PMI-RMP Practice Exam 3 — 20 Questions

Question 1

When reporting to an external regulatory agency, how should you present 'Risk Exposure'?

Accepted Answer

Present a summary of risk exposure and mitigation efficacy. Regulatory reporting requires clarity and evidence-based assessment, often focusing on identified, documented, and mitigated risks.

Answer

Omit any risks that have been mitigated

Answer

Only report risks with a low probability

Answer

Present the full Risk Register with all sensitive data

Question 2

You are monitoring risks and notice that a 'Secondary Risk' has appeared. What should you do first?

Accepted Answer

Add it to the Risk Register and assess its impact. All new risks must be analyzed for their own impact and probability before being added to the register.

Answer

Immediately initiate the contingency reserve

Answer

Ignore it if it is small

Answer

Call the sponsor to discuss the project failure

Question 3

Which tool in your PMIS allows you to track the 'Risk Response' implementation status across multiple work streams?

Accepted Answer

Risk Register Status Report. A dashboard or a filtered list view in a PMIS allows for aggregated tracking of status across the project.

Answer

Individual Risk Response Plan

Answer

Project Charter

Answer

Risk Impact Analysis Matrix

Question 4

When facilitating a risk workshop, how do you handle a suggestion that is clearly out of scope for the current project?

Accepted Answer

Acknowledge the input and record it in the 'Parking Lot' for future consideration. Address the suggestion respectfully and document it as a potential item for future consideration or outside the project's current bounds.

Answer

Include it in the risk register anyway

Answer

Ask the stakeholder to leave

Answer

Immediately dismiss it

Question 5

What is the primary role of a 'Risk Owner'?

Accepted Answer

To monitor the risk and manage the response strategy. A risk owner is responsible for monitoring the risk and implementing the agreed-upon response.

Answer

To perform quantitative analysis

Answer

To fund the mitigation

Answer

To identify all project risks

Question 6

During a risk review, a stakeholder asks why a risk's impact has not changed despite a completed mitigation plan. What is the most likely cause?

Accepted Answer

The mitigation addressed probability, not impact. If the risk is an 'inherent' risk, mitigation might reduce probability but not the theoretical impact, or the plan was ineffective.

Answer

The project manager forgot to save the update

Answer

The risk is a secondary risk

Answer

The risk register is corrupted

Question 7

Which TWO of the following are benefits of conducting regular risk workshops?

Accepted Answer

Improving stakeholder buy-in and awareness. Regular workshops keep risk awareness high and ensure the register stays relevant.

Answer

Assigning project tasks to team members

Answer

Automating the project budget

Answer

Replacing the project management plan

Question 8

Which THREE steps are part of the 'Qualitative Risk Analysis' process?

Accepted Answer

Categorize risks for analysis. This process involves evaluating probability/impact, ranking, and categorizing.

Answer

Execute the risk response

Answer

Perform a Monte Carlo simulation

Question 9

Who is primarily responsible for maintaining the risk register throughout the project?

Accepted Answer

Project Manager. The Project Manager is responsible for ensuring that the risk register is kept current.

Answer

Risk Management Team

Answer

Project Sponsor

Answer

Risk Owner

Question 10

Which TWO of the following are common risk response strategies for negative risks?

Accepted Answer

Avoid. Common negative risk strategies include Avoid, Transfer, Mitigate, and Accept.

Answer

Exploit

Answer

Enhance

Answer

Share

Question 11

You are using a Risk Register template. Which field is most useful for tracking the 'Risk Reassessment' frequency?

Accepted Answer

Next Review Date. A 'Next Review Date' field allows for automated tracking and scheduling of reassessments.

Answer

Risk Owner

Answer

Risk ID

Answer

Contingency Budget

Question 12

When reporting risk data to a global team, what is the biggest challenge for the project manager regarding risk data quality?

Accepted Answer

Subjectivity in risk assessment across different regions. Different cultural and professional interpretations of 'probability' and 'impact' can lead to inconsistent risk data.

Answer

Software language compatibility

Answer

Email communication delays

Answer

Time zone differences for reporting meetings

Question 13

What is the primary function of a 'Risk Dashboard' compared to a 'Risk Register'?

Accepted Answer

Dashboards offer visual summaries and trends for executive review. Dashboards provide visual summaries for decision-making, while the register holds the detailed data.

Answer

Dashboards provide full historical logs of all changes

Answer

Dashboards replace the need for the Risk Register

Answer

Dashboards store raw data for quantitative analysis

Question 14

You are configuring a risk dashboard in a PMIS. Stakeholders need to see the 'Risk Burn-down' trend. Which data point must be tracked consistently to enable this report?

Accepted Answer

Aggregate risk exposure value. A burn-down requires consistent tracking of the sum of risk exposure over time.

Answer

Owner assignment frequency

Answer

Total number of risks identified

Answer

Number of risk responses completed

Question 15

Which TWO items should you check to verify if a risk is being monitored appropriately?

Accepted Answer

The 'Last Updated' date in the Risk Register. The Risk Management Plan and the Risk Register indicate the monitoring frequency and current status.

Answer

The weather forecast at the office location

Answer

The number of hours the team works

Answer

The color of the project binder

Question 16

You notice that the 'Residual Risk' is higher than the 'Inherent Risk' after mitigation. What does this suggest?

Accepted Answer

The mitigation strategy may have introduced secondary risks. If residual risk is higher, the mitigation strategy may be introducing new threats or failing to address the primary risk.

Answer

The risk is now fully accepted

Answer

The mitigation was highly successful

Answer

The project is complete

Question 17

In a project, you are facilitating a risk workshop. You discover that a risk has been mitigated, but the residual risk remains high. What is the next logical step?

Accepted Answer

Document the residual risk in the risk register. If the residual risk is still above the threshold, further mitigation or acceptance is required.

Answer

Assign a new risk owner

Answer

Remove the risk from the risk register

Answer

Close the risk

Question 18

Which document is the primary output of the risk identification process?

Accepted Answer

Risk Register. The risk register is the central document where identified risks are recorded.

Answer

Lessons Learned Register

Answer

Risk Management Plan

Answer

Risk Report

Question 19

Which THREE criteria are used to perform a 'Risk Data Quality Assessment'?

Accepted Answer

Reliability of the data. Data quality is assessed based on understanding, accuracy, and reliability.

Answer

Total volume of data

Answer

Color of the spreadsheet cells

Question 20

When configuring a simulation in Oracle Primavera Risk Analysis, what is the impact of checking the 'Correlate Task Durations' option?

Accepted Answer

It enables the model to reflect that specific tasks may fluctuate together.. Correlating task durations allows the user to link the uncertainty of one task to another, reflecting real-world dependencies where a delay in one area often leads to delays in related areas.

Answer

It reduces the number of iterations required for convergence.

Answer

It forces all tasks to have the same duration.

Answer

It automatically removes all risk events from the schedule.