PMI-RMP Plan Risk Management 3 — Questions and Answers
Question 1: A project manager tailors the depth of risk management to project size and complexity. What principle is being applied?
- Gold plating
- Proportionality of risk effort to project value (Correct answer)
- Scope creep
- Risk avoidance
Correct answer: Proportionality of risk effort to project value
Risk management effort should be scaled appropriately to the project's importance and complexity.
Question 2: Which section of the risk management plan defines how probability and impact will be rated?
- Budgeting
- Definitions of probability and impact / risk categories (Correct answer)
- Reporting formats
- Risk audits
Correct answer: Definitions of probability and impact / risk categories
The plan includes definitions of probability and impact levels used in qualitative analysis.
Question 3: What tool organizes risk categories into a hierarchical structure during planning?
- Work breakdown structure (WBS)
- Risk breakdown structure (RBS) (Correct answer)
- Organizational breakdown structure (OBS)
- Resource breakdown structure
Correct answer: Risk breakdown structure (RBS)
The risk breakdown structure (RBS) categorizes potential sources of risk hierarchically.
Question 4: Why are roles and responsibilities defined in the risk management plan?
- To calculate contingency reserves
- To clarify who leads, supports, and participates in each risk activity (Correct answer)
- To list all project risks
- To set the project budget
Correct answer: To clarify who leads, supports, and participates in each risk activity
Defining roles ensures accountability for risk management actions throughout the project.
Question 5: Which element of the risk management plan specifies the frequency of risk reviews?
- Methodology
- Timing (Correct answer)
- Risk categories
- Stakeholder tolerances
Correct answer: Timing
The timing element defines when and how often risk management activities are performed.
Question 6: A sponsor wants risk reports in a specific dashboard format. Which plan element addresses this?
- Funding
- Reporting formats (Correct answer)
- Tracking
- Methodology
Correct answer: Reporting formats
Reporting formats define how risk process outcomes are documented, analyzed, and communicated.
Question 7: What does the 'tracking' element of the risk management plan document?
- The project schedule baseline
- How risk activities will be recorded and audited (Correct answer)
- The final risk register
- The cost of each risk
Correct answer: How risk activities will be recorded and audited
Tracking documents how risk activities will be recorded and how risk processes will be audited.
PMI-RMP Plan Risk Management 3
A project manager tailors the depth of risk management to project size and complexity.
What principle is being applied?