PMI Risk Management Professional (PMI-RMP)®
The PMI Risk Management Professional (PMI-RMP)® credential has helped the best of the organizations to update their insights of Risk Management and fulfil their goals by 2.5 times their original target and save up to 13% of the capital. PMI Risk Management Professional (PMI-RMP) accentuates candidates’ ability to identify and evaluate project risks, mitigate threats, and capitalize on endeavours and projects. Also, this credential formalizes your expertise on the subject and enhances your learning. The PMI Risk Management Professional (PMI-RMP) Salary is higher as compared to uncertified professionals as this certification enhances your earning potential.
Target Audience
The PMI Risk Management Professional (PMI-RMP) Certification exam is formulated for candidates with advanced knowledge and experience in Risk Management and also Project Managers majoring in their mastery in Project Risk Management.
Recommended Knowledge and Prerequisites
- Candidates must have a Secondary degree; for eg. a high school diploma, an associate’s degree, or the global equivalent with 36 months of Project Risk Management experience within the last 5years and 40 hours of Project Risk Management education.
OR
- Candidates are expected to have four years of bachelor’s degree or any other globally recognized/ equivalent degree with 24 months of Project Risk Management experience within the last 5 years and 30 hours of Project Risk Management education.
Exam Details
Passing the Risk Management Professional (PMI-RMP) certification exam the first time is really difficult. But once you are thoruough with the exam format, you’ll be able to prepare well for the exam. Lets start with the exam details now:
| Exam Name PMI Risk Management Professional | Exam Code PMI-RMP® |
| Exam Duration 3.5 Hours | Exam Format Multiple Choice and Multi-Response Questions |
| Exam Type Professional | Number of Questions 170 Questions (Out of which 20 questions are unscored Pre-Test questions) |
| Exam Eligibility 1 year | Exam Fee $USD 520, For Non-member: USD 670 |
| Exam Language English | Test Computer Based Testing (CBT) |
Check out the PMI-RMP® Interview Questions to prepare for your interview.
PMI Risk Management Professional (PMI-RMP)® FAQ
For More Details See – PMI Risk Management Professional (PMI-RMP)® FAQ
Course Outline
The Project Management Institute – Risk Management Professional (PMI-RMP) exam covers the below-mentioned domains.
Domain I Risk Strategy and Planning – 22%
Task 1 Perform a preliminary document analysis
- Gather and review documents
- Give examples of preliminary documents to review prior to risk identification includes industry benchmarks (if available), previous lessons learned, historical data, and the sources of the above information.
- Determine and assign who is responsible for the preliminary document analysis (e.g., project manager, risk manager, financial controller)
- Establish documents relevant to the risk process
Task 2 Assess project environment for threats and opportunities
- Determine which OPA / EEF / project methodology is needed (e.g., agile, waterfall, hybrid, etc.)
- Analyze the different environmental factors to be considered in the planning phase (e.g., PESTLE, SWOT analysis)
- Determine the organizational and cultural risk appetite
- Analyze environment for risk culture maturity
- Evaluate the project management information system process and data
- Conduct a stakeholder analysis
- Analyze constraints to risk management
- Government, market laws/rules, organizational, environmental, and technical risks
- Focus stakeholders on creating a culture of risk awareness
- Determine business driver of project, including key assumptions, benefits, and materialization of project.
Task 3 Confirm risk thresholds based on risk appetites
- Align project risk thresholds to organizational risk appetite
- Calculate the risk the organization can absorb (e.g., financial, scope, environmental, technical, legal, schedule, quality, contract, etc.)
- Discuss risk thresholds
- Lead conflict resolutions between stakeholders in agreeing on risk appetite
Task 4 Establish risk management strategy
- Establish risk processes and tools
- Provide risk management templates/forms
- Determine risk metrics
- Identify risk categories
- Coach/mentor team on risk management best practices (servant leadership)
- Lead stakeholders to adopt the risk strategy
Task 5 Document the risk management plan
- Define organizational risk roles and responsibilities
- Align roles and responsibilities with a project RAM (e.g., RACI) chart
- Prepare a list of the key artifacts/resources that will be used to compile a risk management plan
- Outline the list of key risk management activities (e.g., who, what, when, where, how)
- Explain how the Risk Breakdown Structure (RBS) can be used to support the risk management plan
- Define a risk communication plan
- Define risk prioritization criteria
- Define stakeholder empowerment and education strategy
Task 6 Plan and lead risk management activities with stakeholders
- Collaborate with the team that would conduct the risk planning on the project
- Leverage stakeholder analysis done by the project manager
- Manage stakeholder risk appetite and attitudes
- Engage stakeholders in the risk prioritization process
- Set appropriate expectations with stakeholders on the rules of engagement
- Tailor risk communication for stakeholders
- Lead stakeholder empowerment for risk strategies in the risk management plan
- Train, coach, and educate stakeholders in risk principles and processes in order to create shared understanding of principles and processes, and foster engagement in risk management
Domain II Risk Identification – 23%
Task 1 Conduct risk identification exercises
- Conduct meetings, interviews, focus groups, and other SME support activities
- Perform detailed analyses of risk identification exercise results
- Analyze documents, audio transcripts, telemetry data, etc. and understand business context of information
- Indicate risks as threats or opportunities
Task 2 Examine assumption and constraint analyses
- Leverage the results of the assumption and constraint analysis
- Categorize assumptions and constraints
- Assess the risk associated with each assumption and/or constraint
- Recognize the relationship between assumptions and/or constraints, and project objectives (e.g., predict the cascade effect of project stakeholder holiday schedules on project timelines)
- Encourage stakeholders to challenge assumptions and constraints
Task 3 Document risk triggers and thresholds based on context/environment
- Assess, confirm, and document risk compliance thresholds, and categories against updated risk data
- Assess and document risk triggers, causes and timing
- Assess and document risk consequences and/or impact
- Empower stakeholders to challenge existing thresholds
Task 4 Develop risk register
- Analyze the validity of identified risks and triggers
- Examine the risk attributes like probability, impact, urgency
- Establish risk origin and ownership e.g., internal/external
- Classify risks as threats or opportunities
Domain III Risk Analysis – 23%
Task 1 Perform qualitative analysis
- Perform a nominal classification or risks in the RBS using classifications from the risk management plan (e.g., environment, organizational, project management, technical, etc.)
- Estimate the impact of risk on project schedule, budget, resources, and scope
- Prioritize the risk based on impact, and urgency
- Apply the risk matrices
- Agreed-upon assessment approach, Historical information, Definitions of probability and impact, Risk categories, Preestablished criteria
- Perform an ordinal classification
- Coach stakeholders on risk categorization strategies
Task 2 Perform quantitative analysis
- Analyze risk data and process performance information against established metrics
- Analyze a project’s general risks
- Perform a forecast and trend analysis on new and historical information
- Perform sensitivity analysis
- Monte Carlo, decision trees, critical path, expected monetary value,
etc.
- Monte Carlo, decision trees, critical path, expected monetary value,
- Perform risk weighting and calculate risk priority
Task 3 Identify threats and opportunities
- Assess project risk complexity
- SWOT analysis, Ishikawa, Tree Diagram
- Perform an impact analysis on project objectives
- project scopes, schedule cost, and resources, quality, and stakeholders
- Assess project compliance objectives against organizational strategic objectives
- procedures, project plans, corporate, and project governance, regulatory governance
- Empower stakeholders to independently identify threats and opportunities
Domain IV Risk Response – 13%
Task 1 Plan risk response
- Determine appropriate risk response strategy
- avoid, accept, mitigate, enhance, contingency planning etc.
- Decide the risk response actions (time bound) based on the risk response strategies and identify action owners
- Assess the effectiveness of the risk response actions against the identified strategy and the project objectives impact
- cost/schedule/environment etc., effect of the action on the probability or the risk impact
- Illustrate and communicate effectiveness of the risk response strategies
- risk burndown chart, dot plots
- Determine the work around
- Allocate responsibilities
- Outline an appropriate responsibility matrix for a metricized project environment
- Re-evaluate organizational risks
Task 2 Implement risk response
- Execute the risk response plan(s)
- Execute the contingency plan(s)
- Encourage stakeholders to provide feedback on the risk response
- Evaluate and react to secondary and residual risks from the response implementation
- Improvise as needed
Domain V Monitor and Close Risks – 19%
Task 1 Gather and analyze performance data
- Reconcile performance data & reports from risk relevant work packages
- Analyze data to determine the completion status against the baseline
- Perform a variance analysis
- Monitor impact against overall project risk exposure to enterprise
Task 2 Monitor residual & secondary risks
- Monitor risk response and document residual risk
- Monitor risk response for secondary risks
- Assess impact of residual and secondary risks on project objectives
- Update and communicate impact of residual and secondary risks
Task 3 Provide information required to update relevant project documents
- Aggregate and summarize risk data, and update project documents
- risk register, lessons learned, project management plan, change logs etc.
- Monitor and close out expired risks
Task 4 Monitor project risk levels
- Assess project risk level
- Prepare reports for different stakeholders
- Communicate risk levels to key stakeholders
Preparation Guide for the PMI Risk Management Professional (PMI-RMP)® Exam
Organizing is a skill and composing well for a harmonious and lively journey is a mastery. We often make silly mistakes and neglect steps while preparing for an exam. This could be because of a lot of reasons, uncountable actually! It could be hormonal, emotional, mental, or anything else. These are just the headlines and there are many more sub-branches under them. No matter what kind of and how many reasons candidates have to not keep it steady, composed, and organized, there is always a choice of being on a much more productive and beneficial track of study.
So if you are wondering on how to prepare for PMI RMP exam the we have the perfect solution – Our Ultimate Preparatory Guide.
Learning Resource 1 – Exam Content Outline
It is extremely important to go through the course outline thoroughly to help you prepare better for the exam. It is quintessential to make your strategy and learning curve based on the course outline and areas which needs more attention. Moreover, the PMI Risk Management Professional PMI-RMP Exam Preparation becomes easy when you familiarise with the exam course:
- Risk Strategy And Planning
- Stakeholder Engagement
- Risk Process Facilitation
- Risk Monitoring And Reporting
- Perform Specialized Risk Analysis
Learning Resource 2 – PMI-RMP Handbook
The official website gives a handbook to aspirants that introduce and give a lot of information about the exam, the procedures, and the process. This handbook is the first thing to download and to be read. As it contains important things, there’s no reason why an examinee mustn’t. Unless candidates have computerized storage in their minds for this purpose.
Learning Resource 3 – Practice Standard for Project Risk Management
This practice guide involves planning risk management which includes identifying and prioritizing risks before it sabotages other elements and also conducting a quantitative risk investigation; evaluating the project risk, etc. This resource is recognized as the benchmark for this particular exam and for professionals engaged with it. It is reckoned to be one of the best practices.
Project Risk Management Practice Standard
Learning Resource 4 – PMI Chapters
Joining this community and tapping into the entry of the inner circle of the PMI, candidates can unleash and reveal themselves the resources that are equivalent to a library. Candidates can also make friends and meet competitors. They can attend Exclusive events and seminars as well.
PMI Chapters | Project Management Institute
Learning Resource 5 – Registered Education Providers (R.E.P.s)
PMI R.E.P.s are organizations that have been authorized to enlist and endorse training in project management and issue professional development units (PDUs) for examinees, learners, and aspirants. To achieve the R.E.P. designation, every provider must commemorate or surpass the rigorous standards of qualitative and efficacious content for education. These PMI Risk Management Professional (PMI-RMP) Training course provide you with hands on experience for the exam.
Registered Education Providers (R.E.P.s)
Learning Resource 6 – PMBOK Guide
The PMBOK (Project Management Body of Knowledge Guide) is formulated for aspirants to create engaging and in-depth content. It is designed by active practitioners and subject matter experts and scrutinized and criticized by the project management community. This Project Risk Management Professional (PMI-RMP) Exam Prep Guide (6th Edition) is available in English, Arabic, Chinese [simplified], Korean, Hindi, and other 6 languages as well.
Learning Resource 6 – Online Community
A good way to gain knowledge and know where you stand in any competition is to join online forums and study groups. Here, you will be able to make equations with other competitors and keep yourself motivated. Not only, will this be beneficial in the PfMP exam prep, because of the exposure it provides, but you will also be able to get all your questions and doubts cleared here.
Evaluate with Practice Tests
Last but not the least, Practice makes a man perfect. The more you practice, the more you will excel. Several PMI-RMP practice tests and online test available for free, on the internet. Solving them will not only make you familiar with the exam environment, and increase your confidence, but will also help you identify the areas where you lack in and need to pay special attention to. But what’s important here is that you go for an authentic and updated practice test. So start with your quest for success Here
