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PMI Risk Management Professional Sample Questions (Q182-Q187):

NEW QUESTION # 182
An organization that spans across different countries undergoes a digital transformation project. The project manager has assigned a risk management team leader who is a risk management certified candidate in their domain.
What should the risk management team leader do in the early stages of the project?

A. Plan a solid risk response plan and secure the necessary funding.
B. Benchmark to an organization which has executed a similar project,
C. Educate stakeholders on best practices to perform risk management.
D. Conduct qualitative risk analysis to prioritize potential risks.

Answer: C

Explanation:
In the early stages of a project, the risk management team leader should conduct qualitative risk analysis to prioritize potential risks. This will help the team to focus on the most significant risks and develop appropriate risk response strategies.
According to the PMI-RMP Handbook, the early stages of the project are the best time to establish the risk management plan, which 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 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 also define the roles and responsibilities of the stakeholders in risk management, as well as the reporting and escalation mechanisms.
The risk management team leader, who is a risk management certified candidate in their domain, should educate stakeholders on best practices to perform risk management in the early stages of the project. This is because the stakeholders may have different levels of knowledge, experience, and expectations regarding risk management, especially in an organization that spans across different countries. The risk management team leader should provide training, coaching, and guidance to the stakeholders on how to apply the risk management processes, tools, and techniques, as well as how to use the risk management plan. The risk management team leader should also promote a positive risk culture and encourage stakeholder participation and collaboration in risk management activities.
The other options are not valid for what the risk management team leader should do in the early stages of the project:
* Conduct qualitative risk analysis to prioritize potential risks: This is not a valid option because the qualitative risk analysis is part of the Perform Qualitative Risk Analysis process, which comes after the Identify Risks process and before the Perform Quantitative Risk Analysis process. The risk management team leader should not conduct the qualitative risk analysis before developing the risk management plan and identifying the risks.
* Plan a solid risk response plan and secure the necessary funding: This is not a valid option because the risk response plan is part of the Plan Risk Responses process, which comes after the Perform Qualitative Risk Analysis and Perform Quantitative Risk Analysis processes. The risk management team leader should not plan the risk response plan and secure the necessary funding before developing the risk management plan, identifying, and analyzing the risks.
* Benchmark to an organization which has executed a similar project: This is not a valid option because benchmarking is a technique for risk identification, but it is not the only one. The risk management team leader should use a combination of techniques to identify risks, not just focus on one aspect. Also, benchmarking is not the same as educating stakeholders, which implies providing training, coaching, and guidance on risk management best practices.
References: PMI-RMP Handbook1, PMBOK® Guide2, Practice Standard for Project Risk Management2

NEW QUESTION # 183

The project values are in thousands. What is the average cost of the project?

A. US$8,619,000
B. US$8,764,000
C. US$8,614,000
D. US$8,495,000

Answer: C

NEW QUESTION # 184
You work as a project manager for BlueWell Inc. Your project is running late and you must respond to the risk.
Which risk response can you choose that will also cause you to update the human resource management plan?

A. Teaming agreements
B. Crashing the project
C. Transference
D. Fast tracking the project

Answer: B

NEW QUESTION # 185
A list of risks was identified that could occur during the design phase. Now, the team finished the design phase and those risks did not materialize.
What should the project manager do next?

A. Close the risks and update their status in the risk register.
B. Use their contingency with other risks that are still open.
C. Remove the risk from the list as they are no longer applicable.
D. Reevaluate those risks' severity, and update the risk register.

Answer: A

Explanation:
Explanation
Since the design phase is complete and the identified risks did not materialize, the project manager should close the risks and update their status in the risk register.
The project manager should close the risks that did not materialize during the design phase and update their status in the risk register. Closing risks is part of the monitor and close risks process, which involves tracking the implementation of risk responses, monitoring the residual and secondary risks, and evaluating the effectiveness of risk management throughout the project. Closing risks also involves updating the risk register with the current status of the risks, the outcomes of the risk responses, and any lessons learned from the risk management process. Updating the risk register helps to maintain an accurate and updated record of the project risks and their impacts. References: PMI, Project Risk Management, 2nd edition, 2019, p. 97-981

NEW QUESTION # 186
Jane is the project manager of the GBB project for her company. In the current project a vendor has offered the project a ten percent discount based if they will order 100 units for the project. It is possible that the GBB Project may need the 100 units, but the cost of the units is not a top priority for the project. Jane documents the offer and tells the vendor that they will keep the offer in mind and continue with the project as planned. What risk response has been given in this project?

A. Acceptance
B. Exploiting
C. Sharing
D. Enhance

Answer: A

NEW QUESTION # 187
......

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