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PMI-RMP (PMI Risk Management Professional) Exam is a globally recognized certification that validates a candidate's expertise in identifying, assessing, and mitigating project risks. PMI Risk Management Professional certification is offered by the Project Management Institute (PMI), a renowned organization that sets standards and guidelines for project management professionals. PMI-RMP Certification demonstrates a candidate's ability to manage risks effectively, which is a crucial aspect of project management.
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To be eligible for the PMI-RMP exam, candidates must have a minimum of three years of professional experience in project management and at least 30 hours of formal education in risk management. PMI-RMP exam consists of 170 multiple-choice questions, and candidates have four hours to complete it. PMI Risk Management Professional certification is valid for three years, and professionals must earn 30 professional development units (PDUs) in risk management to maintain their certification. Overall, the PMI-RMP certification is an excellent credential for project managers who want to demonstrate their skills in risk management and advance their careers.
PMI-RMP exam is designed to test the candidate's knowledge and skills in risk management. PMI-RMP Exam covers various aspects of risk management, including risk identification, risk analysis, risk response planning, risk monitoring, and risk control. PMI-RMP exam is divided into five domains, which are risk strategy and planning, stakeholder engagement, risk process facilitation, risk monitoring and reporting, and performing specialized risk analysis. PMI-RMP exam consists of 170 multiple-choice questions and the duration of the exam is 3.5 hours.
NEW QUESTION # 208
Beth is the project manager of the BFG Project for her company. In this project Beth has decided to create a contingency response based on the performance of the project schedule. If the project schedule variance is greater than $10,000 the contingency plan will be implemented. What is the formula for the schedule variance?
Answer: C
NEW QUESTION # 209
A two-year project with a budget of US$2 million has completed about 60% of the work at the end of the first year. The actual cost incurred to complete the remaining 40% of work is about USS1.5 million. As a part of performing a specialized risk analysis, the calculated schedule performance index (SPI) is 1.2 and cost performance index (CPI) is 0.53.
How should the risk manager interpret such a low CPI value?
Answer: B
Explanation:
A low CPI value (0.53) indicates that the project is over budget. This may be due to an inaccurate cost baseline, which means the initial budget estimation was not correct. This would not necessarily mean that cost control processes are ineffective, actual reported costs are inaccurate, or cost-related risks are effectively managed.
The CPI value is calculated by dividing the earned value (EV) by the actual cost (AC). A CPI value of less than 1 indicates that the project is over budget, meaning that the actual cost is higher than the planned cost. A low CPI value can have several possible causes, such as poor estimation, scope creep, change requests, or inaccurate reporting. However, in this case, the SPI value is greater than 1, which indicates that the project is ahead of schedule, meaning that the earned value is higher than the planned value. This suggests that the cost baseline, which is derived from the planned value, is inaccurate and does not reflect the true cost of the work. Therefore, the risk manager should interpret such a low CPI value as a sign of an inaccurate cost baseline, and not as a result of ineffective cost control processes, inaccurate actual costs, or effective cost related risk management. References: PMI-RMP® Certification Handbook1, page 9; PMBOKGuide, page
267.
NEW QUESTION # 210
Some engineers are completing an activity that will alert the project team if there is a risk of requiring additional effort to complete the project. What should the risk manager do in case the trigger arises?
Answer: C
Explanation:
A contingency plan is pre-planned for specific risk triggers. When the trigger is observed, the contingency plan should be activated as specified. PMBOK Guide states:
"If a risk trigger occurs, the corresponding contingency plan or fallback plan should be implemented as documented in the risk response plan."
- PMBOK Guide, 6th Edition, Section 11.6
References:
PMBOK Guide, 6th Edition, Section 11.6
NEW QUESTION # 211
A project team has just completed a project plan, which includes extra days for most of the critical activities to cover any possible issues. Stakeholders want to remove these additional days, because the end date is longer than expected.
What should the risk manager do first?
Answer: D
NEW QUESTION # 212
You are the project manager of the GHY project for your organization. You are working with your project team to begin identifying risks for the project. As part of your preparation for identifying the risks within the project you will need eleven inputs for the process. Which one of the following is NOT an input to the risk identification process?
Answer: B
NEW QUESTION # 213
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