PMI RMP Exam Sample Questions
Updated in 2022, the PMI RMP exam questions now include agile and hybrid environments as well as enterprise-level risks a project manager need to consider. The 115 PMI RMP exam questions are available in person and online in English and Arabic. In this blog post, I will provide you with 10 free PMI RMP sample questions and answers that you will definitely see in the real PMI RMP exam.
PMI RMP Exam Sample Questions
You are working with your project team and key stakeholders on risk management activities, and you have completed a round of qualitative risk analysis. You need to update the risk register with your findings so that you can communicate the results to the project stakeholders including senior management. In this scenario, which of the following is not an output resulting from this process?
- Watch list
- Risk categories
- Prioritized list of quantified risks
- Trends in qualitative risk analysis
Shadi is managing a mega construction project, and this project challenge is completing a high-tech governmental university in 18 months and hand over it to the university management on 03/11/2021. Due to high importance of the project completion date, your risk manager performed a detailed Monte Carlo simulation for the project completion date, and as a result of this technique, you had the table shown below. You have discussed the results with the executive management, and they requested to increase the confidence level of the required completion date to 75%. Based on this request, what is the required additional contingency reserve
- 13 days
- 14 days
- 15 days
- 16 days
Shadi is managing a project where he is calculating the expected monetary value during planning phase of the project. The following represents the risk assessment results: 20% probability of schedule delay with $20,000 cost impact, and 15% probability of cost overrun due to raw material price increase with $10,000 cost impact. In addition to a good procurement deal with cost savings of $10,000 and probability of 50%. What's the project expected monetary value?
Shadi has identified a project risk that could injure project team members. He does not want to accept any risk where someone could become injured on this project, so he hires a professional vendor to complete this portion of the project work. This situation is known as what type of risk response?
Yara is managing a project where she wants to find out the project cost budget. The cost of project activities as an output of the estimate costs process is $48,000. Contingency reserves were find out after risk response planning to be $12,000, while the management reserves are expected to be $3,000. Accordingly, what is the project cost budget?
The watch list is a primary output of the perform qualitative risk analysis process. In this context, what should be done with risks on the watch list ?
- Document them for historical use on other projects
- Document them and revisit during project executing and monitoring
- Document them and set them aside because they are already covered in your contingency plans
- Document them and give them to the customer
While performing numerical risk analysis on your project, you want to use modeling techniques such as the Monte Carlo simulation to analyze the project completion budget. You requested this from the risk manager on your project, and he provided you with the chart below. Based on this chart, what is the average completion budget of the project ?
While performing subjective risk analysis on your project, you decided alone with the project team to use a tool that allows the organization to prioritize project risks for further analysis, and it can reflect the organization level of risk tolerance. What's the recommended tool for this purpose ?
- Probability and impact matrix
- Estimation techniques
- Risk urgency assessment
- Risk data quality assessment
Utility function is a commonly used technique to determine risk tolerance levels. Some project managers are more averse to risk than others. In this context, which of the following is not a commonly used classification for risk tolerance ?
- Risk averse
- Risk seeker
- Risk mitigator
- Neutral risk taker
While procuring a long lead item for your construction project, the team determines that there are two vendor choices. Vendor A has a solution with 55% chance of completing job on time and confidence level of 60%. Vendor B has an 80% chance of meeting the time frame and confidence level of 35%. What should the team do ?
- Insufficient data
- Select vendor A
- Select vendor B
- Selecting any of the vendors
PMI RMP questions answers
Option c. Prioritized list of quantified risks is an output of the quantitative risk analysis process. Qualitative risk analysis tends to be more subjective. It focuses on identifying risks to measure both the likelihood of a specific risk event occurring during the project life cycle and the impact it will have on the overall schedule should it hit. The goal being to determine severity.
Option d. The requested completion date is 03/11/2021, with a confidence level of 40%, to increase the confidence level to 75%, the new date will be 03/27/2021, the difference between the two dates is 16 days. This is the required additional contingency reserve.
Option b. For this risk assessment, we have 2 threats with negative expected monetary value and one opportunity with positive expected monetary value. Expected monetary value= Probability*Impact. EMV= (-20,000*.2) - (10000*.15) + (10,000*0.50) = -$500.
Option b. Shadi is transferring the risk to a professional vendor, this is transference risk response strategy. Risk transfer can be defined as a mechanism of risk management that involves the transfer of future risks from one person to another, and one of the most common examples of risk management is purchasing insurance where the risk of an individual or a company is transferred to a third party (insurance company)
Option b. Cost Budget= Cost of activities + Contingency reserves + Management reserves. It's 48,000+12,000+3,000 = $63,000. The management reserve is the amount of the project budget reserved for unforeseen work that is within the scope of the project. The project manager adds the management reserve to the cost baseline resulting in the total project budget.
Option b. Risk needs to be actively monitored by the project. The watch list is regularly monitored to ensure that if any of the listed issues become risks, they are handled using the project risk management processes.
Option a. Monte Carlo gives you a range of possible outcomes and probabilities to allow you to consider the likelihood of different scenarios. As per the chart, the average completion budget at 50% is $733,867.
Option a. Probability and impact matrix tool used in the perform qualitative risk analysis process will allows the organization to prioritize project risks for further analysis, and it can reflect the organization level of risk tolerance.
Option c. The three commonly used classifications for risk tolerance are risk averse, risk taker and neutral risk taker (risk averse, risk seeking, risk neutral). Utility function: Ultimate decision on how to deal with risk is based in part on Project Manager tolerance for risk - this is measured by Utility function; - Y axis refers to Utility, i.e., satisfaction that the project manager gets from a payoff. X axis refers to the amount of money at stake.
Option b. Your selection will depend on the given figures of each vendor, probability, impact and price. Higher probability and confidence levels are better. For vendor A= .55*.60=0.33, Vendor B= 0.8*.35=0.28. It is better to go with Vendor A.
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