Hi,

Get prepared for PMP exam by trying PMP sample questions on risk management

PMP Test Questions 1:

During the execution of a project, a risk is identified by a team member. This newly identified risk is currently not in the Risk Register. As a Project Manager, what is the first action you would take after being notified of the risk?

a) Discuss the risk with the team to ascertain the impact and probability of the risk

b) Analyze the risk.

c) Hold a meeting with the team leads to determine dependency and secondary risks.

d) Update the Risk Register.

PMP Test Questions 2:

Your project has met with an unexpected problem. The supply of a critical component of your final product is delayed by 25 days. You need to show an alpha prototype of the product in 15 days. You’ve called a brainstorming team meeting to determine if you can deliver this limited version without the critical component. What are you trying to create?

a) A risk management plan

b) A risk mitigation strategy

c) A workaround

d) An updated scope baseline



PMP Test Questions 3:

If the cost of insurance is $10,000, the value of the property is $100,000, and the probability of loss is ten percent, then the insurance is ________.

a) the same as the cost of the probable loss and there is no advantage

b) desirable because it will cost less than the probable losses

c) undesirable because it costs more than the probable losses

d) none of the above


PMP Test Questions 4:

Which of the following processes has the Risk Register as the primary output?

a) Perform Qualitative Risk Analysis

b) Monitor and Control Risks

c) Plan Risk Management

d) Identify Risks


PMP Test Questions 5:

During the Identify Risks process, you’ve invited 18 participants for a brainstorming session. You’ve divided the participants into groups. For you to have an effective brainstorming session, what is the recommended size of each group?

a) 2

b) 3

c) 6

d) 9


PMP Test Questions 6:

After conducting a SWOT Analysis, you have determined that a business deal is worth pursuing. You are required to use Agile development practices. In your company, there is no expertise in Agile development. Hence, you partner with another organization that specializes in Agile development. This is an example of:

a) Sharing a Positive Risk

b) Mitigating a Negative Risk

c) Exploiting a Positive Risk

d) Accepting a Negative Risk



PMP Test Questions 7:

During which stage of risk planning are risks prioritized based on probability and impact?

a) Perform Qualitative Risk Analysis

b) Monitor and Control Risks

c) Plan Risk Management

d) Identify Risks







Now, the Answers:


PMP Test Questions 1:

B. When the Project Manager is notified of a risk, it is her responsibility to analyze the risk and take it further. She can ask for more details from the team, if required. However, the first action will always be to analyze the risk. For more information, read PM Certification and Risk Management.

PMP Test Questions 2:

C. Options B and C are the only possible answers. Mitigation strategies are planned for identified risks. In this case the risk has already happened. Therefore, the meeting is to determine a workaround. For more information, read Responding to Negative Risks.

PMP Test Questions 3:

A. The Expected Monetary Value (EMV) is 10% x 100,000 = 10,000, which is the same as the insurance cost. Therefore, A is the correct option. For more information, read Calculating Expected Monetary Value (EMV).

PMP Test Questions 4:

D. The process of Identify Risks has the Risk Register as the major output. For more information, read PM Certification and Risk Management.


PMP Test Questions 5:

B. Research has shown that to have effective brainstorming sessions the size of each group should be limited to 3. Each group should also be diverse. For more information, read Effective Brainstorming Methods.

PMP Test Questions 6:

A. This is an example of responding to an opportunity (positive risk). There are four strategies to respond to positive risks. For more information, read How to Respond to Positive Risks.

PMP Test Questions 7:

A. Risk probability and impact are defined during Perform Qualitative Risk Analysis. They are quantified in the Perform Quantitative Risk Analysis process. For more information, read PM Certification and Risk Management.


Regards,

Rahul