These questions are prepared based on my understanding of Project Management Institute's (PMI®) Risk Management Professional (RMP®) examination. Feedback from successful RMPs, have also helped to shape these questions.
Exam takers have informed that such questions made them prepare well for the RMP examination. In fact they say some of the questions are harder than the real exam.
I believe if you can crack questions which are somewhat tougher, it will be relatively easy for you when you actually answer the questions during your examination.
Out of 30 free question, in this article, 15 questions are given. In the next article, you have the next 15 questions.
Question - 1: Which of the following statements is TRUE?
(A) High Risk proximity can increase the risk score, but low risk manageability will decrease the score.
(B) Low Risk proximity can decrease the risk score, but high risk manageability will increase the score.
(C) Low Risk proximity can decrease the risk score, but low risk manageability will decrease the score.
(D) High Risk proximity can increase the risk score, but high risk manageability will decrease the score.
Question - 2: For some of the risks which you have identified, you have a contingency plan. Also, you have triggers to invoke the contingency plans. In which process, do you create such triggers?
(A) Identify Risks.
(B) Perform Qualitative Risk Analysis.
(C) Perform Quantitative Risk Analysis.
(D) Plan Risk Responses.
Question 3: You are doing a risk planning for your project along with your team members. During this process, you decided to look at some of the project documents, while identifying the risks. You decided to look for assumptions. Which one of the following will give you the high-level assumptions taken for the project?
(A) Project charter
(B) Project schedule
(C) Project baseline
(D) Issue log
Question – 4: You have planned for the risks in your project by creating a risk management plan, which has the information about the probability and impact scales, the probability and impact matrix, the risk audit timings, among others. Next, you identified all possible risks with the help of stakeholders in your project. You have created the risk register, identified and assigned the possible owners for the risks and further elaborated on the risk breakdown structure. What should you do NEXT?
(A) Analyze the risks qualitatively to find the probability and impact of each risk.
(B) Find the potential responses, if any, for each risk.
(C) Find the possible risk responses for each risk.
(D) Analyze the risks quantitatively to quantity with respect to schedule and cost impact for each risk.
Question – 5: You are working on a multi-million-dollar contract event management. It will take 4 months to complete. During one of the planning processes, you found out that a significant threat exists to your project from one of the contractors, who may go bankrupt. If that situation arrives, the project will be delayed by a month. Considering it, you decide to be in touch with another contractor who can provide the needed material.
This is an example of:
(A) Risk Share.
(B) Risk Transfer.
(C) Risk Acceptance.
(D) Risk Mitigation.
Question - 6: Following is a probability distribution for an activity.
From this, we can infer:
(A) The activity at best can be completed in 5 days, and at worst can be completed in 11 days.
(B) The activity at best can be completed in 4 days, and at worst can be completed in 12 days, but most likely to be completed in 6 days with 100% probability.
(C) The activity at best can be completed in 6 days with around 30% probability, and at worst can be completed in 12 days with around 30% probability, but most likely to be completed in 6 days with 100% probability.
(D) The activity at best can be completed in 6 days with around 30% probability, and at worst can be completed in 10 days with around 30% probability, but most likely to be completed in 6 days with 80% probability.
Question – 7: A Monte Carlo analysis has been conducted on a project, which shows below cumulative S-curve. The chances of the project meeting the budget of $75,000 is 30% (shown in red arrows). What is the contingency reserve needed if the chance has to be 60% (shown in yellow arrows)?
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The question set is available in the embedded PDF below.
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