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PMI Risk Management Professional Sample Questions (Q28-Q33):
NEW QUESTION # 28
The project manager performed' a variance analysis on the project during the execution phase. The variances were shown as increasing What does this result imply?
- A. The uncertainty and risk are increasing.
- B. The project schedule is lagging behind.
- C. There is no potential for future deviation.
- D. The project is over budget.
Answer: A
Explanation:
Explanation
Increasing variances during the execution phase imply that the uncertainty and risk are increasing, as the project performance is deviating from the planned values.
NEW QUESTION # 29
In a large enablement project with strict time lines, risks need to be closely monitored. The risk manager publishes reports comparing planned enablement sessions with actual enablement sessions, which help identify potential risks to be addressed.
Which technique is the risk manager using?
- A. Reserve analysis
- B. Variance analysis
- C. Residual impact analysis
- D. Sensitivity analysis
Answer: B
Explanation:
Variance analysis is a technique used to compare actual project performance against planned performance. In this scenario, the risk manager is comparing planned enablement sessions with actual sessions to identify discrepancies that could indicate potential risks. This approach allows the project team to monitor performance closely and take corrective actions as needed to keep the project on track, which is crucial for projects with strict timelines.
NEW QUESTION # 30
Consider the risk probability-impact matrix in the figure given below:
If Risk B happens in this project, how much will be left in the contingency reserve?
- A. $148,300
- B. It depends on the total budget of the project.
- C. -$334,500
- D. $193,500
Answer: D
NEW QUESTION # 31
A risk manager of a complex project has identified a risk and believes a deeper understanding of the source and likelihood is necessary. How should the risk manager proceed?
- A. Create prompt lists for expert interviews
- B. Perform a review of project documents
- C. Develop and employ an Ishikawa diagram
- D. Analyze the assumptions and constraints
Answer: C
Explanation:
An Ishikawa diagram (also known as a fishbone or cause-and-effect diagram) is a tool used to identify and analyze the root causes and sources of a risk. It helps the risk manager gain a deeper understanding of the risk source and likelihood. (Reference: PMBOK Guide, 6th Edition, p. 139) An Ishikawa diagram, also known as a fishbone diagram or a cause-and-effect diagram, is a tool that can help the risk manager to analyze the root causes of a risk and to identify the factors that influence its occurrence and impact. An Ishikawa diagram can also help to visualize the relationships among different causes and to prioritize the most significant ones. By developing and employing an Ishikawa diagram, the risk manager can gain a deeper understanding of the source and likelihood of the risk and plan appropriate responses accordingly. Reference: The Standard for Risk Management in Portfolios, Programs, and Projects, page 72; PMBOK Guide, 6th edition, page 398.
NEW QUESTION # 32
While implementing the risk response plan for a previously identified risk, some secondary risks were identified but not captured on the risk register. The project manager decided to review the risk management plan to ensure this does not happen for future, similar situations.
What should the project manager do next?
- A. Develop risk response plans for all identified risks.
- B. Monitor and control secondary and residual risks in the risk register.
- C. Identify secondary or residual risks for associated risk plans.
- D. Update the communications management plan to avoid future issues
Answer: C
Explanation:
The project manager should monitor and control secondary and residual risks in the risk register. This will ensure that any new risks identified during the implementation of the risk response plan are captured and managed effectively. Monitoring and controlling risks is a continuous process that helps in identifying, analyzing, and planning for new risks as well as updating the risk register as needed.
According to the PMI Risk Management Professional (PMI-RMP) Examination Content Outline, one of the tasks under the domain of Risk Response Planning is to "identify and assess the effectiveness of alternative strategies to reduce threats or enhance opportunities, such as mitigation, transference, avoidance, and acceptance" 1. This implies that the project manager should also consider the potential secondary or residual risks that may arise from implementing the chosen risk response strategy. Secondary risks are new risks that are created as a direct result of implementing a risk response, while residual risks are those that remain after the risk response has been executed 2. Both types of risks should be identified and assessed for their impact and probability, and added to the risk register for further monitoring and control. Therefore, the correct answer is A.
References: 1: PMI Risk Management Professional (PMI-RMP) Examination Content Outline, page 91 2:
A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, page 4362
NEW QUESTION # 33
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