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PMI Risk Management Professional Sample Questions (Q37-Q42):

NEW QUESTION # 37
A home solar panel project has many internal and external stakeholders including households, businesses, community groups, electric utility companies, local government officials, landlords, and investors. What should the project manager do when engaging stakeholders?

A. Ignore any risks beyond stakeholders' tolerance.
B. Consider stakeholders' positions and opinions regarding the project's output.
C. Include all stakeholders in the project's governance.
D. Communicate response strategies to all stakeholders.

Answer: B

Explanation:
The project manager should consider stakeholders' positions and opinions regarding the project's output when engaging stakeholders. This approach helps to address stakeholders' concerns, expectations, and potential objections, and it can lead to better decision-making and more successful project outcomes. It is important for the project manager to maintain open communication with stakeholders and to be responsive to their needs and perspectives.
According to the PMI Risk Management Professional (PMI-RMP) Examination Content Outline, one of the tasks under the domain of stakeholder engagement is to "engage stakeholders by communicating with them to understand their positions and opinions regarding the project's output, and to ensure that their interests are considered in the risk management process" (Task 1.3). This implies that the project manager should consider stakeholders' perspectives and expectations when engaging them, and not ignore, exclude, or impose on them.
Therefore, option D is the correct answer.
Option A is incorrect because not all stakeholders need to be involved in the project's governance, which is the set of policies, processes, and procedures that define how the project is managed and controlled. The project's governance should be determined by the project sponsor and the project management office (PMO), and only include those stakeholders who have authority and responsibility for the project's success.
Option B is incorrect because communicating response strategies to all stakeholders is not a stakeholder engagement activity, but a risk communication activity. The project manager should communicate response strategies to the relevant stakeholders who are assigned to implement or monitor them, and not to all stakeholders indiscriminately.
Option C is incorrect because ignoring any risks beyond stakeholders' tolerance is not a stakeholder engagement activity, but a risk attitude activity. The project manager should identify and assess all risks that may affect the project's objectives, regardless of stakeholders' tolerance levels. The project manager should also consult with stakeholders to determine their risk appetite, threshold, and attitude, and use this information to prioritize and respond to risks accordingly.
References: PMI Risk Management Professional (PMI-RMP) Examination Content Outline, pages 5-61

NEW QUESTION # 38
A high-profile, high-priority project within your organization is being created. Management wants you to pay special attention to the project risks and do all that you can to ensure that all of the risks are identified early in the project. Management has to ensure that this project succeeds.
Management's risk aversion in this project is associated with what term?

A. Risk conscience
B. Utility function
C. Risk mitigation
D. Quantitative risk analysis

Answer: B

NEW QUESTION # 39
The project manager asks the risk manager to determine the initial risk assessment for a six month initiative that is about to kick-off. Which two artifacts will help the risk manager conduct the related analysis? (Choose two.)

A. Monte Carlo analysis
B. Brainstorming
C. Project organizational chart
D. Configuration management plan
E. Work breakdown structure (W&S)

Answer: C,E

Explanation:
According to the PMBOK Guide, one of the tools and techniques for the identify risks process is data gathering. Data gathering is the process of collecting information from various sources to identify potential risks that may affect the project objectives. One of the data gathering techniques is document analysis, which involves reviewing and analyzing available project documents and other information sources to identify potential risks1.
Two of the artifacts that will help the risk manager conduct the initial risk assessment for a six month initiative are the work breakdown structure (WBS) and the project organizational chart. These are two of the project documents that can be analyzed for potential risks in the project.
The work breakdown structure (WBS) is a hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables. The WBS represents the work defined in the current approved project scope statement and provides the framework for detailed cost estimating, resource planning, and risk management. By reviewing the WBS, the risk manager can identify potential risks that are associated with each work package, deliverable, or scope element, such as technical complexity, quality requirements, dependencies, assumptions, constraints, and uncertainties1.
The project organizational chart is a graphical representation of the project team members and their reporting relationships. The project organizational chart depicts the roles and responsibilities of the project team, as well as the communication channels and authority levels among the team members and other stakeholders. By reviewing the project organizational chart, the risk manager can identify potential risks that are related to the project team structure, such as resource availability, skill gaps, team dynamics, stakeholder expectations, and conflict resolution1.
Some of the other options are not relevant or appropriate for the question scenario:
The configuration management plan is a component of the project management plan that describes how the project team will manage the configuration of the project's deliverables and documentation. The configuration management plan defines the processes, tools, and methods for identifying, controlling, tracking, and auditing the changes to the project's baselines. The configuration management plan is not an artifact that will help the risk manager conduct the initial risk assessment, as it does not provide information on the potential risks that may affect the project objectives or scope1.
Brainstorming is a technique for the identify risks process that involves generating a list of potential risks through a group discussion. Brainstorming is not an artifact, but rather a tool and technique for identifying risks. Brainstorming can help the risk manager conduct the initial risk assessment, but only after reviewing and analyzing the available project documents and information sources1.
Monte Carlo analysis is a technique for the perform quantitative risk analysis process that involves simulating the combined effect of individual project risks and other sources of uncertainty on the project objectives, such as cost or schedule. Monte Carlo analysis is not an artifact, but rather a tool and technique for analyzing risks. Monte Carlo analysis can help the risk manager conduct the initial risk assessment, but only after identifying and prioritizing the individual project risks and their probability and impact1.
PMBOK Guide, 6th edition, pages 397-399, 414-415, 431-432, 441-442, 156-157, 168-169, 89-901; PMI- RMP Exam Content Outline, 2015, page 7.

NEW QUESTION # 40
A risk manager on an infrastructure project gathers and analyzes performance data. The risk manager wants to identify which variables will impact the schedule and determine how these factors interact.
Which data analysis tool should the risk manager use to forecast future performance?

A. What-if scenario analysis
B. Sensitivity analysis
C. Regression analysis
D. Decision tree analysis

Answer: C

Explanation:
Explanation
Regression analysis is a data analysis tool that helps identify variables that impact the schedule and determine how these factors interact. It is used to forecast future performance based on historical data and the relationship between variables. (Reference: PMBOK Guide, 6th Edition, p. 248)

NEW QUESTION # 41
A new risk manager is assigned to an ongoing project, what should the new risk manager do first to assess the project environment?

A. Review the policies and practices that are outlined in the risk management plan.
B. Review the contract and determine the resources and project funding.
C. Review potential next steps with the project team.
D. Review the scope of work to determine the prescribed project methodology.

Answer: A

Explanation:
Explanation
When a new risk manager is assigned to an ongoing project, their first step should be to review the existing risk management plan to understand the current policies, practices, and strategies in place.
The new risk manager should first review the policies and practices that are outlined in the risk management plan, as this is the document that describes how risk management will be performed on the project. The risk management plan defines the roles and responsibilities, risk categories, risk appetite and thresholds, risk identification and analysis methods, risk response strategies, risk monitoring and reporting mechanisms, and risk governance structure for the project. The new risk manager should familiarize themselves with the risk management plan to understand the project environment and the expectations and requirements for risk management. The other options are not the first actions that the new risk manager should take. Reviewing potential next steps with the project team is a good practice, but it should be done after reviewing the risk management plan to ensure alignment and consistency. Reviewing the scope of work to determine the prescribed project methodology is not directly related to risk management, and it may not provide sufficient information about the project environment and the risk management approach. Reviewing the contract and determining the resources and project funding is part of the project initiation process, and it may not reflect the current status and issues of the project. References: 2, 3, 4

NEW QUESTION # 42
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