PMI-RMP Certification PMI-RMP Certification Risk Response Planning & Monitoring 2 — Questions and Answers
Question 1: What is the purpose of a risk trigger (also called a risk symptom or warning sign)?
- To indicate that a risk event is about to occur so a contingency plan can be activated (Correct answer)
- To calculate the EMV of a risk
- To assign ownership of a risk
- To close a risk that has passed
Correct answer: To indicate that a risk event is about to occur so a contingency plan can be activated
Risk triggers are early warning indicators that signal a risk is imminent, allowing the team to activate contingency plans proactively.
Question 2: In risk monitoring, what does a 'risk audit' examine?
- The effectiveness of risk responses and the risk management process (Correct answer)
- The accuracy of the project budget
- The completeness of the risk register at project close
- The number of risks identified per phase
Correct answer: The effectiveness of risk responses and the risk management process
Risk audits assess whether risk responses are working as planned and whether the overall risk management process is being followed effectively.
Question 3: Which reserve is set aside to address known-unknown risks (identified risks with response plans)?
- Contingency Reserve (Correct answer)
- Management Reserve
- Operational Reserve
- Cost Baseline
Correct answer: Contingency Reserve
Contingency reserves are budgeted funds planned to address specific identified risks if they occur, and they are part of the project cost baseline.
Question 4: What is the 'escalate' risk response strategy used for?
- Addressing risks that are outside the project team's authority or scope (Correct answer)
- Increasing the severity of a risk in the register
- Transferring a risk to an insurer
- Documenting a risk in the issue log
Correct answer: Addressing risks that are outside the project team's authority or scope
Escalation is used when a risk exceeds the project team's authority or spans organizational boundaries, requiring a higher-level decision-maker to own the response.
Question 5: A risk owner is primarily responsible for which activity?
- Implementing and monitoring the agreed risk response (Correct answer)
- Identifying all new risks
- Approving the project budget
- Updating the project schedule
Correct answer: Implementing and monitoring the agreed risk response
The risk owner is the individual assigned to carry out the agreed risk response plan and to monitor the risk throughout the project lifecycle.
Question 6: What is 'active acceptance' as a risk response strategy?
- Establishing a contingency reserve or plan without taking advance action to address the risk (Correct answer)
- Ignoring the risk entirely
- Avoiding the risk by changing the project plan
- Transferring the risk to a third party
Correct answer: Establishing a contingency reserve or plan without taking advance action to address the risk
Active acceptance acknowledges the risk and establishes a contingency reserve or fallback plan while not taking proactive steps to reduce it beforehand.
PMI-RMP Certification PMI-RMP Certification Risk Response Planning & Monitoring 2
What is the purpose of a risk trigger (also called a risk symptom or warning sign)?