1500 Questions | PMI Risk Management Professional (PMI-RMP)

Performance reporting and real-time monitoring and control.

Risk Assessment and Analysis (22%)

Developing robust contingency plans and learn data driven quality assurance quality control metrics kpi loops.

Risk Strategy, Action, and Continuous Improvement (20%)

Applying lessons learned to foster continuous improvement.

Risk Management Framework and Process (13%)

Stakeholder identification and communication strategies.

Risk Governance, Culture, and Leadership (10%)

Building a proactive risk-aware culture within the enterprise.

B) Identify the cost value at the P95 point on the cumulative distribution frequency.

C) Reduce the scope of the project until the P70 value matches the budget.

D) Re-run the simulation using only the most optimistic (Best Case) estimates.

E) Advise the sponsor that a 95% confidence level is technically impossible.

F) Use a Delphi technique to ignore the simulation results.

Correct Answer: B

Explanation:

B) Correct: In quantitative analysis, the P-value represents the probability. To meet a 95% confidence level, you must find the cost associated with the 95th percentile on the curve.

C) Incorrect: Scope reduction is a drastic change that requires a change request, not an immediate reaction to a simulation.

D) Incorrect: This is data manipulation and provides an inaccurate, biased risk picture.

E) Incorrect: It is entirely possible; it simply requires a higher contingency budget.

F) Incorrect: The Delphi technique is for consensus-building, not for overriding validated quantitative data.

B) Transference

C) Mitigation

D) Acceptance

E) Escalation

F) Enhancement

Correct Answer: C

Explanation:

B) Incorrect: Transference involves shifting the financial impact (like insurance) to a third party.

C) Correct: Mitigation involves taking proactive steps to reduce the impact or probability. A backup plan reduces the impact of the primary vendor failing.

D) Incorrect: Acceptance means doing nothing and dealing with the bankruptcy if it happens.

E) Incorrect: Escalation is used if the risk is outside the project manager's authority.

F) Incorrect: Enhancement is a strategy used for positive risks (opportunities).

B) Standardize all risk thresholds to a medium level to ensure balance.

C) Set tight thresholds and aggressive triggers for schedule-related risks.

D) Ignore the stakeholder's cost tolerance as it is unusual in PMI standards.

E) Transfer all schedule risks to an external insurance provider.

F) Only report on risks that impact both cost and schedule.

Correct Answer: C

Explanation:

B) Incorrect: Risk thresholds must be tailored to specific stakeholder tolerances to be effective.

C) Correct: Since the stakeholder is sensitive to time, the plan should reflect strict monitoring and early warning triggers for any schedule slip.

D) Incorrect: Stakeholder analysis is a core part of the framework; their specific tolerances must be respected.

E) Incorrect: You cannot "insure" a schedule delay in the same way you can financial loss.

F) Incorrect: Risks must be managed individually based on their specific impact areas.

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