PMI-RMP practice questions 101–110

1. Question 101 · 204 in bank

   Three months into a program, multiple workstreams are showing issues. At this point, the program manager requires that a risk impact assessment be conducted. What will help calculate the impact?

   • ARisk identification
   • BRisk analysis
   • CRisk treatment
   • DRisk evaluation

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   Answer: B

   Explanation

   B. Risk analysis If multiple workstreams are showing issues three months into a program, and the program manager requires that a risk impact assessment be conducted, it is likely that risk analysis will be the most effective approach for calculating the impact of these risks. Risk analysis is a process that helps to understand the likelihood and impact of identified risks, and to determine the appropriate risk response strategies. It involves evaluating the potential consequences of a risk, as well as the likelihood of that risk occurring. This helps to prioritize risks and focus risk management efforts on the most important risks.

   Source: Adapted from community discussion — IBANGA007

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2. Question 102 · 204 in bank

   Select 3

   During a project review meeting, stakeholders are making decisions on how to respond to known and new risks encountered during project execution. Which three artifacts should the stakeholders review? (Choose three.)

   • ARisk register
   • BChange log
   • CRisk-adjusted back log
   • DAssumption log
   • EBasis of estimates

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   Answer: ABD

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3. Question 103 · 204 in bank

   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?

   • ACoach stakeholders on risk identification practices.
   • BRequest a budget relief using the management reserve.
   • CConduct a risk reassessment and reserve analysis.
   • DReview the consequences of potential changes.

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   Answer: C

   Explanation

   C. Conduct a risk reassessment and reserve analysis. If budget overruns during the execution phase have put serious constraints on the remainder of the project's budget, it is important for the project manager to take steps to reassess the project risks and reserve analysis. This will help to identify any potential risks that may arise as a result of the budget constraints and to develop contingency plans to mitigate or manage these risks effectively. The project manager may also want to consider requesting a budget relief using the management reserve, which is a set aside of funds that can be used to address unexpected events or risks that may arise during the course of the project. By conducting a risk reassessment and reserve analysis, the project manager can ensure that the project is well positioned to handle any potential risks and to meet the project's objectives within the available budget.

   Source: Adapted from community discussion — IBANGA007

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4. Question 104 · 204 in bank

   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?

   • AOrganization management reserve
   • BUnplanned risk reserve
   • CContingency reserve
   • DManagement reserve

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   Answer: C

   Explanation

   Contigency reserve is the right choice for identified risk/known unknowns. Management reserves requires formal approval before application and it is meant to address unknown unknowns.

   Source: Adapted from community discussion — gen2ty

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5. Question 105 · 204 in bank

   A risk manager manages risks in a construction project. A stakeholder mentions that if there is less than a 50% chance of rain, construction should continue. Another stakeholder says that if there is less than a 60% chance of rain, construction should continue. What should the risk manager do next to find out the correct limit?

   • AUse industry standard risk thresholds
   • BFind out the stakeholders’ risk appetite
   • CReview the agreed-upon risk tolerance
   • DPerform a sensitivity analysis of the risk

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   Answer: C

   Explanation

   C. Review the agreed-upon risk tolerance If different stakeholders have different views on the acceptable level of risk related to rain and construction, it is important for the risk manager to review the agreed-upon risk tolerance for the project. The risk tolerance is the level of risk that the project team is willing to accept in order to achieve the project's objectives. To determine the correct limit for construction in the event of rain, the risk manager should review the agreed-upon risk tolerance and consider the potential impacts of different levels of risk on the project. This may involve performing a sensitivity analysis of the risk to understand how different levels of risk will affect the project schedule, budget, and other project objectives. By reviewing the agreed-upon risk tolerance and performing a sensitivity analysis, the risk manager can help to ensure that the project team is making informed and strategic decisions about risk management.

   Source: Adapted from community discussion — IBANGA007

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6. Question 106 · 204 in bank

   Several key stakeholders approach the project manager with concerns. The stakeholders have received feedback from local businesses that have reported a reduction in customers because of construction activities at the worksite, and they plan to submit a claim to the municipality to fine the project manager’s company. How should the project manager address this concern?

   • AAdjust construction work hours to after business hours.
   • BEvaluate the risk with the team and update the issue log.
   • CUpdate the key risks and perform a quantitative risk analysis.
   • DDiscuss the concern with the local business owners.

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   Answer: B

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7. Question 107 · 204 in bank

   The project sponsor asks the project manager about the accuracy of the project data. The project manager realizes that some risks have not been updated recently. What should the project manager do regarding those risks?

   • AReview the assumptions analysis
   • BCreate a risk response plan for those risks
   • CReview the risk register to check for the new risks
   • DConduct a checklist analysis on each risk

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   Answer: A

   Explanation

   A. Review the assumptions analysis When the project sponsor asks the project manager about the accuracy of the project data, the project manager should review the assumptions analysis to ensure that the project data is accurate and up-to-date. The assumptions analysis is a tool that helps to identify and document the assumptions that are being made about the project, including assumptions related to risks. If the project manager realizes that some risks have not been updated recently, it is important to review the assumptions analysis to ensure that the project data is accurate and up-to-date. This may involve revisiting the risk register to check for new risks, conducting a checklist analysis on each risk, or creating a risk response plan for those risks. By reviewing the assumptions analysis, the project manager can help to ensure that the project data is accurate and that risks are being managed effectively.

   Source: Adapted from community discussion — IBANGA007

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8. Question 108 · 204 in bank

   Which tool can the project risk manager utilize to help identify and assess project risks?

   • ARisk audit
   • BRisk surveys
   • CRisk manager interviews
   • DRisk sensitivity surveys

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   Answer: B

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9. Question 109 · 204 in bank

   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?

   • APerform a qualitative risk analysis for the project
   • BUpdate the assumptions/exclusions register
   • CMitigate risks identified on the sensitivity analysis
   • DHire more resources and crash the schedule

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   Answer: D

   Explanation

   D. Hire more resources and crash the schedule The P90 date, which is the date that has a 90% probability of being achieved based on the Monte Carlo analysis, is an important target for the project. To ensure that this date is met, the project manager may need to take steps to accelerate the project schedule, such as hiring additional resources or "crashing" the schedule. Crashing the schedule involves identifying ways to reduce the duration of certain project activities or tasks in order to meet the P90 date. In addition to crashing the schedule, the project manager may also want to consider other risk management strategies to help ensure that the P90 date is met. This could include mitigating risks identified on the sensitivity analysis, updating the assumptions/exclusions register, or performing a qualitative risk analysis for the project. By taking a proactive and systematic approach to risk management, the project manager can help to ensure that the project is completed on time and within budget.

   Source: Adapted from community discussion — IBANGA007

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10. Question 110 · 204 in bank

    The project manager is unable to obtain a global consensus of competing subject matter experts and stakeholders on the project scope. This has caused a one- month delay. What should the project manager do next to reduce further delay?

    • AInitiate a scope change request.
    • BSchedule a project kick-off meeting.
    • CSchedule a stakeholder meeting.
    • DEngage the project sponsor/portfolio manager.

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    Answer: C

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PMI-RMP practice, question 101. 204 questions available.