Determine How to Apply Risk Tools Appropriately PMI-CP Practice Questions (Page 5)

Questions 21–25

1. 21foundation · easy

   Which of the following is a key element to define when establishing a risk management framework at the project outset?

   • AThe complete list of all risks that will occur during the project.
   • BThe project's marketing strategy.
   • CThe exact final cost of the project.
   • DThe risk management roles and responsibilities of project team members.
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2. 22application · medium

   During a project's execution phase, a new risk is identified that could significantly impact the project's cost. The project manager needs to document this risk, assess its probability and impact, and assign an owner. According to best practices, what should the project manager do first?

   • AAdd the risk to the risk register with a preliminary assessment and assign a risk owner to analyze it further.
   • BInform the project sponsor and wait for their decision on how to handle the risk.
   • CUpdate the project management plan to include the new risk and its response.
   • DImmediately implement a mitigation plan to reduce the risk's impact.
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4. 23foundation · easy

   What is the primary purpose of mobilizing a risk management framework at the project outset?

   • ATo assign all risks to the project sponsor for resolution.
   • BTo establish roles, processes, and tools for consistent risk management throughout the project.
   • CTo create a one-time risk assessment that is never updated.
   • DTo eliminate the need for risk management during project execution.
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5. 24expert · hard

   A project manager is using a Monte Carlo simulation to analyze schedule risks. The simulation shows that the project has a 70% chance of finishing by the target date. The sponsor wants to increase confidence to 90%. The project manager has limited budget for schedule compression. Which action is most appropriate?

   • AUse sensitivity analysis to identify the tasks with the greatest impact on the schedule, then focus compression efforts on those tasks.
   • BRe-run the Monte Carlo simulation with more iterations to get a different result.
   • CAdd a fixed contingency buffer to the project schedule to increase the confidence level.
   • DReduce the probability of all risks by 10% to achieve the desired confidence level.
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6. 25expert · hard

   A project manager is maintaining the risk register for a project in execution. A risk that was previously assessed as low probability has now occurred. The project manager needs to update the risk register. What is the most appropriate action?

   • ARemove the risk from the register without any further action.
   • BIncrease the probability of the risk to 100% and keep it in the risk register.
   • CUpdate the risk response plan and continue to monitor the risk.
   • DUpdate the risk register to reflect the risk as an issue, document the actual impact, and close the risk entry.
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