These questions are taken from the book:
I Want To Be A RMP, 2nd Edition.
These questions are prepared with feedback from many successful PMI-RMPs. Many have told the questions are tougher compared to the actual exam.
To answer these questions, you need to have:
- Solid grasp on Risk Management Knowledge Area in the PMBOK Guide, 6th edition.
- Sound understanding on how the Risk Management knowledge area interacts with the rest of the nine knowledge areas. Many overlook this aspect. You have to know the PMBOK guide in the context of risk management.
- Good understanding of Practice Standard for Risk Management and Foundational Standard for Risk Management.
- Applicability of risk management in projects and how it's used in the context of programs and portfolios, e.g., imagine a response strategy "Escalate" and how it works. Also, increasingly, risk management practitioners are asked to work/apply themselves in the context of portfolios, programs and projects.
- Real world (project) risk management experience.
I hope you enjoy doing these questions and it helps in your preparation for the PMI-RMP exam.
[This series - Part - 2]
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Question – 1: In your risk register, there are both conditional and event-based risks. You have planned for risk responses and currently using the Project Management Information System (PMIS) to ensure the integration of the risk response actions with overall project. How should you integrate these response actions?
A Only conditional response actions should be integrated with the project schedule.
B Only unconditional response actions are integrated, whereas conditional actions are not.
C Both conditional and unconditional response actions are integrated into the project.
D Conditional response actions are integrated, whereas unconditional actions are monitored.
Question – 2: You have been working on a renewable energy project, where the source of energy will be oceanic waves. The project is transnational and risk management is of high importance. Currently, you are in a process that will enable you to take project decisions based on current information and status of overall project risk and individual project risks. In this process, all of the followings can be done, OTHER THAN:
A Ensuring the contingency reserve available in enough.
B Determining if the risk management policies and procedures are being followed.
C Checking the issues that occurred because of the risks happening, but no action being taken on those risks.
D Ensuring the implementation of risk response plans.
Question – 3: During risk qualification, which one of the following lists of project documents is LEAST LIKELY to be updated?
A Project Team Assignments, Risk Register, Risk Report.
B Assumption Log, Risk Register, Risk Report.
C Risk Register, Risk Report, Issue Log.
D Issue Log, Assumption Log, Risk Report.
Question – 4: You are working on a project where there can be many risks can arise which could not have been identified earlier on. Essentially, these are unknowable-unknown risks because your project has employed disruptive technologies. To address such risks, which one of the following will be a LEAST EFFECTIVE approach?
A Increase the flow of information in your project.
B Follow all the processes of risk management.
C Ask your team to not just passively accept things, but ask questions.
D Raise awareness on the possibility of such unknowable-unknown risks.
Question – 5: Undifferentiated risks are ________________:
A Qualified, but may not be quantified risks.
B Quantified, but may not be qualified risks.
C Both qualified and quantified risks.
D Non-event based risks.
Question - 6: Which of the following statements is TRUE?
A High risk propinquity will increase the risk score, and high risk detectability will decrease the score.
B High risk propinquity will decrease the risk score, and high risk detectability will increase the score.
C Low risk propinquity will decrease the risk score, and low risk detectability will decrease the score.
D Low risk propinquity will increase the risk score, and high risk detectability will decrease the score.
Question - 7: For some of the risks, which you have identified and analyzed; you have developed contingency plans. Also, you have triggers to invoke the contingency plans. In which process, do you create such triggers?
A Identify Risks.
B Perform Qualitative Risk Analysis.
C Perform Quantitative Risk Analysis.
D Plan Risk Responses.
Question - 8: You are doing a risk planning for your project along with your team members. During this process, you decided to look at some of the project documents, while identifying the risks. You decided to look for assumptions and constraints. Which one of the following will give you the assumptions and constraints taken for the project?
A Project charter
B Constraint log
C Scope baseline
D Assumption log
Question – 9: You have planned for the risks in your project by creating a risk management plan, which has the information about the probability and impact scales, the probability and impact matrix, risk audit timings, among others. Next, you identified all possible risks with the help of stakeholders in your project. You have created the risk register, identified and assigned the possible owners for the risks and further elaborated on the risk breakdown structure. What should you do NEXT?
A Analyze the risks qualitatively to find the probability and impact of each risk.
B Find the potential responses, if any, for each risk.
C Determine the other risk assessment parameters such as risk controllability, risk detectability, etc.
D Analyze the risks quantitatively to quantity with respect to schedule and cost impact for each risk.
Question – 10: You are working on a multi-million-dollar contract event management. It will take 4 months to complete. During one of the planning processes, you found out that a significant threat exists to your project from one of the contractors, who may go bankrupt. If that situation arises, the project will be delayed by a month. Considering it, you decide to be in touch with another contractor who can provide the needed material.This is an example of:
A Risk Share.
B Risk Transfer.
C Risk Escalation.
D Risk Mitigation.
Question – 11: Following is a probability distribution for an activity.
From this, we can infer:
A The activity at best can be completed in 5 days, and at worst can be completed in 11 days.
B The activity at best can be completed in 4 days, and at worst can be completed in 12 days, but most likely to be completed in 6 days with 100% probability.
C The activity at best can be completed in 6 days with around 30% probability, and at worst can be completed in 12 days with around 30% probability, but most likely to be completed in 6 days with 100% probability.
D The activity at best can be completed in 6 days with around 30% probability, and at worst can be completed in 10 days with around 30% probability, but most likely to be completed in 6 days with 80% probability.
Question – 12: A Monte Carlo analysis has been conducted on a project, which shows below cumulative S-curve. The chances of the project meeting the budget of $75,000 is 30% (shown in red arrow mark). What is the contingency reserve needed if the chance has to be 60% (shown in yellow arrow mark)?
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| Image drawn with Primavera Risk Analysis Software |
A 0%
B 10%
C 4.9%
D 5.1%
Question - 13: Risk management is the responsibility of:
A Risk manager.
B Project manager.
C Project sponsor.
D Everyone involved.
Question – 14: In expert judgment, which kind of bias is possible?
A Motivation bias.
B Risk related bias.
C Cognitive bias.
D Heuristic bias.
Question – 15: You have defined the activities for your schedule and now sequencing the activities. Finally, you created a complete schedule for your project. Next you are thinking of getting it approved by the Sponsor as the schedule is almost complete. However, simultaneously, while doing risk response planning, you found out that in certain situations some of the sequences may not be appropriate and hence you are checking the alternative sequences. This will be known as:
A Risk avoidance
B Risk mitigation
C Finding and adding risks to the risk register
D Doing contingency planning
Question – 16: The Stakeholder Register can act as input to all of the following list of processes in Project Risk Management, EXCEPT:
A Identify Risks, Perform Qualitative Risk Analysis, Plan Risk Responses
B Plan Risk Management, Plan Risk Responses, Perform Qualitative Risk Analysis
C Plan Risk Responses, Implement Risk Responses, Perform Quantitative Risk Analysis
D Plan Risk Management, Identify Risks, Plan Risk Responses
Question – 17: Your team is developing a weather monitoring system to specifically track the cyclones. During testing of the systems, a number of defects were found. You want to know which three components of the systems are contributing most to these quality issues. Which technique would you use?
A Cause and effect diagram.
B Pareto diagram.
C Control diagram.
D Scatter diagram.
Question - 18: In which type of leadership the team members are likely to have low motivation, low creativity, low problem-solving skills and hence possibly can have more risks?
A Task-oriented leadership.
B Autocratic leadership.
C Democratic leadership.
D Charismatic leadership.
Question - 19: In which type of contract, the seller bears MOST of the risk?
A Firm Fixed Price
B Fixed Price with Incentive Fee
C Fixed Price with Economic Price Adjustment
D Fixed Price with Awards Fee
Question - 20: In a machine design and development project, you are analyzing the system. You are building a model to identify the various elements that can cause a system failure by themselves. Also, you are checking the various elements, when in combination with others can cause failures in the system. What kind of analysis is it?
A Failure mode and effect analysis (FMEA)
B SWOT analysis
C SPECTRUM analysis
D Root cause analysis
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The question set is available in the embedded document below. The answers are also part of this document.
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