PMI-RMP Practice Exam 1 — 20 Questions

Question 1

A risk audit has just been completed. What is the most critical activity to perform with the findings?

Accepted Answer

Update the risk management plan and register. Integrating findings into the risk process improves the project's risk management approach for the future.

Answer

Discard the report to avoid negative visibility

Answer

Request a project budget increase immediately

Answer

Send the report to external regulatory bodies

Answer

Delete the risks identified during the audit

Question 2

Which THREE types of risks should always be included on a 'Watchlist' for regular monitoring?

Accepted Answer

Accepted risks that do not require active mitigation. Low-priority, accepted, and deferred risks belong on the watchlist.

Answer

Risks that have already been resolved

Answer

Critical path risks

Question 3

You are setting up a regular risk review meeting. Who is the most important attendee to invite?

Accepted Answer

The Risk Owner for the specific risks being reviewed. The Risk Owner is essential as they manage the specific risk and the response plan.

Answer

The entire project team

Answer

All project stakeholders

Answer

The external auditor

Question 4

You are managing a project with a 'high' risk profile. Stakeholders request a report that shows the 'Residual Risk' vs 'Target Risk' levels. What does this indicate?

Accepted Answer

The gap shows the extent of required further mitigation. The gap between residual and target risk shows how much additional mitigation is required to reach the desired risk state.

Answer

The project is over budget

Answer

The project is ahead of schedule

Answer

The project risk is fully mitigated

Question 5

Which TWO of the following techniques are commonly used for identifying risks during project initiation?

Accepted Answer

Interviewing. Brainstorming and interviewing are standard techniques for gathering initial information.

Answer

Sensitivity Analysis

Answer

Decision Tree Analysis

Answer

Monte Carlo Simulation

Question 6

During a risk workshop, stakeholders disagree on the impact of a technical risk. Which tool is most effective for resolving this conflict?

Accepted Answer

Standardized Probability and Impact Matrix. The Probability and Impact Matrix provides a standardized scale that guides objective consensus on severity.

Answer

Assumption Analysis

Answer

Risk Data Quality Assessment

Answer

Expert Judgment

Question 7

Which TWO of the following should be included in a risk report to executive management?

Accepted Answer

Summary of the top high-level risks. Executives need the 'big picture' view, including major risks and the status of contingency.

Answer

The project manager's personal performance review

Answer

Detailed minutes of every risk meeting

Answer

List of every minor technical task

Question 8

During a risk workshop, stakeholders identify a risk that could impact multiple departments. How should this be handled?

Accepted Answer

Document the risk and ensure all affected department leads are involved in response planning. Risks affecting multiple departments must be clearly communicated to all stakeholders, and cross-functional owners should be identified.

Answer

Assign one department head as the owner

Answer

Ignore the risk until it impacts a specific department

Answer

Delegate the risk to the project sponsor

Question 9

You are managing a global project and need to perform a quantitative risk analysis. The data provided by local offices varies significantly in quality. What is your first step?

Accepted Answer

Perform a Risk Data Quality Assessment. Before performing quantitative analysis, one must ensure the data is reliable to avoid 'garbage in, garbage out'.

Answer

Discard the data from the office with the lowest quality

Answer

Proceed with Monte Carlo simulation and interpret the wide variance

Answer

Normalize the data using a standard deviation calculation

Question 10

Which facilitation technique involves presenting an anonymous survey to experts to reach a consensus on risk impacts?

Accepted Answer

Delphi Technique. The Delphi technique is specifically designed for anonymous expert consensus.

Answer

Brainstorming

Answer

Root Cause Analysis

Answer

Interviewing

Question 11

Which section of the 'Risk Register' is most important for monitoring the status of a specific risk?

Accepted Answer

Risk Status. The status field explicitly states whether a risk is active, closed, or deferred.

Answer

Risk ID

Answer

Risk Description

Answer

Owner

Question 12

Which THREE items should be included in a 'Risk Audit' report to project governance?

Accepted Answer

Summary of audit findings. Audit findings, recommendations, and process status are essential for governance review.

Answer

The cost of the audit consultant

Answer

The internal team's lunch schedule

Question 13

During planning, you identify that your project relies on a 'Single Point of Failure' (SPOF) in the supply chain. What is the best strategy to integrate into your plan?

Accepted Answer

Add the SPOF to the risk register with a mitigation strategy to develop secondary suppliers.. Risk strategy for critical dependencies must include proactive mitigation and contingency planning.

Answer

Reduce the project scope immediately.

Answer

Accept the risk and hope it does not materialize.

Answer

Ignore the risk because it is external.

Question 14

When interpreting the results of a cost simulation, what does the 'Distribution' (histogram) tell you that a 'Mean' value does not?

Accepted Answer

The frequency and probability of different cost outcomes.. The distribution provides the range and shape of potential outcomes, including the likelihood of extreme events, whereas the mean is just a single point of average performance.

Answer

The total project budget.

Answer

The accuracy of the initial estimation team.

Answer

The specific task that causes the budget overrun.

Question 15

Which TWO of the following are essential components of a formal 'Risk Report' provided to project stakeholders?

Accepted Answer

Summary of top risks by impact. A, B are standard reporting components; C, D, E are either too granular, confidential, or irrelevant.

Answer

Personal performance reviews of risk owners

Answer

Full list of all individual risk task assignments

Answer

Detailed log of every risk register edit

Question 16

You are presenting a risk report. The sponsor points out that a specific risk was closed, but the cost impact was never updated. What is the correct way to handle this during reporting?

Accepted Answer

Update the record with actuals and apologize for the reporting gap. Acknowledge the oversight, update the register with the actual cost impact, and report the revised total at the next cycle.

Answer

Suggest the sponsor look at the Issues Log instead

Answer

Blame the Risk Owner for the missing data

Answer

Argue that cost updates are not required for closed risks

Question 17

When a 'Risk Trigger' occurs, what must be updated in the PMIS immediately?

Accepted Answer

The Risk Status and the Issue Log. Updating the status from 'Risk' to 'Issue' ensures the problem is managed with appropriate urgency.

Answer

The Project Scope Statement

Answer

The Stakeholder Register

Answer

The Resource Plan

Question 18

Which THREE elements are essential when documenting a 'Risk Trigger' in the register?

Accepted Answer

The data source used to verify the trigger. The trigger condition, the indicator source, and the required action are necessary for a complete trigger definition.

Answer

The phone number of the sponsor

Answer

The font style of the register entry

Question 19

Which THREE factors are primary triggers for conducting an unscheduled 'Risk Reassessment'?

Accepted Answer

Completion of a major project milestone. Significant project changes, major milestones, and failure of mitigation plans trigger reassessments.

Answer

Change in the administrative assistant of the team

Answer

Daily routine status meetings

Question 20

When monitoring risk triggers, what is the primary purpose of a 'Risk Trigger' threshold field in your project management software?

Accepted Answer

To provide an objective indicator that a risk is about to occur. Thresholds provide objective criteria for when a risk response plan should be activated.

Answer

To automate the closure of the risk entry

Answer

To define the escalation path for the project manager

Answer

To notify the finance department of budget changes