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PMI-RMP certification exam is a comprehensive assessment of a candidate's knowledge and skills in the field of risk management. It tests the candidate's ability to identify, assess, and mitigate risks in a project environment. PMI-RMP exam covers various topics such as risk identification, risk analysis, risk response planning, risk monitoring, and communication management. PMI Risk Management Professional certification is highly valued by employers as it demonstrates a candidate's commitment to risk management best practices and their ability to handle complex project risks.
In order to be eligible to take the PMI PMI-RMP Certification Exam, individuals must have a minimum of three years of experience in project risk management and have completed at least 30 hours of formal risk management education. PMI-RMP exam is computer-based and consists of 170 multiple-choice questions that must be answered within a four-hour time frame.
PMI Risk Management Professional Sample Questions (Q84-Q89):
NEW QUESTION # 84
During a project team meeting, a risk manager realizes that the initial assumptions on the project schedule are too optimistic. The risk manager believes that the project might not meet its deadline as initially stated.
What is the reason for misunderstanding the assumptions from the beginning?
Answer: B
Explanation:
Relying solely on historical project results for new assumptions can cause errors, as unique circumstances may differ. The PMBOK Guide notes:
"Assumptions should be validated as part of project planning. Overreliance on past project data without proper contextual analysis can result in unrealistic expectations."
- PMBOK Guide, 6th Edition, Section 11.2
References:
PMBOK Guide, 6th Edition, Section 11.2
NEW QUESTION # 85
A mega facility development project is evaluating some options to achieve the project schedule and budget.
Each option's success is driven by multiple quantifiable factors.
What should the project manager do to evaluate and select the best option based on costs and probabilities?
Answer: D
Explanation:
A decision tree analysis is a tool that helps to evaluate and select the best option among different alternatives based on costs and probabilities. A decision tree analysis uses a graphical representation of a decision problem, where each node represents a decision point, a chance event, or an outcome. The branches of the tree show the possible choices, events, or consequences that can occur at each node. The end nodes of the tree show the expected value or payoff of each option, which is calculated by multiplying the probability and the cost or benefit of each outcome. A decision tree analysis can help to compare the expected values of different options and choose the one that maximizes the benefit or minimizes the cost1. A decision tree analysis can also help to incorporate uncertainty and risk into the decision making process, as it shows the range of possible outcomes and their likelihoods2. Therefore, the project manager should perform a decision tree analysis to evaluate and select the best option based on costs and probabilities for a mega facility development project. Performing a FMECA fault tree analysis, conducting a sensitivity analysis, or conducting an analytic hierarchy process are not the best options to evaluate and select the best option based on costs and probabilities. A FMECA fault tree analysis is a tool that helps to identify and analyze the potential causes and effects of failures in a system or process. It uses a graphical representation of a failure event, where each node represents a basic or intermediate event that contributes to the failure. The branches of the tree show the logical relationships between the events, using AND or OR gates. A FMECA fault tree analysis can help to calculate the probability and severity of failures, as well as to prioritize and mitigate the risks3. However, a FMECA fault tree analysis does not help to compare different options or alternatives, as it focuses on a single failure scenario. Conducting a sensitivity analysis is a tool that helps to measure how the uncertainty in the input variables of a model affects the output or outcome of the model. It uses a graphical or numerical representation of the relationship between the input and output variables, showing how the output changes when the input changes. A sensitivity analysis can help to identify the most critical or influential variables, as well as to test the robustness or reliability of the model4. However, a sensitivity analysis does not help to compare different options or alternatives, as it focuses on a single model or option. Conducting an analytic hierarchy process is a tool that helps to evaluate and select the best option among different alternatives based on multiple criteria. It uses a mathematical method of pairwise comparison, where each alternative is compared to each other in terms of each criterion. The results of the comparisons are then aggregated into a matrix, which shows the relative importance or preference of each alternative. An analytic hierarchy process can help to rank the alternatives and choose the one that best satisfies the criteria5. However, an analytic hierarchy process does not help to incorporate costs and probabilities into the decision making process, as it relies on subjective judgments and preferences. References: 1, 2, 3, 4, 5.
A decision tree analysis is a quantitative risk analysis technique that helps evaluate and select the best option based on costs and probabilities. It visually represents different decision paths and their associated probabilities, allowing the project manager to compare and select the most appropriate option for the project.
NEW QUESTION # 86
A risk manager documents the causes in the risk register and needs to ensure the risk is adequately described. What is critical for the risk manager to consider when describing the causes?
Answer: A
Explanation:
When describing the causes of a risk, it is critical for the risk manager to ensure that the causes represent actual conditions, as this will help in the accurate identification and assessment of the.
According to the PMBOKGuide, a risk is defined as "an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives" (page 720). A risk can be described by its causes, effects, and probability of occurrence. The causes are the factors or circumstances that give rise to the risk, and they should represent the actual conditions that exist or may exist in the project environment. The causes should not be based on assumptions, opinions, or speculations, but on facts, evidence, or data. Therefore, option C is the correct answer.
Option A is incorrect because not every cause has a degree of uncertainty. Some causes may be certain or deterministic, such as contractual obligations, regulatory requirements, or physical laws. Uncertainty is a characteristic of the risk itself, not the cause.
Option B is incorrect because not every cause has a well-defined owner. The owner is the person or entity who is assigned the responsibility and authority to manage the risk, not the cause. The owner should be identified after the risk is analyzed and prioritized, not before.
Option D is incorrect because the causes do not need to be validated by the risk owner. The risk owner is the person or entity who is accountable for the risk response, not the risk identification. The causes should be validated by the risk manager or the risk identification team, who are responsible for collecting and documenting the risk information.
NEW QUESTION # 87
Which statement describes the risk portrayed on the risk matrix heat map below?
Answer: B
Explanation:
The risk matrix heat map is a graphical tool that displays the probability and impact of risks in a project. The horizontal axis represents the probability of occurrence, and the vertical axis represents the impact rating. The colors indicate the level of risk exposure, from green (low) to red (high). The risk in question is located in the upper right quadrant of the matrix, which means it has a high impact rating. The probability of occurrence can be estimated by looking at the scale on the horizontal axis. The risk is slightly to the left of the 50% mark, which means it has a probability of occurrence of about 40%. Therefore, the correct statement that describes the risk is B. The risk has a probability of 40% of occurrence and a high impact rating. References: PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 104-105.
NEW QUESTION # 88
Consider a project with a budget at completion of $1,345,000 and it is supposed to be completed by today, but it is only 80 percent complete. This project has spent $1,250,000 to reach this point of completion. What is the schedule variance for this project?
Answer: C
NEW QUESTION # 89
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