Free RMP Exam Questions That Helps Candidates Pass

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 simul-ation 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.

When a new risk manager is assigned to an ongoing project, their first step should be to review the existing risk management plan to understand the current policies, practices, and strategies in place.

 The new risk manager should first review the policies and practices that are outlined in the risk management plan, as this is the document that describes how risk management will be performed on the project. The risk management plan defines the roles and responsibilities, risk categories, risk appetite and thresholds, risk identification and analysis methods, risk response strategies, risk monitoring and reporting mechanisms, and risk governance structure for the project. The new risk manager should familiarize themselves with the risk management plan to understand the project environment and the expectations and requirements for risk management. The other options are not the first actions that the new risk manager should take. Reviewing potential next steps with the project team is a good practice, but it should be done after reviewing the risk management plan to ensure alignment and consistency. Reviewing the scope of work to determine the prescribed project methodology is not directly related to risk management, and it may not provide sufficient information about the project environment and the risk management approach. Reviewing the contract and determining the resources and project funding is part of the project initiation process, and it may not reflect the current status and issues of the project. References: 2, 3, 4

In this scenario, the program manager is using the "Exploit" risk response strategy, which is aimed at ensuring that an opportunity is realized. By transferring all resources to the project and arranging for overtime pay, the program manager is taking proactive steps to ensure the project is completed early, thereby securing the large bonus. According to PMI, the "Exploit" strategy is used when the objective is to ensure that the opportunity is realized, typically involving actions that maximize the chances of achieving the desired outcome​.

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 simul-ation, 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 risks1. 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. References: 1: PMI Risk Management Professional (PMI-RMP)® Examination Content Outline, page 92: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition, pages 431-432.

The Delphi technique is a structured communication process designed to build consensus among a group of experts and stakeholders when opinions differ and a quantitative assessment is needed. It uses rounds of anonymous input and feedback, allowing experts to refine their views based on others' anonymous contributions. This approach is especially useful when stakeholders are in disagreement and objective quantification of risk is required.

PMBOK® Guide Extract:

“The Delphi technique is a way to reach a consensus of experts. Project risk experts participate in this technique anonymously. A facilitator uses a questionnaire to solicit ideas about the important project risks. The responses are summarized and recirculated to the experts for further comment. Consensus may be reached in a few rounds of this process. The Delphi technique helps reduce bias in the data and keeps any one person from having undue influence on the outcome.”

— PMBOK® Guide, 6th Edition, Section 11.2.2.4

ISO 31000 Reference:

“Facilitated workshops and expert elicitation techniques, such as the Delphi method, can help achieve an objective and consensus-based understanding of complex risks.”

— ISO 31000:2018, Section 6.4.2

In this scenario, since the stakeholders are in disagreement and the project involves complex, location-specific disaster recovery requirements, the Delphi technique (Option D) is the officially recommended approach to achieving consensus and quantifying risk.