Latest Success Metrics For Actual PMI-RMP Exam (Updated 133 Questions)
Genuine PMI-RMP Exam Dumps Free Demo Valid QA's
The Project Management Institute (PMI) Risk Management Professional (PMI-RMP) certification is designed to demonstrate an individual's expertise and competency in the area of risk management. It is a globally recognized certification that denotes an individual's ability to identify and assess project risks, create and implement risk mitigation strategies, monitor and control risks throughout the project lifecycle, and communicate effectively with stakeholders about project risks.
PMI PMI-RMP (Project Management Institute Risk Management Professional) exam is a certification test that is designed for professionals who are involved in risk management activities in their organizations. PMI Risk Management Professional certification is globally recognized and is highly valued by employers as it demonstrates their employee's proficiency in risk management.
NEW QUESTION # 74
Your project has several risks that may cause serious financial impact should they happen. You have studied the risk events and made some potential risk responses for the risk events but management wants you to do more. They'd like for you to create some type of a chart that identified the risk probability and impact with a financial amount for each risk event. What is the likely outcome of creating this type of chart?
- A. Contingency reserve
- B. Quantitative analysis
- C. Risk response plan
- D. Risk response
Answer: A
NEW QUESTION # 75
Management has asked you to perform a risk audit and report back on the results. Bonny, a project team member asks you what a risk audit is. What do you tell Bonny?
- A. A risk audit is a review of all the risk probability and impact for the risks, which are still present in the project but which have not yet occurred.
- B. A risk audit is a review of all the risks that have yet to occur and what their probability of happening are.
- C. A risk audit is an audit of all the risks that have occurred in the project and what their true impact on cost and time has been.
- D. A risk audit is a review of the effectiveness of the risk responses in dealing with identified risks and their root causes, as well as the effectiveness of the risk management process.
Answer: D
NEW QUESTION # 76
The project risk manager is in the process of identifying risks. The project sponsor has communicated that there is an influential stakeholder who has a senior management position. The other stakeholders do not feel comfortable speaking in front of this stakeholder.
What should the project risk manager do next to identify risks?
- A. Consider the Delphi technique to gather all stakeholder opinions.
- B. Use expert judgment to remove ego or emotional conflict.
- C. Use the brainstorming technique to remove personal bias.
- D. Review the risk breakdown structure to ensure project scope is covered.
Answer: A
Explanation:
Explanation
The Delphi technique allows the project risk manager to gather opinions from all stakeholders anonymously.
This method would enable stakeholders to express their concerns without feeling uncomfortable in front of the influential stakeholder.
The Delphi technique is a tool used to make quick decisions with consensus. This technique consists of sending several sets of anonymous questions to each expert. This is followed by a group discussion after every round. The Delphi technique can help the project risk manager to identify risks by soliciting the opinions of all stakeholders without revealing their identities. This way, the stakeholders can express their views freely and honestly, without being influenced or intimidated by the influential stakeholder. The Delphi technique can also reduce personal bias, ego, or emotional conflict among the participants. The project risk manager can use the results of the Delphi technique to create a list of potential risks and their causes, effects, and probabilities.
References: 3, 2, 5
NEW QUESTION # 77
A mobile operator wants to test a new network prototype before conducting full implementation on the entire network. What type of risk response strategy did the mobile operator choose?
- A. Avoid
- B. Accept
- C. Mitigate
- D. Transfer
Answer: A
NEW QUESTION # 78
You are working with Anna on your project to determine and map the probability distributions of risk within the project. You have indicated that you will use the uniform distribution method for a portion of the project. Which part of your project is most likely to have a uniform risk distribution?
- A. Project initiating
- B. Late completion stages of a project
- C. Early concept stage of design
- D. Project phases that deal with "cutover" technologies
Answer: C
NEW QUESTION # 79
You are the project manager of the GHY project for your organization. You are working with your project team to begin identifying risks for the project. As part of your preparation for identifying the risks within the project you will need eleven inputs for the process. Which one of the following is NOT an input to the risk identification process?
- A. Cost management plan
- B. Stakeholder register
- C. Procurement management plan
- D. Quality management plan
Answer: C
NEW QUESTION # 80
Nancy is the project manager of the NHH project. She and the project team have identified a significant risk in the project during the qualitative risk analysis process. Bob is familiar with the technology that the risk is affecting and proposes to Nancy a solution to the risk event. Nancy tells Bob that she has noted his response, but the risk really needs to pass through the quantitative risk analysis process before creating responses. Bob disagrees and ensures Nancy that his response is most appropriate for the identified risk. Who is correct in this scenario?
- A. Nancy is correct. Because Nancy is the project manager she can determine the correct procedures for risk analysis and risk responses. In addition, she has noted the risk response that Bob recommends.
- B. Nancy is correct. All risks of significant probability and impact should pass the quantitative risk analysis process before risk responses are created.
- C. Bob is correct. Not all risk events have to pass the quantitative risk analysis process to develop effective risk responses.
- D. Bob is correct. Bob is familiar with the technology and the risk event so his response should be implemented.
Answer: C
Explanation:
Explanation
NEW QUESTION # 81
The project's customer has stated the project must be completed by a date indicated as the P90 date established on the Monte Carlo analysis. What should the project manager do to ensure the P90 date is met?
- A. Hire more resources and crash the schedule
- B. Mitigate risks identified on the sensitivity analysis
- C. Update the assumptions/exclusions register
- D. Perform a qualitative risk analysis for the project
Answer: B
Explanation:
Explanation
The project manager should mitigate risks identified on the sensitivity analysis to ensure the P90 date is met.
Sensitivity analysis helps identify the most critical risks that have the potential to impact the project's completion date. By mitigating these risks, the project manager can increase the likelihood of meeting the P90 date.
According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, the P90 date is the date that has a 90% probability of being met or exceeded by the project completion1. The Monte Carlo analysis is a simulation technique that generates possible outcomes of the project schedule based on the probability distributions of the activity durations2. The sensitivity analysis is a technique that determines how different sources of uncertainty affect the project objectives, such as the completion date3. Therefore, the project manager should mitigate the risks identified on the sensitivity analysis, as they are the most likely to affect the P90 date. By reducing the uncertainty and variability of the project schedule, the project manager can increase the confidence level of meeting the P90 date.
References: 1: PMI, Practice Standard for Project Risk Management, 2009, p. 91 2: PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition, 2017, p. 215 3: PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition, 2017, p. 403
NEW QUESTION # 82
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. Review the consequences of potential changes.
- B. Conduct a risk reassessment and reserve analysis.
- C. Coach stakeholders on risk identification practices.
- D. Request a budget relief using the management reserve.
Answer: B
Explanation:
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 toproceed.
NEW QUESTION # 83
A risk manager reviews a Monte Carlo schedule risk analysis model before sharing the results with the project manager. The risk manager notices that activity correlations were not included in the model.
What is an effect of adding the correlation to the model?
- A. Increases the standard deviation of the model.
- B. Reduces the project completion duration.
- C. Increases the probability of correlated activities finishing on time.
- D. Allows more risks to be included in the model.
Answer: A
Explanation:
Explanation
Adding correlation to the model accounts for the relationship between activities, which can result in increased variability in the model's outcomes. This will increase the standard deviation, which is a measure of the uncertainty in the model.
According to the PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1, an effect of adding the correlation to the Monte Carlo schedule risk analysis model is that it increases the standard deviation of the model. This is because:
Correlation is the statistical relationship between two or more variables. In a schedule risk analysis, correlation can be used to model the dependency between the durations of different activities. For example, if two activities are positively correlated, it means that if one activity takes longer than expected, the other activity is also likely to take longer than expected. Conversely, if two activities are negatively correlated, it means that if one activity takes longer than expected, the other activity is likely to take shorter than expected.
A Monte Carlo schedule risk analysis is a simulation technique that uses random values for uncertain variables, such as activity durations, to generate possible outcomes for the project schedule. The simulation is repeated many times to produce a probability distribution of the project completion date and duration. The standard deviation is a measure of the variability or dispersion of the distribution. A higher standard deviation means that the distribution is more spread out and less predictable.
Adding correlation to the Monte Carlo schedule risk analysis model increases the standard deviation of the model because it introduces more variability and uncertainty to the simulation. Correlated activities can have a cumulative effect on the project schedule, either positively or negatively, depending on the direction and strength of the correlation. This can result in more extreme outcomes for the project completion date and duration, which increase the spread of the distribution and the standard deviation.
References:
PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1
Risk Management Professional (PMI-RMP) Exam Cert Guide2
NEW QUESTION # 84
The project manager asks the risk manager to determine the initial risk assessment for a six month initiative that is about to kick-off. Which two artifacts will help the risk manager conduct the related analysis? (Choose two.)
- A. Monte Carlo analysis
- B. Brainstorming
- C. Project organizational chart
- D. Work breakdown structure (W&S)
- E. Configuration management plan
Answer: C,D
Explanation:
Explanation
According to the PMBOK Guide, one of the tools and techniques for the identify risks process is data gathering. Data gathering is the process of collecting information from various sources to identify potential risks that may affect the project objectives. One of the data gathering techniques is document analysis, which involves reviewing and analyzing available project documents and other information sources to identify potential risks1.
Two of the artifacts that will help the risk manager conduct the initial risk assessment for a six month initiative are the work breakdown structure (WBS) and the project organizational chart. These are two of the project documents that can be analyzed for potential risks in the project.
The work breakdown structure (WBS) is a hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables.
The WBS represents the work defined in the current approved project scope statement and provides the framework for detailed cost estimating, resource planning, and risk management. By reviewing the WBS, the risk manager can identify potential risks that are associated with each work package, deliverable, or scope element, such as technical complexity, quality requirements, dependencies, assumptions, constraints, and uncertainties1.
The project organizational chart is a graphical representation of the project team members and their reporting relationships. The project organizational chart depicts the roles and responsibilities of the project team, as well as the communication channels and authority levels among the team members and other stakeholders. By reviewing the project organizational chart, the risk manager can identify potential risks that are related to the project team structure, such as resource availability, skill gaps, team dynamics, stakeholder expectations, and conflict resolution1.
Some of the other options are not relevant or appropriate for the question scenario:
The configuration management plan is a component of the project management plan that describes how the project team will manage the configuration of the project's deliverables and documentation. The configuration management plan defines the processes, tools, and methods for identifying, controlling, tracking, and auditing the changes to the project's baselines. The configuration management plan is not an artifact that will help the risk manager conduct the initial risk assessment, as it does not provide information on the potential risks that may affect the project objectives or scope1.
Brainstorming is a technique for the identify risks process that involves generating a list of potential risks through a group discussion. Brainstorming is not an artifact, but rather a tool and technique for identifying risks. Brainstorming can help the risk manager conduct the initial risk assessment, but only after reviewing and analyzing the available project documents and information sources1.
Monte Carlo analysis is a technique for the perform quantitative risk analysis process that involves simulating the combined effect of individual project risks and other sources of uncertainty on the project objectives, such as cost or schedule. Monte Carlo analysis is not an artifact, but rather a tool and technique for analyzing risks. Monte Carlo analysis can help the risk manager conduct the initial risk assessment, but only after identifying and prioritizing the individual project risks and their probability and impact1.
References: PMBOK Guide, 6th edition, pages 397-399, 414-415, 431-432, 441-442, 156-157, 168-169,
89-901; PMI-RMP Exam Content Outline, 2015, page 7.
NEW QUESTION # 85
A risk manager is assigned to a new system deployment project with a strict contractually agreed-on schedule.
One of the key risks identified is the availability of experts because many are shared on other strategic projects in the organization.
What should the risk manager do to address this situation?
- A. Escalate the staffing topic to the sponsor and request more budget for contingencies.
- B. Implement a disciplined tracking method and report to stakeholders accordingly.
- C. Call for a project team meeting to review risk strategies and make required adjustments.
- D. Revisit the project charter for scope adjustments and sign them off with the customer.
Answer: C
Explanation:
Explanation
According to the PMI Risk Management Professional (PMI-RMP) Examination Content Outline1, one of the tasks in the domain of Risk Response is to call for a project team meeting to review risk strategies and make required adjustments, as needed, based on risk monitoring and reporting1. In this scenario, the risk manager should do this to address the situation of the availability of experts, which is a key risk for the project. The project team meeting will help the risk manager and the project team to evaluate the effectiveness of the current risk response plan, identify any new risks or changes in existing risks, and develop alternative risk strategies and actions to deal with the staffing issue. The project team meeting will also facilitate the communication and collaboration among the project team members and other stakeholders, and ensure that the project objectives and expectations are aligned. The risk manager should not implement a disciplined tracking method and report to stakeholders accordingly, because that is not a proactive risk response strategy, but rather a passive risk monitoring and reporting technique2. The risk manager should not escalate the staffing topic to the sponsor and request more budget for contingencies, because that is not a feasible or appropriate risk response strategy, as it does not address the root cause of the risk or provide a solution to the problem3. The risk manager should not revisit the project charter for scope adjustments and sign them off with the customer, because that is not a risk response strategy, but rather a scope management process that may have negative impacts on the project quality, cost, and schedule, and may violate the contractual agreement with the customer4. References: 1: PMI Risk Management Professional (PMI-RMP) Examination Content Outline, page 102: A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, page
4563: A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, page
4364: A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, page 133.
NEW QUESTION # 86
Fred is the project manager of the CPS project. He is working with his project team to prioritize the identified risks within the CPS project. He and the team are prioritizing risks for further analysis or action by assessing and combining the risks probability of occurrence and impact. What process is Fred completing?
- A. Perform quantitative analysis
- B. Risk Breakdown Structure creation
- C. Perform qualitative analysis
- D. Risk identification
Answer: C
NEW QUESTION # 87
A cost analyst team member asks the project manager for the latest risk data for inclusion with the cost estimates for the project. Which tool should the cost analyst team member use to identify the probability of achieving specific cost targets?
- A. Decision tree analysis
- B. Brainstorming
- C. Monte Carlo analysis
- D. Analogous estimating
Answer: C
NEW QUESTION # 88
Rex is the project manager of the BDF Project. This project will last for two years and has a budget of
$2,345,000. Management has instructed Rex that the project must not go over budget as funds are very tight in the organization. During the project planning Rex and the project team discover a positive risk event to save $75,000. Rex wants to make certain that this risk event happens so which risk response method is most appropriate?
- A. Exploit
- B. Enhance
- C. Share
- D. Mitigation
Answer: A
NEW QUESTION # 89
......
PMI-RMP certification is a globally recognized credential offered by the Project Management Institute (PMI) to professionals who specialize in risk management. PMI Risk Management Professional certification is designed to validate an individual's expertise in identifying potential risks, analyzing them, and developing effective strategies to mitigate them. The PMI-RMP certification exam covers a wide range of topics, including risk management planning, risk identification and analysis, risk response planning, risk monitoring and control, and stakeholder engagement.
PMI-RMP Practice Test Give You First Time Success with 100% Money Back Guarantee!: https://www.dumpsquestion.com/PMI-RMP-exam-dumps-collection.html
Printable & Easy to Use Project Management Professional PMI-RMP Dumps 100% Same Q&A In Your Real Exam: https://drive.google.com/open?id=1W-ZyTjwJyVY9y9gMxGfjp9hPPuwAlw6F