PMI-RMP Free Practice Test

Elizabeth is a project manager for her organization and she finds risk management to be very difficult for her to manage. She asks you, a lead project manager, at what stage in the project will risk management become easier. What answer best resolves the difficulty of risk management practices and the effort required?

1. A. Risk management only becomes easier the more often it is practiced.
2. B. Risk management only becomes easier when the project is closed.
3. C. Risk management only becomes easier when the project moves into project execution.
4. D. Risk management is an iterative process and never becomes easier.

Correct Answer: A

David is the project manager of HGF project for his company. David, the project team, and several key stakeholders have completed risk identification and are ready to move into qualitative risk analysis. Tracy, a project team member, does not understand why they need to complete qualitative risk analysis. Which one of the following is the best explanation for completing qualitative risk analysis?

1. A. It is a cost-effective means of establishing probability and impact for the project risks.
2. B. Qualitative risk analysis helps segment the project risks, create a risk breakdown structure, and create fast and accurate risk responses.
3. C. All risks must pass through quantitative risk analysis before qualitative risk analysis.
4. D. It is a rapid and cost-effective means of establishing priorities for the plan risk responses and lays the foundation for quantitative analysis.

Correct Answer: D

Fred is the project manager of the PKL project. He is working with his project team to complete the quantitative risk analysis process as a part of risk management planning. Fred understands that once the quantitative risk analysis process is complete, the process will need to be completed again in at least two other times in the project. When will the quantitative risk analysis process need to be repeated?

1. A. Quantitative risk analysis process will be completed again after the cost management planning and as a part of monitoring and controlling.
2. B. Quantitative risk analysis process will be completed again after new risks are identified and as part of monitoring and controlling.
3. C. Quantitative risk analysis process will be completed again after the risk response planning and as a part of monitoring and controlling.
4. D. Quantitative risk analysis process will be completed again after the plan risk response planning and as part of procurement.

Correct Answer: C

You are preparing to start the qualitative risk analysis process for your project. You will be relying on some organizational process assets to influence the process. Which one of the following is NOT a probable reason for relying on organizational process assets as an input for qualitative risk analysis?

1. A. Studies of similar projects by risk specialists
2. B. Risk databases that may be available from industry sources
3. C. Review of vendor contracts to examine risks in past projects
4. D. Information on prior, similar projects

Correct Answer: C

Sensitivity analysis is a technique for systematically changing parameters in a model to determine the effects of such changes and is useful for computer modelers for a range of purposes. Which of the following purposes does the sensitivity analysis include? Each
correct answer represents a complete solution. Choose all that apply.

1. A. Estimating the average outcome
2. B. Model development
3. C. Decision making or the development of recommendations for decision makers
4. D. Increased understanding or quantification of the system

Correct Answer: BCD