PMI PMI-RMP Free Practice Questions — Page 1

Correct Answer: C. Probability distributions, sensitivity analysis, modeling and simulation, and probability and impact matrix

Probability distributions, sensitivity analysis, modeling and simulation, and probability and impact matrix are standard tools used to communicate and analyze risk probability and impact. The probability and impact matrix visually maps risks by likelihood and severity. Sensitivity analysis shows which risks have the most effect on outcomes. Modeling and simulation (e.g., Monte Carlo) quantify combined risk effects. Option A mixes identification tools with analysis tools incorrectly. Option B includes Monitor Risks (a process, not a tool) and control charts (quality tool). Option D again lists Monitor Risks as a tool, which is incorrect.

Correct Answer: B. Risk driver method

The risk driver method models how correlations arise naturally from shared risk drivers, eliminating the need to estimate correlation coefficients directly. In cost risk analysis, individual cost elements are often correlated because they share common risk drivers (e.g., same vendor, same technology). Monte Carlo analysis (A) requires correlation inputs — it doesn't model how correlations arise. A scatter diagram (C) visualizes relationships but doesn't model correlation causation. A RACI matrix (D) is a responsibility assignment tool, unrelated to cost risk correlation.

Correct Answer: D. Reasonable comfort with most uncertainty; accepts risk as a normal feature of projects and business, and takes uncertainty in stride with no apparent or significant influence on their behavior

A risk-tolerant person accepts risk as a normal part of doing business and is not significantly affected by uncertainty in their decision-making. Option A describes a risk-seeking person (thrill-seeking, bold action). Option B describes a risk-averse person (discomfort, seeks security). Option C describes a risk-seeking person (values high future payoffs, embraces unknowns). Risk tolerance sits between risk-averse and risk-seeking on the attitude spectrum.

Correct Answer: D. Timely, cost-effective, agreed-upon, and accepted

Effective risk response strategies must be timely (implemented before the risk occurs), cost-effective (not exceeding the risk's impact), agreed-upon by stakeholders, and accepted by those responsible. Option A is partially correct but "easy to understand" is not a formal criterion. Option B is partially correct but Monte Carlo validation is not a mandatory criterion for all responses. Option C describes characteristics of the overall risk process, not specific response strategy criteria.

Correct Answer: B. Provide project specific risk training and mentor through the risk process.

The risk manager is responsible for ensuring all team members understand the project's risk management process, including new members. Providing project-specific training and mentoring is the most effective and direct approach. Option A incorrectly shifts responsibility to the functional manager. Option C (sending the plan to read) is passive and insufficient for comprehension. Option D provides documents but no guidance or understanding of the process.