I would definitely suggest that you take both the parts together when you try to attempt the questions.
Do note that these are not verbatim questions from PMI-RMP exam, however, these questions covers the areas needed for the exam. The questions are based on the Foundational and Practice Standards for Risk Management, Examination Content Outline (ECO) and other reference books (PMI list) for the RMP exam.
Also, as mentioned in the previous series, to answer these questions, you need to have:
- Solid understanding of Risk Management knowledge area and its interactions of this knowledge area with rest of the knowledge areas in the PMBOK Guide, 6th edition.
- Sound understanding of Practice Standard for Risk Management and newly released Foundational Standard for Risk Management in Portfolios, Programs and Projects.
- Real-world (project) risk management experience.
These questions are from the newly released book:
Important Note: The new PMI-RMP exam has much wider coverage compared to the earlier one. The PMBOK Guide has added a number of areas where risk management plays vital role. In addition, a number of new concepts have been added into the PMBOK guide and Foundational Standard for Risk Management. Hence, before you take the exam, have a strong foundation and apply your understanding from a real world risk management perspective. You also need to follow right material/content for your exam preparation (many are still following the old PMBOK guide!).
*********
Question - 21: You are working on a strategically important project in which risk quantification has been made mandatory by your organization’s risk governance body. For this purpose, currently, you have taken the risk register, the duration and cost estimates of the activities, the resources requirements for activities and the milestone list along with other plans. As you go through the process, one of the risk owners have put the duration of an activity in this format: Cumulative (3, 6, {5}, {50%}). What can be inferred from it? (Consider the duration to be in weeks).
A The activity can at best be completed in 3 weeks, at worst in 6 weeks, but most likely to be completed in 5 weeks.
B The activity can have a range of discrete values between 3 and 6 weeks, and it will peak at 5 weeks.
C Minimum value is 3 weeks, maximum is 6 weeks and 5 weeks is of 50% chance for the activity.
D Minimum value is 5 weeks and is of 50% chance with the extreme ranges being 3 weeks and 6 weeks.
Question – 22: You have been working in a construction project which has multiple phases. As the final phase is coming to closure, you decide to enter the phase closure. Your stakeholders, including sponsors, want to know the status of the risks and want to ensure that no open risks remain before the phase is closed. What should you do NEXT?
A Present the risk register for review.
B Use the risk report to show the details on the risks.
C Take the latest lessons learned register for the close-out phase meeting.
D Do a regression analysis to determine the status of the risks.
Question – 23: A project manager (PM) has been working on a project to a heart-rate monitor product. This product has a number of quality objectives as it's a medical equipment. The PM has prepared the quality management plan and currently translating this plan into executable quality activities and ensuring that the quality objectives of the product are met. While doing so, a number of new quality related risks are identified, which may seriously impact the objectives of the project. What should the project manager do?
A Document the risks in the register.
B Update the lessons learned register.
C Update the risk report as it is impacting the overall project objective.
D Escalate to the sponsor on the new risks as they are serious in nature.
Question – 24: You have been assigned to build a fun and creativity park a town's local residents. There are a number of stakeholders and you understand the importance of stakeholder engagement in this process. You have grouped and prioritized them and currently developing a plan to engage with the stakeholders. You want to know the stakeholders' risk attitude and threshold before completing the engagement planning, which will help you to build an optimal engagement strategy. Which one of the following will be MOST helpful for you in this situation?
A Risk management plan.
B Risk register.
C Risk report.
D Risk status meetings.
Question – 25: Use of big data, advanced analytics, and/or artificial intelligence to explore unknown risks is known as:
A Data analysis
B Data gathering
C Data representation
D Data analytics
Question - 26: For your activities, you are finding that there can be many possible events which can create risks. And those events can also be a product of several other events. Which distribution you would use?
A Triangular Distribution
B LogNormal Distribution
C Normal Distribution
D BetaPert Distribution
Question - 27: In a risk analysis for the activities of a project, following activities came with the criticality index as shown below in the Tornado diagram.
 |
| Diagram drawn with Primavera Risk Analysis Software |
Which activity (activities) has/have the least chance to be on the critical path?
A A1140, A1160
A A1140, A1160
B A1160, A1030
C A1140, A1160
D A1020, A1080
Question - 28: In the following decision tree, what is incorrectly put?
A On the paths from the decision node to a chance node, the monetary value should be put.
B On the paths from the chance node to a decision node, the monetary value should be put.
C On the paths from the decision node to a chance node, the probability value cannot be put.
D On the paths from the chance node to a decision node, the probability value cannot be put.
Question – 29: For a project manager to be successful in risk management, there are many roles and responsibilities to be played. Which one of the following is NOT one of them?
A Owning risk response actions.
B Developing the project risk management plan.
C Applying contingency funds.
D Auditing risk management processes for their effectiveness.
Question – 30: Your project is under execution for the last 3 months. Some of your stakeholders are not very satisfied with the way Risk Management is happening. This input has also reached your Sponsor. Your sponsor has asked you to do an Audit for the risks in the project. You are aware that just two weeks before the Audit has happened for the project. Now you want to find out the frequency needed for your Audit. Which document or plan will give you such information?
A Risk Management Plan.
B Risk Register.
C Risk Response Plan.
D Risk Report.
Question – 31: You have recently joined an organization, which develops dairy products for its customers. You joined as one of the product-leads in the organization and have been asked to report to the project manager as well as the functional head of the organization of your product segment. What kind of organization are you in?
A Weak matrix.
B Strong matrix.
C Balanced matrix.
D Projectized.
Question – 32: To create a risk management plan, which aspect of the following is MOST important?
A Have a documented approach, methodology, matrix, schedule and cost information, and roles and responsibilities documented in the Risk Management Plan.
B Agreement and approval from the sponsor on the Risk Management Plan after its creation.
C Agreement and support from the stakeholders on the Risk Management Plan after its creation.
D Agreement and approval from the Change Control Board on the Risk Management Plan after its creation.
Question – 33: In Monitor Risks process, you are comparing the technical accomplishments during our project execution to the schedule of technical achievement. You are using metrics such as transaction times, number of delivered defects etc. to see if there are any deviations in actual data as compared to the planned ones, and hence the forecasts to check on the degree of success. Which tool and technique are you using here?
A Technical performance analysis.
B Trend analysis.
C Variance analysis.
D Risk reassessment.
Question – 34: Risks which are outdated are ____________:
A Moved to the Watch-list.
B Closed.
C Updated with the probability and impact values.
D Added to lessons learned documentation.
Question – 35: You team has been numerically analyzing the risks which were identified. Now these risks have given discrete probability values such as 80%, 50%, 75% etc., which will also have consequence rating mentioned in the impact scale. Which process are you in?
A Plan Risk Management.
B Perform Quantitative Risk Analysis.
C Perform Qualitative Risk Analysis.
D Plan Risk Responses.
Question – 36: You have identified the risks, analyzed them and now planning for risk responses. The output “Plan Risk Responses” process can be Risk Response Plan, Residual Risks and:
A Risk Breakdown Structure.
B Risk Probability and Impact matrix.
C Secondary Risks.
D Tertiary Risks.
Question – 37: Risk categorization as a Tool and Technique used in Project Risk Management under which process?
A Perform Qualitative Risk Analysis.
B Perform Quantitative Risk Analysis.
C Monitor Risks.
D Plan Risk Responses.
Question – 38: You are looking the Earned Value Analysis results for your current projects. You find out that the SPI (schedule performance index) is 0.8 and the CPI (cost performance index) is 0.67, which are below than the previous measures. You also found the Estimate At Completion (EAC) is going to be much more than the previously measured one. This can pose new risks for your project. You are into which process and using what technique?
A Monitor risks; Variance and Trend analysis.
B Monitor risks; Trend analysis.
C Monitor risks; Technical performance analysis.
D Implement Risk Responses; Trend analysis.
Question – 39: For an activity in your schedule you are considering the extremes of uncertainty of the activity under consideration. Also, you believe, for this activity, the intermediate values have equal chances of occurring. What kind of probability distribution will be considered while doing a risk analysis?
A Beta distribution.
B Symmetric triangular distribution.
C Asymmetric triangular distribution.
D Rectangular distribution.
Question – 40: Fallback plan is part of ___________________:
A Risk management plan.
B Risk report.
C Risk register.
D A separate plan.
*********
The question set is available in the embedded document below. The answers are also part of this document.
The question set is available in the embedded document below. The answers are also part of this document.
For all answers, subscribe to this site and send a mail (from your GMail id) to managementyogi@gmail.com.
New Book Available for RMP Exam:
No comments:
Post a Comment
Sign- or Log-in and put your name while asking queries in comments. Any comment is welcome - comments, review or criticism. But off-topic, abusive, defamatory comments will be moderated or may be removed.