RMP practice exam 3

RMP Practice Exam II (25 Questions)

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Risk Management Professional

1.This RMP Practice Test consists of '25' 'Multiple Choice' Questions.
2. All questions are compulsory and carry equal marks.
3. Answer the questions quickly and as carefully as you can.
4. Some questions may be difficult and others easy.
5. Do not spend too much time on any question.

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Question 1

Holly is the project manager of the NSS Project for her company. She is discussing some of the project risks and the issues that have happened in the project. Holly has faxed the status report to her project client for their review. Based on the standard communication model, which component in this scenario is the decoder?

A	Project customer
B	Telephone wire
C	Holly
D	Project customer’s fax machine

Question 2

Pete works as a project manager for BlueWell Inc. The Management has told him that he must implement an agreed-upon contingency response if the cost performance index in his project is less than 0.90. Consider that Pete’s project has a budget at completion of $275,000. His project is 65 percent complete and he has spent $175,000 to date. However, Pete is scheduled to be 78 percent complete. What is the cost performance index for this project to determine if the contingency response should happen?

A	1.02
B	0.96
C	0.90
D	0.89

Question 3

You work as a project manager for BlueWell Inc. You are working with Nancy, the COO of your company, on several risks within the project. Nancy understands that through qualitative analysis you have identified 80 risks that have a low probability and low impact as the project is currently planned. Nancy’s concern, however, is that the impact and probability of these risk events may change as conditions within the project may change. She would like to know where will you document and record these 80 risks that have low probability and low impact for future reference. What should you tell Nancy?

A	Risks with low probability and low impact are recorded in a watchlist for future monitoring.
B	All risks, regardless of their assessed impact and probability, are recorded in the risk log.
C	Risk identification is an iterative process so any changes to the low probability and low impact risks will be reassessed throughout the project life cycle.
D	All risks are recorded in the risk management plan.

Question 4

There are four inputs to the Monitoring and Controlling Project Risks process. Which one of the following will NOT help you, the project manager, to prepare for risk monitoring and controlling?

A	Work Performance Information
B	Project management plan
C	Risk register
D	Change requests

Question 5

A part of a project deals with the hardware work. As a project manager, you have decided to hire a company to deal with all hardware work on the project. Which type of risk response is this?

A	Exploit
B	Mitigation
C	Transference
D	Avoidance

Question 6

You work as a project manager for BlueWell Inc. You are working with your team members on the risk responses in the project. Which risk response will likely cause a project to use the procurement processes?

A	Exploiting
B	Mitigation
C	Sharing
D	Acceptance

Question 7

During qualitative risk analysis you want to define the risk urgency assessment. All of the following are indicators of risk priority except for which one?

A	Cost of the project
B	Risk rating
C	Warning signs
D	Symptoms

Question 8

Which of the following processes is described in the statement below? “This is the process of numerically analyzing the effect of identified risks on overall project objectives.”

A	Identify Risks
B	Perform Quantitative Risk Analysis
C	Monitor and Control Risks
D	Perform Qualitative Risk Analysis

Question 9

Ruth is the project manager of ISFH project for her company. This project is forty percent complete and it appears that some risk events are going to happen in the project that will have an adverse affect on the project. Ruth creates a change request regarding the risks. Is this a valid response?

A	No, change requests should not address risks, only risk response strategies should be issued.
B	No, change requests should not address pending risks, but only scope changes.
C	Yes, change requests can be recommended for corrective actions for contingency plans.
D	Yes, change requests can ask for additional funds to pay for the risk impact.

Question 10

Henry is the project manager of the QBG Project for his company. This project has a budget of $4,576,900 and is expected to last 18 months to complete. The CIO, a stakeholder in the project, has introduced a scope change request for additional deliverables as part of the project work. What component of the change control system would review the proposed changes’ impact on the features and functions of the project’s product?

A	Scope change control system
B	Cost change control system
C	Configuration management system
D	Integrated change control

Question 11

You are the project manager for BlueWell Inc. Your current project is a high priority and high profile project within your organization. You want to identify the project stakeholders that will have the most power in relation to their interest on your project. This will help you plan for project risks, stakeholder management, and ongoing communication with the key stakeholders in your project. In this process of stakeholder analysis, what type of a grid or model should you create based on these conditions?

A	Stakeholder power/interest grid
B	Influence/impact grid
C	Salience model
D	Stakeholder register

Question 12

You work as the project manager for BlueWell Inc. You are monitoring the project performance. You want to make a decision to change the project plan to eliminate a risk in order to protect the project objectives. Which of the following strategies will you use to tackle the risk?

A	Risk mitigation
B	Risk avoidance
C	Risk acceptance
D	Risk transference

Question 13

Lisa is the project manager of the FKN project for her organization. She is working with Sam, the CIO, to discuss a discount the vendor has offered the project based on the amount of materials that is ordered. Lisa and Sam review the offer and agree that while their project may qualify for the discounted materials the savings is nominal and they would not necessarily pursue the savings. Lisa documents this positive risk response in the risk register. What risk response is this?

A	Enhance
B	Transference
C	Share
D	Acceptance

Question 14

You are preparing to complete the quantitative risk analysis process with your project team and several subject matter experts. You gather the necessary inputs including the project’s cost management plan. Why is it necessary to include the project’s cost management plan in the preparation for the quantitative risk analysis process?

A	The project’s cost management plan can help you to determine what the total cost of the project is allowed to be.
B	The project’s cost management plan provides direction on how costs may be changed due to identified risks.
C	The project’s cost management plan provides control that may help determine the structure for quantitative analysis of the budget.
D	The project’s cost management plan is not an input to the quantitative risk analysis process.

Question 15

You and your project team are identifying the risks that may exist within your project. Some of the risks are small risks that won’t affect your project much if they happen. What should you do with these identified risk events?

A	All risks must have a valid, documented risk response.
B	These risks can be accepted.
C	These risks can be added to a low priority risk watch list.
D	These risks can be dismissed.

Question 16

You are the project manager of a new project in your organization. You and the project team have identified the project risks, completed risk analysis, and are planning the most appropriate risk responses. Which of the following tools is most effective to choose the most appropriate risk response?

A	Cause-and-effect diagrams
B	Project network diagrams
C	Delphi Technique
D	Decision tree analysis

Question 17

You are the project manager of the NNQ Project for your company and are working with your project team to define contingency plans for the risks within your project. Mary, one of your project team members, asks what a contingency plan is. Which of the following statements best defines what a contingency response is?

A	Some responses are designed for use only if certain events occur.
B	Some responses have a cost and a time factor to consider for each risk event.
C	Some responses must counteract pending risk events.
D	Quantified risks should always have contingency responses.

Question 18

Who is responsible for the stakeholder expectations management in a high-profile, high-risk project?

A	Project risk assessment officer
B	Project management office
C	Project sponsor
D	Project manager

Question 19

You are completing the qualitative risk analysis process with your project team and are relying on the risk management plan to help you determine the budget, schedule for risk management, and risk categories. You discover that the risk categories have not been created. When should the risk categories have been created?

A	Create work breakdown structure process
B	Plan risk management process
C	Risk identification process
D	Define scope process

Question 20

The only output of the perform qualitative risk analysis are risk register updates. When the project manager updates the risk register he will need to include several pieces of information including all of the following except for which one?

A	Trends in qualitative risk analysis
B	Risk probability-impact matrix
C	Watchlist of low-priority risks
D	Risks grouped by categories

Question 21

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	Bob is correct. Bob is familiar with the technology and the risk event so his response should be implemented.
B	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.
C	Bob is correct. Not all risk events have to pass the quantitative risk analysis process to develop effective risk responses.
D	Nancy is correct. All risks of significant probability and impact should pass the quantitative risk analysis process before risk responses are created.

Question 22

Which of the following diagrams displays sensitivity analysis data?

A	Fishbone
B	Influence
C	Tornado
D	Cause and effect

Question 23

Rachel is the project manager of the KJH Project for her company. She needs a method to create a quick and simple approach to risk identification to communicate the project risk with the stakeholders. Which one of the following approaches to risk identification should Rachel choose to provide a quick and simple listing of the project risks?

A	Delphi Technique
B	Checklist analysis
C	Assumptions analysis
D	Brainstorming

Question 24

Shawn is the project manager of the WHT Project for his company. In this project Shawn’s team reports that they have found a way to complete the project work for less cost than what was originally planned. The project team presents a new software that will help to automate the project work. While the software and the associated training costs $25,000 it will save the project nearly $65,000 in total costs. Shawn agrees to the software and changes to the project management plan accordingly. What type of risk response has been used in this instance?

A	Avoidance
B	Exploiting
C	Accepting
D	Enhancing

Question 25

Wendy is the project manager of the FBL project for your company. She has identified several risks within her project and has created a risk contingency reserve of $45,000 total. Her project is nearly complete and many of the risks have not happened in the project. What should Wendy do with the funds in the contingency reserve?

A	The funds remain in the contingency reserve until all of the risks have passed.
B	The funds for the risks that have passed and have not happened are transferred to the project budget.
C	The funds for the risks that have passed and have not happened are released.
D	The funds remain in the contingency reserve until the project is closed.

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RMP Practice Exam II (25 Questions)

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