PMI-RMP Exam Excellence: Study Guide & Practice Tests

​Introduction

IN TODAY’S FAST-PACED and complex project management landscape, earning the PMI Risk Management Professional (PMI-RMP)® certification is a crucial milestone for professionals seeking to showcase their expertise in identifying, analyzing, and managing project risks. PMI-RMP Exam Excellence: Study Guide & Practice Tests is meticulously crafted to streamline your exam preparation journey, providing a comprehensive, focused, and results-driven approach designed to help you pass the PMI-RMP® exam with confidence—on your first attempt.

This all-inclusive guide is tailored for both aspiring and seasoned project management professionals who are determined to validate their risk management expertise based on the latest PMI-RMP® exam syllabus. Featuring 250+ advanced practice questions, including two full-length practice exams (115 questions each) and 20 bonus questions, each accompanied by detailed answers and in-depth explanations that reflect the real exam pattern, this book offers everything you need for exam success.

​Key Features of This Guide:

✔Comprehensive Exam Coverage – Master all PMI-RMP® exam domains with in-depth explanations, expert insights, and practical examples aligned with the latest PMI-RMP® syllabus.

✔ Exam-Realistic Practice Questions – Sharpen your exam readiness with questions that accurately replicate the format, difficulty level, and style of the actual PMI-RMP® exam.

✔ Focused Learning Strategy – Accelerate your preparation with clear explanations of essential risk management concepts, practical guidance, and must-know topics.

✔ Scenario-Based Challenges – Enhance your skills in risk identification, assessment, and response planning through complex, real-world project scenarios.

✔ Proven Study Techniques – Maximize your exam performance with expert tips, proven time management strategies, and a structured 30-day study plan designed for exam success.

Whether you’re aiming for roles such as Risk Manager, Project Manager, Program Manager, or PMO Lead, this exam excellence guide provides you with the essential knowledge, practical skills, and confidence required to pass the PMI-RMP® exam and elevate your career in project risk management.

​CHAPTER 1

​TEST 1

​Question 1

Aproject manager has identified a risk event with a high impact and high probability. The risk event is that a critical supplier may go bankrupt, causing a delay in the project timeline. Which of the following risk response strategies is most appropriate for this risk event?

A) Acceptance: Accept the risk and do nothing.

B) Transference: Transfer the risk to the supplier by including a clause in the contract that requires them to provide a guarantee.

C) Mitigation: Develop a contingency plan to identify alternative suppliers and negotiate contracts with them.

D) Avoidance: Avoid the risk by not using the critical supplier.

​Answer: C) Mitigation

​Explanation

Mitigation is the most appropriate risk response strategy for this risk event because it reduces the impact or probability of the risk. In this case, developing a contingency plan to identify alternative suppliers and negotiate contracts with them reduces the impact of the risk event. Acceptance is not appropriate because the risk has a high impact and probability. Transference is not possible in this case because the supplier cannot guarantee that they will not go bankrupt. Avoidance is also not possible because the critical supplier is necessary for the project.

​Question 2

Aproject manager is conducting a risk assessment for a new project. The project involves the development of a new software application. The project manager has identified a risk event that the software application may not meet the customer's requirements. The project manager wants to quantify the risk using a probability-impact matrix. The project manager estimates that the probability of the risk event is 0.4 and the impact is $100,000. However, the project manager is not sure about the accuracy of the estimates. Which of the following techniques can the project manager use to address the uncertainty in the estimates?

A) Sensitivity analysis

B) Expected monetary value (EMV) analysis

C) Decision tree analysis

D) Monte Carlo simulation

​Answer: D) Monte Carlo simulation

​Explanation

Monte Carlo simulation is a technique that can be used to address the uncertainty in the estimates. It involves running multiple simulations using different input values to generate a distribution of possible outcomes. This can help the project manager to understand the range of possible outcomes and the uncertainty associated with the estimates. Sensitivity analysis is used to analyze how changes in input values affect the outcome. EMV analysis is used to calculate the expected value of a risk event. Decision tree analysis is used to evaluate different decision options.

​Question 3

Aproject manager is developing a risk management plan for a new project. The project involves the construction of a new office building. The project manager has identified several stakeholders who will be impacted by the project, including the building's future occupants, the construction team, and the local community. Which of the following is a key component of the risk management plan that the project manager should include to ensure that all stakeholders are informed and engaged throughout the risk management process?

A) Risk categorization

B) Risk communication plan

C) Risk prioritization

D) Risk monitoring and control

​Answer: B) Risk communication plan

​Explanation

Arisk communication plan is a key component of the risk management plan that outlines how risk-related information will be shared with stakeholders. This plan ensures that all stakeholders are informed and engaged throughout the risk management process. Risk categorization involves grouping risks into categories based on their characteristics. Risk prioritization involves ranking risks based on their level of importance. Risk monitoring and control involves tracking and controlling risks throughout the project.

​Question 4

Aproject manager is responsible for managing a project with a budget of $1 million and a timeline of 12 months. The project involves the development of a new software application. The project manager has identified several risks that could impact the project, including the risk of delays in the development process and the risk of cost overruns. The project manager wants to include a contingency plan in the risk management plan to address these risks. What is the primary purpose of a contingency plan in this scenario?

A) To reduce the probability of a risk event occurring

B) To reduce the impact of a risk event if it occurs

C) To allocate resources to address a risk event if it occurs

D) To identify and prioritize risks

​Answer: C) To allocate resources to address a risk event if it occurs

​Explanation

Acontingency plan is a plan that outlines the actions to be taken if a risk event occurs. The primary purpose of a contingency plan is to allocate resources to address a risk event if it occurs. This includes identifying the resources needed to respond to the risk event, such as personnel, equipment, and budget. Reducing the probability of a risk event occurring is the purpose of risk mitigation strategies. Reducing the impact of a risk event if it occurs is also the purpose of risk mitigation strategies. Identifying and prioritizing risks is the purpose of risk identification and risk prioritization.

​Question 5

Aproject manager is responsible for managing a project with multiple stakeholders and complex deliverables. The project manager has identified several risks and recorded them in the risk register. One of the risks is related to the availability of a critical resource. The risk is described as follows: The project's success is dependent on the availability of a specialized engineer. However, the engineer is currently allocated to another project and may not be available when needed. What should the project manager include in the risk register to ensure that the risk is properly documented and tracked?

A) Only the risk description and the potential impact

B) Only the risk description, the potential impact, and the proposed risk response

C) The risk description, the potential impact, the proposed risk response, and the risk owner

D) The risk description, the potential impact, the proposed risk response, the risk owner, and the risk status

​Answer: D) The risk description, the potential impact, the proposed risk response, the risk owner, and the risk status

​Explanation

Arisk register is a document that records and tracks risks throughout the project. To ensure that the risk is properly documented and tracked, the project manager should include the following information in the risk register: the risk description, the potential impact, the proposed risk response, the risk owner, and the risk status. This information provides a complete picture of the risk and enables the project manager to track and review the risk throughout the project.

​Question 6

Aproject manager is reviewing the risk register for a project that involves the development of a new product. The risk register includes a risk related to the potential failure of a critical component. The risk is categorized as high-risk and has a risk score of 0.8. The project manager wants to prioritize the risks in the risk register to focus on the most critical risks first. Which of the following methods can the project manager use to prioritize the risks?

A) Risk scoring and prioritization based on the risk score

B) Risk categorization and prioritization based on the risk category

C) Expected monetary value (EMV) analysis and prioritization based on the EMV

D) All of the above

​Answer: D) All of the above

​Explanation

Prioritizing risks is an essential step in the risk management process. The project manager can use various methods to prioritize risks, including risk scoring and prioritization based on the risk score, risk categorization and prioritization based on the risk category, and expected monetary value (EMV) analysis and prioritization based on the EMV. Risk scoring involves assigning a numerical score to each risk based on its probability and impact. Risk categorization involves grouping risks into categories based on their level of risk. EMV analysis involves calculating the expected value of each risk based on its probability and impact.

​Question 7

Aproject manager is using a risk matrix to evaluate and prioritize risks for a new project. The risk matrix has a 5x5 grid with the following axes: probability of occurrence (x-axis) and impact (y-axis). The project manager has identified a risk with a probability of occurrence of 0.6 and an impact of $200,000. Where would this risk be plotted on the risk matrix?

A) High-risk zone (red zone)

B) Medium-risk zone (yellow zone)

C) Low-risk zone (green zone)

D) Cannot be determined without more information

​Answer: B) Medium-risk zone (yellow zone)

​Explanation

Arisk matrix is a tool used to evaluate and prioritize risks based on their probability of occurrence and impact. The risk matrix is typically divided into three zones: high-risk (red), medium-risk (yellow), and low-risk (green). The risk described in the question has a probability of occurrence of 0.6 and an impact of $200,000. Based on this information, the risk would be plotted in the medium-risk zone (yellow zone) of the risk matrix.

​Question 8

Aproject manager is using a risk matrix to evaluate and prioritize risks for a new project. The risk matrix has a 5x5 grid with the following axes: probability of occurrence (x-axis) and impact (y-axis). The project manager has identified two risks with the following characteristics: Risk A has a probability of occurrence of 0.4 and an impact of $150,000, while Risk B has a probability of occurrence of 0.8 and an impact of $50,000. Which of the following statements is true about these two risks?

A) Risk A has a higher risk score than Risk B.

B) Risk B has a higher risk score than Risk A.

C) Both risks have the same risk score.

D) Cannot be determined without more information

​Answer: B) Risk B has a higher risk score than Risk A.

​Explanation

Arisk score is calculated by multiplying the probability of occurrence by the impact. Based on this calculation, Risk A has a risk score of 0.4 x $150,000 = $60,000, while Risk B has a risk score of 0.8 x $50,000 = $40,000. However, since the risk matrix is typically used to evaluate risks based on their probability of occurrence and impact, Risk B would be plotted in a higher-risk zone than Risk A due to its higher probability of occurrence. Therefore, the correct answer is that Risk B has a higher risk score than Risk A.

​Question 9

Aproject manager is using a probability-impact matrix to evaluate and prioritize risks for a new project. The matrix has the following categories: high probability (0.8-1.0), medium probability (0.4-0.7), and low probability (0.0-0.3) on the x-axis, and high impact ($100,000-$500,000), medium impact ($10,000-$99,999), and low impact ($0-$9,999) on the y-axis. The project manager has identified a risk with a probability of occurrence of 0.9 and an impact of $250,000. Which of the following is the correct classification of this risk on the probability-impact matrix?

A) High probability, high impact

B) Medium probability, high impact

C) High probability, medium impact

D) Low probability, high impact

​Answer: A) High probability, high impact

​Explanation

Aprobability-impact matrix is a tool used to evaluate and prioritize risks based on their probability of occurrence and impact. The matrix is divided into categories based on the probability and impact of the risk. In this case, the risk has a probability of occurrence of 0.9, which falls into the high probability category (0.8-1.0). The impact of the risk is $250,000, which falls into the high impact category ($100,000-$500,000). Therefore, the correct classification of this risk on the probability-impact matrix is high probability, high impact.

​Question 10

Aproject manager is using a probability-impact matrix to evaluate and prioritize risks for a new project. The matrix has the following categories: high probability (0.8-1.0), medium probability (0.4-0.7), and low probability (0.0-0.3) on the x-axis, and high impact ($100,000-$500,000), medium impact ($10,000-$99,999), and low impact ($0-$9,999) on the y-axis. The project manager has identified two risks with the following characteristics: Risk A has a probability of occurrence of 0.6 and an impact of $50,000, while Risk B has a probability of occurrence of 0.9 and an impact of $20,000. Which of the following statements is true about these two risks?

A) Risk A has a higher risk score than Risk B.

B) Risk B has a higher risk score than Risk A.

C) Both risks have the same risk score.

D) Cannot be determined without more information

​Answer: B) Risk B has a higher risk score than Risk A.

​Explanation

Arisk score is calculated by multiplying the probability of occurrence by the impact. Based on this calculation, Risk A has a risk score of 0.6 x $50,000 = $30,000, while Risk B has a risk score of 0.9 x $20,000 = $18,000. However, when plotting these risks on the probability-impact matrix, Risk B would be classified as high probability, low impact, while Risk A would be classified as medium probability, medium impact. Since Risk B has a higher probability of occurrence, it would be considered a higher risk than Risk A, even though its impact is lower.

​Question 11

Aproject manager is conducting a sensitivity analysis to evaluate the impact of changes in key variables on the project's overall risk exposure. The project involves the development of a new product, and the key variables being analyzed are the probability of market acceptance and the