41 Free PMP Practice Test for PMP Risk Management

As you know already, PMP stands for professional management project, which is designed for anyone who want to obtain a PMP certification to open further opportunities in their career and become a managerial projector. To take a Pmp exam that you must meet the eligibility from the PMI’s requirement, so it is better if you become PMI member. At this site, we introduce the system of free online PMP practice exam about all topics and domain included in your real test to help you improve your knowledge and prepare well all background for your examination. For sure that you have kept a lot of Pmp information, but you want more information that you can follow the link here to open your knowledge. In this article, there are 41 free Pmp practice test for your prepare, these quiz multiple choice questions below focus on Pmp risk management. Moreover, you can take immediately to discover the concepts included in your real test and check your knowledge to know what your weakness is to improve effectively. Especially, we provide 100% free questions that you just need to practice without paying any fee for this activity. Do you want to pass your test to obtain the Pmp certification? Of course, yes, so let’s enjoy us to prepare yourself for passing your examination. There is an English idiom that I though you know : ” practice makes perfect”, you will success if you try your best, I guess. Start right now! Have a good time!

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41 Free PMP Practice Test for PMP Risk Management

Risk Tolerance is the degree to which organizations and stakeholders accept risks. It is balanced with rewards gained.

RM Risk Tolerance
RM Risk Categorization
RM Identify Risks
RM Influence

RM What Are Project Objectives impacted by Risk?

RM Identify Risks Diagraming Tool
Project objectives impacted by Risk are: Timing, Scheduling, Scope and Quality,
RM Risks are always in the FUTURE.
Timing: Defines frequency of the Risk Management process (Evaluation)

ROLES/RESPONSIBILITIES: Define Lead, Support and risk management team

RM Risk Management Planning - Outputs - Budgeting
RM Risk Management Planning - Outputs - Roles/Responsibilities
RM Risk Management Planning - Outputs - Risk Categories
RM Risk Management Planning - Outputs - Methodology

RM Plan Risk Response

Develop options and actions to create opportunities to reduce threat.
A way to obtain a comprehensive list of project risks
Numerically analyzing the effect of the risks on the project.
RM Risks are always in the FUTURE.

RM An example of a risk is/are... work permit delay, limited design resources

RM An example of a risk is/are...
RM Identify Risks
RM Unknown Risks
RM Quantitative Risk Analysis

1. Relative Ranking2. Risks grouped by Categories3. Causes of Risks to be watched 4. List of Near-Term risks5. List of risks requiring more analysis6. List of low-priority risks7. Risk Trends

RM Qualitative Risk Analysis
RM Qualitative Risk Analysis Tools
RM Qualitative Risk Analysis Outputs
RM Quantitative Risk Analysis

RM Qualitative Risk Analysis Tools

Prioritize by assessing probability. IMPORTANT: Define Levels of Probability and impact, it can reduce the influence of bias. Iterative throughout the project life cycle.
1. Risk Probability and Impact Assessment2. Probability and Impact Matrix3. Risk Data Quality Assessment4. Risk Categorization5. Risk Urgency Assessment6. Expert Judgment
Probability and Impact Matrix: Is a Look-Up Table. The combinations rate risk as High, Moderate or Low
Risk Probability and Impact: The Qualitative Risk Analysis defines different levels of risk probability and impact.

Timing: Defines frequency of the Risk Management process (Evaluation)

RM Risk Management Planning - Outputs - Timing
RM Risk Management Planning - Outputs - Budgeting
RM Risk Management Planning - Outputs - Methodology
RM Risk Management Planning - Outputs

Identify Risks is the process of determining which risks may affect the project and document their characteristics. It is an iterative process throught the project life cycle. A consistent Risk Statement format ensures the ability to compare the relative effect of one risk event against others.

RM Unknown Risks
RM Influence
RM Known Risks
RM Identify Risks

RM Risk Management Planning - Outputs - Risk Categories

Risks requiring near-term responses may be considered more urgent.
ROLES/RESPONSIBILITIES: Define Lead, Support and risk management team
Risk Categories: Provides structure for consistent level of detail, e.g. Risk Breakdown Structure. RBS: Defines known risks by category and subcategory.
Risk Rating Look Up Table (Qualitative Risk Analysis Tools)

RM Risk Management Planning - Outputs - Budgeting

Develop options and actions to create opportunities to reduce threat.
Numerically analyzing the effect of the risks on the project.
Unknown Risks cannot be managed proactively. A contingency plan must be created.
BUDGETING: Assigns resources, estimates funds needed for inclusion in the COST PERFORMANCE BASELINE, establish protocols for application of contingency reserve

RM System or Process Flow Charts

RM Identify Risks Diagraming Tool that shows various elements of a system interrelate, and the mechanism of causation.
Prioritizing risks for further analysis or action. Assess probability of occurrence and impact.
RM Identify Risks Diagraming Tool - Influence Diagrams are graphical representation of situations showing causal influences, time ordering off events and other relationships among variables and outcomes.
RM Identify Risks Diagraming Tool

RM Risk Management Planning - Outputs

Develop options and actions to create opportunities to reduce threat.
METHODOLOGY: approach tools
METHODOLOGY: approach toolsROLES/RESPONSIBILITIES: Define Lead, Support and risk management team.BUDGETING: Assigns resources, estimates funds needed for inclusion in the COST PERFORMANCE BASELINE, establish protocols for application of contingency reserve
ROLES/RESPONSIBILITIES: Define Lead, Support and risk management team

A way to obtain a comprehensive list of project risks

RM Identify Risks Tools and Techniques - Checklist Analysis
RM Identify Risks Tools and Techniques - Brainstorming
RM Identify Risks Tools and Techniques - Delphi Techniques
RM Identify Risks Tools and Techniques

Risk Probability and Impact: The Qualitative Risk Analysis defines different levels of risk probability and impact.

RM Risk Management Planning - Outputs - Definition of Risk Probabiity and impact
RM Risk Management Planning - Outputs - Probability and Impact Matrix
RM Risk Management Planning - Outputs - Risk Categories
RM Risk Management Planning - Outputs - Roles/Responsibilities

RM Ishikawa or Fishbone is also called...

Cause and Effect Diagram can help identify causes of risks.
Cause and Effect Diagram
Stakeholder tolerance may be revised.
A way to obtain a comprehensive list of project risks

RM Identify Risks Diagraming Tool

RM Cause And Effect
RM Known Risks
RM Risk Tolerance
RM SWOT

Risks requiring near-term responses may be considered more urgent.

RM Risk Tolerance
RM Risk Urgency Assessment
RM Risks are always in the
RM Risk Data Quality Assessment

Numerically analyzing the effect of the risks on the project.

RM Quantitative Risk Analysis
RM Qualitative Risk Analysis Outputs
RM Qualitative Risk Analysis Tools
RM Qualitative Risk Analysis

RM Risks are always in the FUTURE.

RM Risk Urgency Assessment
RM Risk Tolerance
RM Risks are always in the
RM Risk Categorization

RM Monitor and Control Risk

Known risks have been identified and analyzed. Responses can be planned for known risks.
RM An example of a risk is/are... work permit delay, limited design resources
Implement response plans, track identified risks, monitor residual effect, identify new risks and evaluate risk process effectiveness throughout project.
ROLES/RESPONSIBILITIES: Define Lead, Support and risk management team

METHODOLOGY: approach tools

RM Risk Management Planning - Outputs - Timing
RM Risk Management Planning - Outputs - Methodology
RM Risk Management Planning - Outputs - Budgeting
RM Risk Management Planning - Outputs - Risk Categories

RM Influence

Risk Rating Look Up Table (Qualitative Risk Analysis Tools)
RM Identify Risks Diagraming Tool that shows various elements of a system interrelate, and the mechanism of causation.
RM Identify Risks Diagraming Tool
RM Identify Risks Diagraming Tool - Influence Diagrams are graphical representation of situations showing causal influences, time ordering off events and other relationships among variables and outcomes.

RM Risk impacts at least 1 project objective which include... scope, schedule, cost and quality.

RM Ishikawa or Fishbone is also called...
RM What Are Project Objectives impacted by Risk?
RM Risk Management Planning - Outputs - Timing
RM Risk impacts at least 1 project objective which include...

RM Identify Risks Tools and Techniques - Root Cause Analysis

Cause and Effect Diagram can help identify causes of risks.
ROLES/RESPONSIBILITIES: Define Lead, Support and risk management team
Categorize Risk using RBS, identify area of project using WBS. Group by common Root Cause to develop effective risk responses. (Qualitative Risk Analysis Tools)
It is a specific technique used to identify risk/problem, discover the underlying causes that lead to it and develop preventive action.

RM Qualitative Risk Analysis

Unknown Risks cannot be managed proactively. A contingency plan must be created.
Prioritizing risks for further analysis or action. Assess probability of occurrence and impact.
RM Risks are always in the FUTURE.
Timing: Defines frequency of the Risk Management process (Evaluation)

RM Identify Risks Tools and Techniques - Assumptions Analysis

In relation to Risk Management this technique is used to _____ risk by exploring the validity of assumptions as they apply to the project, noting inaccuracy, instability, inconsistency or incompleteness of assumptions.
Risk Rating Look Up Table (Qualitative Risk Analysis Tools)
Numerically analyzing the effect of the risks on the project.
ROLES/RESPONSIBILITIES: Define Lead, Support and risk management team

RM Unknown Risks

Known risks have been identified and analyzed. Responses can be planned for known risks.
RM Risks are always in the FUTURE.
Develop options and actions to create opportunities to reduce threat.
Unknown Risks cannot be managed proactively. A contingency plan must be created.

RM Risk Categorization

It is a specific technique used to identify risk/problem, discover the underlying causes that lead to it and develop preventive action.
Unknown Risks cannot be managed proactively. A contingency plan must be created.
Numerically analyzing the effect of the risks on the project.
Categorize Risk using RBS, identify area of project using WBS. Group by common Root Cause to develop effective risk responses. (Qualitative Risk Analysis Tools)

RM This diagram can help identify causes of risks.

METHODOLOGY: approach tools
Cause and Effect Diagram
RM Risks are always in the FUTURE.
RM Identify Risks Diagraming Tool

1. Document Review2. Info Gathering (Brainstorm, Delphi, Interview and Root Cause3. Checklist4. Assumptions5. Diagramming Techniques6. SWOT7. Expert Judgement

RM Identify Risks
RM Identify Risks Tools and Techniques
RM Identify Risks Tools and Techniques - Brainstorming
RM Identify Risks Tools and Techniques - Delphi Techniques

Assess likelihood that a specific risk will occur and potential effect on project objective. (Qualitative Risk Analysis Tools)

RM Risk Urgency Assessment
RM Risk Data Quality Assessment
RM Probability and Impact Matrix
RM Risk Probability and Impact Asssessment

Prioritize by assessing probability. IMPORTANT: Define Levels of Probability and impact, it can reduce the influence of bias. Iterative throughout the project life cycle.

RM Qualitative Risk Analysis Tools
RM Quantitative Risk Analysis
RM Qualitative Risk Analysis Outputs
RM Qualitative Risk Analysis

RM Risk Management Planning - Outputs - Revised /stakeholder tolerance

Cause and Effect Diagram
RM Risks are always in the FUTURE.
Stakeholder tolerance may be revised.
METHODOLOGY: approach tools

RM Known Risks

Risks requiring near-term responses may be considered more urgent.
Known risks have been identified and analyzed. Responses can be planned for known risks.
Cause and Effect Diagram can help identify causes of risks.
Unknown Risks cannot be managed proactively. A contingency plan must be created.

Risk experts participate in an anonymous questionaire. Responses are summarized and reviewed several times around. The goal is to reach a consensus. It is thought to help reduce bias.

RM Identify Risks Tools and Techniques - Root Cause Analysis
RM Identify Risks Tools and Techniques - Brainstorming
RM Identify Risks Tools and Techniques - Delphi Techniques
RM Identify Risks Tools and Techniques - Checklist Analysis

Risk Rating Look Up Table (Qualitative Risk Analysis Tools)

RM Cause And Effect
RM Monitor and Control Risk
RM Risk Probability and Impact Asssessment
RM Probability and Impact Matrix

RM Risk Management Planning - Outputs - Probability and Impact Matrix

Probability and Impact Matrix: Is a Look-Up Table. The combinations rate risk as High, Moderate or Low
Risk Rating Look Up Table (Qualitative Risk Analysis Tools)
1. Risk Probability and Impact Assessment2. Probability and Impact Matrix3. Risk Data Quality Assessment4. Risk Categorization5. Risk Urgency Assessment6. Expert Judgment
Risk Probability and Impact: The Qualitative Risk Analysis defines different levels of risk probability and impact.

Evaluate degree to which data about risks are useful for risk management: understood, accuracy, quality, reliability andd integrity (Qualitative Risk Analysis Tools)

RM Risk Data Quality Assessment
RM Risk Categorization
RM Risks are always in the
RM Risk Urgency Assessment

Strength, weakness, opportunities and threats of the project are looked at to increase the breadth of identified risks by including interrnally generated risks.

RM SWOT
RM Influence
RM Risk Tolerance
RM Known Risks

Checklists can be developed using historical information and knowledge from similar projects to identify risk.

RM Identify Risks Tools and Techniques - Checklist Analysis
RM Identify Risks Tools and Techniques - Assumptions Analysis
RM Identify Risks Tools and Techniques - Delphi Techniques
RM Identify Risks Tools and Techniques - Root Cause Analysis

41 Free PMP Practice Test for PMP Risk Management