PMI PMI Certifications PMI-RMP Questions & Answers

• Question 521:

  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. Update the new risk in the risk register.

  B. Plan responses for the new risk.

  C. Passively accept the new risk.

  D. Add the new risk to the watch list.

  Correct Answer: A

  Explanation: The risk manager should first update the risk register with the new risk identified by the vendor. This will help in keeping track of all the risks associated with the project and facilitate the subsequent planning and management of the risks. The risk manager should update the new risk in the risk register, which is a project document that records the details of all identified risks, including their description, category, cause, probability, impact, and response strategy. Updating the risk register is the first step to acknowledge the existence of the new risk and to document its characteristics and potential effects on the project objectives. The risk register can then be used as an input for the Plan Risk Responses process, where the risk manager can develop appropriate actions to address the new risk. References: PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition, 2017, p. 397, 441.

• Question 522:

  A project manager wants to work on understanding the project risks. The project manager works with the integrated project team to develop the risk handling strategies for the identified risks.

  How should the project manager work with these risk handling strategies?

  A. Review and revise the strategies periodically.

  B. Implement the strategies after completing the risk analysis.

  C. Implement the strategies immediately.

  D. Ensure the strategies are approved by the stakeholders.

  Correct Answer: A

  Explanation: Risk handling strategies should be reviewed and revised periodically to ensure they remain effective and relevant as the project progresses. This allows the project manager to adapt to changing circumstances and minimize the impact of risks on the project. According to the PMBOK Guide, risk handling strategies are the specific actions that are taken to implement the risk response plan. The risk response plan is the output of the Plan Risk Responses process, which describes how the project team intends to address the identified risks. The risk handling strategies should be aligned with the risk response strategies, which are the general approaches to deal with the risks, such as avoid, transfer, mitigate, accept, exploit, share, enhance, or accept. The project manager should work with the risk handling strategies by reviewing and revising them periodically. This is because the project risks are not static, but dynamic and uncertain. They may change over time due to various factors, such as changes in the project scope, schedule, cost, quality, resources, stakeholder expectations, assumptions, constraints, etc. Therefore, the project manager should monitor and control the risk handling strategies to ensure that they are still effective and appropriate for the current risk situation. The project manager should also update the risk register and the risk report with the results of the risk handling strategies, such as the residual risks, secondary risks, and risk triggers. The other options are not valid for how the project manager should work with the risk handling strategies: Implement the strategies after completing the risk analysis: This is not a valid option because the risk analysis is not the final step in the risk management process. The risk analysis is part of the Perform Qualitative Risk Analysis and Perform Quantitative Risk Analysis processes, which come after the Identify Risks process and before the Plan Risk Responses process. The risk analysis helps the project manager to prioritize and evaluate the risks, but it does not provide the specific actions to address them. The risk handling strategies are developed in the Plan Risk Responses process, which comes after the risk analysis. Implement the strategies immediately: This is not a valid option because the risk handling strategies should not be implemented without proper planning and approval. The risk handling strategies should be documented in the risk response plan, which should be communicated and approved by the project sponsor, customer, and other relevant stakeholders. The risk handling strategies should also be integrated with the other project management plans, such as the scope, schedule, cost, quality, resource, communication, procurement, and stakeholder management plans. The risk handling strategies should be implemented only when the risk triggers or conditions occur, or when the project manager decides to do so based on the risk analysis and evaluation. Ensure the strategies are approved by the stakeholders: This is not a valid option because the approval of the risk handling strategies is not the only thing that the project manager should do with them. The approval of the risk handling strategies is part of the Plan Risk Responses process, which comes before the Implement Risk Responses and Monitor Risks processes. The project manager should also implement, monitor, and control the risk handling strategies to ensure that they are effective and appropriate for the current risk situation. References: PMBOK Guide1, Risk Management Professional (PMI-RMP) Cert Guide1

• Question 523:

  Some project risks are applicable for the project's lifecycle while others risks are only applicable to specific project activities. When should project risks be closed?

  A. When the forecast activity date has been met or exceeded

  B. When the stakeholders agree a risk is no longer applicable

  C. When the risk has been realized and can no longer happen again

  D. When iterative data analysis determines the risk is not applicable

  Correct Answer: B

  Explanation: Project risks should be closed when the stakeholders agree a risk is no longer applicable. This ensures that risks are actively managed and only relevant risks are considered throughout the project lifecycle. According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, project risks are uncertain events or conditions that may have a positive or negative effect on one or more project objectives1. Project risks can be closed when they are no longer applicable to the project or its activities. The process of closing project risks involves verifying that the risk responses have been completed, documenting the outcomes, and evaluating the effectiveness of the risk management process2. The decision to close a project risk should be made by the stakeholders who are responsible for or affected by the risk, as they are the ones who can determine whether the risk is still relevant or not. Therefore, the correct answer is B. When the stakeholders agree a risk is no longer applicable. References: 1: PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition, 2017, p. 397 2: PMI, Practice Standard for Project Risk Management, 2009, p. 111

• Question 524:

  A project manager is working on a high priority and high profile project. The project team had identified three opportunities, and after analysis, risk responses were recorded. Although risk responses were adequate for the identified opportunities, two of those opportunities were not acted upon. During the risk audit, the project manager found out that several of the planned risk responses were not implemented.

  What should the project manager have done to avoid this?

  A. Provided regular training to the risk owners for plan implementation

  B. Determined risk triggers and thresholds in the risk response plan

  C. Increased communications to influence stakeholder risk responses

  D. Updated the project schedule, adding risk owner implementation tasks.

  Correct Answer: D

  Explanation: The project manager should have updated the project schedule by adding risk owner implementation tasks. This would have ensured that the planned risk responses were implemented in a timely manner and tracked as part of the project schedule. This would also have allowed the project manager to monitor the progress of risk response implementation and take corrective action if necessary. According to the PMI-RMP ontent Outline and Specifications1, one of the tasks under Domain 4: Risk Monitoring and Reporting is to "update project schedule, budget, and risk register with risk response outcomes". This implies that the project manager should have added the risk owner implementation tasks to the project schedule, so that they can be tracked and monitored. By doing so, the project manager could have ensured that the planned risk responses were executed as intended, and that the opportunities were not missed. References: PMI-RMP ontent Outline and Specifications, page 10.

• Question 525:

  A project manager is trying to realize benefits from new material on an adaptive project. This is the first time the project team is using the material so the team does not have information to identify and analyze risks. A team member informs the project manager that a local university has recently published a research journal on the same material.

  Where should the project manager find this information?

  A. Industrial studies

  B. Commercial risk databases

  C. Organizational process assets (OPAs)

  D. Enterprise environmental factors (EEFs)

  Correct Answer: D

  Explanation: Enterprise environmental factors (EEFs) are conditions or circumstances that are not under the control of the project team, but may influence, constrain, or direct the project. EEFs include internal and external factors, such as organizational culture, market conditions, industry standards, government regulations, and academic research. In this case, the project manager should find the information about the new material from the research journal published by the local university, which is an example of an external EEF. This information may help the project manager to identify and analyze the risks associated with the new material and plan appropriate risk responses. Industrial studies, commercial risk databases, and organizational process assets (OPAs) are not the correct choices, as they are not relevant to the question. Industrial studies are systematic investigations of a specific industry or sector, which may provide general information about the market trends, opportunities, and challenges, but not specific information about the new material. Commercial risk databases are sources of information about historical or potential risks that may affect projects in different domains or regions, which may help the project manager to identify common or emerging risks, but not the risks related to the new material. OPAs are the plans, processes, policies, procedures, and knowledge bases specific to and used by the performing organization, which may help the project manager to follow the established guidelines and practices for risk management, but not to obtain new information about the new material. References: PMI. (2017). A Guide to the Project Management Body of Knowledge (PMBOK Guide) Sixth Edition. Chapter 2: The Environment in Which Projects Operate, pp. 38-39. 5 Enterprise environmental factors (EEFs) include information from external sources, such as academic research, industry studies, and market conditions. this case, the project manager should refer to the research journal published by the local university as an EEF to gather information about the new material and its associated risks.

• Question 526:

  What is an example of legal and regulatory requirements and/or constraints when assessing a project environment for threats and opportunities?

  A. Organizational communication requirements

  B. Organizational standard policies, processes, and procedures

  C. Formal knowledge sharing and information sharing procedures

  D. Confidentiality of project information

  Correct Answer: D

  Explanation: Legal and regulatory requirements and constraints when assessing a project environment for threats and opportunities may include ensuring the confidentiality of project information, as this is often governed by laws and regulations. Legal and regulatory requirements and/or constraints are external factors that can affect the project environment and influence the risk management process. They may include laws, regulations, standards, codes, permits, licenses, contracts, or agreements that the project must comply with or adhere to. Confidentiality of project information is an example of such a requirement or constraint, as it may limit the disclosure, sharing, or access of project data, documents, or reports to authorized parties only. Violating confidentiality may result in legal actions, penalties, or reputational damage for the project and the organization. Therefore, the project manager and the risk management team must identify and comply with the confidentiality requirements and/or constraints when assessing the project environment for threats and opportunities. References: PMI, 2019. Practice Standard for Project Risk Management. Newtown Square, PA: Project Management Institute, Inc., p. 181

• Question 527:

  A complex project that had hundreds of risks is almost done. The project manager is closing the risks as part of the closing process. One team member mentions that there are important documents to be updated.

  Which document will need to be updated?

  A. Lessons learned

  B. Contingency register

  C. Risk register

  D. Issue log

  Correct Answer: A

  Explanation: When closing risks as part of the closing process, it is important to update the lessons learned document. This document captures the knowledge and experience gained during the project and can be valuable for future projects. Lessons learned is a document that captures the knowledge gained from the project and can help improve the performance of future projects. It is one of the outputs of the project closure process and should include information on the project risks, issues, and responses. Lessons learned can help identify the best practices and lessons to be applied or avoided in similar projects. Updating the lessons learned document is an important part of closing the risks as it can provide valuable insights for risk management. References: PMI, Project Risk Management, 2nd edition, 2019, p. 97-981

• Question 528:

  A risk manager is managing risks in a project. During the initial stages of project execution, a new risk is identified. There is a very small chance that this risk will occur and even if it occurs, the impact would be low.

  What should the risk manager do with this risk?

  A. Put the risk on the watch list.

  B. Seek guidance from subject matter experts (SMEs).

  C. Ignore this risk as it is not critical.

  D. Inform the stakeholders about this risk.

  Correct Answer: A

  Explanation: Since the probability and impact the risk are both low, it is appropriate to put the risk on the watch list. This allows the risk manager to monitor the risk without expending significant resources on it.

  A watch list is a list of low-priority risks that are not actively managed, but are monitored for changes. A watch list can help the risk manager to keep track of the risks that have low probability and low impact, and to reassess them periodically.

  Putting the risk on the watch list is the most appropriate action for the risk manager, as it allows him or her to document the risk and review it later. Seeking guidance from SMEs, ignoring the risk, or informing the stakeholders are not

  necessary actions for a low-priority risk, as they would consume time and resources that could be better spent on more critical risks. References: PMI Risk Management Professional (PMI-RMP) Examination Content Outline and

  Specifications1, page 10; A Guide to the Project Management Body of Knowledge (PMBOK Guide) Sixth Edition, page 406.

• Question 529:

  A risk manager administered a pre-workshop risk survey in preparation for the upcoming workshop. The workshop invitees participated in the survey and submitted many risks encompassing all project phases and risk areas. The risk manager sorts risks by similarities and categories for the workshop.

  What should the risk manager do next to visually organize the risks?

  A. Develop an affinity diagram

  B. Perform the analytical hierarchy process

  C. Perform a SWOT analysis

  D. Assign probability and impact

  Correct Answer: A

  Explanation: An affinity diagram is a tool used to visually organize and group risks or ideas based on their similarities and categories. It helps in structuring the risks for further analysis and discussion. (Reference: PMBOK Guide, 6th Edition, p. 138) According to the PMBOK Guide, an affinity diagram is a tool and technique for the identify risks process that allows large numbers of ideas to be sorted into groups for review and analysis. An affinity diagram can help the risk manager to visually organize the risks identified in the pre-workshop survey by grouping them into categories based on their similarities or common characteristics. This can help the risk manager to facilitate the risk analysis and prioritization in the workshop, as well as to stimulate new patterns of thinking and generate additional risks. Some of the other options are not relevant or appropriate for the question scenario: The analytical hierarchy process is a technique for the plan risk management process that provides a method for comparing and ranking alternatives based on multiple criteria. It is not a tool for visually organizing risks. A SWOT analysis is a technique for the identify risks process that examines the project from the perspective of its strengths, weaknesses, opportunities, and threats. It is not a tool for visually organizing risks, but rather for generating them. Assigning probability and impact is a technique for the perform qualitative risk analysis process that assesses the likelihood and the potential effect of each individual risk on the project objectives. It is not a tool for visually organizing risks, but rather for evaluating them. References: PMBOK Guide, 6th edition, pages 397-399, 414-415, 431-432, 441-442; PMI- RMP ontent Outline, 2015, page 7.

• Question 530:

  Some issues and unexpected results were found after completing the first phase of a project. The project team is planning the next phase and team members want to avoid the previous issues.

  What should the risk manager do to avoid the previous issues?

  A. Use the information for a risk workshop.

  B. Improve monitoring and controlling of activities.

  C. Document the issues in the lessons learned.

  D. Create an issue log to share with the team.

  Correct Answer: A

  Explanation: According to the PMI Risk Management Professional (PMI-RMP) Examination Content Outline1, one of the tasks in the domain of Risk Identification is to use the information from project documents, lessons learned, and other sources to facilitate the risk identification process1. A risk workshop is a tool and technique for risk identification that involves bringing together the project team, stakeholders, subject matter experts, and risk management experts to identify and analyze the project risks in a structured and collaborative manner2. In this scenario, the risk manager should use the information from the issues and unexpected results found in the first phase of the project for a risk workshop, to avoid the previous issues in the next phase. The risk workshop will help the risk manager and the project team to identify the root causes of the issues, assess their probability and impact, and develop appropriate risk responses. The risk workshop will also enable the risk manager to update the risk register and the risk report with the new information and communicate the risk status to the relevant stakeholders. The risk manager should not improve monitoring and controlling of activities, because that is not a specific action to avoid the previous issues, but rather a general practice that should be done throughout the project life cycle3. The risk manager should not document the issues in the lessons learned, because that is not enough to avoid the previous issues, but rather a way to capture and share the knowledge gained from the project for future reference4. The risk manager should not create an issue log to share with the team, because that is not a proactive risk management technique, but rather a reactive way to track and resolve the issues that have already occurred5. 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 4003: A Guide to the Project Management Body of Knowledge (PMBOK Guide) Sixth Edition, page 4564: A Guide to the Project Management Body of Knowledge (PMBOK Guide) Sixth Edition, page 1005: What Is an Issue Log? Templates and Tips6.