Task 4 Establish Risk Management Strategy PMI-RMP Practice Questions (Page 1)

Questions 1–5

1. 1application · medium

   A mid-sized software company is adopting a formal risk management approach for the first time. The team is distributed across three countries and has limited budget for new tools. The risk manager needs to select a tool that supports collaboration and basic risk tracking without a steep learning curve. Which tool selection is most appropriate?

   • AA set of Excel spreadsheets shared via email for each project phase.
   • BA cloud-based risk register with real-time collaboration and customizable fields, hosted on the company's existing productivity suite.
   • CA specialized enterprise risk management platform with advanced analytics and integration capabilities.
   • DA custom-built risk database developed by the IT department to meet exact specifications.
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2. 2application · medium

   During a risk identification workshop, the team identifies risks such as unclear requirements, lack of skilled resources, and poor communication among stakeholders. The risk manager needs to categorize these risks. Which category best fits these risks?

   • AExternal
   • BTechnical
   • CProject management
   • DOrganizational
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4. 3application · medium

   A risk manager is mentoring a junior project manager who is new to risk management. The junior manager wants to know how to conduct a risk identification session. What is the most valuable coaching advice?

   • AEncourage participation from a diverse group of stakeholders and use structured techniques like brainstorming or checklists.
   • BFocus on risks that are most likely to occur to save time and effort.
   • CLimit the session to the project team to avoid conflicting opinions.
   • DUse only historical data from similar projects to identify risks.
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5. 4application · medium

   A risk manager is introducing a new risk management strategy to a project steering committee. The committee is skeptical because past risk processes were seen as bureaucratic and added little value. What is the best way to gain their buy-in?

   • AShow a list of all risks identified in previous projects to prove the process works.
   • BRequest that the committee approve the strategy without changes to avoid delays.
   • CPresent the strategy with a focus on how it will improve decision-making and provide early warnings of threats and opportunities.
   • DExplain the detailed process steps and templates that will be used to ensure consistency.
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6. 5foundation · easy

   Which of the following is a quantitative risk metric?

   • ARisk owner's name
   • BRisk description
   • CRisk category (e.g., technical, external)
   • DExpected monetary value (EMV) of a risk
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