Training PMI-RMP Tools | 100% Free Valid PMI Risk Management Professional Valid Test Discount
Training PMI-RMP Tools | 100% Free Valid PMI Risk Management Professional Valid Test Discount
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PMI Risk Management Professional Sample Questions (Q100-Q105):
NEW QUESTION # 100
You are the project manager of the AMD project for your organization. In this project, you are currently performing quantitative risk analysis. The tool and technique you are using is simulation where the project model is computed many times with the input values chosen at random for each iteration. The goal is to create a probability distribution from the iterations for the project schedule. What technique will you use with this simulation?
- A. Analogous modeling
- B. Expected Monetary Value
- C. Monte Carlo Technique
- D. Pareto modeling
Answer: C
NEW QUESTION # 101
You are the project manager of the GHY project for your company. This project has a budget of $543,000 and is expected to last 18 months. In this project, you have identified several risk events and created risk response plans. In what project management process group will you implement risk response plans?
- A. Monitoring and Controlling
- B. Executing
- C. In any process group where the risk event resides
- D. Planning
Answer: A
NEW QUESTION # 102
Diana is the project manager of the QPS project for her company. In this project Diana and the project team have identified a pure risk. Diana and the project team decided, along with the key stakeholders, to remove the pure risk from the project by changing the project plan altogether. What is a pure risk?
- A. It is a risk event that is created by a risk response.
- B. It is a risk event that is generated due to errors or omission in the project work.
- C. It is a risk event that only has a negative side, such as loss of life or limb.
- D. It is a risk event that cannot be avoided because of the order of the work.
Answer: C
NEW QUESTION # 103
A risk manager for a new product development project has worked diligently with stakeholders and the project team to identify and document risks. These project risks vary widely in probability and impact.
Which three actions should the risk manager take to inform the identification of resource requirements for individual risk responses? (Choose 3).
- A. Work with the project team to conduct a decision tree analysis for each risk or set of related risks.
- B. Focus attention and resources on identified risks with the highest potential to impact the project.
- C. Conduct a Monte Carlo simulation to understand the probabilities of various risk outcomes.
- D. Use the risk breakdown structure (RBS) to calculate the total cost of mitigating all risks and ensure project reserves are adequate to cover this amount.
- E. Calculate the expected monetary value (EMV) of each risk and use these outputs to inform and defend project reserves.
Answer: A,B,E
Explanation:
To effectively inform the identification of resource requirements for individual risk responses, the risk manager should undertake the following actions:
1. Conduct Decision Tree Analysis: Collaborate with the project team to perform decision tree analysis for each risk or related set of risks. This technique involves mapping out different decision paths and their possible outcomes, including associated risks, probabilities, and impacts. By visualizing these scenarios, the team can evaluate the potential consequences of various decisions and choose the most effective risk response strategies.
2. Calculate Expected Monetary Value (EMV): Determine the EMV for each identified risk by multiplying the probability of occurrence by the potential financial impact. This quantitative analysis provides a monetary value representing the average expected loss or gain from a risk. Utilizing EMV calculations aids in justifying and allocating appropriate project reserves to address potential risks, ensuring that sufficient resources are available for effective risk management.
3. Prioritize High-Impact Risks: Allocate attention and resources primarily to risks that pose the highest potential impact on the project. By focusing on high-impact risks, the team ensures that critical threats are addressed promptly and effectively, optimizing the use of limited resources and enhancing the likelihood of project success.
PMI Risk Management Study Guide References:
The PMI-RMP Exam Content Outline emphasizes the importance of performing quantitative risk analysis, including techniques such as decision tree analysis and EMV calculations, to inform risk response planning and resource allocation.
NEW QUESTION # 104
A risk manager is facilitating a risk identification workshop on a new product with technical experts. There is no consensus among the technical experts on most of the identified risks and their characteristics. The risk manager decides to resolve this difference using another technique.
Which technique should the risk manager use in this situation?
- A. Focus group
- B. Brainstorming
- C. Delphi method
- D. Checklist analysis
Answer: C
Explanation:
The risk manager should use the Delphi method in this situation, as this is a technique that can help resolve differences among experts and reach a consensus on the identified risks and their characteristics. The Delphi method is a tool used to make quick decisions with consensus. This technique consists of sending several sets of anonymous questions to each expert. This is followed by a group discussion after every round. The Delphi method can help the risk manager to solicit the opinions of all experts without revealing their identities. This way, the experts can express their views freely and honestly, without being influenced or intimidated by others. The Delphi method can also reduce personal bias, ego, or emotional conflict among the participants. The risk manager can use the results of the Delphi method to create a list of potential risks and their causes, effects, and probabilities. The other options are not appropriate techniques for the risk manager to use in this situation. Brainstorming is a technique that can help generate ideas and identify risks, but it may not be effective in resolving differences among experts, as it involves open and spontaneous discussion. Focus group is a technique that can help collect requirements and opinions from stakeholders, but it may not be suitable for resolving technical disagreements among experts, as it involves a moderated and structured discussion. Checklist analysis is a technique that can help identify risks based on historical information and lessons learned, but it may not be helpful in resolving differences among experts, as it involves a predefined list of potential risks. Reference: 3, 4, 5
NEW QUESTION # 105
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