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PMI Risk Management Professional Sample Questions (Q140-Q145):

NEW QUESTION # 140
After completing the risk register, many team members feel there is a lack of time prioritization for one of the identified risks What are the team members referring to?

A. Risk time impact
B. Risk trigger
C. Risk escalation
D. Risk urgency

Answer: D

Explanation:
Risk urgency refers to the timeframe within which a risk might occur and necessitates prioritization based on how soon a response is required. When team members express concerns about a lack of time prioritization for an identified risk, they are highlighting the need to assess and address the risk's urgency. Evaluating risk urgency involves determining the proximity of the risk event and ensuring that timely actions are planned to mitigate or respond to the risk appropriately. Incorporating urgency assessments into the risk management process helps in allocating resources and attention to risks that require immediate action, thereby enhancing the project's resilience against potential threats.
PMI Risk Management Study Guide References:
The PMI-RMP Exam Preparation Study Guide discusses the concept of risk urgency, noting that
"understanding the timing of potential risk events is crucial for effective prioritization and response planning."

NEW QUESTION # 141
A risk manager and relevant stakeholders have completed a risk response plan for a project. They have identified and planned responses to the known risks; however, a risk owner has identified and reported some residual risks not previously addressed.
What should the risk manager do first?

A. Analyze, document, and communicate the residual risks to stakeholders.
B. Implement the contingency plan when the residual risks occur.
C. Record the residual risks in the watch list for future reference.
D. Develop a residual risk management plan to manage the residual risks.

Answer: A

Explanation:
Residual risks are the risks that remain after the risk response plan has been implemented. They are the risks that are accepted by the project team and stakeholders as part of the project. Residual risks may have low probability or impact, but they still need to be monitored and controlled throughout the project. The first thing that the risk manager should do when a risk owner identifies and reports some residual risks is to analyze, document, and communicate them to the relevant stakeholders. The risk manager should assess the probability and impact of the residual risks, and determine if they require any further response or contingency plan. The risk manager should also update the risk register and the risk report with the information about the residual risks, and share them with the stakeholders who need to be aware of them. This will help the project team and stakeholders to be prepared for any potential occurrence of the residual risks, and to take appropriate actions if needed. Reference: PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 94-95, 101.

NEW QUESTION # 142
A risk manager is assigned to a mobile network deployment project with a strict contractually agreed-on schedule. One of the key risks identified has materialized. There is insufficient staffing because critical resources are dedicated to strategic projects in the organization. The risk manager expected the resource manager to notice this, but the resource manager thought the project experts would be alerting the team during the project.
What should the risk manager do to prevent this from happening again?

A. Communicate with the project manager on the topic.
B. Assign owners who will be fully accountable to managing the risks.
C. Define the response plans and take the lead in implementing them.
D. Document the risks and response actions in a clear manner.

Answer: B

Explanation:
Assigning a risk owner is a foundational principle in risk management, ensuring that each risk has someone fully accountable for monitoring, controlling, and responding to the risk. According to the PMBOK Guide:
"Risk owners should be assigned to each risk. The risk owner is the person responsible for planning an appropriate risk response and ensuring it is implemented as planned."
- PMBOK Guide, 6th Edition, Section 11.3.2.1
Without a clearly assigned risk owner, responsibility can be ambiguous, leading to gaps in monitoring and response.
References:
PMBOK Guide, 6th Edition, Section 11.3.2.1
Practice Standard for Project Risk Management, PMI, Section 5.3

NEW QUESTION # 143
A risk manager for a cross-functional project is initiating the risk identification process. The risk manager conducted some meetings for stakeholders to express their concerns, but some stakeholders are complaining that their opinions were not considered.
How should the risk manager address these concerns?

A. Refer to the project charter to find guidelines and stakeholder communication channels.
B. Refer to the requirements documentation to confirm stakeholder requirements as they relate to risks.
C. Rewrite the risk register to include the additional possible risks and inform the stakeholders.
D. Review the stakeholder register and stakeholder engagement plan to communicate and solicit stakeholder input.

Answer: D

Explanation:
According to the PMI Risk Management Professional (PMI-RMP)® Examination Content Outline1, one of the tasks in the domain of Risk Identification is to review the stakeholder register and stakeholder engagement plan to communicate and solicit stakeholder input onrisks throughout the project life cycle1. The stakeholder register is a project document that identifies the project stakeholders, their roles, interests, expectations, influence, and communication requirements2. The stakeholder engagement plan is a component of the project management plan that describes the strategies and actions to promote productive involvement of stakeholders in project decision making and execution3. In this scenario, the risk manager should review these documents to address the concerns of some stakeholders who are complaining that their opinions were not considered in the risk identification process. The risk manager should communicate with the stakeholders according to their preferences and needs, and solicit their input on the project risks using various tools and techniques, such as interviews, surveys, brainstorming, etc. The risk manager should also update the stakeholder register and stakeholder engagement plan as needed to reflect any changes in the stakeholder community or their expectations. The risk manager should not refer to the requirements documentation to confirm stakeholder requirements as they relate to risks, because that is not a direct way to address the stakeholders' concerns, and it may not capture all the potential risks that the stakeholders may identify4. The risk manager should not refer to the project charter to find guidelines and stakeholder communication channels, because the project charter is a high-level document that does not provide detailed information on how to communicate and engage with the stakeholders5. The risk manager should not rewrite the risk register to include the additional possible risks and inform the stakeholders, because that is a premature and presumptuous action that may not reflect the actual views and inputs of the stakeholders, andit may create more confusion and dissatisfaction among them6. References: 1: PMI Risk Management Professional (PMI-RMP)® Examination Content Outline, page 82: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Sixth Edition, page 5133: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Sixth Edition, page 5184: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Sixth Edition, page 1525: A Guide to the Project Management Body of Knowledge(PMBOK® Guide) - Sixth Edition,page 776: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Sixth Edition, page 414.

NEW QUESTION # 144
A risk manager and project team are managing a software system project, which is expected to be completed within 12 months. The project is currently halfway through, and the team has just delivered the second version of the prototype. During the weekly status meeting, a team member reported that an important stakeholder is facing an issue, which will likely result in a change request that is outside the scope of the current prototype.
What should the risk manager advise the team to do first?

A. Mitigate the risk by asking the team member to gather more information.
B. Arrange a meeting with the stakeholder to discuss the risk and information.
C. Add the risk to the risk register and gather information about its probability and impact.
D. Add the risk to the issue log and revisit it when there is more information.

Answer: C

NEW QUESTION # 145
......

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