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PMI Risk Management Professional Sample Questions (Q18-Q23):

NEW QUESTION # 18
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 contract and determine the resources and project funding.
B. Review the scope of work to determine the prescribed project methodology.
C. Review the policies and practices that are outlined in the risk management plan.
D. Review potential next steps with the project team.

Answer: C

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 # 19
You work as a project manager for BlueWell Inc. You are working with Nancy, the COO of your company, on several risks within the project. Nancy understands that through qualitative analysis you have identified
80 risks that have a low probability and low impact as the project is currently planned. Nancy's concern, however, is that the impact and probability of these risk events may change as conditions within the project may change. She would like to know where will you document and record these 80 risks that have low probability and low impact for future reference. What should you tell Nancy?

A. Risks with low probability and low impact are recorded in a watchlist for future monitoring.
B. All risks, regardless of their assessed impact and probability, are recorded in the risk log.
C. Risk identification is an iterative process so any changes to the low probability and low impact risks will be reassessed throughout the project life cycle.
D. All risks are recorded in the risk management plan.

Answer: A

NEW QUESTION # 20
Which risk response is acceptable for both positive and negative risk events?

A. Transferring
B. Acceptance
C. Sharing
D. Enhancing

Answer: B

NEW QUESTION # 21
John works as a project manager for ABD project. He and his team, are working on the following activities:
* Relative ranking or priority list of project risks
* Watchlists of low priority risk
* Trends in Qualitative Risk Analysis results
On which of the following processes is John working on?

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

Answer: C

NEW QUESTION # 22
You are the project manager of the NNN project for your company. You and the project team are working together to plan the risk responses for the project. You feel that the team has successfully completed the risk response planning and now you must initiate what risk process it is. Which of the following risk processes is repeated after the plan risk responses to determine if the overall project risk has been satisfactorily decreased?

A. Qualitative risk analysis
B. Risk response implementation
C. Risk identification
D. Quantitative risk analysis

Answer: D

NEW QUESTION # 23
......

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