PMI-RMP Implement Risk Responses 3 — Questions and Answers
Question 1: A contingency response is triggered when a specific condition occurs. What is this predefined condition called?
- Risk trigger (Correct answer)
- Risk appetite
- Risk threshold
- Risk breakdown structure
Correct answer: Risk trigger
A risk trigger is the warning sign or condition that indicates a risk is about to occur, prompting the contingency response.
Question 2: When implementing responses, which reserve is used to address realized identified risks that had contingency plans?
- Contingency reserve (Correct answer)
- Management reserve
- Cost baseline
- Profit margin
Correct answer: Contingency reserve
Contingency reserves are allocated for known risks with planned responses and are drawn upon when those risks occur.
Question 3: An unforeseen risk that was not in the risk register occurs, requiring funds beyond contingency reserves. What reserve is typically used?
- Management reserve (Correct answer)
- Contingency reserve
- Schedule buffer
- Quality reserve
Correct answer: Management reserve
Management reserves cover unknown unknowns and require management approval to access for unidentified risks.
Question 4: During response implementation, the risk manager notices an opportunity response (enhance) is succeeding beyond expectations. What should they do?
- Document and communicate the benefit, updating the risk register (Correct answer)
- Ignore it since opportunities need no tracking
- Convert it to a threat
- Close the project early
Correct answer: Document and communicate the benefit, updating the risk register
Successful opportunity responses should be documented and communicated, with the risk register updated to capture the realized benefit.
Question 5: Which interpersonal skill is MOST important when motivating risk action owners to execute their assigned responses?
- Influencing (Correct answer)
- Data analysis
- Estimating
- Forecasting
Correct answer: Influencing
Influencing is the key interpersonal skill used to ensure risk action owners take ownership and act on their responsibilities.
Question 6: A transfer response involved purchasing insurance, but a deductible must still be paid when the risk occurs. The deductible represents what?
- Residual risk (Correct answer)
- Secondary risk
- Risk trigger
- Management reserve
Correct answer: Residual risk
The deductible is residual risk because it remains with the project even after transferring most of the exposure via insurance.
Question 7: Which process immediately follows Implement Risk Responses in monitoring whether responses are effective?
- Monitor Risks (Correct answer)
- Identify Risks
- Plan Risk Responses
- Perform Qualitative Risk Analysis
Correct answer: Monitor Risks
Monitor Risks tracks the effectiveness of implemented responses and watches for new and residual risks.
PMI-RMP Implement Risk Responses 3
A contingency response is triggered when a specific condition occurs.
What is this predefined condition called?