PMI PMI-RMP Practice Exams
Last updated on Oct 22,2026- Exam Code: PMI-RMP
- Exam Name: PMI Risk Management Professional
- Certification Provider: PMI
- Latest update: Oct 22,2026
Towards the end of definitive design, project costs have increased to the point where it will be classified as a capital asset project. The customer has expressed they want one final total project completion date and will afford no extensions after it is established .
How should the risk manager proceed?
- A . Perform a qualitative risk analysis and update the results.
- B . Update the assumptions/exclusions register with the new information.
- C . Update the risk register and prepare for the Monte Carlo analysis.
- D . Perform a quantitative risk analysis and update the results.
C
Explanation:
The risk manager should perform a quantitative risk analysis to determine the potential impact of risks on the project’s completion date. This will help in providing a more accurate project completion date to the customer, considering the risks and their potential effects on the project schedule.
According to the PMI Risk Management Professional (PMI-RMP) ® Examination Content Outline1, one of the tasks in the domain of Risk Analysis is to perform quantitative risk analysis using techniques such as Monte Carlo simulation, decision tree analysis, sensitivity analysis, etc., to quantify the possible outcomes for the project and their probabilities, and to evaluate the cost and schedule impacts of risks 1. In this scenario, the risk manager should perform a quantitative risk analysis and update the results, because the project costs have increased significantly and the customer has imposed a strict deadline for the project completion. A quantitative risk analysis will help the risk manager to estimate the probability of meeting the project objectives, such as cost and schedule, and to determine the appropriate contingency reserves for the project. A quantitative risk analysis will also provide more accurate and reliable information for the customer and the project team, and will support the risk response planning process2.
Reference: 1: PMI Risk Management Professional (PMI-RMP) ® Examination Content Outline, page 92: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) C Sixth Edition, pages 431-432.
A risk manager is preparing for the first meeting with their project sponsor on a potential project for a large client.
The risk manager reviews their newly developed project risk register to identify any risks that should be analyzed further and begins by prioritizing the probability column based on the following criteria:
1 = Very Low
2 = Low
3 = Medium
4 = High
5 = Very High
What type of risk analysis is the risk manager performing?
- A . Scenario-based risk analysis
- B . Quantitative risk analysis
- C . Qualitative risk analysis
- D . Monte Carlo analysis
During project planning, a risk is identified for which the risk manager has defined a mitigation strategy. Later during project execution, this risk still leaves substantial residual risk.
What should the risk manager do to handle this situation?
- A . Revisit this risk in the risk register and redefine the mitigation strategy.
- B . Activate the contingency plan to handle this risk during execution.
- C . Mark this new risk as an extremely high priority and inform all stakeholders.
- D . Ask the project sponsor for more budget to deal with this risk.
C
Explanation:
If a risk still leaves substantial residual risk after implementing the mitigation strategy, the risk manager should revisit the risk register and redefine the mitigation strategy to reduce the residual risk to an acceptable level.
According to the PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1, an effect of adding the correlation to the Monte Carlo schedule risk analysis model is that it increases the standard deviation of the model. This is because:
Correlation is the statistical relationship between two or more variables. In a schedule risk analysis, correlation can be used to model the dependency between the durations of different activities.
For example, if two activities are positively correlated, it means that if one activity takes longer than expected, the other activity is also likely to take longer than expected. Conversely, if two activities are negatively correlated, it means that if one activity takes longer than expected, the other activity is likely to take shorter than expected.
A Monte Carlo schedule risk analysis is a simulation technique that uses random values for uncertain variables, such as activity durations, to generate possible outcomes for the project schedule. The simulation is repeated many times to produce a probability distribution of the project completion date and duration. The standard deviation is a measure of the variability or dispersion of the distribution. A higher standard deviation means that the distribution is more spread out and less predictable.
Adding correlation to the Monte Carlo schedule risk analysis model increases the standard deviation of the model because it introduces more variability and uncertainty to the simulation. Correlated activities can have a cumulative effect on the project schedule, either positively or negatively, depending on the direction and strength of the correlation. This can result in more extreme outcomes for the project completion date and duration, which increase the spread of the distribution and the standard deviation.
Reference: PMBOK Guide, 6th edition, Chapter 11: Project Risk Management1 Risk Management Professional (PMI-RMP) ® Exam Cert Guide2
During the weekly project meeting a risk manager identified new risks in the last sprint, which might impact the project cost by implementing mitigation plans. The sponsor and some project team members do not agree that those risks can impact the project cost.
What should the risk manager do to resolve the sponsor and project team members’ concerns about risk identification?
- A . Reinforce to the stakeholders that the risk identification was done properly during the last sprint.
- B . Highlight the importance of agreeing on the risk identification to avoid further delays.
- C . Conduct a separate meeting to show the risk identification analysis to the stakeholders.
- D . Ensure that the most knowledgeable members of the team validate risk identification processes.
There is confusion among risk action owners on a project about when and under which conditions they should initiate risk responses. Project team members often need to consult with the risk manager to get this conflict resolved.
What should the risk manager do to resolve this recurring situation?
- A . Review the stakeholders’ risk appetite.
- B . Revisit the risk thresholds and triggers.
- C . Update the risk response strategies.
- D . Provide coaching to the risk action owners.
A software development project team was preparing for a phased release when an unknown and unexpected risk occurred with potential for delaying one of the features for the planned release. The project team decided to go ahead with the release and address this missing feature at a later date. One of the end users learned about this and strongly opposed the planned release .
What should the risk manager have done to prevent this situation?
- A . Engaged the sponsor and informed them of the decision to remove the planned feature.
- B . Engaged the stakeholders more in risk management activities and decisions to get their buy-in and support.
- C . Performed proper risk identification at the project outset to ensure this risk was identified and mitigated.
- D . Created a schedule buffer in the plan to deal with unknown risks if and when they occurred.
A risk manager has identified multiple risks in an innovation project and needs to prioritize the use of resources to respond to the risks .
Which analysis will help the risk manager in this situation?
- A . Sensitivity analysis
- B . Qualitative analysis
- C . Statistical analysis
- D . Impact analysis
An organization with a portfolio of unique business functions kicks-off a performance improvement project across the entire organization. There are a large number of stakeholders the project team will need to consider during risk identification.
What three actions should the risk manager ensure the project team performs during risk identification? (Choose 3)
- A . Develop checklists based on historical information
- B . Conduct interviews, meetings, and focus groups
- C . Assign a different risk manager for each portfolio unit
- D . Employ brainstorming to generate spontaneous ideas
- E . Perform qualitative and quantitative risk analyses
During a meeting to develop the risk management plan, the risk manager recognizes that risks may be identified that could also impact other projects that the company is pursuing .
What should the risk manager do?
- A . Contact the risk managers of the other projects and inform them
- B . Include an escalation process in the risk management plan
- C . Take note of the extensive impact of these risks in the risk register
- D . Address the unique characteristics of these risks on a case-by-case basis
B
Explanation:
The risk manager should include an escalation process in the risk management plan to address risks that may impact other projects. This ensures that any identified risks that could affect multiple projects are communicated and managed appropriately across the organization.
The risk manager should include an escalation process in the risk management plan to deal with risks that may affect other projects or the organization as a whole. An escalation process is a set of procedures that defines how and when risks should be communicated to higher levels of authority or responsibility for decision making or resolution. The escalation process should specify the criteria, roles, responsibilities, and communication channels for escalating risks. The risk manager should follow the escalation process when identifying risks that may have extensive impacts beyond the scope of the project. The other options are not appropriate actions for the risk manager to take. Contacting the risk managers of the other projects and informing them is not sufficient, as it does not ensure that the risks are properly addressed or resolved. Taking note of the extensive impact of these risks in the risk register is not enough, as it does not involve the necessary stakeholders or decision makers. Addressing the unique characteristics of these risks on a case-by-case basis is not consistent, as it does not follow a standard process or protocol.
Reference: 2, 3, 4
5 1. A risk manager reviews a Monte Carlo schedule risk analysis model before sharing the results with the project manager. The risk manager notices that activity correlations were not included in the model.
What is an effect of adding the correlation to the model?
A project manager is developing the risk register and works with the team to analyze risks and determine their probability and impact. There is valuable historical data available that may be used to simulate the overall risk outcome.
Which type of analysis should the project manager use in this instance?
- A . Check list analysis
- B . Cause and effect
- C . Specialized meeting
- D . Quantitative analysis
D
Explanation:
In this instance, the project manager should use quantitative analysis to simulate the overall risk outcome. Quantitative analysis techniques, such as Monte Carlo simulation or decision tree analysis, can be used to model the combined effect of individual risks on project objectives. By leveraging historical data, the project manager can generate more accurate and reliable risk assessments, which can help inform risk response strategies and improve project decision-making.
Quantitative analysis is a type of risk analysis that numerically analyzes the effect of identified risks on overall project objectives 1. It involves using historical data and other information to estimate the probability and impact of risks, and then applying mathematical techniques such as simulation, sensitivity analysis, decision tree analysis, or expected monetary value analysis to quantify the overall risk exposure of the project 2. Quantitative analysis can provide more accurate and objective results than qualitative analysis, which relies on subjective judgments and ratings. Quantitative analysis can also help the project manager prioritize risks, determine the optimal risk response strategy, and allocate contingency reserves 3. Therefore, the correct answer is D.
Reference: 1: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) C Sixth Edition, page 4311 2: PMI Risk Management Professional (PMI-RMP) ® Examination Content Outline, page 102 3: Quantifying risk – Project Management Institute, page 11
3 1. A risk manager was recently hired to assist with a mid-sized infrastructure project. The risk manager becomes aware that they have an inexperienced project team.
What two items should the risk manager have their team review in order to prepare for an upcoming risk identification workshop? (Choose two.)