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PMI Risk Management Professional Sample Questions (Q51-Q56):

NEW QUESTION # 51
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. Ensure project team members proactively identify risks throughout the project to plan for possible response strategies
B. Identify risks only at the project's midpoint for the stakeholders to review them
C. Identify risks at the beginning of the project because the risk posture will not change
D. Delegate risk identification to each team member and have them record the risks on separate risk registers for their areas

Answer: A

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 ContentOutline1, 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, toenable planning for possible risk response strategies1. Risk identification is an iterative processthat 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 insightson the project risks3. Theproject 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 wouldbe 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 # 52
A risk on the risk register is triggered. This triggered risk costs US$200,000 to mitigate and will overwhelm the project, causing it to fail if not mitigated. The project manager identifies that there is US$200,000 left in the management reserve.
From which of the following sources should the funds be drawn to cover the risk mitigation?

A. Contingency reserve
B. Unplanned risk reserve
C. Management reserve
D. Organization management reserve

Answer: C

NEW QUESTION # 53
Which of the following describes a difference between qualitative and quantitative risk analysis?

A. Quantitative risk analysis addresses individual risks descriptively; qualitative risk analysis predicts likely project outcomes based on combined effects of risks.
B. Quantitative risk analysis adds to the risk register, qualitative risk analysis leads to quantitative risk analysis.
C. Quantitative risk analysis prioritizes individual risks for subsequent treatment, qualitative risk analysis leads to quantitative risk analysis.
D. Qualitative risk analysis addresses individual risks descriptively; quantitative risk analysis predicts likely project outcomes based on combined effects of risks.

Answer: D

NEW QUESTION # 54
You are the project manager of a large, high-profile project in your organization. You have realized that politics within your company may affect the true identification of risk events within the project. You decide that you'd like to use a method to identify risk events through an anonymous process. Which one of the following risk events will allow you to collect and distribute risk information without the stakeholders knowing what other stakeholders are communicating about the project risk events?

A. Delphi Technique
B. Checklist analysis
C. Monte Carlo Technique
D. Surveys

Answer: A

NEW QUESTION # 55
A project is In the initiation phase. The project stakeholders are Invited to a meeting to share their thoughts that may impact the project In a positive or negative way.
What will be the main output of this meeting?

A. Identifying threats and opportunities
B. Evaluating the project's probability of success
C. Evaluating the project's impact
D. Performing a qualitative analysis

Answer: A

Explanation:
Explanation
The main output of the stakeholder meeting in the initiation phase is to identify threats and opportunities that may impact the project in a positive or negative way. This information will be used to develop the risk management plan.

NEW QUESTION # 56
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