PMI-RMP PMI Risk Management Professional (PMI-RMP) Exam Free Practice Exam Questions (2025 Updated)

When initiating a project to incorporate a cybersecurity team, the risk manager should first analyze the following documents:

·        Industry's standard procedures: Understanding industry best practices and standards is critical for setting up a cybersecurity team, as these procedures will guide the development of secure processes and protocols.

·        IT infrastructure, networks, and data information: Analyzing the current IT infrastructure is essential to identify vulnerabilities, assess risks, and plan for the necessary security measures that the cybersecurity team will manage.

·        Government laws and regulations: Cybersecurity is a highly regulated area. Understanding the relevant laws and regulations ensures that the project complies with all legal requirements and avoids potential penalties.

These documents provide the necessary foundation to assess the risks and develop a comprehensive cybersecurity strategy​​.

Whenever new organizational directives or changes in risk thresholds are communicated, the risk manager is required to assess the impact and update the risk management plan to reflect these changes. The PMBOK® Guide states:

“When organizational risk thresholds or tolerances are changed, the risk management plan and associated processes must be updated to ensure alignment with current requirements.”

— PMBOK® Guide, 6th Edition, Section 11.1.3.1 (Risk Management Plan: Updates)

This ensures that risk responses, monitoring, and reporting are in accordance with the most current strategic direction and tolerances.

The project manager should have updated the project schedule by adding risk owner implementation tasks. This would have ensured that the planned risk responses were implemented in a timely manner and tracked as part of the project schedule. This would also have allowed the project manager to monitor the progress of risk response implementation and take corrective action if necessary.

According to the PMI-RMP Exam Content Outline and Specifications1, one of the tasks under Domain 4: Risk Monitoring and Reporting is to “update project schedule, budget, and risk register with risk response outcomes”. This implies that the project manager should have added the risk owner implementation tasks to the project schedule, so that they can be tracked and monitored. By doing so, the project manager could have ensured that the planned risk responses were executed as intended, and that the opportunities were not missed. References: PMI-RMP Exam Content Outline and Specifications, page 10.

In this scenario, a low-probability risk has occurred, leading to a significant project delay. To demonstrate to stakeholders that the project can still be concluded successfully, it's essential to identify the root cause of this unexpected event. An Ishikawa diagram, also known as a fishbone diagram or cause-and-effect diagram, is a tool that helps in identifying the various potential causes of a specific problem or effect. By systematically exploring all possible causes, the project team can pinpoint the underlying issues that led to the risk event. Understanding these root causes enables the team to implement corrective actions and preventive measures, thereby assuring stakeholders of the project's viability and the team's commitment to addressing unforeseen challenges effectively.

PMI Risk Management Study Guide References:

The PMI-RMP Exam Preparation Study Guide emphasizes the importance of root cause analysis in risk management, stating that tools like the Ishikawa diagram are instrumental in uncovering the fundamental reasons behind unexpected risk events, which is crucial for developing effective mitigation strategies.

When conflicts arise in a complex project, performing an assumptions and constraints analysis is the first step in identifying potential risks. This analysis helps clarify the underlying assumptions and constraints that might be contributing to the conflicts, allowing the risk manager to assess whether they are still valid or if they need to be revisited. Addressing these factors can help mitigate conflicts and prevent new risks from emerging​.

According to the PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1, the risk manager should request the risk management plan first from the project sponsor to identify major risks. This is because:

The risk management plan is a document that describes how risk management activities will be planned, structured, and performed throughout the project life cycle. The risk management plan provides guidance and direction for the risk manager and the project team on how to identify, analyze, prioritize, respond, and monitor risks, as well as how to allocate resources, define roles and responsibilities, establish risk categories, and document risk-related information.

The risk management plan is a key input for the risk identification process, which is the process of determining which risks may affect the project and documenting their characteristics. The risk identification process involves using various tools and techniques, such as brainstorming, interviews, checklists, assumptions and constraints analysis, SWOT analysis, expert judgment, and data gathering, to generate a comprehensive list of potential risks that may impact the project objectives, such as scope, schedule, cost, quality, or stakeholder satisfaction.

The risk management plan helps the risk manager to identify major risks by providing the following information:

The risk management strategy, which defines the approach and methodology for managing risks, including the level of detail, rigor, and frequency of the risk management activities, and the alignment with the project management plan and the organization’s policies and procedures.

The risk thresholds, which specify the acceptable level of risk exposure for the project and its objectives, based on the risk appetite, tolerance, and attitude of the project sponsor and other key stakeholders.

The risk categories, which are a group of potential causes of risk that can be used to structure and organize the identified risks into a hierarchical structure, such as a risk breakdown structure (RBS). The risk categories can be derived from various sources, such as the project scope statement, the work breakdown structure (WBS), the organizational process assets, or the industry standards and practices.

The roles and responsibilities, which define the authority and accountability of the project team members and other stakeholders involved in the risk management process, such as the risk manager, the risk owner, the risk committee, the risk auditor, and the risk reviewer.

The resources, which specify the budget, time, and human resources allocated for the risk management process, as well as the tools, techniques, and software applications that will be used to support the risk management activities.

The communication and reporting, which describe the type, format, content, frequency, and distribution of the risk-related information and reports that will be shared among the project team and other stakeholders, such as the risk register, the risk report, the risk dashboard, and the risk audit report.

The other options are not the best documents to request first from the project sponsor to identify major risks because:

The clients’ credit scores are a specific type of data that can be used to assess the credit risk of the loans, but they do not provide a comprehensive view of all the potential risks that may affect the project, such as technical, operational, legal, regulatory, or market risks.

The organization’s mission and vision are high-level statements that describe the purpose, values, and goals of the organization, but they do not provide specific guidance or direction on how to manage risks for the project, such as the risk management strategy, methodology, or tools.

The historical data from the credit portfolio are a source of information that can be used to analyze the past performance and trends of the loans, but they do not reflect the current or future uncertainties and opportunities that may impact the project, such as changes in customer behavior, technology, competition, or regulation.

PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1

Risk Management Professional (PMI-RMP)® Exam Cert Guide2

When a risk has materialized and become an issue despite preventive actions, the next logical step is to implement the pre-established risk response plan. This plan is designed specifically to address the risk if it occurs, ensuring that the project can quickly and effectively manage the issue. According to PMI's risk management guidelines, implementing the risk response plan is a critical step once a risk has been triggered, as it provides a structured approach to resolving the issue with minimal impact on the project​.

The project manager should evaluate the risk with the team and update the issueing to address the concerns of the stakeholders and local businesses.

This concern is a potential risk that could affect the project’s reputation, stakeholder satisfaction, and profitability. The project manager should evaluate the risk with the team and update the issue log, which is a tool for documenting and monitoring the resolution of issues that arise during the project. The issue log should include information such as the issue description, the priority, the owner, the status, and the actions taken. The project manager should also communicate with the stakeholders and the local businesses to address their concerns and seek a mutually beneficial solution. The project manager should not ignore the concern, as it could escalate into a bigger problem. The project manager should not discuss the concern with the local business owners alone, as this could bypass the stakeholders and create more conflicts. The project manager should not update the key risks and perform a quantitative risk analysis, as this is a time-consuming and complex process that may not be necessary for this type of risk. The project manager should not adjust the construction work hours to after business hours, as this could incur additional costs, disrupt the project schedule, and affect the workers’ safety and productivity. References: PMI, 2017. A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition. Newtown Square, PA: Project Management Institute, Inc., pp. 115-116, 408-4091

After verifying the effectiveness of the risk responses, the next step is to close out the risk response actions and communicate the results to relevant stakeholders. This ensures that the project team and stakeholders are aware of how risks have been managed and that any lessons learned can be applied to future projects. This aligns with PMI's emphasis on communication and documentation in risk management to ensure transparency and continuous improvement​.

The Plan Risk Management process is where the project team determines the depth and breadth of risk management activities, including whether quantitative risk analysis is appropriate. PMBOK® Guide says:

"The Plan Risk Management process determines how to approach and conduct the risk management activities for a project. This includes weighing the benefits and effort of advanced techniques such as quantitative risk analysis."

— PMBOK® Guide, 6th Edition, Section 11.1

Quantitative risk analysis helps to numerically analyze the probability and impact of risks on project objectives. By performing quantitative risk analysis, the risk manager can present the risks with the most impact on achieving the project objectives to the project sponsor. (Reference: PMBOK Guide, 6th Edition, p. 423)

According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, sensitivity analysis is a type of probabilistic analysis that determines how sensitive the results of the analysis are to uncertainties in input variables. Sensitivity analysis determines which uncertainty has the greatest potential for an impact on the project objectives, such as cost, schedule, scope, or quality1. In this case, the risk manager should use sensitivity analysis to facilitate the sponsor’s ask, as it will help to identify and present the risks that have the most impact on achieving the project objectives. Sensitivity analysis can also show how the project objectives will vary with the changes in the input variables, such as the probability and impact of risks2. Sensitivity analysis can be performed using various tools and techniques, such as tornado diagrams, spider charts, or influence diagrams3.

In this situation, the departure of a key project resource was an anticipated risk, and a transition plan was established as a response. However, implementing this plan has introduced new risks, known as secondary risks, which may impact the completion dates of other project-related tasks. According to PMI's risk management framework, it's essential to address these secondary risks in alignment with the predefined risk management plan. This involves assessing the new risks' probabilities and impacts, determining appropriate response strategies, and updating the risk register accordingly. By systematically managing secondary risks as outlined in the risk management plan, the project manager can mitigate potential adverse effects on the project's schedule and objectives.

PMI Risk Management Study Guide References:

The PMI-RMP Exam Preparation Study Guide highlights the necessity of managing secondary risks, stating that "secondary risks should be identified, analyzed, and planned for in the same manner as primary risks, ensuring that all potential threats to project objectives are adequately addressed."

When the project team is unsure if a potential change in regulations will affect the project positively or negatively, a SWOT analysis is an appropriate tool to use. SWOT analysis helps the team assess the internal and external factors that might influence the project's outcome. It allows the team to evaluate the strengths, weaknesses, opportunities, and threats associated with the regulatory changes, helping them determine whether the impact will be beneficial or detrimental to the project.

The risk identification technique that the risk manager should use is the nominal group technique. This technique involves bringing stakeholders together to brainstorm potential risks and then ranking them based on their importance. This allows for interaction and collaboration among stakeholders, which can help ensure that an exhaustive list of risks is created.

The nominal group technique is a risk identification technique that involves the interaction and collaboration of stakeholders to generate an exhaustive list of risks. It is a structured process that allows each participant to share their ideas independently, then rank and prioritize them as a group. This technique ensures that all opinions are considered and reduces the influence of dominant or biased individuals12

 1: PMI Risk Management Professional (PMI-RMP)® Handbook, page 10 2: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Seventh Edition, page 11.2.2.1

After gathering cycle time data, the risk manager should perform a risk data quality assessment to ensure the data is accurate, reliable, and relevant for evaluating the current process and the new software.

 A risk data quality assessment is a technique to evaluate the degree to which the data about risks is useful and accurate for risk management. It involves examining the reliability, credibility, accuracy, and validity of the data collected. A risk data quality assessment can help the risk manager to determine the confidence level of the risk analysis and the quality of the risk responses. Performing a risk data quality assessment is the next logical step after gathering the cycle time data, as it will help to ensure that the data is suitable for further analysis and decision making. References: PMI Risk Management Professional (PMI-RMP) Examination Content Outline and Specifications1, page 9; A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition, page 397.

Assigning a risk owner is a foundational principle in risk management, ensuring that each risk has someone fully accountable for monitoring, controlling, and responding to the risk. According to the PMBOK® Guide:

"Risk owners should be assigned to each risk. The risk owner is the person responsible for planning an appropriate risk response and ensuring it is implemented as planned."

— PMBOK® Guide, 6th Edition, Section 11.3.2.1

Without a clearly assigned risk owner, responsibility can be ambiguous, leading to gaps in monitoring and response.

The risk manager should first update the risk register with the new risk identified by the vendor. This will help in keeping track of all the risks associated with the project and facilitate the subsequent planning and management of the risks.

 The risk manager should update the new risk in the risk register, which is a project document that records the details of all identified risks, including their description, category, cause, probability, impact, and response strategy. Updating the risk register is the first step to acknowledge the existence of the new risk and to document its characteristics and potential effects on the project objectives. The risk register can then be used as an input for the Plan Risk Responses process, where the risk manager can develop appropriate actions to address the new risk. References: PMI, A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Sixth Edition, 2017, p. 397, 441.

When a project comprises multiple tasks, each with varying probable durations, determining the overall project's expected duration necessitates an analytical approach that accounts for this variability. Monte Carlo simul-ation is a robust technique that performs this function effectively. By running numerous simul-ations, it models the probability of different outcomes in processes that involve random variables, such as task durations. This method provides a comprehensive view of possible project completion times and their associated probabilities, enabling more informed decision-making.

PMI Risk Management Study Guide References:

The PMI-RMP Exam Preparation Study Guide emphasizes the utility of Monte Carlo simul-ations in project scheduling, stating that they "allow project managers to assess the impact of risk and uncertainty on project timelines by simulating various scenarios and their probabilities."

When a risk triggers several other risks that need a quick response, performing a risk urgency assessment is the appropriate course of action. This assessment helps determine how soon a response is required for each risk, considering their potential impact on the project. The PMI guidelines emphasize the importance of urgency in prioritizing risk responses, particularly when the consequences could significantly affect project deliverables if not addressed promptly​.