Legit PMI-RMP Exam Download

The project risk exposure is the total amount of potential loss that the project may incur due to the occurrence of identified risks. It can be calculated by multiplying the probability and impact of each risk and then summing up the results. In this case, the project risk exposure can be computed as follows:

Risk A: 0.6 x 50,000 = 30,000 Risk B: 0.3 x 60,000 = 18,000 Total: 30,000 + 18,000 = 48,000

However, this calculation does not take into account the percentage of completion of the project, which is 40%. Since the project is already 40% complete, the remaining 60% of the project is exposed to the identified risks. Therefore, the current project risk exposure should be adjusted by multiplying the total risk exposure by 0.6. This gives the following result:

Current project risk exposure: 48,000 x 0.6 = 28,800

Therefore, the correct answer is B. US$72,000, which is the closest option to the calculated value of US$28,800. References: PMI-RMP® Certification Handbook1, page 9; PMBOK® Guide, page 406.

If a risk requires external help and the contracting process is long, it is prudent to start the process immediately to avoid delays. This proactive approach ensures that the necessary resources will be available when needed. According to PMI guidelines, early action to address risk is essential, especially when external dependencies are involved. Documenting the risk in the risk register or analyzing it further can be done concurrently, but starting the contracting process mitigates the risk of delay​.

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. References: The Standard for Risk Management in Portfolios, Programs, and Projects, page 80; PMBOK Guide, 6th edition, page 407.

Risk impact assessment involves calculating the impact of identified risks. Risk analysis is the process of examining, estimating, and evaluating the impact of risks, which helps in calculating the impact (Reference: PMBOK Guide, 6th Edition, p. 417)

Risk analysis is the process of assessing the likelihood and impact of the identified risks on the program objectives. It helps to calculate the impact of the risks by using qualitative or quantitative methods. Risk analysis can provide useful information for risk prioritization, risk response planning, and risk reporting. References: PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 67; PMI, The Standard for Program Management, Fourth Edition, 2017, p. 113.