Task 1 PFMP Practice Questions (Page 1)

Questions 1–5

1. 1foundation · easy

   What is the main purpose of monitoring portfolio risks?

   • ATo develop risk response strategies
   • BTo prioritize risks based on their impact
   • CTo identify risks for the first time
   • DTo track the risk environment and evaluate the effectiveness of risk responses
   Reveal Solution Discussion Select an answer first
2. 2foundation · easy

   What is the primary purpose of the identify portfolio risks process?

   • ATo track the status of risks over time
   • BTo decide which risks to accept and which to avoid
   • CTo create a comprehensive list of potential risks that could impact the portfolio
   • DTo determine the probability and impact of each risk
   Reveal Solution Discussion Select an answer first
4. 3expert · hard

   A portfolio manager has developed risk responses for a portfolio of projects. The responses include a mitigation plan that requires additional resources and a transfer strategy that requires a contract with an insurance provider. The portfolio manager needs to implement these responses, but there is a conflict: the mitigation plan requires resources that are also needed for a critical project. What is the most appropriate action?

   • ACancel the mitigation plan and rely on the transfer strategy alone.
   • BDelay the implementation of the mitigation plan until the critical project is completed.
   • CNegotiate with the project manager to share resources or adjust the mitigation plan to minimize impact on the critical project.
   • DPrioritize the mitigation plan because it addresses a high-priority risk, even if it means delaying the critical project.
   Reveal Solution Discussion Select an answer first
5. 4foundation · easy

   When implementing risk responses, what should be integrated into portfolio plans and processes?

   • AThe risk analysis tools
   • BThe risk identification checklist
   • CThe selected risk response strategies
   • DThe risk monitoring metrics
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6. 5application · medium

   A portfolio manager is leading a portfolio of digital transformation projects. During a stakeholder meeting, a project manager mentions a potential new regulation that could affect data privacy requirements across all projects. The portfolio manager needs to ensure this risk is properly handled. What is the first action the portfolio manager should take?

   • AWait until the regulation is officially passed before taking any action.
   • BAsk the project manager to handle it within their project since it affects data privacy.
   • CDocument the risk in the portfolio risk register and assess its potential impact on the portfolio.
   • DImmediately develop a response plan to mitigate the impact of the regulation.
   Reveal Solution Discussion Select an answer first