PMI-RMP Free Practice Test

Bill is the project manager of the JKH Project. He and the project team have identified a risk event in the project with a high probability of occurrence and the risk event has a high cost impact on the project. Bill discusses the risk event with Virginia, the primary project
customer, and she decides that the requirements surrounding the risk event should be removed from the project. The removal of the requirements does affect the project scope, but it can release the project from the high risk exposure. What risk response has been enacted in this project?

1. A. Mitigation
2. B. Transference
3. C. Acceptance
4. D. Avoidance

Correct Answer: D

You are the project manager of the KJH Project and are working with your project team to plan the risk responses. Consider that your project has a budget of $500,000 and is expected to last six months. Within the KJH Project you have identified a risk event that has a probability of .70 and has a cost impact of $350,000. When it comes to creating a risk response for this event what is the risk exposure of the event that must be considered for the cost of the risk response?

1. A. The risk exposure of the event is $245,000.
2. B. The risk exposure of the event is $500,000.
3. C. The risk exposure of the event is $350,000.
4. D. The risk exposure of the event is $850,000.

Correct Answer: A

Diana is the project manager of the QPS project for her company. In this project Diana and the project team have identified a pure risk. Diana and the project team decided, along with the key stakeholders, to remove the pure risk from the project by changing the project plan altogether. What is a pure risk?

1. A. It is a risk event that is generated due to errors or omission in the project work.
2. B. It is a risk event that is created by a risk response.
3. C. It is a risk event that only has a negative side, such as loss of life or limb.
4. D. It is a risk event that cannot be avoided because of the order of the work.

Correct Answer: C

Which one of the following is the only output for the qualitative risk analysis process?

1. A. Enterprise environmental factors
2. B. Project management plan
3. C. Risk register updates
4. D. Organizational process assets

Correct Answer: C

You are the project manager of the NHQ project for your company. You are working with your project team to complete a risk audit. A recent issue that your project team responded to, and management approved, was to increase the project schedule because there was risk surrounding the installation time of a new material. Your logic was that with the expanded schedule there would be time to complete the installation without affecting downstream project activities. What type of risk response is being audited in this scenario?

1. A. Parkinson's Law
2. B. Mitigation
3. C. Avoidance
4. D. Lag Time

Correct Answer: C