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Earning the PMI-RMP certification demonstrates an individual's commitment to the field of risk management and their ability to manage risk effectively. PMI Risk Management Professional certification is recognized globally and can lead to career advancement and increased earning potential. The PMI-RMP Certification is a valuable asset for individuals who want to differentiate themselves in the competitive field of project management and risk management.

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PMI Risk Management Professional Sample Questions (Q72-Q77):

NEW QUESTION # 72
The risk manager of a major project needs to ensure the organizational process assets (OPAsj are updated as a result of risk management activities. How will the risk manager accomplish this?

A. Monitoring costs with intervention when necessary
B. Ensuring that the project sponsor is kept well-informed
C. Communicating the status of risks regularly to stakeholders
D. Arranging periodic risk: management process audits

Answer: D

Explanation:
The risk manager can ensure the organizational process assets (OPAs) are updated as a result of risk management activities by arranging periodic risk management process audits. These audits help evaluate the effectiveness of risk management processes and identify areas of improvement, leading to updates in the OPAs.
According to the PMBOK Guide, one of the tools and techniques for the monitor risks process is audits. Audits are examinations of the risk management processes to ensure that they are aligned with the project objectives and are following the organizational policies and procedures. Audits can also identify any gaps, inconsistencies, or areas of improvement in the risk management activities. By conducting periodic audits, the risk manager can ensure that the organizational process assets are updated and reflect the current state of the project risk management. Some of the organizational process assets that can be updated as a result of audits are risk management templates, risk categories, risk databases, and lessons learned1 . Reference: PMBOK Guide, 6th edition, pages 456-457, 481-4821; PMI-RMP Exam Content Outline, 2015, page 9

NEW QUESTION # 73
Stakeholder deliverable reviews will start soon and additional work is expected to resolve any issues or required adjustments. Budget overruns during execution have put serious constraints on the remainder of the project's budget.
What should the project manager do next?

A. Request a budget relief using the management reserve.
B. Review the consequences of potential changes.
C. Conduct a risk reassessment and reserve analysis.
D. Coach stakeholders on risk identification practices.

Answer: C

Explanation:
The project manager should reassess the risks and analyze the reserve to determine if any adjustments can be made to accommodate the expected additional work. This will help in identifying potential budget-saving measures and making informed decisions on how to proceed.
According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, risk reassessment is the process of reanalyzing existing project risks and identifying new risks throughout the project life cycle1. Reserve analysis is the process of estimating the amount of contingency reserve and management reserve needed to account for the uncertainty and variability of the project2. In this case, the project manager should conduct a risk reassessment and reserve analysis as the next step, because the budget overruns during execution have changed the risk profile of the project and reduced the available funds to handle future risks. By conducting a risk reassessment, the project manager can update the risk register and the risk response plan with the current status of the project risks and the effectiveness of the risk responses. By conducting a reserve analysis, the project manager can determine if the remaining contingency reserve and management reserve are sufficient to cover the potential impact of the project risks, and request additional funds if needed.

NEW QUESTION # 74
Mike is the project manager of the NNP Project for his organization. He is working with his project team to plan the risk responses for the NNP Project. Mike would like the project team to work together on establishing risk thresholds in the project. What is the purpose of a risk threshold?

A. It is a warning sign that a risk event is going to happen.
B. It helps to identify those risks for which specific responses are needed.
C. It is a study of the organization's risk tolerance.
D. It is a limit of the funds that can be assigned to risk events.

Answer: B

NEW QUESTION # 75
You are the project manager of the GHE Project. You have identified the following risks with the characteristics as shown in the following figure: How much capital should the project set aside for the risk contingency reserve?

A. $41,750
B. $142,000
C. $23,750
D. $232,000

Answer: C

NEW QUESTION # 76
A certain risk is identified for a major project, and the risk response is planned. However, the analysis reveals a high probability for a secondary risk which will be tolerated based on the organization's risk thresholds. The secondary risk is subsequently registered. During project execution, the primary risk occurs, the planned action is taken, and the secondary risk emerges What two actions should the risk owner take? (Choose two.)

A. Engage the project manager to authorize the secondary risk's response.
B. Update and communicate assessments of the secondary risk's impact.
C. Conduct meeting with all stakeholder to agree on post impact solutions.
D. Set the corresponding trigger conditions to the secondary risk.
E. Implement the secondary risk response and update the project documents.

Answer: B,E

Explanation:
The risk owner should implement the secondary risk response, as it is now being tolerated, and update the project documents accordingly. They should also update and communicate the assessments of the secondary risk's impact to ensure everyone is aware of the situation.
According to the PMI-RMP Handbook1, the risk owner is responsible for implementing the risk response plan and monitoring the risk and its secondary risks. Therefore, the risk owner should take the following two actions when the secondary risk emerges:
* Implement the secondary risk response and update the project documents. This action is consistent with the risk response strategy of tolerance, which means accepting the risk and its consequences. The risk owner should execute the planned response for the secondary risk, such as contingency plans or fallback plans, and update the relevant project documents, such as the risk register, the risk report, and the lessons learned register, to reflect the current status and impact of the risk.
* Update and communicate assessments of the secondary risk's impact. This action is consistent with the risk monitoring and control process, which involves tracking the identified risks, evaluating their impact and probability, and reporting the risk information to the appropriate stakeholders. The risk owner should reassess the secondary risk's impact on the project objectives, such as scope, schedule, cost, and quality, and communicate the results to the project manager and other relevant stakeholders, such as the sponsor, the customer, and the team members.
References:
* PMI-RMP Handbook1
* PMBOK Guide, 6th edition, Chapter 11: Project Risk Management2

NEW QUESTION # 77
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