PMI-RMP Risk Management Framework 3 — Questions and Answers
Question 1: Stakeholder risk tolerance should be assessed during which framework activity?
- Closing the project
- Plan Risk Management (Correct answer)
- Validating scope
- Controlling procurements
Correct answer: Plan Risk Management
Understanding stakeholder tolerances is part of planning how risk will be managed.
Question 2: The risk management plan should specify the timing and frequency of risk activities. This element is referred to as:
- Risk categories
- Cadence or timing of risk processes (Correct answer)
- Risk register format
- Probability scales
Correct answer: Cadence or timing of risk processes
Timing defines how often risk processes are performed throughout the project life cycle.
Question 3: Which of the following best represents 'risk threshold' in the framework?
- The overall willingness to take risk
- The level of risk exposure above which action is required (Correct answer)
- A list of identified risks
- The reserve set aside for unknown risks
Correct answer: The level of risk exposure above which action is required
A risk threshold is the measure of acceptable variation around an objective that triggers a response.
Question 4: The roles and responsibilities for risk management, including a risk owner's duties, are defined in which document?
- Risk management plan (Correct answer)
- Quality management plan
- Communications management plan
- Procurement management plan
Correct answer: Risk management plan
The risk management plan assigns roles, responsibilities, and authority for risk activities.
Question 5: An organization's standardized risk process assets, such as templates and lessons learned, are classified as:
- Enterprise environmental factors
- Organizational process assets (Correct answer)
- Project constraints
- Deliverables
Correct answer: Organizational process assets
Templates, policies, and historical risk data are organizational process assets used in planning.
Question 6: Budgeting for contingency and management reserves is addressed by which framework element?
- Funding approach in the risk management plan (Correct answer)
- Stakeholder engagement plan
- Scope baseline
- Milestone list
Correct answer: Funding approach in the risk management plan
The risk management plan describes how reserves and funding for risk responses are established.
Question 7: A double probability-and-impact matrix would most likely be tailored to capture which characteristic?
- Both threats and opportunities (Correct answer)
- Schedule and cost baselines
- Stakeholder power and interest
- Quality and scope metrics
Correct answer: Both threats and opportunities
A combined matrix allows scoring of both negative threats and positive opportunities.
PMI-RMP Risk Management Framework 3
Stakeholder risk tolerance should be assessed during which framework activity?