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PMI Risk Management Professional

Total Questions: 273

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PMI PMI-RMP Exam Overview :

Exam Name PMI Risk Management Professional
Exam Code PMI-RMP
Actual Exam Duration 150 minutes
Expected no. of Questions in Actual Exam 170
Official Information http://www.pmi.org/certification/risk-management-professional-rmp/pmi-rmp-exam-prep.aspx
See Expected Questions PMI PMI-RMP Expected Questions in Actual Exam
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PMI PMI-RMP Exam Topics :

Section Weight Objectives
Domain I Risk Strategy and Planning 22% Task 1 Perform a preliminary document analysis
    • Gather and review documents
        o 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
        o Analyze environment for risk culture maturity
    • Evaluate the project management information system process and data
    • Conduct a stakeholder analysis
    • Analyze constraints to risk management
        o 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
        o 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
        o Agreed-upon assessment approach, Historical information, Definitions of probability and impact, Risk categories, Pre-established 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
    • Analyze a project's general risks
    • Perform a forecast and trend analysis on new and historical information
    • Perform sensitivity analysis
        o Monte Carlo, decision trees, critical path, expected monetary value,    etc.
    • Perform risk weighting and calculate risk priority

Task 3 Identify threats and opportunities
    • Assess project risk complexity
        o SWOT analysis, Ishikawa, Tree Diagram
    • Perform an impact analysis on project objectives
        o project scopes, schedule cost, and resources, quality, and stakeholders
    • Assess project compliance objectives against organizational strategicobjectives
        o 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
        o 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
        o cost/schedule/environment etc., effect of the action on the probability or the risk impact
    • Illustrate and communicate effectiveness of the risk response strategies
        o 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
        o 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
        o 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

Updates in the PMI-RMP Exam Topics:

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