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PMI-RMP certification exam focuses on several key areas, including risk management planning, risk identification, risk analysis, risk response planning, and risk monitoring and control. PMI-RMP exam is designed to test the candidate's knowledge and proficiency in each of these areas, as well as their ability to apply risk management principles in real-world scenarios. By earning the PMI-RMP Certification, professionals can showcase their expertise in risk management and enhance their career prospects in project management.

What is the duration of the PMI-RMP Exam

Length of Examination: 3.5 hours
Number of Questions: 170
Format: Multiple choices, multiple answers

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PMI Risk Management Professional Sample Questions (Q143-Q148):

NEW QUESTION # 143
During the construction of a housing development, a project team realizes they exceeded their materials budget during the first of three execution stages. The risk manager observed that the team did not notice that the cost of the materials increased due to continuous inflation in the steel market.
What could have been done during project planning to avoid overspending?

A. Properly documented the triggers and actions for the risk
B. Engaged with the sponsor to buy the steel in advance of the project
C. Communicated with the stakeholders that the project costs might increase
D. Met weekly with the finance team to monitor the cost

Answer: A

Explanation:
To avoid overspending due to the unanticipated increase in material costs, the project team should have properly documented the triggers and actions for the risk. By identifying and documenting triggers-such as market conditions that could lead to price increases-the team could have monitored these triggers more closely and taken preemptive action, such as locking in prices or adjusting the budget accordingly.
PMI recommends that triggers for risks be identified and documented during the planning phase so that appropriate monitoring and responses can be implemented as part of the risk management plan.

NEW QUESTION # 144
Towards the end of definitive design, project costs have increased to the point where it will be classified as a capital asset project. The customer has expressed they want one final total project completion date and will afford no extensions after it is established.
How should the risk manager proceed?

A. Update the risk register and prepare for the Monte Carlo analysis.
B. Perform a quantitative risk analysis and update the results.
C. Update the assumptions/exclusions register with the new information.
D. Perform a qualitative risk analysis and update the results.

Answer: A

Explanation:
The risk manager should perform a quantitative risk analysis to determine the potential impact of risks on the project's completion date. This will help in providing a more accurate project completion date to the customer, considering the risks and their potential effects on the project schedule.
According to the PMI Risk Management Professional (PMI-RMP) Examination Content Outline1, one of the tasks in the domain of Risk Analysis is to perform quantitative risk analysis using techniques such as Monte Carlo simulation, decision tree analysis, sensitivity analysis, etc., to quantify the possible outcomes for the project and their probabilities, and to evaluate the cost and schedule impacts of risks1. In this scenario, the risk manager should perform a quantitative risk analysis and update the results, because the project costs have increased significantly and the customer has imposed a strict deadline for the project completion. A quantitative risk analysis will help the risk manager to estimate the probability of meeting the project objectives, such as cost and schedule, and to determine the appropriate contingency reserves for the project. A quantitative risk analysis will also provide more accurate and reliable information for the customer and the project team, and will support the risk response planning process2. References: 1: PMI Risk Management Professional (PMI-RMP) Examination Content Outline, page 92: A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, pages 431-432.

NEW QUESTION # 145
A project's design has been completed and approved on time. The construction subcontractor should be mobilizing to start construction but does not have the necessary materials in place, causing a delaying in the project. The risk register only contains risks for the design phase of the project.
What should the project manager have done differently?

A. Performed risk identification exercises for the full lifecycle of the project
B. Added generic construction risks to the risk register before construction began
C. Reviewed the assumptions/exclusions register in the project charter
D. Executed the Monte Carlo sensitivity analysis prior to mobilization

Answer: A

Explanation:
The project manager should have performed risk identification exercises for the full lifecycle of the project, including the construction phase, to ensure that all potential risks were identified and addressed in the risk register.
Risk identification is the process of determining the risks that may affect the project and documenting their characteristics. Risk identification should be performed throughout the project lifecycle, as new risks may emerge or change over time. Risk identification should also consider all aspects of the project, such as scope, schedule, cost, quality, resources, stakeholders, and procurement. By performing risk identification exercises for the full lifecycle of the project, the project manager could have identified and planned for the potential risks associated with the construction phase, such as delays, material shortages, quality issues, or safety hazards. This would have helped to prevent or mitigate the impact of the risk event that occurred, and to ensure that the risk register is updated and comprehensive. Performing a Monte Carlo sensitivity analysis, adding generic construction risks, or reviewing the assumptions/exclusions register are not sufficient or effective ways of identifying the specific risks that may affect the project during the construction phase. These are either tools for risk analysis, risk response planning, or project initiation, but not risk identification.
References: PMI-RMP® Certification Handbook1, page 9; PMBOKGuide, pages 397-398.

NEW QUESTION # 146
A project manager is assigned to a new project and is told they need to develop the project's risk register.
When should the project manager identify the project risks?

A. Identify risks only at the project's midpoint for the stakeholders to review them
B. Ensure project team members proactively identify risks throughout the project to plan for possible response strategies
C. Identify risks at the beginning of the project because the risk posture will not change
D. Delegate risk identification to each team member and have them record the risks on separate risk registers for their areas

Answer: B

Explanation:
Explanation
Risk identification should be an ongoing process throughout the project lifecycle. Encouraging project team members to proactively identify risks allows for continuous risk management and the development of appropriate response strategies as new risks emerge.

NEW QUESTION # 147
While planning for project execution phase stakeholders are making decisions on how to respond to known and new risks. What artifact should the stakeholders prepare?

A. Assumption log
B. Issue log
C. Change log
D. Risk-adjusted back log

Answer: D

Explanation:
The stakeholders should prepare a risk-adjusted backlog when making decisions on how to respond to known and new risks. A risk-adjusted backlog helps prioritize work items based on their risk level and potential impact on the project.
A risk-adjusted backlog is an artifact that reflects the prioritization of the product backlog items based on their risk exposure. It is used to plan for the execution phase of an agile project, where the stakeholders can decide how to respond to known and new risks by selecting the most valuable and least risky items to deliver.
A risk-adjusted backlog can help the stakeholders to optimize the value delivery and reduce the uncertainty of the project outcomes. References: PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 113; PMI, Agile Practice Guide, 2017, p. 54.

NEW QUESTION # 148
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