PMI-RMP Free Practice Test

You work as a project manager for BlueWell Inc. Management has asked you to work with the key project stakeholder to analyze the risk events you have identified in the project. They would like you to analyze the project risks with a goal of improving the project's performance as a whole. What approach can you use to achieve the goal of improving the project's performance through risk analysis with your project stakeholders?

1. A. Focus on the high-priority risks through qualitative risk analysis
2. B. Involve the stakeholders for risk identification only in the phases where the project directly affects them
3. C. Involve subject matter experts in the risk analysis activities
4. D. Use qualitative risk analysis to quickly assess the probability and impact of risk events

Correct Answer: A

You are the project manager of the GHY project for your company. This project has a budget of $543,000 and is expected to last 18 months. In this project, you have identified several risk events and created risk response plans. In what project management process group will you implement risk response plans?

1. A. Executing
2. B. Planning
3. C. Monitoring and Controlling
4. D. In any process group where the risk event resides

Correct Answer: C

You are the project manager of your organization. Your organization will receive a bonus if the project finishes by December 20. Management has communicated this bonus to you and your project team and has asked you to evaluate the project to see if it is possible to realize the reward. The bonus offered to your organization is $750,000. You have examined the project and believe that you can crash the project for an additional $275,000 and reach the December 20 date. Management is thrilled with your assessment and they approve the crash fee. What risk response is this?

1. A. Crashing can be a type of the enhancing risk response.
2. B. Crashing can be considered transference because of the $275,000 is actually paid from the bonus, which is paid by the project customer.
3. C. Crashing can be a type of the exploit risk response.
4. D. Crashing is the addition of labor, not a risk response.

Correct Answer: A

Which of the following documents is described in the statement below? "It is developed along with all processes of the risk management. It contains the results of the qualitative risk analysis, quantitative risk analysis, and risk response planning."

1. A. Risk management plan
2. B. Project charter
3. C. Risk register
4. D. Quality management plan

Correct Answer: C

Joan is the project manager of the BTT project for her company. She has worked with her project to create risk responses for both positive and negative risk events within the project. As a result of this process Joan needs to update the project document updates. She has updated the assumptions log as a result of the findings and risk responses, but what other documentation will need to be updated as an output of risk response planning?

1. A. Scope statement
2. B. Lessons learned
3. C. Risk Breakdown Structure
4. D. Technical documentation

Correct Answer: D