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Question No : 1


The risk manager is facilitating risk planning activities with the team. The team is documenting all the check points along the way that might indicate delays on critical deliverables.
What is this an example of?

정답:
Explanation:
The team is documenting all the checkpoints along the way that might indicate delays on critical deliverables, which is an example of risk triggers. Risk triggers are events or conditions that indicate a risk may be about to occur or has already occurred, helping the project team to monitor and respond to risks effectively.
Risk triggers are indicators or warning signs that a risk event is about to occur or has occurred. They help to monitor the status of risks and initiate risk responses when needed. Documenting risk triggers is part of the Plan Risk Responses process, which aims to develop options and actions to enhance opportunities and reduce threats to project objectives.
Reference: The Standard for Risk Management in Portfolios, Programs, and Projects, page 78; PMBOK Guide, 6th edition, page 402.

Question No : 2


Some project risks are applicable for the project's lifecycle while others risks are only applicable to specific project activities. When should project risks be closed?

정답:
Explanation:
Project risks should be closed when the stakeholders agree a risk is no longer applicable. This ensures that risks are actively managed and only relevant risks are considered throughout the project lifecycle.
According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, project risks are uncertain events or conditions that may have a positive or negative effect on one or more project objectives1. Project risks can be closed when they are no longer applicable to the project or its activities. The process of closing project risks involves verifying that the risk responses have been completed, documenting the outcomes, and evaluating the effectiveness of the risk management process2. The decision to close a project risk should be made by the stakeholders who are responsible for or affected by the risk, as they are the ones who can determine whether the risk is still relevant or not. Therefore, the correct answer is B. When the stakeholders agree a risk is no longer applicable.
Reference: 1: PMI, A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Sixth
Edition, 2017, p. 397 2: PMI, Practice Standard for Project Risk Management, 2009, p. 111

Question No : 3


When conducting a risk identification exercise, what two actions should the risk manager take? (Choose two.)

정답:
Explanation:
According to the PMBOK Guide, one of the tools and techniques for the identify risks process is data gathering. Data gathering is the process of collecting information from various sources to identify potential risks that may affect the project objectives. Some of the data gathering techniques are brainstorming, interviews, checklists, assumption and constraint analysis, and document analysis1.
To conduct a risk identification exercise using data gathering techniques, the risk manager should take the following actions:
Arrange a team meeting, review the project’s scope, and discuss dependency mapping. This action can help the risk manager to facilitate a brainstorming session with the project team and other subject matter experts, where they can generate a list of potential risks based on the project scope and the dependencies among the project activities. Dependency mapping is a technique that helps to identify the relationships and interdependencies among the project components, such as tasks, resources, deliverables, and stakeholders2. By reviewing the project scope and discussing the dependency mapping, the risk manager can ensure that the risk identification exercise covers all the relevant aspects of the project and does not miss any important risk sources.
Ensure that all the relevant stakeholders participate. This action can help the risk manager to obtain different perspectives and insights from the stakeholders who have different roles, interests, and expectations in the project. Stakeholders are individuals or groups who can affect or be affected by the project outcomes. They may have valuable information, experience, or expertise that can help to identify potential risks that may not be obvious to the project team. By ensuring that all the relevant stakeholders participate in the risk identification exercise, the risk manager can increase the comprehensiveness and accuracy of the risk identification process and foster stakeholder engagement and buy-in1.
Reference: PMBOK Guide, 6th edition, pages 397-399, 414-4151; Mastering the PMI Risk Management Professional (PMI-RMP) Exam, page 70

Question No : 4


While planning for project execution phase stakeholders are making decisions on how to respond to known and new risks.
What artifact should the stakeholders prepare?

정답:
Explanation:
The stakeholders should prepare a risk-adjusted backlog when making decisions on how to respond to known and new risks. A risk-adjusted backlog helps prioritize work items based on their risk level and potential impact on the project.
A risk-adjusted backlog is an artifact that reflects the prioritization of the product backlog items based on their risk exposure. It is used to plan for the execution phase of an agile project, where the stakeholders can decide how to respond to known and new risks by selecting the most valuable and least risky items to deliver. A risk-adjusted backlog can help the stakeholders to optimize the value delivery and reduce the uncertainty of the project outcomes.
Reference: PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 113; PMI, Agile Practice Guide, 2017, p. 54.

Question No : 5


The project team has correctly identified, assessed, and planned responses for a project's risks. The risk manager is required to prepare a quarterly report on the performance of managing the risks.
What are two options the risk manager should consult for the analysis? (Choose two.)

정답:
Explanation:
The risk manager should consult the risks that have materialized and the overall risk profile to analyze the performance of managing the risks, as well as the risks due to the number of claims submitted to the client. These options provide insights into how well risks are being managed and the potential impact on the project.
The risk manager should consult the risks that have materialized and the overall risk profile, as these are indicators of how well the risk management process is working and how the project is affected by the risks. The risk manager should also consult the risks due to the number of claims submitted to the client, as these are potential sources of conflict, litigation, and reputation damage that may impact the project objectives and stakeholder satisfaction.
Reference: The Standard for Risk Management in Portfolios, Programs, and Projects, page 83; PMBOK Guide, 6th edition, page 414.

Question No : 6


A project has a significant impact on an organization. Multiple stakeholders expressed concerns regarding the overall project risk during construction of the risk management plan, and they agreed that the risk appetite is low.
What should the project risk manager monitor closely?

정답:
Explanation:
The project risk manager should monitor risk thresholds closely, as they represent the organization's risk appetite. In a project with a low risk appetite, it is essential to ensure that risks are managed within the defined thresholds to address stakeholders' concerns and maintain their confidence in the project's success.
According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, risk thresholds are the measure of acceptable variation around an objective that reflects the risk appetite of the organization1. Risk appetite is the degree of uncertainty an entity is willing to take on in anticipation of a reward2. In this case, the project has a significant impact on the organization and the stakeholders have a low risk appetite, meaning they are not willing to accept much deviation from the project objectives. Therefore, the project risk manager should monitor the risk thresholds closely to ensure that the project risks do not exceed the acceptable level of variation and impact the project performance negatively. By monitoring the risk thresholds, the project risk manager can also identify when risk responses are needed and evaluate their effectiveness.
Reference:
1: PMI, Practice Standard for Project Risk Management, 2009, p. 20
2: PMI, A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Sixth Edition, 2017, p. 720

Question No : 7


An organization with a large computer network identified a potential cyber security threat. Although certain measures were implemented to avoid the risk, the cyber security threat occurs. The measures were partially successful and a new unforeseen risk emerges.
What should the risk owner do?

정답:
Explanation:
According to the PMBOK Guide, one of the tools and techniques for the implement risk responses process is root cause analysis. Root cause analysis is a technique that focuses on identifying the fundamental reason for the occurrence of a problem or a risk. By conducting a root cause analysis, the risk owner can determine why the implemented measures were only partially successful and what caused the new unforeseen risk to emerge. This can help the risk owner to identify and implement more effective risk responses, as well as to update the risk register and the risk report with the new information1.
Reference: PMBOK Guide, 6th edition, pages 452-453, 474-4751; PMI-RMP Exam Content Outline, 2015, page 8.

Question No : 8


The risk manager of a major project needs to ensure the organizational process assets (OPAsj are updated as a result of risk management activities.
How will the risk manager accomplish this?

정답:
Explanation:
The risk manager can ensure the organizational process assets (OPAs) are updated as a result of risk management activities by arranging periodic risk management process audits. These audits help evaluate the effectiveness of risk management processes and identify areas of improvement, leading to updates in the OPAs.
According to the PMBOK Guide, one of the tools and techniques for the monitor risks process is audits. Audits are examinations of the risk management processes to ensure that they are aligned with the project objectives and are following the organizational policies and procedures. Audits can also identify any gaps, inconsistencies, or areas of improvement in the risk management activities.
By conducting periodic audits, the risk manager can ensure that the organizational process assets are updated and reflect the current state of the project risk management. Some of the organizational process assets that can be updated as a result of audits are risk management templates, risk categories, risk databases, and lessons learned1.
Reference: PMBOK Guide, 6th edition, pages 456-457, 481-4821; PMI-RMP Exam Content Outline, 2015, page 9

Question No : 9


The project’s customer has stated the project must be completed by a date indicated as the P90 date established on the Monte Carlo analysis.
What should the project manager do to ensure the P90 date is met?

정답:
Explanation:
The project manager should mitigate risks identified on the sensitivity analysis to ensure the P90 date is met. Sensitivity analysis helps identify the most critical risks that have the potential to impact the project's completion date. By mitigating these risks, the project manager can increase the likelihood of meeting the P90 date.
According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, the P90 date is the date that has a 90% probability of being met or exceeded by the project completion1. The Monte Carlo analysis is a simulation technique that generates possible outcomes of the project schedule based on the probability distributions of the activity durations2. The sensitivity analysis is a technique that determines how different sources of uncertainty affect the project objectives, such as the completion date3. Therefore, the project manager should mitigate the risks identified on the sensitivity analysis, as they are the most likely to affect the P90 date. By reducing the uncertainty and variability of the project schedule, the project manager can increase the confidence level of meeting the P90 date.
Reference: 1: PMI, Practice Standard for Project Risk Management, 2009, p. 91 2: PMI, A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Sixth Edition, 2017, p. 215 3: PMI, A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Sixth Edition, 2017, p. 403

Question No : 10


The project risk manager on a large firm fixed priced (FFP) contract has an up-to-date risk register with accurate and detailed information.
What should the project risk manager do next?

정답:
Explanation:
The project risk manager should generate reports to assess and communicate the project risk level to stakeholders. This helps in making informed decisions and taking appropriate actions to manage risks effectively.
The project risk manager should quantify the risk exposure that exceeds project contingency, as this will help to determine the amount of management reserve needed to cover the potential cost overruns or schedule delays. The project risk manager should also communicate this information to the project manager and other relevant stakeholders, and update the risk management plan accordingly.
Reference: The Standard for Risk Management in Portfolios, Programs, and Projects, page 80; PMBOK Guide, 6th edition, page 407.

Question No : 11


A project manager was informed that the testing of the latest component in the project's software update release was not successful. As a result, 1he delivery timelines for the software release wifi be delayed. The project manager did not previously capture this as a risk to the project.
What should the project manager do next to avoid similar risks?

정답:
Explanation:
The project manager should reassess risks by conducting a new assumptions and constraints analysis. This will help identify any previously overlooked risks and ensure that the risk register is comprehensive and up-to-date.

Question No : 12


A risk manager manages risks in a construction project. A stakeholder mentions that if there is less than a 50% chance of rain, construction should continue. Another stakeholder says that if there is less than a 60% chance of rain, construction should continue.
What should the risk manager do next to find out the correct limit?

정답:
Explanation:
The risk manager should review the agreed-upon risk tolerance to determine the correct limit for continuing construction based on the chance of rain. Risk tolerance is the level of risk an organization is willing to accept and should be established during the risk management planning process.
Risk tolerance is the degree of uncertainty that a stakeholder is willing to accept in respect to a negative outcome on a project objective. Risk tolerance can be expressed as a percentage, a range, a value, or a qualitative statement. Risk tolerance should be agreed upon by the project team and the stakeholders at the beginning of the project, and documented in the risk management plan. The risk manager should review the agreed-upon risk tolerance to find out the correct limit for the rain probability that would affect the construction activity. This would help to resolve the conflicting opinions of the stakeholders and ensure that the risk management decisions are aligned with the project objectives and expectations. Reviewing the agreed-upon risk tolerance is the best option among the choices given, as it is the most relevant and reliable source of information for the risk manager. Performing a sensitivity analysis, finding out the stakeholders’ risk appetite, or using industry standard risk thresholds are not as effective or appropriate ways of finding out the correct limit, as they do not reflect the specific agreement and context of the project.
Reference: PMI-RMP® Certification Handbook1, page 9; PMBOK® Guide, pages 414-415.

Question No : 13


Business rhythm can fluctuate greatly between different industries and vary between companies within the same industry.
What should be used 10 determine how often a project's risk register should be updated or reviewed in a given year when the project is in an industry with a very high business rhythm?

정답:
Explanation:
The risk management plan provides guidance on how often the risk register should be updated or reviewed. It takes into account the specific industry, project, and organizational context, including the business rhythm.

Question No : 14


The project manager leading a company's digital signature initiative for engineering drawings has identified threats and opportunities using a strengths, weaknesses, opportunities, and threats (SWOT) analysis.
What are two potential threats or opportunities under the SWOT analysis? (Choose two.)

정답:
Explanation:
SWOT analysis identifies strengths, weaknesses, opportunities, and threats. In this case, B and C are potential threats or opportunities. B is a threat as engineers' reservations may hinder the initiative, and C is an opportunity as growing competition may drive the company to improve its digital signature capabilities.
A SWOT analysis is a technique used to identify the strengths, weaknesses, opportunities, and threats of a project, organization, or option. It helps to evaluate the internal and external factors that can affect the project’s success or failure. In this question, the project manager has used a SWOT analysis to identify the threats and opportunities for the digital signature initiative. A threat is an external factor that can negatively impact the project’s objectives, while an opportunity is an external factor that can positively impact the project’s objectives.
Therefore, two potential threats or opportunities under the SWOT analysis are:
B. The organization’s professional engineers having reservations about possible information tampering. This is a threat because it can reduce the acceptance and adoption of the digital signature initiative by the key stakeholders, who are the professional engineers. They may have concerns about the security, reliability, and validity of the digital signatures, and may prefer to use the traditional wet signatures. This can affect the project’s scope, quality, and stakeholder satisfaction.
C. A growing number of competitors with digital signatures. This is an opportunity because it can create a competitive advantage for the organization, as it can offer faster, cheaper, and more efficient services to its clients. The digital signature initiative can also help the organization to comply with the industry standards and regulations, and to enhance its reputation and brand image. This can affect the project’s schedule, cost, and profitability.
The other options are not threats or opportunities under the SWOT analysis, because they are either internal factors or not relevant to the project’s objectives. They are:
A. The management team agreeing to include more resource for the digital signature initiative. This is a strength, not a threat or an opportunity, because it is an internal factor that can help the project to achieve its objectives. It can provide more support, expertise, and funding for the project, and improve the project’s performance and quality.
D. An elimination of manual steps associated with recording wet signatures. This is a benefit, not a
threat or an opportunity, because it is an outcome or result of the project, not a factor that can affect the project. It can improve the efficiency, accuracy, and convenience of the project’s deliverables, and reduce the errors, delays, and costs associated with the wet signatures.
E. The growing adoption of mobile communications in the industry. This is a trend, not a threat or an opportunity, because it is a general change or development in the industry, not a specific factor that can affect the project. It can influence the demand, expectations, and preferences of the project’s customers and stakeholders, but it does not directly impact the project’s objectives.
Reference: PMI, 2017. A Guide to the Project Management Body of Knowledge (PMBOK® Guide) CSixth Edition. Newtown Square, PA: Project Management Institute, Inc., pp. 375-3761 PMI, 2019. Practice Standard for Project Risk Management. Newtown Square, PA: Project Management Institute, Inc., p. 182

Question No : 15


The project risk manager for an environmental preservation project has started the process of monitoring and controlling risks, The project manager has asked the project team to document the results of this process.
How should this documentation be utilized in the future?

정답:
Explanation:
Documenting the results of the risk monitoring and controlling process is important for creating lessons learned. This helps future projects by providing a reference for risk management practices and experiences.
The documentation of the results of monitoring and controlling risks is a valuable source of information for lessons learned. Lessons learned are the documented information that reflects both the positive and negative experiences of a project. They represent the organization’s commitment to project management excellence and the project manager’s opportunity to learn from the actual experiences of others. By documenting the results of monitoring and controlling risks, the project team can capture the effectiveness of the risk responses, the changes in the risk exposure, the root causes of the risks, the best practices and the lessons learned for future projects. This documentation can help to improve the risk management process, enhance the project performance, and increase the organizational knowledge base.
Reference: PMI Risk Management Professional (PMI-RMP)
Examination Content Outline and Specifications1, page 10; A Guide to the Project Management Body of Knowledge (PMBOK® Guide) C Sixth Edition, page 406; Lessons learned - PMI.

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