Risk Management Professional(PMI-RMP)® Preparation

PMI’s Risk Management Professional (PMI-RMP)® credential is a solution to project management’s increasing growth, complexity and diversity. Globally recognized and demanded, the PMI-RMP® fills the need for a specialist role in project risk management.

It recognizes your unique expertise and competency in assessing and identifying project risks, mitigating threats and capitalizing on opportunities, while still possessing a core knowledge and practical application in all areas of project management.

Who should apply?

The risk management specialist role on project teams is becoming more important to an organization’s success. Be an asset to your organization. Hone your basic project management skills and showcase your specialized expertise in minimizing risk to employers with the PMI-RMP credential.

PMI-RMP Eligibility Overview

To apply for the PMI-RMP, you need to have either:

  • A secondary degree (high school diploma, associate’s degree, or the global equivalent), with at least 4,500 hours of project risk management experience and 40 hours of project risk management education.OR
  • A four-year degree (bachelor’s degree or the global equivalent), with at least 3,000 hours of project risk management experience and 30 hours of project risk management education.

This is an overview of the requirements. For complete details regarding the PMI-RMP eligibility requirements, please view the PMI-RMP Handbook for further details.

Source: www.pmi.org

Workshop Description

This workshop prepares participants for the Project Management Institute’s (PMI®) Risk Management Professional (PMI-RMP®) exam with the understanding of project risk management according to the Project Management Body of Knowledge (PMBOK®) Guide, Fifth Edition.

Aligned with the PMI Risk Management Professional (PMI-RMP®) certification, this course provides the skills to identify and measure risks in project development and implementation. You learn to quantify risks and create risk response strategies to deliver projects that meet stakeholder expectations.

Workshop Objectives

Upon completion of this workshop, participants will be able to:

  • Describe and understand all Risk Management defined processes, as outlined in the PMI® PMBOK® Guide Fifth Edition
  • Gain the necessary information to prepare for the PMI® Project Risk Management Professional (PMI RMP) Certification Exam
  • Use internationally recognized best practices for managing project and operations risks.
  • Apply risk management techniques to determine the impact on project cost and schedule
  • Avoid common risk management pitfalls, which causes project delays and cost overrun
  • Have a practical set of self-study techniques and a list of reference material
  • Use common risk management terminology
  • Be more focused and proactive about preventing problems, rather than just dealing with them as they occur

Workshop Duration

5 Days / 30 Contact Hours / 30 PDUs

 Workshop Outlines

Overview of the (PMI RMP)®Exam

  • Requirements
  • Knowledge Areas

Risk Management Overview

  • Definition of risks
  • Risk Breakdown structure (RBS)
  • Risk Categories

What You Need Before You Can Do Risk Management

  • What do you need before you can effectively start risk management?
  • How does risk management fit into the project management process and operations?
  • What risk management is and why can it make or break your career
  • Project risks and operation risks?
  • Negative risks and positive risks (Opportunities)

The Risk Management Processes

  • Plan Risk Management
  • Identify Risks
  • Perform Qualitative Risk Analysis
  • Perform Quantitative Risk Analysis
  • Plan Risk Responses
  • Monitor and Control Risks

Plan Risk Management Process

  • Creating a Risk Management Plan (RMP)
  • Analyzing contents of a model RMP
  • Applying a standard template to create your RMP

The Identify Risks Process

  • Identifying project risk
  • Common sources of project risk
  • Creating Ishikawa diagrams to analyze cause and effect relationship
  • Checklists
  • Developing a Risk Register
  • Analyzing contents of a model Risk Register
  • Applying a proven template to create your Risk Register
  • Documenting risks for future assessments

The Perform Qualitative Risk Analysis Process

  • Analyzing risks through qualitative measures
  • Performing probability and impact analyses of identified
  • Applying the probability and impact matrix
  • Advanced applications of qualitative analysis
  • Prioritizing analysis results
  • Ranking project risks

The Perform Quantitative Risk Analysis Process

  • Quantifying effects of risk events on the project
  • Determining probability of achieving cost and time objectives
  • Calculating contingency reserves
  • Identifying trends in quantitative analysis
  • Ranking risks by actuarial cost
  • Tools for analysis
  • Expected Monetary Value (EMW)
  • Three-point estimates
  • Probability distributions
  • Delphi Technique
  • Simulation

The Plan Risk Responses Process

  • Implementing risk response strategies
  • Threats: Accept, Avoid, Transfer and Mitigate
  • Opportunities: Accept, Exploit, Share, and Enhance
  • Quantifying residual risks and secondary responses
  • Creating contingency plans
  • Determining the worst case scenario
  • Recalculating confidence levels
  • Finalizing risk budget

The Monitor And Control Risks Process

  • Identifying emerging project risks
  • Matching identified project risk with controls including Risk Audit,
  • Variance Reports, Reserve Analysis
  • Anticipating risk events through risk triggers
  • Measuring risk using earned value analysis (EVA)
  • Ensuring effective change control
  • Developing a reliable change request process

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