PMI Risk Management Professional - PMI-RMP Exam Practice Test

A new vice president in one of its divisions observed that the portfolio of projects within their division experienced significant variations beyond the ±10% established threshold with the potential of not achieving its overall business goals. Hence, they directed all project leaders and sponsors to ensure that they set and work toward more stringent thresholds of ±5% and reports on the basis of any variance outside that range.
How should the risk manager respond?

During a project team meeting, a risk manager realizes that the initial assumptions on the project schedule are too optimistic. The risk manager believes that the project might not meet its deadline as initially stated.
What is the reason for misunderstanding the assumptions from the beginning?

A large, land-based infrastructure project has begun. The project makes assumptions about the site conditions and has economic, technical, and environmental constraints What should the project manager do next to determine risk impact of assumptions and constraints?

While performing risk identification exercises, the risk manager often encounters biases from the project team. How can the risk manager accurately identify what will trigger a risk?

A risk management team has completed a quantitative analysis, and the individual score in terms of schedule and cost has been identified. The team is consolidating inputs for contingency planning and notices that the available time and funds are not sufficient for all the risks.
What should the risk manager advise the project team?

During the project's lifecycle, project risk managers must monitor any risks and address risk responses. What does this level of monitoring consist of?

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?

A home solar panel project has many internal and external stakeholders including households, businesses, community groups, electric utility companies, local government officials, landlords, and investors. What should the project manager do when engaging stakeholders?

During a project progress meeting, a project team member is concerned that one of the risks has triggered several other low-level risks. These risks should be responded to quickly or there will be severe consequences for the project deliverables.
What should the risk manager do?

A risk manager for a cross-functional project is initiating the risk identification process. The risk manager conducted some meetings for stakeholders to express their concerns, but some stakeholders are complaining that their opinions were not considered.
How should the risk manager address these concerns?

During project execution, a project manager invites the stakeholders to a risk review meeting. During this meeting, a vendor highlights that the mitigation plan for a schedule risk has generated an additional risk.
What should the risk manager do first?

A project manager wants to introduce a new technology to improve a project's performance. However, there are some costs associated that are beyond the current budget, and the proposed technology has not been applied to any previous company projects.
What should the project manager do in this situation?