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PMI PMI-RMP Free Practice Questions — Page 2

Risk Management Professional • 5 questions • Answers & explanations included

Question 6

The stakeholder is unwilling to make decisions that would result in negative consequences to the project. Which of the following describes the stakeholder's attitude regarding project risks?

A. Risk averse
B. Risk neutral
C. Risk accepting
D. Not enough information available to describe the stakeholder's risk attitude
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Correct Answer: A. Risk averse

Risk-averse stakeholders avoid decisions that could lead to negative consequences, even when the potential gain might justify the risk. This describes avoidance of negative outcomes regardless of potential benefit. Risk-neutral (B) means decisions are based purely on expected value. Risk-accepting (C) means willingness to tolerate risk without action. Option D is incorrect because the behavior is clearly described and points directly to risk aversion.

Question 7

A project manager is developing the risk management process and schedules a risk planning workshop at the start of the project. Upon receiving the invitation, a senior stakeholder emails the project manager stating that a risk management plan is not needed since this is a small project, and lack of a plan will reduce costs. Which of the following should the project manager do?

A. Advise the stakeholder that risk management is a valuable undertaking and must be applied to all projects to some degree.
B. Cancel the workshop, as the stakeholder is senior and risk management is an optional process, especially on smaller projects.
C. Continue with the workshop, but remove the stakeholder from the list of attendees.
D. Review the scope in an attempt to save money in other areas of the project to provide funding for the risk management activities.
Show Answer & Explanation

Correct Answer: A. Advise the stakeholder that risk management is a valuable undertaking and must be applied to all projects to some degree.

Risk management is a required discipline that must be applied to all projects, scaled appropriately to their size and complexity. The project manager should educate the stakeholder on its value rather than abandon the process. Option B is wrong because risk management is never truly optional. Option C is exclusionary and damages stakeholder engagement. Option D addresses budget but misses the point — the issue is the stakeholder's misconception, not funding.

Question 8

What is a project issue within a project environment?

A. A negative effect on a project objective arising from occurrence of a threat
B. A certain event which has a positive or negative impact in the project
C. A risk which has a significant impact on the project
D. An uncertain event which may impact the project
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Correct Answer: B. A certain event which has a positive or negative impact in the project

A project issue is a certain event (already occurred or confirmed) that has a positive or negative impact on the project. It has moved from uncertain (risk) to certain (issue). Option A describes an impact of a threat, not the definition of an issue. Option C describes a significant risk, not an issue. Option D describes a risk (uncertain event), not an issue.

Question 9

What is the purpose of mitigating negative risks as a part of the risk response process?

A. To transfer the probability of a risk happening to a third party, and to reduce the severity of the impact
B. To reduce the probability of a risk happening, and/or reduce the severity of the impact
C. To accept the probability of a risk happening to reduce the severity of the impact
D. To increase the probability of a risk happening, but reduce the severity of the impact
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Correct Answer: B. To reduce the probability of a risk happening, and/or reduce the severity of the impact

Mitigation as a risk response strategy aims to reduce the probability of a risk occurring and/or reduce the severity of its impact if it does occur. Option A describes a combination of transfer and mitigation incorrectly. Option C describes acceptance, not mitigation. Option D is incorrect because mitigation never aims to increase probability.

Question 10

In the country where a project is being executed, customs procedures are complex and change frequently. During the risk identification process, the project team identifies a risk related to delays in customs on substantial equipment that will likely occur. Equipment delays on this project could lead to the project cancellation. How should the probability and impact be characterized for this risk?

A. Low probability/low impact
B. High probability/low impact
C. Low probability/high impact
D. High probability high impact
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Correct Answer: D. High probability high impact

Customs procedures are complex and change frequently, making delays likely — indicating high probability. Equipment delays could lead to project cancellation — indicating high impact. Both conditions point clearly to high probability/high impact. Options A, B, and C all understate either the probability (likely to occur) or the impact (project cancellation), making them incorrect.

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