correct)
  • Baselines should not be updated, but refined through versions
  • Risk responses protect the time and investment of the project.

Answer : New or omitted work as part of a risk response can cause changes to the cost and/or schedule baseline.

Jane is the project manager of the GBB project for her company. In the current project a vendor
has offered the project a ten percent discount based if they will order 100 units for the project. It is
possible that the GBB Project may need the 100 units, but the cost of the units is not a top priority
for the project. Jane documents the offer and tells the vendor that they will keep the offer in mind
and continue with the project as planned. What risk response has been given in this project?


Options are :

  • Exploiting
  • Enhance
  • Sharing
  • Acceptance (Correct)

Answer : Acceptance

You work as the project manager for Bluewell Inc. Your project has several risks that will affect
several stakeholder requirements. Which project management plan will define who will be
available to share information on the project risks?


Options are :

  • Communications Management Plan (Correct)
  • Resource Management Plan
  • Stakeholder management strategy
  • . Risk Management Plan

Answer : Communications Management Plan

PMP Certification

Which risk response is acceptable for both positive and negative risk events?


Options are :

  • Acceptance (Correct)
  • Sharing
  • Enhancing
  • Transferring

Answer : Acceptance

You are a risk auditor for your company. You are reviewing the contract types a project manager
has used in her project. Of the following, which contract type has the most risk for the project
manager as a buyer?


Options are :

  • Fixed-price, incentive fee
  • Cost plus percentage of costs (Correct)
  • Time and material
  • Cost plus incentive fee

Answer : Cost plus percentage of costs

Which of the following documents is described in the statement below? "It is developed along with
all processes of the risk management. It contains the results of the qualitative risk analysis,
quantitative risk analysis, and risk response planning."


Options are :

  • Quality management plan
  • Risk register (Correct)
  • Risk management plan
  • Project charter

Answer : Risk register

PMI-SP Scheduling Professional Practice Exam Set 2

Jenny is the project manager for the NBT projects. She is working with the project team and
several subject matter experts to perform the quantitative risk analysis process. During this
process she and the project team uncover several risks events that were not previously identified.
What should Jenny do with these risk events?


Options are :

  • . The events should continue on with quantitative risk analysis.
  • The events should be entered into qualitative risk analysis.
  • The events should be entered into the risk register. (Correct)
  • The events should be determined if they need to be accepted or responded to.

Answer : The events should be entered into the risk register.

Tracy is the project manager of the NLT Project for her company. The NLT Project is scheduled to
last 14 months and has a budget at completion of $4,555,000. Tracy's organization will receive a
bonus of $80,000 per day that the project is completed early up to $800,000. Tracy realizes that
there are several opportunities within the project to save on time by crashing the project work.
Crashing the project is what type of risk response?


Options are :

  • Transference
  • Enhance (Correct)
  • Exploit
  • Mitigation

Answer : Enhance

Which one of the following is the only output for the qualitative risk analysis process?


Options are :

  • Project management plan
  • Risk register updates (Correct)
  • Enterprise environmental factors
  • Organizational process assets

Answer : Risk register updates

PMI-SP Scheduling Professional Practice Exam Set 8

You are the project manager of the NKJ Project for your company. The project's success or failure
will have a significant impact on your organization's profitability for the coming year. Management

has asked you to identify the risk events and communicate the event's probability and impact as
early as possible in the project. Management wants to avoid risk events and needs to analyze the
cost-benefits of each risk event in this project. What term is assigned to the low-level of
stakeholder tolerance in this project?


Options are :

  • Risk avoidance
  • Risk utility function (Correct)
  • Mitigation-ready project management
  • Risk-reward mentality

Answer : Risk utility function

John is the project manager of the NHQ Project for his company. His project has 75 stakeholders,
some of which are external to the organization. John needs to make certain that he communicates
about risk in the most appropriate method for the external stakeholders. Which project
management plan will be the best guide for John to communicate to the external stakeholders?


Options are :

  • Risk Management Plan
  • Communications Management Plan (Correct)
  • Risk Response Plan
  • Project Management Plan

Answer : Communications Management Plan

You are the project manager of the GYH project for your organization. Management has asked
you to begin identifying risks and to use an information gathering technique. Which one of the
following risk identification approaches is an information gathering technique?


Options are :

  • SWOT analysis
  • Assumptions analysis
  • Documentation reviews
  • . Root cause analysis (Correct)

Answer : . Root cause analysis

PMI-SP Scheduling Professional Certification Practice Test Set 4

You work as a project manager for BlueWell Inc. You want to create a visual diagram, which can
depict the resources that will be used within the project. Which of the following diagrams will you
create to accomplish the task?


Options are :

  • C. Resource breakdown structure (Correct)
  • RACI chart
  • Roles and responsibility matrix
  • Work breakdown structure

Answer : C. Resource breakdown structure

Sammy is the project manager for her organization. She would like to rate each risk based on its
probability and affect on time, cost, and scope. Harry, a project team member, has never done this
before and thinks Sammy is wrong to attempt this approach. Harry says that an accumulative risk
score should be created, not three separate risk scores. Who is correct in this scenario?


Options are :

  • Harry is correct, the risk probability and impact matrix is the only approach to risk assessment.
  • . Sammy is correct, because organizations can create risk scores for each objective of the project. (Correct)
  • Sammy is correct, because she is the project manager
  • Harry is correct, because the risk probability and impact considers all objectives of the project.

Answer : . Sammy is correct, because organizations can create risk scores for each objective of the project.

During which of the following processes, probability and impact matrix is prepared?


Options are :

  • Perform Qualitative Risk Analysis (Correct)
  • Perform Quantitative Risk Analysis
  • Plan Risk Responses
  • Monitoring and Control Risks

Answer : Perform Qualitative Risk Analysis

PMI-SP Scheduling Professional Certification Practical Exam Set 10

You are the project manager of the YHG project for your company. Within the project, you and the
project team have identified a risk event that could have a financial impact on the project of
$450,000. This risk event has a 70 percent chance of occurring in the project. The project
identifies a solution that will reduce the probability of the risk event to ten percent, but it will cost
$260,000 to implement. Management agrees with the solution and asks that you include the risk
response in the project plan. What risk response is this?


Options are :

  • This is avoidance because the risk response caused the project plan to be changed.
  • This is mitigation because the response reduces the probability. (Correct)
  • This is not a risk response, but a change request.
  • This is transference because of the $260,000 cost of the solution.

Answer : This is mitigation because the response reduces the probability.

What risk identification technique allows participants to identify the project risks and to remain
anonymous?


Options are :

  • Surveys
  • Delphi technique (Correct)
  • Influence diagrams
  • Assumptions analysis

Answer : Delphi technique

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