LATEST PMI-RMP EXAM PREPARATION - PMI-RMP LATEST DUMPS

Latest PMI-RMP Exam Preparation - PMI-RMP Latest Dumps

Latest PMI-RMP Exam Preparation - PMI-RMP Latest Dumps

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PMI Risk Management Professional Sample Questions (Q178-Q183):

NEW QUESTION # 178
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?

  • A. The cost related risks are effectively managed.
  • B. The cost control processes is ineffective.
  • C. The cost baseline is inaccurate.
  • D. The actual reported costs are inaccurate.

Answer: C

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. Reference: PMI-RMP Certification Handbook1, page 9; PMBOKGuide, page 267.


NEW QUESTION # 179
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 at the beginning of the project because the risk posture will not change
  • B. Identify risks only at the project's midpoint for the stakeholders to review them
  • C. Delegate risk identification to each team member and have them record the risks on separate risk registers for their areas
  • D. Ensure project team members proactively identify risks throughout the project to plan for possible response strategies

Answer: D

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.
According to the PMI Risk Management Professional (PMI-RMP) Examination Content Outline1, one of the tasks in the domain of Risk Identification is to ensure that project team members proactively identify risks throughout the project life cycle, using various tools and techniques, to enable planning for possible risk response strategies1. Risk identification is an iterative process that should be performed regularly and frequently throughout the project, as new risks may emerge or existing risks may change due to internal or external factors2. The project manager should involve the project team members and other relevant stakeholders in the risk identification process, as they may have different perspectives, expertise, and insights on the project risks3. The project manager should not identify risks only at the project's midpoint for the stakeholders to review them, because that would be too late and ineffective to manage the risks that may have already occurred or escalated4. The project manager should not identify risks at the beginning of the project because the risk posture will not change, because that would be unrealistic and imprudent to assume that the project environment and conditions will remain static and predictable5. The project manager should not delegate risk identification to each team member and have them record the risks on separate risk registers for their areas, because that would create inconsistency, duplication, and fragmentation of the risk information, and prevent a holistic and integrated view of the project risks. References: 1: PMI Risk Management Professional (PMI-RMP) Examination Content Outline, page 82: A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, page 3983: A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, page 3994: Risk Identification: When and How Often to Do It During the Project Life Cycle5: Risk Management: Why Is It Important?. : Risk Register in Project Management - Project Management Academy.


NEW QUESTION # 180
While implementing the risk response plan for a previously identified risk, some secondary risks were identified but not captured on the risk register. The project manager decided to review the risk management plan to ensure this does not happen for future, similar situations.
What should the project manager do next?

  • A. Update the communications management plan to avoid future issues
  • B. Monitor and control secondary and residual risks in the risk register.
  • C. Develop risk response plans for all identified risks.
  • D. Identify secondary or residual risks for associated risk plans.

Answer: D

Explanation:
Explanation
The project manager should monitor and control secondary and residual risks in the risk register. This will ensure that any new risks identified during the implementation of the risk response plan are captured and managed effectively. Monitoring and controlling risks is a continuous process that helps in identifying, analyzing, and planning for new risks as well as updating the risk register as needed.
According to the PMI Risk Management Professional (PMI-RMP) Examination Content Outline, one of the tasks under the domain of Risk Response Planning is to "identify and assess the effectiveness of alternative strategies to reduce threats or enhance opportunities, such as mitigation, transference, avoidance, and acceptance" 1. This implies that the project manager should also consider the potential secondary or residual risks that may arise from implementing the chosen risk response strategy. Secondary risks are new risks that are created as a direct result of implementing a risk response, while residual risks are those that remain after the risk response has been executed 2. Both types of risks should be identified and assessed for their impact and probability, and added to the risk register for further monitoring and control. Therefore, the correct answer is A.
References: 1: PMI Risk Management Professional (PMI-RMP) Examination Content Outline, page 91 2: A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, page 4362


NEW QUESTION # 181
Ruth is the project manager of ISFH project for her company. This project is forty percent complete and it appears that some risk events are going to happen in the project that will have an adverse affect on the project.
Ruth creates a change request regarding the risks. Is this a valid response?

  • A. Yes, change requests can be recommended for corrective actions for contingency plans.
  • B. No, change requests should not address risks, only risk response strategies should be issued.
  • C. Yes, change requests can ask for additional funds to pay for the risk impact.
  • D. No, change requests should not address pending risks, but only scope changes.

Answer: A


NEW QUESTION # 182
Gary is the project manager of his organization. He is managing a project that is similar to a project his organization completed recently. Gary has decided that he will use the information from the past project to help him and the project team to identify the risks that may be present in the project. Management agrees that this checklist approach is ideal and will save time in the project. Which of the following statement is most accurate about the limitations of the checklist analysis approach for Gary?

  • A. The checklist analysis approach is fast but it is impossible to build and exhaustive checklist.
  • B. The checklist is also known as top down risk assessment.
  • C. The checklist analysis approach only uses qualitative analysis.
  • D. The checklist analysis approach saves time, but can cost more.

Answer: A


NEW QUESTION # 183
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