QUESTION 1
A risk manager has been assigned to a project in a company that is undergoing a significant cultural and organizational change. The risk manager will start planning risk management activities with stakeholders but is unsure with whom to engage. What should the risk manager do?

A. Agree with the project manager not to start risk activities.
B. Send a communication inviting volunteers to join risk activities.
C. Leverage the project manager’s project stakeholder analysis.
D. Assign a subset of stakeholders to work on the risk management process.

Correct Answer: C

QUESTION 2
During project execution, a project manager invites the stakeholders to a risk review meeting. During this meeting, a vendor highlights that the mitigation plan for a schedule risk has generated an additional risk. What should the risk manager do first?

A. Update the new risk in the risk register.
B. Plan responses for the new risk.
C. Add the new risk to the watch list.
D. Passively accept the new risk.

Correct Answer: A

QUESTION 3
While conducting project planning. a risk manager determines that several stakeholders have differing opinions on what might negatively impact the achievement of project objectives. In previous projects, these opinions have often influenced project resource allocations, resulting in project execution challenges. Which initial course of action should be taken to ensure there is a common understanding of the project’s risk landscape among all stakeholders?

A. Consult with an expert to identify risks that other organizations have faced on similar programs and provide a summary to all stakeholders.
B. Escalate the stakeholders’ differing opinions to the program sponsor and allow them to prioritize risks.
C. Conduct stakeholder interviews, add all identified risks to the risk register, and provide a copy to the a project team.
D. Gather data from organizational process assets (OPAs), and external sources to conduct a strengths, weaknesses, opportunities, and threats (SWOT) analysis.

Correct Answer: C

QUESTION 4
During a software project planning meeting. a project team stated they had discovered a new way of developing a feature. The team is not sure if this new development represents a threat or an opportunity for the project. Which tool should the risk manager use to better determine the category of this discovery?

A. Opportunity/risk analysis
B. Return on investment (ROI) value analysis
C. Risk appetite analysis
D. Strengths, weaknesses, opportunities, and threats (SWOT) analysis

Correct Answer: D

QUESTION 5
Many customers using the global positioning system (GPS) of several automobile companies are complaining about errors due to a recent update. This update included a major technological change to mitigate emerging risks with software deployment. Upon investigation, the risk manager realized that this issue was identified as a high-risk item during risk analysis, which required secondary risk identification that was never completed.
What was missed in the risk management process that led to this incident?

A. The risk management strategy quality assurance.
B. Project environmental factors.
C. The new technology’s impact on existing controls.
D. The identification of the business driver.

Correct Answer: C

QUESTION 6
A risk manager has recently been assigned to a project. Their first task was setting up a risk identification session with project team members and subject matter experts (SMEs). After much debate, over 100 risks were identified. What should the risk manager do next?

A. Perform a qualitative probability assessment to determine the likelihood of the risks occurring and then refine the list of risks.
B. Inform the project sponsor that the project might not be feasible given the significant number of risks involved.
C. Assign owners to each risk and request that risk responses be defined prior to the project start.
D. Review the list with the project manager and jointly define which risks should be excluded.

Correct Answer: A

QUESTION 7
A project team has Just initiated a large project to move an organization’s headquarters to another location. The risk manager has scheduled a risk identification session but notices that the project charter, work breakdown structure (WBS). and scope statement are not available. What should the risk manager consider?

A. The risk identification process can be carried out as long as the project statement is available.
B. The ideal solution is to find alternate documents that provide good visibility on the environment.
C. Risk evaluation will be challenging without these elements as a frame of reference.
D. Aligning with the project manager to hold an open brainstorm session with all stakeholders will suffice.

Correct Answer: B

QUESTION 8
A risk manager has been assigned to a long and complex project that is strategic to their organization. What should the risk manager do to have a proactive attitude toward risk management in this scenario?

A. Limit communications to small groups and only when key risk decisions have to be made.
B. Monitor variances and trends frequently throughout the project and take actions accordingly.
C. Escalate risk-related topics to the project manager and sponsor to ensure they are fully aware of potential impacts.
D. Take ownership of the risk management process and minimize any engagements with resistant stakeholders.

Correct Answer: B

QUESTION 9
The risk manager needs to achieve consensus during the risk planning phase of a construction project that is crucial to an organization’s growth. What should the risk manager do to begin the process of identifying risks?

A. Refer to the business case to satisfy stakeholder requirements.
B. Review the project charter to understand the risk management requirements.
C. Review the project documents to identify stakeholders.
D. Refer to the management plan to develop a risk management plan.

Correct Answer: B

QUESTION 10
A risk manager is preparing the risk strategy for a strategic project, which involves stakeholders in based in multiple ocations. What should the risk manager do at this stage?

A. Update the risk communications plan to include all stakeholders.
B. Update the risk register to include this stakeholder-related risk.
C. Refine the risk assumptions and criteria to be used.
D. Define the risk processes and tools to be adopted.

Correct Answer: A

QUESTION 11
A project is in the initiation phase. The project stakeholders are invited to a meeting to share their thoughts that may impact the project in a positive or negative way. What will be the main output of this meeting?

A. Evaluating the project’s probability of success
B. Performing a qualitative analysis
C. Identifying threats and opportunities
D. Evaluating the project’s impact

Correct Answer: C

QUESTION 12
A risk manager for a large project has completed documenting the risk management plan. The project is moving from planning to execution. Which three actions should the risk manager take to ensure the risk management plan remains effective during the project timeframe? (Choose 3)

A. Regularly check and report on the status of risks identified according to their prioritization.
B. Verify whether or not any identified risks might occur and implement the risk response plan.
C. Ensure management reserves are sufficient to cover the mitigation plans for all identified risks.
D. Monitor the status and oversee execution of the risk response plan for each identified risk.
E. Allocate and lock in project resources according to the initial risk prioritization for all identified risks.

Correct Answer: ABD

QUESTION 13
A risk manager is facilitating a risk identification workshop on a new product with technical experts. There is no consensus among the technical experts on most of the identified risks and their characteristics. The risk manager decides to resolve this difference using another technique. Which technique should the risk manager use in this situation?

A. Focus group
B. Brainstorming
C. Checklist analysis
D. Delphi method

Correct Answer: D

QUESTION 14
A team of experts IS working on a complex project. Which three tools could support the risk manager in discovering the overall project risk complexity? (Choose 3)

A. Ishikawa diagram
B. Risk register
C. Tree diagram
D. Strengths, weaknesses, opportunities, and threats (SWOT) analysis
E. Responsible, accountable, consulted. informed (RACI) chart

Correct Answer: ACD

QUESTION 15
A risk manager has recommended an increase of 7% to the risk threshold to avoid failure of a challenging new initiative. What should the risk manager do next?

A. Avoid making multiple changes to the organization’s risk threshold.
B. Avoid pursuing initiatives that exceed the established risk threshold limits.
C. Identify the key stakeholders resistant to change.
D. Reduce the initiative scope so the uncertainty fits the current risk appetite.

Correct Answer: C

QUESTION 16
The sponsor of a construction project is upset about the results of the risk management team. The sponsor believes the team did not properly identify the risks that could affect the project. The team did manage the risks: however, some of the risk response strategies created secondary risks. What should the risk management team have done to manage this situation?

A. Enhanced communication with the sponsor regarding secondary risk impact
B. Ensured the sponsor got more involved with the project risk planning
C. Ensured to include the stakeholders in the team discussions
D. Encouraged involvement of the project team during the review meetings

Correct Answer: A

QUESTION 17
When should the benefits of quantitative risk analysis be weighed against the effort required to ensure that the additional insights and value justify the extra effort?

A. During the Plan Risk Management process
B. After risks have been identified by stakeholders
C. Once the overall risk project has been estimated
D. Once all individual risks have been scored

Correct Answer: A

QUESTION 18
A risk manager had to mitigate delay risks in the delivery of a component in a manufacturing project by procuring from an alternate vendor with shorter lead times. This has led to another risk, because the project team may need additional training on how to install this specific component. What should the risk manager do?

A. Accept this risk and continue monitoring for additional impacts.
B. Review an alternate solution with subject matter experts (SMEs).
C. Align with procurement on how to penalize the vendor for the delay.
D. Define and monitor response measures for this secondary risk.

Correct Answer: D

QUESTION 19
When performing a risk analysis, a risk manager identifies not only negative risks but also positive risks, which might bring added value to the project. What should the risk manager do next?

A. Assign separate stakeholder groups for positive risks and negative risks
B. Analyze the risks and add them to the risk register to continue the process.
C. Prioritize opportunities as they are likely to bring benefits to the project.
D. Create a separate project to exclusively manage positive risks and threats.

Correct Answer: B

QUESTION 20
A project has suffered a big schedule delay and there are still some risks that are close to materializing. The project manager is concerned about communicating this risk level, because the stakeholders might suspend project funding and cancel the project. How should the risk manager manage the risk level?

A. Advise the sponsor to meet with the stakeholders to discuss the risk levels.
B. Collaborate with the project manager to communicate risk levels to stakeholders.
C. Communicate risk levels only to the supportive stakeholders.
D. Coach the project manager on communicating risk levels to stakeholders.

Correct Answer: B