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PMI Risk Management Professional Sample Questions (Q117-Q122):
NEW QUESTION # 117
Giving a part of project work to a contractor is an example of:
- A. risk assumption
- B. risk mitigation
- C. risk assignment
- D. risk delegation
- E. risk deflection
Answer: E
NEW QUESTION # 118
Which of the following risk responses delineates that the project plan will not be changed to deal with the risk?
- A. Exploitation
- B. Acceptance
- C. Mitigation
- D. Transference
Answer: B
NEW QUESTION # 119
Which of the following statements describe the purpose of an Issue Log? Each correct answer represents a complete solution. Choose all that apply.
- A. It tracks the actions taken to resolve the issue.
- B. It tracks the outcome of the actions taken.
- C. It addresses the risks that could affect the project.
- D. It analyzes the impact that the issue is having on the project.
Answer: A,B,D
NEW QUESTION # 120
The project risk manager on a large firm fixed priced (FFP) contract has an up-to-date risk register with accurate and detailed information. What should the project risk manager do next?
- A. Advise the client that the project has exhausted contingency.
- B. Generate reports to assess and communicate the project risk level.
- C. Recommend the removal of risks to the project manager to reduce project risk exposure.
- D. Quantify the risk exposure that exceeds project contingency.
Answer: D
Explanation:
The project risk manager should generate reports to assess and communicate the project risk level to stakeholders. This helps in making informed decisions and taking appropriate actions to manage risks effectively.
The project risk manager should quantify the risk exposure that exceeds project contingency, as this will help to determine the amount of management reserve needed to cover the potential cost overruns or schedule delays. The project risk manager should also communicate this information to the project manager and other relevant stakeholders, and update the risk management plan accordingly. Reference: The Standard for Risk Management in Portfolios, Programs, and Projects, page 80; PMBOK Guide, 6th edition, page 407.
NEW QUESTION # 121
The project manager and the risk manager of a new project to develop an application to support autonomous driving are meeting with the sponsor and key stakeholders to discuss the project. During the meeting, it is identified that the transport authority is discussing new traffic regulations for the industry that could be in place before the project ends.
How should the project manager and the risk manager handle this situation?
- A. Send a letter to the traffic authority with the general project information.
- B. Perform inquiries on the website of the traffic authority weekly.
- C. Meet with the traffic authority staff in charge of the new regulation.
- D. Ensure the project complies with the current traffic regulations and laws.
Answer: C
Explanation:
Meeting with the traffic authority staff responsible for the new regulation allows the project manager and risk manager to understand the potential changes and their impact on the project. This will help them proactively address any potential issues and ensure the project complies with the new regulations.
According to the PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1, the project manager and the risk manager should handle this situation by meeting with the traffic authority staff in charge of the new regulation. This is because:
The new traffic regulation is an external risk that could affect the project objectives, such as scope, schedule, cost, quality, and customer satisfaction. External risks are those that arise from outside the project boundaries and are beyond the control of the project team. Examples of external risks include changes in government policies, regulations, laws, market conditions, environmental factors, etc.
The project manager and the risk manager should proactively engage with the external stakeholders who have the power and influence to create or modify the external risks. By meeting with the traffic authority staff, they can establish a positive relationship, gain insights into the new regulation, and influence its development to align with the project needs. They can also obtain information on the probability and impact of the risk, as well as the potential response strategies.
The other options are not effective in handling this situation because:
Ensuring the project complies with the current traffic regulations and laws does not address the risk of the new regulation that could change the project requirements, scope, or deliverables. It also does not help the project team to prepare for the possible changes and mitigate their negative effects.
Sending a letter to the traffic authority with the general project information does not establish a direct and timely communication channel with the external stakeholder. It also does not provide enough details or feedback to understand the nature and implications of the new regulation.
Performing inquiries on the website of the traffic authority weekly does not allow the project team to influence the development of the new regulation or obtain reliable and updated information. It also does not enable the project team to build trust and rapport with the external stakeholder.
PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1
Risk Management Professional (PMI-RMP) Exam Cert Guide2
NEW QUESTION # 122
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