PMI-RMP Online Practice Questions and Answers

Correct Answer: B

Correct Answer: B

Correct Answer: C

Correct Answer: C

Correct Answer: A

Correct Answer: B

Correct Answer: C

Correct Answer: C

Correct Answer: B

Correct Answer: B

Explanation: The risk matrix heat map is a graphical tool that displays the probability and impact of risks in a project. The horizontal axis represents the probability of occurrence, and the vertical axis represents the impact rating. The colors indicate the level of risk exposure, from green (low) to red (high). The risk in question is located in the upper right quadrant of the matrix, which means it has a high impact rating. The probability of occurrence can be estimated by looking at the scale on the horizontal axis. The risk is slightly to the left of the 50% mark, which means it has a probability of occurrence of about 40%. Therefore, the correct statement that describes the risk is B. The risk has a probability of 40% of occurrence and a high impact rating. References: PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 104-105.

Correct Answer: D

Explanation: The project manager should consider stakeholders' positions and opinions regarding the project's output when engaging stakeholders. This approach helps to address stakeholders' concerns, expectations, and potential objections, and it can lead to better decision-making and more successful project outcomes. It is important for the project manager to maintain open communication with stakeholders and to be responsive to their needs and perspectives.

According to the PMI Risk Management Professional (PMI-RMP) Examination Content Outline, one of the tasks under the domain of stakeholder engagement is to "engage stakeholders by communicating with them to understand their positions and opinions regarding the project's output, and to ensure that their interests are considered in the risk management process" (Task 1.3). This implies that the project manager should consider stakeholders' perspectives and expectations when engaging them, and not ignore, exclude, or impose on them. Therefore, option D is the correct answer. Option A is incorrect because not all stakeholders need to be involved in the project's governance, which is the set of policies, processes, and procedures that define how the project is managed and controlled. The project's governance should be determined by the project sponsor and the project management office (PMO), and only include those stakeholders who have authority and responsibility for the project's success. Option B is incorrect because communicating response strategies to all stakeholders is not a stakeholder engagement activity, but a risk communication activity. The project manager should communicate response strategies to the relevant stakeholders who are assigned to implement or monitor them, and not to all stakeholders indiscriminately. Option C is incorrect because ignoring any risks beyond stakeholders' tolerance is not a stakeholder engagement activity, but a risk attitude activity. The project manager should identify and assess all risks that may affect the project's objectives, regardless of stakeholders' tolerance levels. The project manager should also consult with stakeholders to determine their risk appetite, threshold, and attitude, and use this information to prioritize and respond to risks accordingly. References: PMI Risk Management Professional (PMI-RMP) Examination Content Outline, pages 5-61

Correct Answer: B

Explanation: Project risks should be closed when the stakeholders agree a risk is no longer applicable. This ensures that risks are actively managed and only relevant risks are considered throughout the project lifecycle. According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, project risks are uncertain events or conditions that may have a positive or negative effect on one or more project objectives1. Project risks can be closed when they are no longer applicable to the project or its activities. The process of closing project risks involves verifying that the risk responses have been completed, documenting the outcomes, and evaluating the effectiveness of the risk management process2. The decision to close a project risk should be made by the stakeholders who are responsible for or affected by the risk, as they are the ones who can determine whether the risk is still relevant or not. Therefore, the correct answer is B. When the stakeholders agree a risk is no longer applicable. References: 1: PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition, 2017, p. 397 2: PMI, Practice Standard for Project Risk Management, 2009, p. 111

Correct Answer: D

Explanation: The project manager should have updated the project schedule by adding risk owner implementation tasks. This would have ensured that the planned risk responses were implemented in a timely manner and tracked as part of the project schedule. This would also have allowed the project manager to monitor the progress of risk response implementation and take corrective action if necessary. According to the PMI-RMP ontent Outline and Specifications1, one of the tasks under Domain 4: Risk Monitoring and Reporting is to "update project schedule, budget, and risk register with risk response outcomes". This implies that the project manager should have added the risk owner implementation tasks to the project schedule, so that they can be tracked and monitored. By doing so, the project manager could have ensured that the planned risk responses were executed as intended, and that the opportunities were not missed. References: PMI-RMP ontent Outline and Specifications, page 10.

Correct Answer: D

Explanation: Enterprise environmental factors (EEFs) are conditions or circumstances that are not under the control of the project team, but may influence, constrain, or direct the project. EEFs include internal and external factors, such as organizational culture, market conditions, industry standards, government regulations, and academic research. In this case, the project manager should find the information about the new material from the research journal published by the local university, which is an example of an external EEF. This information may help the project manager to identify and analyze the risks associated with the new material and plan appropriate risk responses. Industrial studies, commercial risk databases, and organizational process assets (OPAs) are not the correct choices, as they are not relevant to the question. Industrial studies are systematic investigations of a specific industry or sector, which may provide general information about the market trends, opportunities, and challenges, but not specific information about the new material. Commercial risk databases are sources of information about historical or potential risks that may affect projects in different domains or regions, which may help the project manager to identify common or emerging risks, but not the risks related to the new material. OPAs are the plans, processes, policies, procedures, and knowledge bases specific to and used by the performing organization, which may help the project manager to follow the established guidelines and practices for risk management, but not to obtain new information about the new material. References: PMI. (2017). A Guide to the Project Management Body of Knowledge (PMBOK Guide) Sixth Edition. Chapter 2: The Environment in Which Projects Operate, pp. 38-39. 5 Enterprise environmental factors (EEFs) include information from external sources, such as academic research, industry studies, and market conditions. this case, the project manager should refer to the research journal published by the local university as an EEF to gather information about the new material and its associated risks.

Correct Answer: BE

Explanation: To ensure an effective risk management plan, the risk manager needs to consider aligning the plan to project constraints and priorities and obtaining stakeholder acceptance, as these factors will help ensure that the plan is relevant and supported by the project team and stakeholders. According to the PMI-RMP Handbook, the risk management plan 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 consider the following factors to ensure its effectiveness: Aligning to project constraints and priorities: The risk management plan should be aligned with the project objectives, scope, schedule, cost, quality, resources, and stakeholder expectations. It should also reflect the project's risk appetite, tolerance, and threshold levels, which indicate the degree of uncertainty that the project can accept. The risk management plan should prioritize the risk management activities based on the project's critical success factors and key performance indicators. Obtaining stakeholder acceptance: 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 be communicated and approved by the stakeholders to ensure their commitment and support for the risk management process. 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 other options are not valid factors for ensuring an effective risk management plan: Applying modern risk management techniques: The risk management plan should apply the appropriate risk management techniques that suit the project's context, complexity, and characteristics. The techniques should be based on the best practices and standards of the profession, such as the PMBOK Guide and the Practice Standard for Project Risk Management. The techniques do not have to be modern or innovative, as long as they are effective and efficient. Ensuring risk response strategies mitigate all risks: The risk management plan should define the risk response strategies that will be used to address the identified risks. However, the risk response strategies do not have to mitigate all risks, as some risks may be accepted, transferred, or avoided. The risk response strategies should be based on the risk analysis and evaluation, which consider the probability and impact of the risks, as well as the cost and benefits of the responses. Minimizing implementation costs: The risk management plan should consider the budget and resources available for the risk management activities. However, the risk management plan should not aim to minimize the implementation costs at the expense of the quality and effectiveness of the risk management process. The risk management plan should balance the costs and benefits of the risk management activities, and ensure that they provide value to the project. References: PMI-RMP Handbook1, PMBOK Guide2, Practice Standard for Project Risk Management2