Dumps Moneyack Guarantee – PMI-RMP Dumps UpTo 50% Off [Q37-Q60]

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Dumps Moneyack Guarantee – PMI-RMP Dumps UpTo 50% Off

Updated Jul-2024 Pass PMI-RMP Exam – Real Practice Test Questions

Q37. You are the project manager of the NNN project for your company. You and the project team are working together to plan the risk responses for the project. You feel that the team has successfully completed the risk response planning and now you must initiate what risk process it is. Which of the following risk processes is repeated after the plan risk responses to determine if the overall project risk has been satisfactorily decreased?

Qualitative risk analysis

Quantitative risk analysis

Risk identification

Risk response implementation

Q38. Ruth is the project manager of ISFH project for her company. This project is forty percent complete and it appears that some risk events are going to happen in the project that will have an adverse affect on the project. Ruth creates a change request regarding the risks. Is this a valid response?

No, change requests should not address risks, only risk response strategies should be issued.

No, change requests should not address pending risks, but only scope changes.

Yes, change requests can be recommended for corrective actions for contingency plans.

Yes, change requests can ask for additional funds to pay for the risk impact.

Q39. A well established project begins to experience cost overruns and falls behind schedule. The project risk register identifies many risks and risk response plans in place, yet many risks are transitioning into issues. As the risks occur and become issues, many of the response plans are in progress, but not complete. The data from this graph represents the status of the project risks.

Based on this information, what improvement to the risk management process is required?

Increase the project risk identification and analysis.

Improve the risk analysis to better define root causes.

Transition to an issue management program and close the remaining open risks.

Review remaining risk response plans and invest in schedule quality improvements.

Q40. You are working with Anna on your project to determine and map the probability distributions of risk within the project. You have indicated that you will use the uniform distribution method for a portion of the project.
Which part of your project is most likely to have a uniform risk distribution?

Late completion stages of a project

Project phases that deal with “cutover” technologies

Early concept stage of design

Project initiating

Q41. You are project manager for ABD project. You, with your team, are working on the following activities:
Probabilistic analysis of a project.
Probability of achieving cost and time objectives.
Trends in Qualitative Risk Analysis results.
On which of the following processes are you working on?

Plan Risk Management

Perform Quantitative Risk Analysis

Perform Qualitative Risk Analysis

Identify Risks

Q42. The project manager needs to create a risk management plan for a high risk project, but the company’s senior management does not see value in spending time documenting major risks instead of leading the project.
What is the most appropriate action for the project manager to take first?

Develop a risk register and present it to the senior management

Hire a risk consultant to identity the major risks.

Develop a risk management plan and present it to the sponsor.

Document all identified risks.

Q43. Which input could be utilized to perform quantitative risk analysis to reduce uncertainty?

Risk categorization

Organizational process assets

Stakeholder register

Expert judgment

Q44. You work as a project manager for BlueWell Inc. You want to create a visual diagram, which can depict the resources that will be used within the project. Which of the following diagrams will you create to accomplish the task?

Roles and responsibility matrix

Work breakdown structure

Resource breakdown structure

RACI chart

Q45. A project manager was informed that the testing of the latest component in the project’s software update release was not successful. As a result, 1he delivery timelines for the software release wifi be delayed, The project manager did not previously capture this as a risk to the project.
What should the project manager do next to avoid similar risks?

Add contingencies to other tasks to mitigate similar risks.

Reassess risks with a new assumptions and constraints analysis.

Review the risk response plan looking for lessons learned.

Log the event in the issue log and update the project management plan.

Q46. Which of the following diagrams displays sensitivity analysis data?

Fishbone

Influence

Tornado

Cause and effect

Q47. You are the project manager of the YHG project for your company. Within the project, you and the project team have identified a risk event that could have a financial impact on the project of $450,000. This risk event has a
70 percent chance of occurring in the project. The project identifies a solution that will reduce the probability of the risk event to ten percent, but it will cost $260,000 to implement. Management agrees with the solution and asks that you include the risk response in the project plan. What risk response is this?

This is mitigation because the response reduces the probability.

This is not a risk response, but a change request.

This is transference because of the $260,000 cost of the solution.

This is avoidance because the risk response caused the project plan to be changed.

Q48. A risk manager notices that a risk owner is facing challenges implementing their response strategy and the costs are significantly exceeding expectations. What is the first thing the risk manager should do?

Highlight this situation to the project manager

Conduct a cost-benefit analysis

Change the risk response strategy

Analyze the situation and meet with the risk owner

Q49. A project is at the final development stage. The test lead informs the risk manager that a key feature may not be testable due to changes in the environment What should the risk manager do?

Confirm the risk triggers are still valid.

Ask the architect to develop acceptance criteria.

Review the feature with the project team.

Escalate the issue to the project board.

Q50. A project manager has finished the project charter for a project and has now moved into the planning phase. In the first planning meeting, the project manager is trying to determine the risk tolerance and risk attitudes of the project’s key stakeholders.
What is the first resource the project manager should reference?

Benefits management plan

Enterprise environmental factors (EEFs)

Project charter

Requirements management plan

Q51. An agriculture government agency faces different challenges with farmers and landlords In implementing its ambitious growth strategy. The agency decided to establish an enterprise risk management unit to identify risks, analyze risks, and provide a handbook showing how to handle the surrounding uncertainty.
What should the risk management expert recommend the agency do first to identify risks and develop the handbook?

Follow standard risk Identification tools dedicated for agriculture and tailor them to the environment.

Hire an agriculture expert who can develop the required handbook and discuss it with the agriculture minister.

Prepare a list of the key resources that will be used to compile a risk management plan.

Conduct meetings, facilitated workshops, and interviews with stakeholders to identify potential risks.

Q52. You are the project manager of the GHG project. You are preparing for the quantitative risk analysis process.
You are using organizational process assets to help you complete the quantitative risk analysis process. Which one of the following is NOT a valid reason to utilize organizational process assets as a part of the quantitative risk analysis process?

You will use organizational process assets for risk databases that may be available from industry sources.

You will use organizational process assets for studies of similar projects by risk specialists.

You will use organizational process assets to determine costs of all risks events within the current project.

You will use organizational process assets for information from prior similar projects.

Q53. Which analysis method has a lower standard deviation?

European Hypercube

Monte Carlo simulation

Hecht analysis

Latin Hypercube

Q54. Virginia is the project manager for her organization. She has hired a subject matter expert to interview the project stakeholders on certain identified risks within the project. The subject matter expert will assess the risk event with what specific goal in mind?

To determine the level of probability and impact for each risk event

To determine the bias of the risk event based on each person interviewed

To determine the probability and cost of the risk event

To determine the validity of each risk event

Q55. 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?

The checklist analysis approach is fast but it is impossible to build and exhaustive checklist.

The checklist analysis approach saves time, but can cost more.

The checklist analysis approach only uses qualitative analysis.

The checklist is also known as top down risk assessment.

Q56. You are the project manager of a large construction project. Part of the project involves the wiring of the electricity in the building your project is creating. You and the project team determine the electrical work is too dangerous to perform yourself so you hire an electrician to perform the work for the project. This is an example of what type of risk response?

Acceptance

Mitigation

Transference

Avoidance

Q57. You are the project manager of the GGG project. You have completed the risk identification process for the initial phases of your project. As you begin to document the risk events in the risk register what additional information can you associate with the identified risk events?

Risk potential responses

Risk schedule

Risk owner

Risk cost

Q58. You work as a project manager for TechSoft Inc. You are working with the project stakeholders on the qualitative risk analysis process in your project. You have used all the tools to the qualitative risk analysis process in your project. Which of the following techniques is NOT used as a tool in qualitative risk analysis process?

Risk Urgency Assessment

Risk Categorization

Risk Reassessment

Risk Data Quality Assessment

Q59. A company is preparing a formal response to bid for an infrastructure engineering, procurement, and construction project. When should a risk register be developed to identify risks?

During the project execution phase to allow the project manager to understand the risk attitudes of stakeholders.

When a client project kick-off meeting is held to introduce risk assessment process to the client.

Before a formal bid response is provided to the client to gain a greater understanding of the project’s risk profile.

After a project budget is set up with a purchase order to charge hours for a risk workshop.

Explanation
A risk register should be developed before submitting a formal bid response to help the company understand the project’s risk profile and account for potential risks in their proposal. This allows the company to make informed decisions about cost, schedule, and resources. (Reference: Project Management Institute. A Guide to the Project Management Body of Knowledge (PMBOK Guide) – Sixth Edition, Section 11.2) A risk register is a document that is used as a risk management tool to identify potential setbacks within a project. A risk register is typically created at the start of a project (before it begins), and is regularly referenced and updated throughout the life of a project through deliberate risk monitoring and control1. A risk register is an important component of any successful risk management process and helps mitigate potential project delays that could arise. A risk register is shared with project stakeholders to ensure information is stored in one accessible place2. A risk register also helps to establish a hierarchy of risks, starting with the most impactful.
The goal should be to have a path to mitigating those risks, reducing the harm they cause, or eliminating them. The register should also outline what’s considered an acceptable level of risk and how to set up insurance to help offset the impacts3. Therefore, a risk register should be developed before a formal bid response is provided to the client to gain a greater understanding of the project’s risk profile. This will help to estimate the project costs, schedule, and scope more accurately and realistically, as well as to identify the contingency plans and reserves needed to deal with the potential risks. Developing a risk register during the project execution phase, when a client project kick-off meeting is held, or after a project budget is set up with a purchase order are all too late to effectively identify and manage the risks that could affect the project success. References: 2, 3, 1, 4

Q60. Upon reviewing the risk analysis results, the project manager notices several risks that occur more frequently than others. What should the project manager do?

Reduce the probabilities of those risks on the risk register

Transfer ownership of those risks to the customer

Implement the risk handling strategies for those risks

Request additional management reserve for those risks