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PMI-RMP (PMI Risk Management Professional) Exam is an assessment designed and conducted by the Project Management Institute (PMI) for professionals who are interested in risk management. PMI-RMP exam aims to test the candidate's knowledge and expertise in identifying, assessing, and mitigating risks in project management. The PMI-RMP certification is recognized worldwide and is highly sought after by employers looking for skilled project managers who can handle and manage risks effectively.
Achieving the PMI-RMP Certification demonstrates a professional's commitment to the field of risk management and their ability to manage project risks effectively. It also provides a competitive edge in the job market and can lead to increased career opportunities and higher salaries.
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NEW QUESTION # 123
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?
Answer: C
Explanation:
Explanation
The risk owner should conduct an analysis to determine the root cause of the failed response. Understanding the root cause will help in developing appropriate measures to address the new unforeseen risk and improve the effectiveness of risk responses in the future.
NEW QUESTION # 124 
Very low = 1, Low = 2, Moderate = 3, High = 4, Very High = 5.
A project manager must complete a report for a stakeholder who is concerned about the possibility of a funding shortfall. What is the most effective way to explain the risk to this stakeholder?
Answer: B
NEW QUESTION # 125
Multiple new risks have come up on a project that were not included on the risk register. The project manager met with the team to explain that risk management is critical for the success of the project, and risk identification is key.
What should the project manager do next?
Answer: C
Explanation:
Explanation
The project manager should apply an iterative approach to risk identification, which involves continuous risk identification throughout the project lifecycle. This will help to identify and address new risks that may arise during the project.
NEW QUESTION # 126
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?
Answer: 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.
References: 1: A Guide to the Project Management Body of Knowledge (PMBOK Guide) - Sixth Edition, page 4311 2: PMI Risk Management Professional (PMI-RMP)Examination Content Outline, page 102 3:
Quantifying risk - Project Management Institute, page 11
NEW QUESTION # 127
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?
Answer: B
NEW QUESTION # 128
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