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PMI-RMP certification is an excellent option for individuals who want to demonstrate their expertise in risk management and advance their careers in project management. PMI Risk Management Professional certification is globally recognized and provides candidates with the knowledge and skills they need to effectively manage risks in projects. With the PMI-RMP Certification, professionals can enhance their job prospects, increase their earning potential, and make a meaningful impact on their organizations.

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PMI Risk Management Professional Sample Questions (Q128-Q133):

NEW QUESTION # 128
An organization performs an annual strategies and initiatives workshop during which a strengths, weaknesses, opportunities, and threats (SWOT) analysis is being conducted. As part of this process the functional managers identify the opportunities and threats.
What should the risk manager do next?

A. Update the risk register with the identified risks
B. Plan risk responses to the threats
C. Add only the threats to the risk register
D. Utilize different tools to identify the risks

Answer: A

Explanation:
Explanation
The risk manager should update the risk register with both the opportunities and threats identified during the SWOT analysis. This will help in tracking and managing all potential risks throughout the project lifecycle.

NEW QUESTION # 129
A risk manager of a major project facilitates a meeting to develop the risk management plan. What two factors does the risk manager need to consider to ensure an effective risk management plan is developed? (Choose two.)

A. Applying modern risk management techniques.
B. Minimizing implementation costs.
C. Ensuring risk response strategies mitigate all risks.
D. Aligning to project constraints and priorities.
E. Obtaining stakeholder acceptance

Answer: D,E

Explanation:
To ensure an effective risk management plan, the risk manager needs to consider aligning the plan to project constraints and priorities and obtaining stakeholder acceptance, as these factors will help ensure that the plan is relevant and supported by the project team and stakeholders.
According to the PMI-RMP Handbook, the risk management plan is a document that describes how risk management activities will be structured and performed on the project. It is one of the main outputs of the Plan Risk Management process. The risk management plan should consider the following factors to ensure its effectiveness:
Aligning to project constraints and priorities: The risk management plan should be aligned with the project objectives, scope, schedule, cost, quality, resources, and stakeholder expectations. It should also reflect the project's risk appetite, tolerance, and threshold levels, which indicate the degree of uncertainty that the project can accept. The risk management plan should prioritize the risk management activities based on the project's critical success factors and key performance indicators.
Obtaining stakeholder acceptance: The risk management plan should be developed with the involvement and input of key stakeholders, such as the project sponsor, customer, team members, subject matter experts, and other relevant parties. The risk management plan should be communicated and approved by the stakeholders to ensure their commitment and support for the risk management process. The risk management plan should also define the roles and responsibilities of the stakeholders in risk management, as well as the reporting and escalation mechanisms.
The other options are not valid factors for ensuring an effective risk management plan:
Applying modern risk management techniques: The risk management plan should apply the appropriate risk management techniques that suit the project's context, complexity, and characteristics. The techniques should be based on the best practices and standards of the profession, such as the PMBOKGuide and the Practice Standard for Project Risk Management. The techniques do not have to be modern or innovative, as long as they are effective and efficient.
Ensuring risk response strategies mitigate all risks: The risk management plan should define the risk response strategies that will be used to address the identified risks. However, the risk response strategies do not have to mitigate all risks, as some risks may be accepted, transferred, or avoided. The risk response strategies should be based on the risk analysis and evaluation, which consider the probability and impact of the risks, as well as the cost and benefits of the responses.
Minimizing implementation costs: The risk management plan should consider the budget and resources available for the risk management activities. However, the risk management plan should not aim to minimize the implementation costs at the expense of the quality and effectiveness of the risk management process. The risk management plan should balance the costs and benefits of the risk management activities, and ensure that they provide value to the project.

NEW QUESTION # 130
A supplier Is delayed in delivering fuel for a project. The project manager anticipated this risk and is requesting fuel from another supplier. When speaking with the other supplier, a new risk appears because fulfilling the order will cause delays with several other projects.
After performing a detailed analysis, what should the risk manager do?

A. Execute the approved risk response plan.
B. Assign a team member to update the issue leg.
C. Escalate the problem to the project sponsors.
D. Negotiate with the supplier to resolve the problem.

Answer: A

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 execute the approved risk response plan in accordance with project guidelines and procedures1. A risk response plan is a component of the project management plan that describes the agreed-upon and funded actions to address the project risks, both positive and negative2. In this scenario, the risk manager should execute the approved risk response plan to deal with the new risk that appears when requesting fuel from another supplier, which will cause delays with several other projects. The risk response plan should have been developed and approved during the risk response planning process, which involves selecting and prioritizing the appropriate risk strategies and actions for each risk3. The risk response plan should also be aligned with the project guidelines and procedures, which are the rules and directions that define the project's scope, schedule, cost, quality, and other aspects4. The risk manager should not escalate the problem to the project sponsors, because that is not a risk response strategy, but rather a way to seek higher-level authority or support for a risk that is outside the project's scope or influence5. The risk manager should not negotiate with the supplier to resolve the problem, because that is not a risk response strategy, but rather a procurement management technique that involves reaching a mutually acceptable agreement with the supplier on the terms and conditions of the contract6. The risk manager should not assign a team member to update the issue log, because that is not a risk response strategy, but rather a risk monitoring and reporting technique that involves tracking and documenting the issues that have occurred or are currently affecting the project7. Reference: 1: PMI Risk Management Professional (PMI-RMP)Examination Content Outline, page 102: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, page 4143: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, page 4404: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, page 385: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, page 4376: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, page 4717: What Is an Issue Log? Templates & Tips7.

NEW QUESTION # 131
A risk manager faces resistance as they try to implement the project's risk strategy. Some members of the project team believe it is a waste of time and money, What should the risk manager do?

A. Reduce the number of risk management activities.
B. Continue to implement the risk strategy
C. Raise the concerns with the project sponsor,
D. Meet with team members to address their concerns.

Answer: D

Explanation:
Explanation
When facing resistance from team members, the risk manager should engage in open communication to address their concerns and clarify the importance of risk management in the project.
According to the PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1, the risk manager should handle this situation by meeting with team members to address their concerns. This is because:
Resistance to risk management is a common challenge that can hinder the effectiveness and efficiency of the risk management process. Resistance can stem from various factors, such as lack of awareness, understanding, commitment, trust, or support for risk management; fear of negative consequences or blame; competing priorities or interests; or cultural differences or biases.
Meeting with team members to address their concerns is a proactive and constructive way to overcome resistance and foster a positive risk culture within the project. By meeting with team members, the risk manager can:
Communicate the value and benefits of risk management for the project and the organization, such as improving decision-making, enhancing performance, increasing stakeholder satisfaction, and reducing uncertainty and variability.
Educate and train team members on the risk management principles, processes, tools, and techniques, and how they can be applied to the project context and objectives.
Involve and empower team members in the risk management activities, such as identifying, analyzing, prioritizing, responding, and monitoring risks, and solicit their feedback and suggestions for improvement.
Recognize and reward team members for their contributions and achievements in risk management, and celebrate the successful outcomes and opportunities realized by the project.
The other options are not effective in handling this situation because:
Continuing to implement the risk strategy without addressing the resistance can lead to further conflict, resentment, and distrust among the team members, and undermine the quality and credibility of the risk management process and outputs.
Reducing the number of risk management activities can compromise the project's ability to identify and respond to the risks that may affect its scope, schedule, cost, quality, or other objectives, and expose the project to unnecessary threats or missed opportunities.
Raising the concerns with the project sponsor can escalate the issue and create a negative impression of the team members, and may not resolve the underlying causes of the resistance or improve the team's engagement and commitment to risk management.
References:
PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1
Risk Management Professional (PMI-RMP) Exam Cert Guide2

NEW QUESTION # 132
Which of the following techniques for planning risk response can provide a means of identifying symptoms for use as trigger conditions for contingency responses?

A. Root cause analysis
B. Quantitative risk analysis
C. Ensuring that actions are available to address significant events before their occurrence
D. Involving selected exons in the process

Answer: B

NEW QUESTION # 133
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Hot Testking PMI-RMP Learning Materials 100% Pass | Efficient Test PMI-RMP Cram: PMI Risk Management Professional

PMI PMI-RMP Exam | Testking PMI-RMP Learning Materials - Help you Pass PMI-RMP: PMI Risk Management Professional Exam

PMI Risk Management Professional Sample Questions (Q128-Q133):

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