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PMI-RMP certification exam is an essential certification for professionals who are responsible for managing risks within projects. It covers a wide range of topics related to risk management and project management and requires a significant amount of preparation. Achieving the PMI-RMP certification can provide numerous benefits to professionals, including increased career opportunities, higher salaries, and enhanced credibility within their industry.

PMI-RMP (PMI Risk Management Professional) Exam is an assessment designed and conducted by the Project Management Institute (PMI) for professionals who are interested in risk management. PMI-RMP Exam aims to test the candidate's knowledge and expertise in identifying, assessing, and mitigating risks in project management. The PMI-RMP certification is recognized worldwide and is highly sought after by employers looking for skilled project managers who can handle and manage risks effectively.

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PMI-RMP certification is specifically designed for professionals who are responsible for identifying, assessing, and mitigating project risks. This includes project managers, risk managers, project coordinators, and other professionals who are involved in the planning and execution of projects. PMI Risk Management Professional certification is intended to provide a comprehensive understanding of risk management principles and practices, as well as the ability to apply these principles to real-world project scenarios.

PMI Risk Management Professional Sample Questions (Q43-Q48):

NEW QUESTION # 43
A risk manager is managing risks in a project. During the initial stages of project execution, a new risk is identified. There is a very small chance that this risk will occur and even if it occurs, the impact would be low.
What should the risk manager do with this risk?

A. Inform the stakeholders about this risk.
B. Seek guidance from subject matter experts (SMEs).
C. Ignore this risk as it is not critical.
D. Put the risk on the watch list.

Answer: D

Explanation:
Since the probability and impact the risk are both low, it is appropriate to put the risk on the watch list. This allows the risk manager to monitor the risk without expending significant resources on it.
A watch list is a list of low-priority risks that are not actively managed, but are monitored for changes. A watch list can help the risk manager to keep track of the risks that have low probability and low impact, and to reassess them periodically. Putting the risk on the watch list is the most appropriate action for the risk manager, as it allows him or her to document the risk and review it later. Seeking guidance from SMEs, ignoring the risk, or informing thestakeholders are not necessary actions for a low-priority risk, as they would consume time and resources that could be better spent on more critical risks. References: PMI Risk Management Professional (PMI-RMP) Examination Content Outline and Specifications1, page 10; A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Sixth Edition, page 406.

NEW QUESTION # 44
A project's design has been completed and approved on time. The construction subcontractor should be mobilizing to start construction but does not have the necessary materials in place, causing a delaying in the project. The risk register only contains risks for the design phase of the project.
What should the project manager have done differently?

A. Executed the Monte Carlo sensitivity analysis prior to mobilization
B. Performed risk identification exercises for the full lifecycle of the project
C. Added generic construction risks to the risk register before construction began
D. Reviewed the assumptions/exclusions register in the project charter

Answer: B

Explanation:
The project manager should have performed risk identification exercises for the full lifecycle of the project, including the construction phase, to ensure that all potential risks were identifiedand addressed in the risk register.
Risk identification is the process of determining the risks that may affect the project and documenting their characteristics. Risk identification should be performed throughout the project lifecycle, as new risks may emerge or change over time. Risk identification should also consider all aspects of the project, such as scope, schedule, cost, quality, resources, stakeholders, and procurement. By performing risk identification exercises for the full lifecycle of the project, the project manager could have identified and planned for the potential risks associated with the construction phase, such as delays, material shortages, quality issues, or safety hazards. This would have helped to prevent or mitigate the impact of the risk event that occurred, and to ensure that the risk register is updated and comprehensive. Performing a Monte Carlo sensitivity analysis, adding generic construction risks, or reviewing the assumptions/exclusions register are not sufficient or effective ways of identifying the specific risks that may affect the project during the construction phase. These are either tools for risk analysis, risk response planning, or project initiation, but not risk identification.
References: PMI-RMP® Certification Handbook1, page 9; PMBOK® Guide, pages 397-398.

NEW QUESTION # 45
Towards the end of definitive design, project costs have increased to the point where it will be classified as a capital asset project. The customer has expressed they want one final total project completion date and will afford no extensions after it is established.
How should the risk manager proceed?

A. Update the assumptions/exclusions register with the new information.
B. Perform a qualitative risk analysis and update the results.
C. Perform a quantitative risk analysis and update the results.
D. Update the risk register and prepare for the Monte Carlo analysis.

Answer: D

Explanation:
The risk manager should perform a quantitative risk analysis to determine the potential impact of risks on the project's completion date. This will help in providing a more accurate project completion date to the customer, considering the risks and their potential effects on the project schedule.
According to the PMI Risk Management Professional (PMI-RMP)® Examination Content Outline1, one of the tasks in the domain of Risk Analysis is to perform quantitative risk analysis using techniques such as Monte Carlo simulation, decision tree analysis, sensitivity analysis, etc., to quantify the possible outcomes for the project and their probabilities, and to evaluatethe cost and schedule impacts of risks1. In this scenario, the risk manager should perform aquantitative risk analysis and update the results, because the project costs have increased significantly and the customer has imposed a strict deadline for the project completion. A quantitative risk analysis will help the risk manager to estimate the probability of meeting the project objectives, such as cost and schedule, and to determine the appropriate contingency reserves for the project. A quantitative risk analysis will also provide more accurate and reliable information for the customer and the project team, and will support the risk response planning process2. References: 1: PMI Risk Management Professional (PMI-RMP)® Examination Content Outline, page 92: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Sixth Edition, pages 431-432.

NEW QUESTION # 46
You are the project manager of the NGQQ Project for your company. To help you communicate project status to your stakeholders, you are going to create a stakeholder register. All of the following information should be included in the stakeholder register except for which one?

A. Assessment information of the stakeholders' major requirements, expectations, and potential influence
B. Stakeholder classification of their role in the project
C. Identification information for each stakeholder
D. Stakeholder management strategy

Answer: D

NEW QUESTION # 47
You are the project manager of QSL project for your organization. You are working with your project team and several key stakeholders to create a diagram that shows how various elements of a system interrelate and the mechanism of causation within the system. What diagramming technique are you using as a part of the risk identification process?

A. System or process flowcharts
B. Predecessor and successor diagramming
C. Cause and effect diagrams
D. Influence diagrams

Answer: A

NEW QUESTION # 48
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