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Title: PMI PMI-RMP New Exam Camp | PMI-RMP Latest Exam Pdf
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PMI Risk Management Professional Sample Questions (Q157-Q162):NEW QUESTION # 157
A company is executing a high-visibility project to develop mobile phone technology. The project sponsor is concerned that an overall high risk rating may undermine support for the project within the company. The sponsor has instructed the project manager to manipulate the data used for Monte Carlo simulation to artificially reduce the risk rating. What should the project manager do?
Answer: C
Explanation:
Explanation

NEW QUESTION # 158
A project manager is working on a complex construction project. During the risk identification process, hundreds of risks were identified. The team seems to be confused regarding on which risks to focus. The project manager advises the team to go ahead and start assessing the likelihood and impact of each risk.
What process is this part of?
Answer: B
Explanation:
The process of assessing the likelihood and impact of each identified risk is part of the Perform Qualitative Risk Analysis process. This process helps prioritize risks based on their probability and impact, allowing the project team to focus on the most significant risks. By doing so, the project manager and team can allocate resources and effort to address the risks that pose the greatest threat or opportunity to the project.
The process of assessing the likelihood and impact of each risk is part of the Perform Qualitative Risk Analysis process, which is the process of prioritizing individual project risks for further analysis or action by assessing their probability of occurrence and impact as well as other characteristics. This process helps the project manager and the team to focus on the high-priority risks that have the most influence on achieving the project objectives. The other processes are not relevant to the question scenario. Plan Risk Management is the process of defining how to conduct risk management activities for a project. Perform Quantitative Risk Analysis is the process of numerically analyzing the effect of identified risks on overall project objectives. Monitor and Control Risk is the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project. Reference: PMI Risk Management Professional (PMI-RMP) Examination Content Outline and Specifications, page 71. A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, pages 397-3982.
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NEW QUESTION # 159
A project has a S0S4 chance of a US$100 000 profit and a 40% chance of a US$100,000 loss. What is the expected monetary value for this project?
Answer: D
Explanation:
The expected monetary value (EMV) for this project can be calculated as follows: (0.6 x US$100,000) - (0.4 x US$100,000) = US$60,000 - US$40,000 = US$20,000 profit.
The EMV of a project is the weighted average of the possible outcomes, which are a US$100,000 profit or a US$100,000 loss in this case. To calculate the EMV, we multiply the probability of each outcome by its monetary value, and then add them together. The formula is:
EMV = (Probability of profit x Value of profit) + (Probability of loss x Value of loss) In this case, the probability of profit is 60%, and the value of profit is US$100,000. The probability of loss is 40%, and the value of loss is -US$100,000 (negative because it is a loss). Therefore, the EMV is:
EMV = (0.6 x 100,000) + (0.4 x -100,000) EMV = 60,000 - 40,000 EMV = US$20,000 This means that the project has an expected monetary value of US$20,000 profit, which is the answer option B. The other options are incorrect because they do not match the EMV calculation.
The EMV is a useful tool for comparing different projects or alternatives based on their expected values. However, it does not account for the variability or uncertainty of the outcomes, which may also affect the project decision making. For example, a project with a higher EMV but a higher risk may not be preferable to a project with a lower EMV but a lower risk. Therefore, the EMV should be used with caution and in conjunction with other risk analysis techniques.
For more information on the EMV and other risk analysis methods, you can refer to the PMI Risk Management Professional (PMI-RMP) Examination Content Outline and Specifications, the A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition, and the Expected Monetary Value (EMV): A Guide With Examples. I hope this helps you understand the concept of EMV and how to apply it to project risk management

NEW QUESTION # 160
A project has a significant impact on an organization. Multiple stakeholders expressed concerns regarding the overall project risk during construction of the risk management plan, and they agreed that the risk appetite is low.
What should the project risk manager monitor closely?
Answer: A
Explanation:
The project risk manager should monitor risk thresholds closely, as they represent the organization's risk appetite. In a project with a low risk appetite, it is essential to ensure that risks are managed within the defined thresholds to address stakeholders' concerns and maintain their confidence in the project's success.
According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, risk thresholds are the measure of acceptable variation around an objective that reflects the risk appetite of the organization1. Risk appetite is the degree of uncertainty an entity is willing to take on in anticipation of a reward2. In this case, the project has a significant impact on the organization and the stakeholders have a low risk appetite, meaning they are not willing to accept much deviation from the project objectives. Therefore, the project risk manager should monitor the risk thresholds closely to ensure that the project risks do not exceed the acceptable level of variation and impact the project performance negatively. By monitoring the risk thresholds, the project risk manager can also identify when risk responses are needed and evaluate their effectiveness.
References: 1: PMI, Practice Standard for Project Risk Management, 2009, p. 20 2: PMI, A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Sixth Edition, 2017, p. 720

NEW QUESTION # 161
Mark works as a project manager for TechSoft Inc. Mark, the project team, and the key project stakeholders have completed a round of qualitative risk analysis. He needs to update the risk register with his findings so that he can communicate the risk results to the project stakeholders - including management. Mark will need to update all of the following information except for which one?
Answer: B

NEW QUESTION # 162
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