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PMI-RMP (PMI Risk Management Professional) certification exam is designed to test the candidate's knowledge and skills in risk management. PMI Risk Management Professional certification is offered by the Project Management Institute (PMI), which is a globally recognized organization for project management professionals. The PMI-RMP certification is one of the most sought-after certifications for professionals who are involved in risk management.
Career Path
Holding the PMI Risk Management Professional certification allows to boost your career in the field of risk management to another level. There is a wide range of positions that you can opt for, including a Corporate Development Transaction Services Manager, a Construction Management Professional, a General Manager, a Network Program Manager, a Nurse Manager Risk Management, a Risk Management Analyst, Senior Software Engineer, and more. Besides that, these specialists can earn an average income of $65,000 per year.
Earning the PMI-RMP certification demonstrates an individual's commitment to the field of risk management and their ability to manage risk effectively. PMI Risk Management Professional certification is recognized globally and can lead to career advancement and increased earning potential. The PMI-RMP certification is a valuable asset for individuals who want to differentiate themselves in the competitive field of project management and risk management.
NEW QUESTION # 67
A project manager is working on a construction project. Based on past experience, the project manager identifies a risk that a supplier of a critical material may not deliver on time. The project manager has already accounted for this risk in the risk management plan. If this risk materializes, the project manager plans to procure the material from a different supplier. A potential risk in this plan is that there may be differences in the material provided by the first and second supplier.
What type of risk is this?
- A. Primary risk
- B. Normal risk
- C. Secondary risk
- D. Residual risk
Answer: C
Explanation:
Explanation
This is a secondary risk because it is a risk that arises as a direct result of implementing a risk response (in this case, procuring material from a different supplier).
NEW QUESTION # 68
Gary is the project manager of his organization. He is managing a project that is similar to a project his organization completed recently. Gary has decided that he will use the information from
the past project to help him and the project team to identify the risks that may be present in the project. Management agrees that this checklist approach is ideal and will save time in the project. Which of the following statement is most accurate about the limitations of the checklist analysis approach for Gary?
- A. The checklist is also known as top down risk assessment.
- B. The checklist analysis approach saves time, but can cost more.
- C. The checklist analysis approach is fast but it is impossible to build and exhaustive checklist.
- D. The checklist analysis approach only uses qualitative analysis.
Answer: C
NEW QUESTION # 69
You work as a project manager for BlueWell Inc. You are working with your team members on the risk responses in the project. Which risk response will likely cause a project to use the procurement processes?
- A. Sharing
- B. Exploiting
- C. Mitigation
- D. Acceptance
Answer: A
NEW QUESTION # 70
Bill is the project manager of the JKH Project. He and the project team have identified a risk event in the project with a high probability of occurrence and the risk event has a high cost impact on the project. Bill discusses the risk event with Virginia, the primary project customer, and she decides that the requirements surrounding the risk event should be removed from the project. The removal of the requirements does affect the project scope, but it can release the project from the high risk exposure. What risk response has been enacted in this project?
- A. Mitigation
- B. Transference
- C. Acceptance
- D. Avoidance
Answer: D
NEW QUESTION # 71
When conducting a risk identification exercise, what two actions should the risk manager take? (Choose two.)
- A. Arrange a team meeting, review the project's scope, and discuss dependency mapping
- B. Ensure participants review relevant documents before attending the meeting
- C. Request a contingency reserve from management
- D. Update the risk register during the team meeting.
- E. Ensure that all the relevant stakeholders participate
Answer: B,E
Explanation:
Explanation
When conducting a risk identification exercise, the risk manager should ensure participants review relevant documents before attending the meeting and ensure that all relevant stakeholders participate. This helps ensure a comprehensive understanding of the project and its risks, and promotes effective risk identification.
NEW QUESTION # 72
Fred is the project manager of a large project in his organization. Fred needs to begin planning the risk management plan with the project team and key stakeholders. Which plan risk management process tool and technique should Fred use to plan risk management?
- A. Planning meetings and analysis
- B. Data gathering and representation techniques
- C. Information gathering techniques
- D. Variance and trend analysis
Answer: A
NEW QUESTION # 73
You are the project manager for your organization. You are working with your project team to complete the qualitative risk analysis process. The first tool and technique you are using requires that you assess the probability and what other characteristic of each identified risk in the project?
- A. Impact
- B. Risk category
- C. Cost
- D. Risk owner
Answer: A
NEW QUESTION # 74
In a project to promote public health and mitigate health risks, the national health authorities intend to take actions to limit the risks of harmful insects by using pesticides; however, it is expected that some residents will have negative health effects due to the use of the pesticides but according to the assessment completed by the health authorities, not moving forward with this plan will have much more serious consequences on public health rather than following through with the original plan.
How should the project manager address this concern with the health authorities?
- A. Suspend the project as the secondary risk will negatively impact residents' health which is not acceptable.
- B. Proceed with the project as normal since a minor number of residents will be effected negatively.
- C. Consult with health experts to provide a risk trigger before using pesticides that will impact the residents.
- D. Assess and record associated secondary risks and proceed to treat them as any other risks.
Answer: D
Explanation:
Explanation
The project manager should assess and record associated secondary risks and proceed to treat them as any other risks. This involves identifying and evaluating the potential negative health effects of using pesticides and developing a plan to mitigate these risks. While it is important to consider the concerns of residents, the health authorities have determined that not moving forward with the plan will have more serious consequences on public health.
NEW QUESTION # 75
An organization that spans across different countries undergoes a digital transformation project. The project manager has assigned a risk management team leader who is a risk management certified candidate in their domain.
What should the risk management team leader do in the early stages of the project?
- A. Plan a solid risk response plan and secure the necessary funding.
- B. Conduct qualitative risk analysis to prioritize potential risks.
- C. Educate stakeholders on best practices to perform risk management.
- D. Benchmark to an organization which has executed a similar project,
Answer: C
Explanation:
Explanation
In the early stages of a project, the risk management team leader should conduct qualitative risk analysis to prioritize potential risks. This will help the team to focus on the most significant risks and develop appropriate risk response strategies.
According to the PMI-RMP Handbook, the early stages of the project are the best time to establish the risk management plan, which is a document that describes how risk management activities will be structured and performed on the project. It is one of the main outputs of the Plan Risk Management process. The risk management plan should be developed with the involvement and input of key stakeholders, such as the project sponsor, customer, team members, subject matter experts, and other relevant parties. The risk management plan should also define the roles and responsibilities of the stakeholders in risk management, as well as the reporting and escalation mechanisms.
The risk management team leader, who is a risk management certified candidate in their domain, should educate stakeholders on best practices to perform risk management in the early stages of the project. This is because the stakeholders may have different levels of knowledge, experience, and expectations regarding risk management, especially in an organization that spans across different countries. The risk management team leader should provide training, coaching, and guidance to the stakeholders on how to apply the risk management processes, tools, and techniques, as well as how to use the risk management plan. The risk management team leader should also promote a positive risk culture and encourage stakeholder participation and collaboration in risk management activities.
The other options are not valid for what the risk management team leader should do in the early stages of the project:
Conduct qualitative risk analysis to prioritize potential risks: This is not a valid option because the qualitative risk analysis is part of the Perform Qualitative Risk Analysis process, which comes after the Identify Risks process and before the Perform Quantitative Risk Analysis process. The risk management team leader should not conduct the qualitative risk analysis before developing the risk management plan and identifying the risks.
Plan a solid risk response plan and secure the necessary funding: This is not a valid option because the risk response plan is part of the Plan Risk Responses process, which comes after the Perform Qualitative Risk Analysis and Perform Quantitative Risk Analysis processes. The risk management team leader should not plan the risk response plan and secure the necessary funding before developing the risk management plan, identifying, and analyzing the risks.
Benchmark to an organization which has executed a similar project: This is not a valid option because benchmarking is a technique for risk identification, but it is not the only one. The risk management team leader should use a combination of techniques to identify risks, not just focus on one aspect. Also, benchmarking is not the same as educating stakeholders, which implies providing training, coaching, and guidance on risk management best practices.
References: PMI-RMP Handbook1, PMBOK Guide2, Practice Standard for Project Risk Management2
NEW QUESTION # 76
Henry is the project manager of the QBG Project for his company. This project has a budget of $4,576,900 and is expected to last 18 months to complete. The CIO, a stakeholder in the project, has introduced a scope change request for additional deliverables as part of the project work. What component of the change control system would review the proposed changes' impact on the features and functions of the project's product?
- A. Cost change control system
- B. Integrated change control
- C. Scope change control system
- D. Configuration management system
Answer: D
Explanation:
Explanation/Reference:
NEW QUESTION # 77
You work as a project manager for BlueWell Inc. There has been a delay in your project work that is adversely affecting the project schedule. You decided, with your stakeholders' approval, to fast track the project work to get the project done faster. When you fast track the project which of the following are likely to increase?
- A. Human resource needs
- B. Quality control concerns
- C. Costs
- D. Risks
Answer: D
NEW QUESTION # 78
John 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 associated to the time allowances for the activities or projects as a whole, with a width of the range indicating the degrees of risk?
- A. Activity cost estimates
- B. Activity duration estimates
- C. Risk management plan
- D. Schedule management plan
Answer: B
Explanation:
Explanation
NEW QUESTION # 79
A project is In the initiation phase. The project stakeholders are Invited to a meeting to share their thoughts that may impact the project In a positive or negative way.
What will be the main output of this meeting?
- A. Evaluating the project's impact
- B. Identifying threats and opportunities
- C. Evaluating the project's probability of success
- D. Performing a qualitative analysis
Answer: B
Explanation:
Explanation
The main output of the stakeholder meeting in the initiation phase is to identify threats and opportunities that may impact the project in a positive or negative way. This information will be used to develop the risk management plan.
NEW QUESTION # 80
You are the project manager of the NNH project. In this project you have created a contingency response that the cost performance index should be less than 0.93. The NHH project has a budget at completion of $945,000 and is 45 percent complete - though the project should be 49 percent complete. The project has spent $455,897 to reach the 45 percent complete milestone. What is the project's cost performance index?
- A. 0.93
- B. 0.92
- C. -$30,647
- D. 1.06
Answer: A
NEW QUESTION # 81
A risk manager manages risks in a construction project. A stakeholder mentions that if there is less than a 50% chance of rain, construction should continue. Another stakeholder says that if there is less than a 60% chance of rain, construction should continue.
What should the risk manager do next to find out the correct limit?
- A. Review the agreed-upon risk tolerance
- B. Find out the stakeholders' risk appetite
- C. Use industry standard risk thresholds
- D. Perform a sensitivity analysis of the risk
Answer: A
Explanation:
Explanation
The risk manager should review the agreed-upon risk tolerance to determine the correct limit for continuing construction based on the chance of rain. Risk tolerance is the level of risk an organization is willing to accept and should be established during the risk management planning process.
NEW QUESTION # 82
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