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PMI Risk Management Professional Sample Questions (Q250-Q255):

NEW QUESTION # 250
During the monthly executive review meeting, the project sponsor would like to understand how the project team has planned to manage risks that were identified in the last meeting. What should the project manager do?

A. Include secondary and residual risks as part of the response.
B. Transfer secondary and residual risks to the project sponsor.
C. React to the secondary and residual risks only if they occur.
D. Utilize a Monte Carlo assessment to provide risk related impacts.

Answer: A

Explanation:
The The project manager should include secondary and residual risks as part of the risk response plan. Secondary risks are those risks that arise as a direct result of implementing a risk response to a specific risk. Residual risks are those risks that are expected to remain after the planned responses of risks have been taken, as well as those that have been deliberately accepted. Both secondary and residual risks should be identified, analyzed, and monitored throughout the project life cycle. The project manager should communicate the risk response plan to the project sponsor and other stakeholders, and explain how the project team has planned to manage the secondary and residual risks12 Reference:
project manager should include secondary and residual risks in the risk response plan, as they may still impact the project. Proactively addressing these risks will help the project team to be prepared and manage them effectively if they occur.

NEW QUESTION # 251
A project manager wants to introduce a new technology to improve a project's performance. However, there are some costs associated that are beyond the current budget, and the proposed technology has not been applied to any previous company projects.
What should the project manager do in this situation?

A. Accept the fact that there is a risk associated with this new technology.
B. Take advantage of this opportunity of Improving the project performance.
C. Outsource the implementation of the new technology as soon as possible.
D. Escalate this initiative to project decision makers and sponsors.

Answer: B

Explanation:
The project manager should escalate this initiative to project decision makers and sponsors, as they have the authority to approve changes in budget and scope. They can evaluate the potential benefits and associated with the new technology and make an informed decision on whether to proceed.
According to the PMBOKGuide1, an opportunity is a risk that would have a positive effect on one or more project objectives if it occurs. Opportunities are uncertain events or conditions that can enhance or facilitate the achievement of project goals, such as cost savings, schedule acceleration, quality improvement, or scope expansion. A project manager should take advantage of opportunities by implementing risk responses that seek to maximize their probability and/or positive impact. In this case, the project manager wants to introduce a new technology to improve the project's performance, which is an opportunity for the project. The project manager should take advantage of this opportunity by planning and executing appropriate risk responses, such as exploiting, enhancing, sharing, or accepting the opportunity. This is part of the Plan Risk Responses and Implement Risk Responses processes in the PMBOKGuide1. Reference: 1: A Guide to the Project Management Body of Knowledge (PMBOKGuide) - Sixth Edition.

NEW QUESTION # 252
At the time the risk register is first prepared, it should contain all the following entries EXCEPT______________

A. Structure for describing risks
B. List of risks requiring near-term responses
C. List of potential responses
D. Root causes of risk

Answer: B

Explanation:
The primary outputs from identify risks are initial entries into the risk register. It ultimately contains outcomes of other risk management processes as they are conducted. As an output of identify risks, the risk register should contain a list of identified risks, a list of potential responses, root causes that gave rise to the identified risks, and a structure for describing risks. [Planning] PMI®, PMBOK® Guide, 2013, 327

NEW QUESTION # 253
You work as a project manager for BlueWell Inc. Your project is using a new material to construct a large warehouse in your city. This new material is cheaper than traditional building materials, but it takes some time to learn how to use the material properly. You have communicated to the project stakeholders that you will be able to save costs by using the new material, but you will need a few extra weeks to complete training to use the materials. This risk response of learning how to use the new materials can also be known as what term?

A. Cost-benefits analysis
B. Team development
C. Benchmarking
D. Cost of conformance to quality

Answer: D

Explanation:
Explanation/Reference:

NEW QUESTION # 254
A software development project team was preparing for a phased release when an unknown and unexpected risk occurred with potential for delaying one of the features for the planned release. The project team decided to go ahead with the release and address this missing feature at a later date. One of the end users learned about this and strongly opposed the planned release.
What should the risk manager have done to prevent this situation?

A. Performed proper risk identification at the project outset to ensure this risk was identified and mitigated.
B. Engaged the stakeholders more in risk management activities and decisions to get their buy-in and support.
C. Engaged the sponsor and informed them of the decision to remove the planned feature.
D. Created a schedule buffer in the plan to deal with unknown risks if and when they occurred.

Answer: B

NEW QUESTION # 255
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