The Project Management Professional or PMP exam is a globally recognized certificate. It is one of the most popular certifications that PMI gives out. This exam has 200 multiple choice questions that are divided into three domains:
Risk management questions fall under the Process domain. To master the Risk section of the exam, you’ll need to be able to assess and manage risks in a project. These questions ask you to determine project risk management options. And you will also have to assess and prioritize project risks.
Other risk-related questions on the Project Management Professional exam include:
Once you have the required education and experience, it’s time to prepare for the Project Management Professional exam. Most people use a variety of study methods. They may take classes, study independently, and join a study group. If you are working, it’s essential to take the time out to study.
We recommend practicing with sample questions. They give you an idea of the type of problems you’ll find on the actual exam. You’ll also be familiar with the way they are worded. Below are five PMP sample questions on risk management. Feel free to give them a try and test your abilities on project management risk planning questions.
If you are a Project Management Academy student, you can login to access over 2,000 free PMP exam questions utilizing our realistic online PMP exam simulator software. This access is free with the purchase of any of our PMP certification courses.
1. You have identified disaster situations (e.g. floods, earthquakes etc.) as potential risks to your project. When discussing with your project sponsor, she mentioned that at the project level, no steps can be taken to deal with such risk and suggested creating a contingency reserve (5% of the project budget) to be used in case of disaster situations. This is an example of:
A. Risk Mitigation
B. Risk Acceptance
C. Risk Avoidance
D. Bad policy decision
2. You are setting up a planning meeting in an effort to develop a risk management plan for your project. Who should you invite?
A. Just the project sponsor because her perception of how the risks will be handled is the most important
B. The corporate risk manager
C. The project team leaders, key stakeholders, relevant subject matter experts, and anyone engaged in risk management activities for the company
D. Subject matter experts only
3. You are a senior project manager and you are discussing project risk with a new PM. She is having trouble differentiating what is part of the Risk management plan and what is documented in the risk register. Which of the following is not a component of the risk management plan?
A. Roles and responsibilities
B. Methodologies used to handle risk
C. Risk responses
D. Risk categories
4. You are conducting risk management activities on your project. You have gathered pertinent stakeholders together and identified all risks. Next, you analyze the risks to determine an appropriate amount of contingency reserves to put into the project baselines. What did you forget to do?
A. You need to Plan Risk Responses before doing determining contingency reserves
B. You need to Identify Stakeholders to ensure you have identified all stakeholders needing to be involved in this process
C. You need to Perform Quantitative Risk Analysis to prioritize the risks before Perform Qualitative Risk Analysis, which you use to identify contingency reserve amounts
D. You need to Perform Qualitative Risk Analysis to prioritize the risks before Perform Quantitative Risk Analysis, which you may use to identify contingency reserve amounts
5. Pat is a new project manager and wants to do a good job. His sponsor, experienced and a mentor of Pat, is certified in and passionate about risk management. What document would he suggest Pat focuses on, since it is used as an input and an output of most risk processes, and is frequently reviewed and updated?
A. Risk register
B. Risk monitoring plan
C. Risk audit
D. Risk probability and impact matrix
6. While Implementing Risk Responses, you find that some of the risk owners are outside of the project team. What is the best way you can you encourage their participation?
A. Monetary incentives
B. Telling them that they will be held to account for their actions and inactions
C. Problem solving
D. Influence
7. During the Perform Qualitative Risk Analysis process you determine a risk has a 25% chance of occurring in any month of project with an eight-month duration. 8% of the project budget has been allocated for a contingency reserve and the project cost performance index is 0.7. What is the probability of the risk happening during the sixth month?
A. Question lacks sufficient information to answer
B. 20%
C. 25%
D. 12.50%
8. You are using the interviewing technique of the Quantitative Risk Analysis process. Which of the following statements is true?
A. Subject matter experts will be interviewed, even if they are not part of the project team, and the information derived will be used in your estimated monetary value analysis.
B. The information gathered depends on the type of probability distribution used
C. Only project team members will be interviewed.
D. Quantitative risk analysis results in a high, medium or low ranking for a given risk.
9. During a status meeting with your project team, you explain to them that your risk register is only as good as the actions taken to manage the risk. Merely identifying them and recording them will not be helpful if you do not also put the responses into action. Only if _______ give the required level of effort to implementing the responses will the overall risk exposure be managed proactively. You are referring to:
A. The team members themselves
B. Risk managers
C. Risk response owners
D. Risk owners
10. What is the major difference between a risk audit and a risk review?
A. There is no difference.
B. A risk audit examines and documents the effectiveness of risk responses as well as the effectiveness of the risk management process; a risk review is the identification of new risks, reassessment of current risks, and the closing of risks that are outdated.
C. A risk audit is a tool and technique of control risks, while risk review is an output of control risks.
D. A risk review examines and documents the effectiveness of risk responses as well as the effectiveness of the risk management process; a risk audit is the identification of new risks, reassessment of current risks, and the closing of risks that are outdated.
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