PMI-RMP Risk Management Framework 2 — Questions and Answers
Question 1: Which process establishes the scope, criteria, and approach for managing risk on a project according to the PMI-RMP framework?
- Plan Risk Management (Correct answer)
- Identify Risks
- Perform Qualitative Risk Analysis
- Monitor Risks
Correct answer: Plan Risk Management
Plan Risk Management defines how risk activities will be structured and performed, producing the risk management plan.
Question 2: A project manager wants to define risk thresholds aligned to organizational risk appetite. Where are these documented?
- Risk register
- Risk management plan (Correct answer)
- Issue log
- Stakeholder register
Correct answer: Risk management plan
The risk management plan captures risk thresholds, appetite, and tolerance levels for the project.
Question 3: Risk appetite is best described as which of the following?
- The measurable amount of uncertainty acceptable on a single objective
- The degree of uncertainty an entity is willing to take on in anticipation of reward (Correct answer)
- A specific point at which risk becomes unacceptable
- The probability that a risk event occurs
Correct answer: The degree of uncertainty an entity is willing to take on in anticipation of reward
Risk appetite is the general level of uncertainty an organization is willing to accept in pursuit of value.
Question 4: Within the risk management framework, the EEFs (Enterprise Environmental Factors) most relevant to Plan Risk Management include which item?
- The project schedule baseline
- Organizational risk attitudes and thresholds (Correct answer)
- The work breakdown structure
- The cost performance index
Correct answer: Organizational risk attitudes and thresholds
Risk attitudes, appetites, and thresholds are key enterprise environmental factors influencing risk planning.
Question 5: A framework component defines categories used to group risks systematically. What tool documents these categories?
- Risk breakdown structure (RBS) (Correct answer)
- Resource breakdown structure
- Probability and impact matrix
- Decision tree
Correct answer: Risk breakdown structure (RBS)
The risk breakdown structure hierarchically organizes potential sources of risk by category.
Question 6: Which document provides definitions of probability and impact levels to ensure consistent risk assessment across the project?
- Assumptions log
- Probability and impact definitions in the risk management plan (Correct answer)
- Lessons learned register
- Change log
Correct answer: Probability and impact definitions in the risk management plan
The risk management plan specifies standardized probability and impact scales for uniform analysis.
Question 7: When tailoring the risk management framework for a small, low-complexity project, the appropriate action is to:
- Skip risk management entirely
- Scale the processes to fit project size and complexity (Correct answer)
- Apply the full enterprise framework unchanged
- Delegate all risk work to the sponsor
Correct answer: Scale the processes to fit project size and complexity
Risk processes should be tailored and scaled to match the project's size, complexity, and importance.
PMI-RMP Risk Management Framework 2
Which process establishes the scope, criteria, and approach for managing risk on a project according to the PMI-RMP framework?