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PMI-RMP certification exam is based on the PMI Risk Management Framework, which encompasses the entire risk management process from risk identification to risk response. PMI-RMP Exam Tests the candidate's ability to identify, assess, and prioritize risks, as well as develop and implement risk response strategies. PMI Risk Management Professional certification also covers risk monitoring and control, which involves tracking and reporting on the effectiveness of risk response strategies.

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Topics Measured by PMI-RMP

The PMI-RMP exam will cover several risk management-related topics that you need to master beforehand. So, here's a look at some of these domains and their concepts:

Risk Monitoring and Reporting
With about 20% of the exam spinning around this portion, it's a must-know for everyone hoping to earn the PMI-RMP certificate. In particular, this topic deals with how specialists monitor risks and communicate performance to other team members and stakeholders.
Risk Strategy and Planning
The concepts covered in this area will make up around 20% of all exam questions. Particularly, it tests your ability to plan out procedures for risk identification, analysis, and mitigation. It also gives you a chance to prove your expertise when it comes to developing and improving risk management processes for a project.
Risk Process Facilitation
25% to 28% of the test questions will revolve around this section. It involves the processes through which team members identify, analyze, and respond to risks in a project. Also, tools & methods for fundamental quantitative risk analysis is assessed by this part.
Perform Specialized Risk Analysis
No more than 14%-16% of the questions will stem from this part. So, here, you'll get to express your knowledge of using specialized tools and best practices for project risk management with the help of basic as well as higher-level statistics.
Stakeholder Engagement
This scope takes up to 20% of the questions you will encounter in the PMI-RMP test. It covers the areas related to helping stakeholders and workers understand the risks involved in their project. Your ability to train and use coach techniques will also be tested within such a topic.

PMI Risk Management Professional Sample Questions (Q218-Q223):

NEW QUESTION # 218
A company in the mining industry accommodates a lot of innovation and changing work conditions. Because of this, the company experiences difficulty in predicting long term business plans.
How should a professional risk manager manage the risks in such situations?

A. Adopt a predictive approach to manage the risks.
B. Adopt agile approaches to manage the risks.
C. Utilize proper documentation to help manage the risks.
D. Conduct weekly risk management meetings with all stakeholders.

Answer: B

Explanation:
In a company with rapidly changing work conditions and difficulty in predicting long-term business plans, a professional risk manager should adopt agile approaches to manage the risks (B). Agile approaches allow for flexibility, adaptability, and quick response to changes, making them suitable for managing risks in such situations. This is supported by the PMI's PMBOK Guide, Sixth Edition, and the Agile Practice Guide.
A professional risk manager should adopt agile approaches to manage the risks in situations where the company accommodates a lot of innovation and changing work conditions, and experiences difficulty in predicting long term business plans. Agile approaches are adaptive, iterative, and collaborative methods that focus on delivering value and reducing uncertainty in a dynamic and complex environment. Agile approaches can help the risk manager to identify, analyze, respond, and monitor risks in a flexible and timely manner, by using tools and techniques such as risk-adjusted backlog, risk burndown charts, risk-based spike, and risk- based testing. Agile approaches can also help the risk manager to engage the stakeholders and the project team in risk management activities, by using practices such as daily stand-up meetings, sprint planning, sprint review, and sprint retrospective. Agile approaches can enable the risk manager to manage the risks effectively and efficiently, by aligning the risk management strategy with the project goals and the customer needs.
Adopting a predictive approach to manage the risks is not the best option, as it may not be suitable or feasible for situations where the project scope, schedule, and budget are uncertain or variable. A predictive approach is a plan-driven and sequential method that relies on upfront planning and detailed documentation to manage the risks. A predictive approach may not be able to cope with the frequent changes and emerging risks that may occur in an innovative and dynamic environment. Utilizing proper documentation to help manage the risks is not the best option, as it may not be sufficient or effective for situations where the project requirements and deliverables are evolving or changing. Proper documentation is a useful and necessary component of risk management, but it is not a substitute for agile risk management practices. Proper documentation may not be able to capture and communicate the current and relevant information about the risks and their impacts in a timely and accurate manner. Conducting weekly risk management meetings with all stakeholders is not the best option, as it may not be optimal or efficient for situations where the project risks and opportunities are changing rapidly or frequently. Weekly risk management meetings are a common and beneficial practice for risk management, but they may not be enough or appropriate for agile risk management. Weekly risk management meetings may not be able to address the risks and their responses as soon as they arise or occur, and they may not be able to involve all the relevant and available stakeholders and project team members. References: 3, 4, 5

NEW QUESTION # 219
Frank is the project manager of the NHH Project. He is working with the project team to create a plan to document the procedures to manage risks throughout the project. This document will define how risks will be identified and quantified. It will also define how contingency plans will be implemented by the project team.
What document is Frank and the NHH Project team creating in this scenario?

A. Resource management plan
B. Project management plan
C. Project plan
D. Risk management plan

Answer: D

NEW QUESTION # 220
The risk register is developed during the initial phases of a virtualized desktop deployment. The register is reviewed by peers, responses are planned, reviewed again, and risks are prioritized. After project completion, the risk register is reviewed as part of the formal lessons learned process. During the review, itis realized that the risk register was not updated, and many responses were not executed during the deployment.
Which of the following options should have been performed during the execution of the project?

A. Risk monitoring and control process
B. Risk management process
C. Risk identification
D. Response planning

Answer: A

NEW QUESTION # 221
A risk manager of a complex project has identified a risk and believes a deeper understanding of the source and likelihood is necessary. How should the risk manager proceed?

A. Perform a review of project documents
B. Develop and employ an Ishikawa diagram
C. Analyze the assumptions and constraints
D. Create prompt lists for expert interviews

Answer: B

Explanation:
An Ishikawa diagram (also known as a fishbone or cause-and-effect diagram) is a tool used to identify and analyze the root causes and sources of a risk. It helps the risk manager gain a deeper understanding of the risk source and likelihood. (Reference: PMBOK Guide, 6th Edition, p. 139) An Ishikawa diagram, also known as a fishbone diagram or a cause-and-effect diagram, is a tool that can help the risk manager to analyze the root causes of a risk and to identify the factors that influence its occurrence and impact. An Ishikawa diagram can also help to visualize the relationships among different causes and to prioritize the most significant ones. By developing and employing an Ishikawa diagram, the risk manager can gain a deeper understanding of the source and likelihood of the risk and plan appropriate responses accordingly. References: The Standard for Risk Management in Portfolios, Programs, and Projects, page 72; PMBOK Guide, 6th edition, page 398.

NEW QUESTION # 222
A project lihat was in the execution phase for the last six months was put on hold and was eventually cancelled after numerous scope related challenges. It was decided to re-plan the scope and divide the project into multiple projects to have better insight into end objectives. As part of the project start up. the project manager is developing the risk planning for the project.
What three artifacts should the project manager consult or review during this process? (Choose three.)

A. Lessons learned registers from analogous projects
B. Risk register
C. Project contracts
D. Code of regulations
E. Risk management plan

Answer: A,C,E

Explanation:
Explanation
The project manager should consult or review project contracts, lessons learned registers from analogous projects, and the risk management plan to develop an effective risk planning for the project.
According to the PMBOK Guide, the risk management plan is one of the key inputs for the plan risk management process, which is the first process in the project risk management knowledge area. The risk management plan describes how risk management activities will be structured and performed throughout the project. It includes information such as the methodology, roles and responsibilities, budget, timing, risk categories, definitions of risk probability and impact, probability and impact matrix, revised stakeholders' risk tolerances, reporting formats, and tracking (page 409). Therefore, option D is the correct answer.
The project contracts are also an important input for the plan risk management process, as they may contain terms and conditions that can create or affect various project risks. For example, contracts may include clauses related to penalties, incentives, warranties, intellectual property rights, termination, force majeure, arbitration, indemnification, etc. The project manager should review the project contracts to identify any potential sources of risk and plan appropriate responses (page 410). Therefore, option A is the correct answer.
The lessons learned registers from analogous projects are another valuable input for the plan risk management process, as they provide historical information and knowledge that can help the project manager identify and analyze risks, as well as plan risk responses. The lessons learned registers may contain information such as the risks that occurred, the root causes of the risks, the risk triggers, the effectiveness of the risk responses, the residual and secondary risks, the risk owners, the risk ratings, the risk trends, etc. The project manager should consult the lessons learned registers from similar or comparable projects to learn from past experiences and avoid repeating mistakes (page 411). Therefore, option B is the correct answer.
The risk register is not an input for the plan risk management process, but an output. The risk register is a document that contains the list of identified risks, their causes, potential responses, and other relevant information. The risk register is created during the identify risks process, which is the second process in the project risk management knowledge area. The risk register is then updated and refined throughout the project as more information becomes available and new risks emerge (page 414). Therefore, option C is incorrect.
The code of regulations is not an input for the plan risk management process, but a type of enterprise environmental factor. Enterprise environmental factors are the conditions, not under the control of the project team, that influence, constrain, or direct the project. The code of regulations refers to the rules and standards that govern the project's industry, domain, or sector. The code of regulations may affect the project's scope, schedule, cost, quality, resources, communications, procurement, and risk management. The project manager should consider the code of regulations when planning risk management activities, but it is not an artifact that needs to be reviewed or consulted (page 38). Therefore, option E is incorrect.
References: PMBOK Guide, pages 38, 409-411, 4141

NEW QUESTION # 223
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