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PMI-RMP exam is designed to test the candidate's knowledge and skills in risk management. PMI-RMP exam covers various aspects of risk management, including risk identification, risk analysis, risk response planning, risk monitoring, and risk control. PMI-RMP exam is divided into five domains, which are risk strategy and planning, stakeholder engagement, risk process facilitation, risk monitoring and reporting, and performing specialized risk analysis. PMI-RMP Exam consists of 170 multiple-choice questions and the duration of the exam is 3.5 hours.

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PMI-RMP Exam is a rigorous assessment that evaluates the candidate's risk management skills and knowledge. It covers a range of topics, including risk identification, risk assessment, risk response planning, risk monitoring and control, and communication management. PMI-RMP Exam consists of 170 multiple-choice questions, and the candidate has four hours to complete it. To be eligible for the exam, a candidate must have a minimum of three years of experience in project risk management and 30 hours of risk management education.

PMI Risk Management Professional Sample Questions (Q11-Q16):

NEW QUESTION # 11
A project manager has been assigned to a project that is just starting. The organization has a very low risk appetite towards this project due to constraints on budget and schedule. The project stakeholders are very engaged on the project and want to ensure that there is clear visibility on the project risks and progress.
How should the project manager handle stakeholder expectations?

A. Ensure the risk register includes all identified risks.
B. Discuss the risk response strategies with the stakeholders.
C. Develop a communication plan to share updates on risks.
D. Add buffers to the schedule to accommodate risk.

Answer: C

Explanation:
Explanation
The project manager should discuss the risk response strategies with the stakeholders to handle their expectations. This will help the project manager to align the risk responses with the stakeholder's risk appetite, preferences, and expectations. It will also help the project manager to obtain the stakeholder's support and approval for the risk responses. This is the best way to ensure clear visibility on the project risks and progress.
Adding buffers to the schedule to accommodate risk (option A) is not a good practice, as it may create false expectations and hide the true impact of risk. Ensuring the risk register includes all identified risks (option B) is important, but it is not enough to handle stakeholder expectations. The project manager also needs to communicate the risk register to the stakeholders and discuss the risk responses with them. Developing a communication plan to share updates on risks (option D) is also a good practice, but it is not sufficient to handle stakeholder expectations. The project manager also needs to involve the stakeholders in the risk response planning process and obtain their feedback and approval. References: PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 97; PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide), 6th ed., 2017, p. 407.
The project manager should develop a communication plan to share updates on risks (D) to handle stakeholder expectations, especially since the organization has a low risk appetite and stakeholders are very engaged. This approach ensures that stakeholders are regularly informed about the project's risks and progress, addressing their concerns and expectations. This is supported by the PMI's PMBOK Guide, Sixth Edition.

NEW QUESTION # 12
A project manager has determined that they cannot outsource work nor eliminate the scope. They also discover that they cannot buy insurance or mitigate the risk.
What should the project manager do?

A. Transfer the risk
B. Accept the risk
C. Avoid the risk
D. Ignore the risk

Answer: B

Explanation:
Explanation
Since the project manager cannot avoid, transfer, or mitigate the risk, the only remaining option is to accept the risk and develop a contingency plan to handle it if it occurs.
According to the PMI-RMP Exam Content Outline1, one of the tools and techniques for risk response planning is risk response strategies. These are the actions that the project manager and the project team take to address the identified risks, either positive or negative. For negative risks or threats, the PMI-RMP Exam Content Outline1 lists four possible strategies: avoid, transfer, mitigate, and accept.
Avoid risk means changing the project plan to eliminate the threat or its impact2. For example, changing the scope, schedule, or budget to avoid a risk.
Transfer risk means shifting the impact of a threat to a third party, such as a contractor, vendor, or insurer2. For example, buying insurance, outsourcing, or using performance bonds to transfer a risk.
Mitigate risk means reducing the probability and/or impact of a threat2. For example, conducting more tests, adopting best practices, or providing training to mitigate a risk.
Accept risk means acknowledging the existence of a threat and being willing to deal with its consequences2. For example, doing nothing, establishing a contingency reserve, or developing a contingency plan to accept a risk.
In this question, the project manager has determined that they cannot outsource work (transfer) nor eliminate the scope (avoid). They also discover that they cannot buy insurance (transfer) or mitigate the risk. Therefore, the only remaining option is to accept the risk. Accepting the risk does not mean ignoring the risk, but rather recognizing it and preparing for its potential occurrence and impact. Therefore, the best answer is D.
References: 1: PMI-RMP Exam Content Outline, page 9. 2: A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, page 443.

NEW QUESTION # 13
Examine the figure given below.

What will be the expected monetary value of Risk C?

A. -$175,000
B. $175,000 if the risk event actually happens
C. -$27,000
D. -$113,750

Answer: C

NEW QUESTION # 14
A project manager has determined that an activity is too complex to complete internally so they hire a licensed contractor to complete the work. What is the project manager performing in this situation?

A. Risk mitigation
B. Risk avoidance
C. Risk transfer
D. Risk acceptance

Answer: C

Explanation:
By hiring a licensed contractor to complete the complex activity, the project manager is transferring the risk associated with that activity to the contractor. This is an example of risk transfer, as the responsibility for managing the risk is shifted from the project manager to the contractor.
According to the PMI Risk Management Professional (PMI-RMP)® Handbook1, one of the domains of the PMI-RMP exam is Risk Response Planning, which involves developing options and actions to enhance opportunities and reduce threats to project objectives1. One of the strategies for negative risks or threats is risk transfer, which involves shifting the impact of a threat to a third party, such as a contractor, a vendor, or an insurer2. In this situation, the project manager is performing risk transfer by hiring a licensed contractor to complete the work that is too complex to complete internally. By doing so, the project manager is transferring the responsibility and liability of the activity to the contractor, who is expected to have the expertise and resources to handle the complexity. The project manager is not performing risk mitigation, which involves reducing the probability and/or impact of a threat2. The project manager is not performing risk acceptance, which involves acknowledging the existence of a threat and making a conscious decision to accept it without taking any action2. The project manager is not performing risk avoidance, which involves changing the project plan to eliminate the threat or protect the project objectives from its impact2. References: 1: PMI Risk Management Professional (PMI-RMP)® Handbook, page 62: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Sixth Edition, page 436.

NEW QUESTION # 15
John is the project manager of the NHQ Project for his company. His project has 75 stakeholders, some of which are external to the organization. John needs to make certain that he communicates about risk in the most appropriate method for the external stakeholders. Which project management plan will be the best guide for John to communicate to the external stakeholders?

A. Project Management Plan
B. Risk Management Plan
C. Risk Response Plan
D. Communications Management Plan

Answer: D

NEW QUESTION # 16
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