PMI-RMP® Interview Questions
Preparing for the test interview is just as crucial as studying for the exam since it is the final stage in accomplishing your goals. Talking about the PMI Risk Management Professional (PMI-RMP)® interview, you must know that you require technical expertise in the field and the confidence and ability to portray the answers well. Hence, we have brought you the most frequent PMI-RMP® Interview Questions and answers that will help you understand the way of answering the questions and prepare well for the interview. Before that, let’s look into the domains of the exam.
- Risk Strategy and Planning
- Stakeholder Engagement
- Risk Process Facilitation
- Risk Monitoring and Reporting
- Perform Specialized Risk Analyses
Let’s move towards the PMI-RMP® Interview Questions now.
Q1. What do you understand by the term project?
A project has a predetermined start and finish date, as well as a defined scope and resources. Furthermore, it is not merely a normal action, but a specific series of procedures framed to achieve a certain purpose.
Q2. How is a project different from a portfolio?
A project basically has a predefined beginning and ending time along with defined scope and resources. Furthermore, a project is a collection of projects, sub-portfolios, programs, and operations managed as a group to accomplish strategic objectives, whereas a portfolio is a collection of projects, sub-portfolios, programs, and operations managed as a group to achieve strategic objectives. A portfolio, thus, is made up of both projects and programs, and it is overseen by a portfolio manager.
Q3. What does risk management refer to?
In project management, risk management is the process of identifying, evaluating, and preventing risks to a project that have the power to alter the desired outcomes. Moreover, project managers are typically responsible for overseeing the risk management process during the duration of a given project.
Q4. Define a project process flow.
In project management, a flow chart is a visual aid to understand the methodology you’re using to manage the project. Throughout the project’s life cycle, the figure depicts the interconnected and parallel operations.
Q5. What are the types of risks?
The types of project risks are:
- Performance risk
- Scope risk
- Quality risk
- Technological risk
Q6. Describe the planning phase of project management.
Well, during the planning phase of the project management life cycle, one breaks down the bigger project into smaller tasks, builds their team, and prepares a schedule for the completion of assignments.
Q7. What does PMO stand for?
PMO stands for a Project Management Office. This is a corporation organisation or department that establishes and maintains project management standards. In addition, the Project Management Office provides direction and standards for project implementation.
Q8. What are the functions of PMO?
Well, a project management office performs the following functions:
- Strategic planning and governance
- Resource Management
- Common language, culture, and mindset
- Creating and maintaining project artifacts, archives, and toolsets
Q9. What are the dimensions of project risk management?
- Risk avoidance.
- Sharing risk.
- Risk reduction.
- Transfer of risk.
Q10. Name the principles of Project Stakeholder Management.
The principles of Project Stakeholder Management are as follows:
- acknowledgment
- monitoring
- listening
- communicating
- adoption
- recognizing
- working
- avoiding
Q11. What are the kinds of stakeholders?
Stakeholders are inclusive of Customers, Investors, Employees, Suppliers and Vendors, Communities ,and Governments.
Q12. Name the quality tools of project management?
There are around seven fundamental quality instruments that may be used in both the quality management plan and the quality control activities. Histograms, cause-and-effect diagrams, flowcharts, Pareto diagrams, check sheets, control charts, and scatter diagrams are some of the tools available.
Q13. What is the role of a stakeholder?
Stakeholders have the authority to make legal decisions as well as manage project scheduling and budgeting. Furthermore, the majority of project stakeholders are in charge of running companies such as teaching developers, establishing scheduling restrictions, funding projects, and establishing milestone dates.
Q14. What do you mean by risk audit?
Risk audit is basically the examination of the effectiveness of risk responses while dealing with the identified risk and their root causes along with the effectiveness of the risk management process. Hence, conducting a risk audit is a significant component of developing an event management plan.
Q15. Define risk report.
A risk report is the summary of project risks as well as opportunities, the recent status of treatment actions, and an indication of the ongoing trends in the incidence of risks. The risk register and the supporting risk treatment action plan are the basis for generating project risk status reports.
Q16. Mention the different types of audits.
The three types of audits are as follows:
- external audits
- internal audits
- Internal Revenue Service (IRS) audits
Q17. What is the purpose of risk management plan?
Well, the risk management plan shows how are you going to handle the risk in a project. Moreover, it documents how you’ll assess risk, who is responsible for getting that done, and how frequently will you do the risk planning.
Q18. What is the purpose of organizational structure?
A project operates with the people, process, and technology of an organization. Projects have an impact on the culture, policies, procedures, and other aspects of an organization. The organizational structure has a major impact on the execution of the project. Moreover, it decides the resources, communication methods, and other important aspects of project management.
Q19. Mention the types of organizational structures.
Organizational structure is of the following types:
- Functional
- Matrix
- Projectized
- Smart StudyOrganic
- Multi-divisional
- Virtual
Q20. What are the components of PMI triangle?
The three main components for every project are:
- time
- cost
- scope.
Q21. Explain project communication management.
Project communication management is a set of phases or processes that help in ensuring that the right messages are sent, received, and understood by the right people.
Q22. What are the processes of project communication management?
The three processes of project communications management are planning communication management, managing communications, and controlling communications.
Q23. Explain change management?
Well, change management is a challenge requiring patience, persistence along with proper motivation and transparency. The goal is not to only implement a new product or cultural change, but even to implement a better way of thinking where everyone understands the purpose and supports the new system.
Q24. What are the levels of risk tolerance?
The three basic levels of risk tolerance are:
- aggressive
- moderate
- conservative
Q25. How do we determine a risk profile?
We can determine our risk profile by-
- Understanding the risk profiles of asset classes.
- Matching investments to our investment horizon.
- Spreading risk.
Q26. What does regular risk monitoring do?
Well, regular risk monitoring helps provide the management and the board with assurance that established controls are functioning well. The comprehensive MIS reports are essential tools for justifying that the IT operations are performing within the parameters that are established.
Q27. Define risk mitigation.
Risk mitigation enables the generation of a sound control environment that decreases the internal and external threats to the tolerance level of institutions and builds a structured environment for IT operations.
Q28. What is SWOT analysis?
SWOT stands for strengths-weakness-opportunities-threats analysis. This is a strategic planning technique that can be used by project managers to help analyze the strengths and weaknesses of projects, as well as any opportunities and threats they might face.
Q29. What do you mean by risk analysis?
Risk analysis is the examination of how project outcomes and objectives may change because of the impact of a risk event. Once these risks are found, they are analyzed to identify the qualitative and quantitative consequences of the risk on the project so that relevant steps can be followed to mitigate them.
Q30. Explain risk planning.
Risk planning is generally the process of identifying, prioritizing, and then managing risk. Every project has certain objectives that it seeks to accomplish. Hence, risk planning includes identifying the significant risk events in advance, prioritizing them, and further developing related risk response plans.
Q31. What do you understand by the term risk threshold?
The risk threshold is basically a project management tool that finds its use to measure the level of uncertainty and the degree of impact which a stakeholder or a company may have an interest. In other words, it is the amount of risk that organizations and stakeholders are willing to accept.
Q32. Define risk appetite.
Risk appetite is the amount and type of risk that an organization is willing to accept in pursuit of the objectives of business.
Q33. Who is a risk owner?
A risk owner is usually a project team member, who is responsible for managing, monitoring, and controlling an identified risk, along with the implementation of the selected responses.
Q34. What are the basic control mechanisms?
The three basic types of control mechanisms are-
- cybernetic
- post-performance
- go/no-go
Q35. What are the components of PMI triangle?
The three main components for every project are:
- time
- cost
- scope.
Q36. What are organization policies?
Organization policies and guidelines document procedures for how projects are planned, executed, and delivered based on proven project management methods, to make sure that projects are completed on time and on budget.
Q37. What does Policy Project mean?
The Policy Project deals with building a high performing policy system that both supports and allows good government decision-making.
Q38. What are risk management standards?
Risk Management Standards are responsible to set out a set of strategic phases that begin with the holistic aspirations and objectives of a company and tend to help in identifying risks and promoting mitigation of risks through best practices.
Q39. What is Project quality management?
Project quality management is the process of managing quality and maintaining it throughout a project. This responsibility makes sure that the quality expectations are met. Thus, it might be possible and reasonable to have a quality, low-grade product, but it is just not acceptable to have a low-quality product.
Q40. What does risk tolerance mean?
Risk tolerance tells that how sensitive the company or the project stakeholders are to risks as well as their willingness to either accept or avoid risk. Moreover, if not fluid, risk tolerance is variable from person to person.
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