PMI-RMP Online Practice Questions and Answers

You are project manager for ABD project. You, with your team, are working on the following activities:

1.

Probabilistic analysis of a project.

2.

Probability of achieving cost and time objectives.

3.

Trends in Qualitative Risk Analysis results.

On which of the following processes are you working on?

A. Plan Risk Management

B. Perform Quantitative Risk Analysis

C. Perform Qualitative Risk Analysis

D. Identify Risks

Mary is the project manager of the HGH Project for her company. She and her project team have agreed that if the vendor is late by more than ten days they will cancel the order and hire the NBG Company to fulfill the order. The NBG Company can guarantee orders within three days, but the costs of their products are significantly more expensive than the current vendor. What type of a response strategy is this?

A. Internal risk management strategy

B. Contingent response strategy

C. External risk response

D. Expert judgment

You are the project manager of RTF project for your organization. You are working with your project team and several key stakeholders to create a diagram that shows causal factors for an effect to be solved. What diagramming technique are you using as a part of the risk identification process?

A. Cause and effect diagrams

B. System or process flow charts

C. Predecessor and successor diagramming

D. Influence diagrams

You work as a project manager for BlueWell Inc. Management has asked you to work with the key project stakeholder to analyze the risk events you have identified in the project. They would like you to analyze the project risks with a goal of improving the project's performance as a whole. What approach can you use to achieve the goal of improving the project's performance through risk analysis with your project stakeholders?

A. Focus on the high-priority risks through qualitative risk analysis

B. Involve the stakeholders for risk identification only in the phases where the project directly affects them

C. Involve subject matter experts in the risk analysis activities

D. Use qualitative risk analysis to quickly assess the probability and impact of risk events

Upon returning from vacation, the risk manager observes during the project status meeting that several activities being accomplished were not in the original plan. What should the risk manager do first?

A. Meet with the project team.

B. Inform management of out-of-scope work.

C. Review activities for new risks.

D. Review the change control log.

Wendy is the project manager of the NNJ project for her company. As part of the variance and trend analysis tool and technique for risk governance she is using earned value management. In this approach, Wendy wants to track and compare the cost and schedule variances. What is the point of this tool and technique in regard to risk?

A. Wendy can determine a true project completion date.

B. Wendy can track the cost and schedule variances.

C. Wendy can review quality performance on baselines.

D. Wendy can forecast deviation of the project cost and schedule for completion targets.

A project is in the planning phase, and the risk manager establishes the risk management for the project. Which success factors should be taken into account by the risk manager to establish a successful risk management process for the project?

A. Organizational commitment, scale risk effort to project, early identification of risks

B. Organizational commitment, scale risk effort required to project, perform quantitative risk analysis

C. Organizational commitment, scale risk effort required to project, integrate with other project management areas

D. Organizational commitment, scale risk effort required to project, use Monte Carlo analysis for risk evaluation

Which of the following best describes the strength of the probability and impact matrix for qualitative risk analysis?

A. It is well-suited to a decision tree analysis.

B. It assists in handling other factors such as urgency and manageability that may partly determine the risk's ranking.

C. It provides expert facilitators for the quantitative risk analysis.

D. It reflects the organization's level of risk appetite.

The project risk manager on a large firm fixed priced (FFP) contract has an up-to-date risk register with accurate and detailed information. What should the project risk manager do next?

A. Recommend the removal of risks to the project manager to reduce project risk exposure.

B. Advise the client that the project has exhausted contingency.

C. Quantify the risk exposure that exceeds project contingency.

D. Generate reports to assess and communicate the project risk level.

A project is evaluating a new software to streamline the current purchase order process. The current process is labor-intensive and involves printing, ink signatures, scanning, and emailing. Several team members gathered cycle time data to gauge the current process and evaluate the new process.

What should the risk manager do next with the data set?

A. Perform a probability and impact assessment

B. Perform Monte Carlo simulations

C. Perform a sensitivity analysis

D. Perform a risk data quality assessment