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| Section | Objectives |
|---|---|
| Topic 1: Risk Monitoring and Control | - Risk Audits and Reviews - Risk Reporting and Communication |
| Topic 2: Risk Identification | - Overall Project Risk Identification - Identifying Individual Risks |
| Topic 3: Risk Response Planning | - Threat Response Strategies - Opportunity Response Strategies |
| Topic 4: Risk Strategy and Planning | - Stakeholder Engagement in Risk - Risk Management Planning |
| Topic 5: Risk Analysis | - Quantitative Risk Analysis - Qualitative Risk Analysis |
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For PMI professionals, passing the PMI Risk Management Professional exams such as the PMI-RMP Exam is essential to achieve their dream professional life. However, passing the PMI Risk Management Professional (PMI-RMP) Exam is not an easy task, especially for those with busy schedules who need time to prepare well for the PMI-RMP Exam. To ensure success on the PMI-RMP Exam, you need PMI PMI-RMP Exam Questions that contain all the relevant information about the exam.
NEW QUESTION # 210
A risk manager notices that a risk owner is facing challenges implementing their response strategy and the costs are significantly exceeding expectations. What is the first thing the risk manager should do?
Answer: C
Explanation:
The first thing the risk manager should do is analyze the situation and meet with the risk owner. This will allow the risk manager to understand the challenges faced by the risk owner and work with them to find a solution. Conducting a cost-benefit analysis or changing the risk response strategy may be necessary, but it is important to first understand the situation before taking any action.
According to the PMI-RMP Exam Content Outline, one of the tasks in the domain of Risk Response Planning is to "assist the risk owners in developing and implementing risk response strategies and actions based on the agreed-upon risk response plan". Therefore, the first thing the risk manager should do is to analyze the situation and meet with the risk owner to understand the root cause of the challenges and the cost overrun, and to discuss possible solutions or alternatives. Highlighting this situation to the project manager, conducting a cost-benefit analysis, or changing the risk response strategy are possible actions that can be taken after the analysis and meeting, but not before. Reference: PMI-RMP Exam Content Outline, Domain 3: Risk Response Planning, Task 31
NEW QUESTION # 211
A risk management professional is currently facilitating the risk planning process with the project team. To increase the breadth of considered risks, the team wants to include high-level and strategic project risks.
What should the risk management professional do next?
Answer: C
Explanation:
A SWOT analysis is a risk identification technique that helps to identify high-level and strategic project risks by examining the internal and external factors that may affect the project objectives. A SWOT analysis involves listing the strengths, weaknesses, opportunities, and threats of the project, and then analyzing how they may impact the project positively or negatively. A SWOT analysis can help to uncover potential risks that may not be obvious from other techniques, such as prompt lists, interviews, or brainstorming12 References: 1: PMI Risk Management Professional (PMI-RMP)® Handbook, page 10 2: AGuide to the Project Management Body of Knowledge (PMBOK® Guide) - Seventh Edition, page 11.2.2.1
NEW QUESTION # 212
A risk manager completed risk response planning for a project that is currently in the execution phase. During a periodic review of the risk register, the project manager recognizes that some key secondary risks have not been considered.
Who should the project manager hold accountable for missing the risks?
Answer: B
Explanation:
The risk manager is responsible for ensuring that all risks, including secondary risks, are identified and addressed during the risk response planning process. If key secondary risks were missed, the risk manager should be held accountable. (Reference: Project Management Institute. A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, Section 11.5) The risk manager is responsible for identifying and analyzing risks, as well as planning and implementing risk responses. Secondary risks are those risks that arise as a direct result of implementing a risk response to a specific risk. The risk manager should have considered the potential secondary risks during the risk response planning and updated the risk register accordingly. The project manager should hold the risk manager accountable for missing the secondary risks and ensure that they are properly addressed12
1: PMI Risk Management Professional (PMI-RMP) Handbook, page 10 2: A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Seventh Edition, page 11.2.2.1
NEW QUESTION # 213
Pete works as a project manager for BlueWell Inc. The Management has told him that he must implement an agreed-upon contingency response if the cost performance index in his project is less than 0.90. Consider that Pete's project has a budget at completion of $275,000. His project is
65 percent complete and he has spent $175,000 to date. However, Pete is scheduled to be 78 percent complete. What is the cost performance index for this project to determine if the contingency response should happen?
Answer: A
NEW QUESTION # 214
A major data center initiative involves performing a sensitivity analysis to determine the center's required amount of disaster recovery. Several key stakeholders are in disagreement about which level of disaster recovery is required. The lessons learned disaster recovery plans, and the difference for this data center is its geographical location and unique climate requirements. The database includes examples from previous similar initiatives, as well as the competitor's advertised plans.
What should the risk manager do to quantify the risk?
Answer: D
Explanation:
The Delphi technique is a structured communication process designed to build consensus among a group of experts and stakeholders when opinions differ and a quantitative assessment is needed. It uses rounds of anonymous input and feedback, allowing experts to refine their views based on others' anonymous contributions. This approach is especially useful when stakeholders are in disagreement and objective quantification of risk is required.
PMBOK Guide Extract:
"The Delphi technique is a way to reach a consensus of experts. Project risk experts participate in this technique anonymously. A facilitator uses a questionnaire to solicit ideas about the important project risks.
The responses are summarized and recirculated to the experts for further comment. Consensus may be reached in a few rounds of this process. The Delphi technique helps reduce bias in the data and keeps any one person from having undue influence on the outcome."
- PMBOK Guide, 6th Edition, Section 11.2.2.4
ISO 31000 Reference:
"Facilitated workshops and expert elicitation techniques, such as the Delphi method, can help achieve an objective and consensus-based understanding of complex risks."
- ISO 31000:2018, Section 6.4.2
In this scenario, since the stakeholders are in disagreement and the project involves complex, location-specific disaster recovery requirements, the Delphi technique (Option D) is the officially recommended approach to achieving consensus and quantifying risk.
References:
PMI PMBOK Guide, 6th Edition, Section 11.2.2.4
Practice Standard for Project Risk Management, PMI
ISO 31000:2018, Section 6.4.2
NEW QUESTION # 215
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