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PMI-RMP certification exam is a globally recognized credential that demonstrates an individual's expertise in risk management. PMI-RMP Exam is designed to test the candidate's knowledge and skills in identifying, assessing, and mitigating risks in various project management scenarios. PMI-RMP exam covers a range of topics, including risk identification, risk analysis, risk response planning, and risk monitoring and control.

PMI-RMP certification exam is an important step for professionals who want to specialize in the field of risk management and demonstrate their expertise in identifying and assessing risks within a project environment. It provides a globally recognized certification, enhances career opportunities, and demonstrates a commitment to advancing skills and knowledge in the field.

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PMI Risk Management Professional Sample Questions (Q56-Q61):

NEW QUESTION # 56
You are the project manager of the NHJ project for your company. This project has a budget at completion of $1,650,000 and you are 60 percent complete. According to the project plan, however, the project should be 65 percent complete. In this project you have spent $995,000 to reach this point of completion. There is a risk that this project may be late so you have taken some measures to recover the project schedule.
Management would like to know, based on current performance, what the estimate at completion for this project will be. What is the estimate at completion?

A. $1,650,000
B. $1,666,667
C. -$8,333
D. $663,333

Answer: B

NEW QUESTION # 57
You are project manager for ABD project. You, with your team, are working on the following activities:
Probabilistic analysis of a project.

Probability of achieving cost and time objectives.

Trends in Qualitative Risk Analysis results.

On which of the following processes are you working on?

A. Perform Quantitative Risk Analysis
B. Perform Qualitative Risk Analysis
C. Identify Risks
D. Plan Risk Management

Answer: A

NEW QUESTION # 58
The risk manager evaluates two contractors, contractor A and contractor B, for a project with a finish date of 15 December. The contractors' bids are the same, including the cost. After performing a Monte Carlo assessment on the contractors' schedules, the risk manager returns the following information:

In order for contractor A to meet the finish date of 15 December, it will cost an additional US$750,000, and will not change the confidence level.
In order for contractor B to meet the finish date of 15 December, it will cost an additional US$600,000, and will increase the confidence level by 10%.
Which contractor should the risk manager select?

A. Contractor A, based on the probability and confidence levels, as there is a higher cumulative probability of completion by 15 December.
B. Contractor B, based on the probability and confidence levels, as there is a higher cumulative probability of completion by 15 December.
C. Contractor A, based on the confidence level.
D. Contractor B, based on costing US$150,000 less than contractor A.

Answer: B

NEW QUESTION # 59
As per the risk analysis process carried out for a project, two risks are registered. The probability risk A will occur is 40% and its monetary impact to the project is US$100,000. The probability risk B will occur is 60% and its monetary impact to the project is US$20,000.
What is the total contingency budget that should be created?

A. US$80,000
B. US$120,000
C. US$52,000
D. US$68,000

Answer: D

Explanation:
Explanation
The total contingency budget is the sum of the expected values of each risk. The expected value of a risk is the product of its probability and impact. Therefore, the expected value of risk A is 0.4 * 100,000 = US$40,000 and the expected value of risk B is 0.6 * 20,000 = US$12,000. The total contingency budget is 40,000 +
12,000 = US$52,000. However, this answer is not among the options given. The closest option is A.
US$68,000, which might be the result of rounding up the expected values of each risk to the nearest thousand.
This is a common practice in some projects to avoid dealing with small amounts of money. References: PMI.
(2017). A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition. Chapter
11: Project Risk Management, p. 406. 5

NEW QUESTION # 60
During a meeting to develop the risk management plan, the risk manager recognizes that risks may be identified that could also impact other projects that the company is pursuing. What should the risk manager do?

A. Address the unique characteristics of these risks on a case-by-case basis
B. Contact the risk managers of the other projects and inform them
C. Include an escalation process in the risk management plan
D. Take note of the extensive impact of these risks in the risk register

Answer: C

Explanation:
Explanation
The risk manager should include an escalation process in the risk management plan to address risks that may impact other projects. This ensures that any identified risks that could affect multiple projects are communicated and managed appropriately across the organization.
The risk manager should include an escalation process in the risk management plan to deal with risks that may affect other projects or the organization as a whole. An escalation process is a set of procedures that defines how and when risks should be communicated to higher levels of authority or responsibility for decision making or resolution. The escalation process should specify the criteria, roles, responsibilities, and communication channels for escalating risks. The risk manager should follow the escalation process when identifying risks that may have extensive impacts beyond the scope of the project. The other options are not appropriate actions for the risk manager to take. Contacting the risk managers of the other projects and informing them is not sufficient, as it does not ensure that the risks are properly addressed or resolved. Taking note of the extensive impact of these risks in the risk register is not enough, as it does not involve the necessary stakeholders or decision makers. Addressing the unique characteristics of these risks on a case-by-case basis is not consistent, as it does not follow a standard process or protocol. References: 2, 3, 4

NEW QUESTION # 61
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