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PMI PMI-RMP Exam Practice Questions (P. 1)

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Question #1
What are common examples used to communicate risk probability and impact?
  1. A
    Risk checklist, risk assessment, regression analysis, and assumption and constraint analysis
  2. B
    Monitor Risks process, multi-dimensional risk assessment, control chart, and Monte Carlo simulation
  3. C
    Probability distributions, sensitivity analysis, modeling and simulation, and probability and impact matrix
  4. D
    Monitor Risks process, assumption and constraint analysis, modeling and simulation, and risk register

Correct Answer:
C

Question #2
When using the risk register to manage the cost risk analysis, which of the following models the way correlation arises, and avoids the need to estimate the correlation coefficients?
  1. A
    Risk Monte Carlo analysis
  2. B
    Risk driver method
  3. C
    Risk scatter diagram
  4. D
    Risk RACI matrix

Correct Answer:
C

Question #3
Which of the following characteristics would a risk tolerant person or group demonstrate?
  1. A
    Adaptable and resourceful; not afraid to take action; thrill seeking
  2. B
    Discomfort with uncertainty; low tolerance for ambiguity; seeks security and resolution in the face of risk
  3. C
    Risk taking is a price worth paying for future payoffs; seeks strategies and tactics that have high future payoffs; thinks abstractly and creatively envisioning possibilities, and not afraid of change or unknowns
  4. D
    Reasonable comfort with most uncertainty; accepts risk as a normal feature of projects and business, and takes uncertainty in stride with no apparent or significant influence on their behavior

Correct Answer:
D

Question #4
The risk manager organizes a stakeholder meeting to obtain agreement on project risk response strategies. At the conclusion of this meeting, the risk response strategies should be which of the following?
  1. A
    Scheduled, budgeted, and easy for project stakeholders to understand
  2. B
    Cost-effective, validated by Monte Carlo analysis, and assigned
  3. C
    Iterative, scaled to the project, and addressing threats and opportunities
  4. D
    Timely, cost-effective, agreed-upon, and accepted

Correct Answer:
C

Question #5
A new resource is added to the project team from a matrix organization. How should the project's risk manager familiarize the new team member with the project's risk management process?
  1. A
    The functional manager is responsible for providing the training.
  2. B
    Provide project specific risk training and mentor through the risk process.
  3. C
    Send the new team member the risk management plan to read.
  4. D
    Provide the new team member with a copy of the risk register and latest status report.

Correct Answer:
C

Question #6
The stakeholder is unwilling to make decisions that would result in negative consequences to the project. Which of the following describes the stakeholder's attitude regarding project risks?
  1. A
    Risk averse
  2. B
    Risk neutral
  3. C
    Risk accepting
  4. D
    Not enough information available to describe the stakeholder's risk attitude

Correct Answer:
A

Question #7
A project manager is developing the risk management process and schedules a risk planning workshop at the start of the project. Upon receiving the invitation, a senior stakeholder emails the project manager stating that a risk management plan is not needed since this is a small project, and lack of a plan will reduce costs.
Which of the following should the project manager do?
  1. A
    Advise the stakeholder that risk management is a valuable undertaking and must be applied to all projects to some degree.
  2. B
    Cancel the workshop, as the stakeholder is senior and risk management is an optional process, especially on smaller projects.
  3. C
    Continue with the workshop, but remove the stakeholder from the list of attendees.
  4. D
    Review the scope in an attempt to save money in other areas of the project to provide funding for the risk management activities.

Correct Answer:
A

Question #8
What is a project issue within a project environment?
  1. A
    A negative effect on a project objective arising from occurrence of a threat
  2. B
    A certain event which has a positive or negative impact in the project
  3. C
    A risk which has a significant impact on the project
  4. D
    An uncertain event which may impact the project

Correct Answer:
A

Question #9
What is the purpose of mitigating negative risks as a part of the risk response process?
  1. A
    To transfer the probability of a risk happening to a third party, and to reduce the severity of the impact
  2. B
    To reduce the probability of a risk happening, and/or reduce the severity of the impact
  3. C
    To accept the probability of a risk happening to reduce the severity of the impact
  4. D
    To increase the probability of a risk happening, but reduce the severity of the impact

Correct Answer:
B

Question #10
In the country where a project is being executed, customs procedures are complex and change frequently. During the risk identification process, the project team identifies a risk related to delays in customs on substantial equipment that will likely occur. Equipment delays on this project could lead to the project cancellation.
How should the probability and impact be characterized for this risk?
  1. A
    Low probability/low impact
  2. B
    High probability/low impact
  3. C
    Low probability/high impact
  4. D
    High probability high impact

Correct Answer:
D

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