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Exam Overview
Exam Code PRMP
Exam Name Project Risk Management Professional
Vendor AACE International
Total Questions 68
Last Updated 26-Oct, 2026
Free PRMP Questions Get Premium Access
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Free PRMP Practice Questions

Explore 5 free practice questions for the AACE International PRMP exam and review the answers and explanations to support your preparation.

  1. Question 1

    Single answer

    A project manager wants to rank risks quickly using probability and impact before selecting risks for detailed quantitative analysis. Which process should be performed?


    • Option A:
      Contract closeout
      Correct
    • Option B:
      Monte Carlo simulation only
      Correct
    • Option C:
      Qualitative risk analysis 
      Correct
    • Option D:
      Final account reconciliation
      Correct
    Show Answer & Explanation Hide Answer & Explanation

    Correct Answer: C

    Explanation

    Qualitative risk analysis prioritizes risks using probability, impact, urgency, and other ranking factors. It is
    normally performed before quantitative analysis because it helps determine which risks deserve more
    detailed modeling. The result may include risk rankings, risk owners, and risks requiring immediate
    response planning.

  2. Question 2

    Single answer

    A project has an Earned Value of $360,000 and an Actual Cost of $450,000. What is the Cost
    Performance Index?

    • Option A:
      0.80 
      Correct
    • Option B:
      1.25 
      Correct
    • Option C:
      0.20 
      Correct
    • Option D:
      1.80
      Correct
    Show Answer & Explanation Hide Answer & Explanation

    Correct Answer: A

    Explanation

    Cost Performance Index is calculated as CPI = EV ÷ AC. Here, CPI = $360,000 ÷ $450,000 = 0.80. A CPI below 1.0 means the project is over budget because the value earned is less than the cost spent. CPI is commonly used to identify cost performance risk.

  3. Question 3

    Single answer

    A project team performs risk reassessment during execution. What is the main purpose?

    • Option A:
      To eliminate the need for project controls 
      Correct
    • Option B:
      To close all risks automatically
      Correct
    • Option C:
      To replace the approved baseline every week
      Correct
    • Option D:
      To identify new risks and update existing risk information
      Correct
    Show Answer & Explanation Hide Answer & Explanation

    Correct Answer: D

    Explanation

    Risk reassessment reviews existing risks, identifies new risks, updates probability and impact, checks response effectiveness, and closes risks that are no longer relevant. Risk management is continuous because project conditions change over time. Regular reassessment improves project control and decision making.

  4. Question 4

    Single answer

    A risk analyst estimates a cost item as optimistic $80,000, most likely $100,000, and pessimistic $150,000. Using triangular distribution, what is the expected value? 

    • Option A:
      $100,000
      Correct
    • Option B:
      $110,000
      Correct
    • Option C:
      $150,000
      Correct
    • Option D:
      $330,000
      Correct
    Show Answer & Explanation Hide Answer & Explanation

    Correct Answer: B

    Explanation

    For a triangular distribution, expected value is calculated as (Optimistic + Most Likely + Pessimistic) ÷ 3. Here, ($80,000 + $100,000 + $150,000) ÷ 3 = $330,000 ÷ 3 = $110,000. This method gives equal consideration to all three estimates.

  5. Question 5

    Single answer

    A project has a most likely activity duration of 20 days, optimistic duration of 14 days, and pessimistic duration of 32 days. What is the PERT expected duration? 

    • Option A:
      20 days
      Correct
    • Option B:
      22 days
      Correct
    • Option C:
      21 days
      Correct
    • Option D:
      24 days 
      Correct
    Show Answer & Explanation Hide Answer & Explanation

    Correct Answer: C

    Explanation

    PERT expected duration = (O + 4M + P) ÷ 6. Here, (14 + 4×20 + 32) ÷ 6 = (14 + 80 + 32) ÷ 6 = 126 ÷ 6 = 21 days. PERT is useful when duration uncertainty exists and three-point estimates are available.