All about PMI-RMP (Risk Management Professional) Exam

(References: PMI and Rita’s RMP Book)                          Graphical-Tour

(Risk Management Graphical Tour is available)

Assessing risk at the project, portfolio, and business levels helps you understand risk, make better decisions, negotiate fair contracts, create risk mitigation scenarios, and improve teamwork. Risk assessments lead to more accurate plans that are less likely to lead to budget overruns or delays. Risk Management is one of the top notch certifications in the field of risk.

RMP Brochure

RMP Brochure

PMI-RMP: Course Objectives

  • Aligned with PMI-RMP, 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.
  • A certified risk management professional adds specialized and certified expertise to the team in the area of risk management.

 

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

  • Describe and understand all Risk Management defined processes, as outlined in the PMI PMBOK and PMI Risk Standard
  • Gain the necessary information to prepare for PMI-RMP Certification Exam
  • Use internationally-recognized best practices for managing project and operations risks
  • Apply risk management techniques to determine the true cost and schedule for projects and operations
  • Demonstrate the impact of successful Risk Management to the organization
  • Avoid common risk management pitfalls
  • Describe Risk Management principles and techniques and how they apply to the day-to-day management of projects and operations
  • Use common risk management terminology
  • Be more focused and proactive about preventing problems, rather than just dealing with them as they occur
  • Improve accuracy of project estimates and ability to specify and achieve project targets
  • Achieve higher profit margins on projects as opportunities are captured and negative risks mitigated or avoided
  • Enhance the ability to weather project risks and issues, resulting in less unhappy surprises and avoiding early project terminations

 

Who Should Attend?

If you are looking to fill the risk management specialist role on your project team and if you are looking for a course that will add value to your PM skills and showcase your specialized expertise to employers, the PMI-RMP credential is for you.

This course is designed for those who want to identify risks, analysis them, and plan accordingly.

It is beneficial to anyone who is responsible for analyzing risk and dealing with the various risk exposures that may affect their projects. Some of the examples are given as under:

  • CEOs, CFOs, COOs
  • VPs, AVPs, GMs, DGMs
  • Procurement Professionals, Information & Information Security Professionals, Project Management Professionals,
  • Program Managers, Portfolio Managers, Project Engineers,
  • Venture Capitalists, Bankers, Financial Analysts, Chartered Accountants,
  • Team leaders/Members, Risk Managers, Field Staff Members, Project Engineers, Project Administrators, Industrial Engineers,
  • Design Engineers, Manufacturing Engineers, Project Coordinators, Software Developers,
  • Quality & Testing Engineers, Sales & Marketing professionals,
  • Event mangers, R&D Managers, others involved directly or indirectly with Project or Risk Management

 

 

Why Projects Fail?

  • Optimistic planning?
  • Disappointment is usually the result of an inaccurate expectation.
  • For projects, failure takes the form of budget overruns and missed deadlines.
  • Using risk assessment techniques to obtain more-realistic estimates will result in a more attainable plan.
  • Your project will then be more likely to meet its forecasts and avoid disappointment.
  • Risk assessment fully discloses the sensitivity of the project to its participants to ensure that all threats are fully understood.
  • As a result, targets and contingencies can be set at correct levels, contracts can be negotiated with an accurate understanding of potential challenges, and risk mitigation strategies can also be created in advance.

 

Why Take the PMI-RMP Exam?

  • Professional project risk management includes finding and addressing things that can hurt the project and therefore cause delay and added cost.
  • It also includes finding and utilizing ways to increase the value of the project.
  • Now, think about being able to tell your manager that you have received an international certification in preventing things that can cause delay and added cost on projects, and actually increasing the value of projects while saving time and cost.
  • Wouldn’t this make you more valuable to your organization?
  • Wouldn’t this make you a candidate to gain a new position, a raise or promotion, or even keep your position when others do not?
  • The PMI-RMP certification is about setting yourself apart.
  • Obtaining the PMI-RMP certification puts you ahead of the certified and non-certified project managers without this new credential.

The question is, why wouldn’t you take the PMI-RMP certification exam?

 

 

Benefits to Individual

 

  • Validates a formal role and level of expertise
  • Can access and identify project risks
  • Be able to mitigate risks and capitalize on opportunities
  • Builds self-confidence to manage projects under certain conditions
  • Establishes a career development opportunity
  • Provides role differentiation
  • Establishes critical scheduling skill requirements
  • Additional Benefits : Earn 30 PDUs for PMP® and PgMP®
  • Increases the practitioner’s marketability

RMP Qualification Criteria

 

Note: PMI also allows secondary diploma with longer experience but it is not mentioned in the above table as most of the candidates have at least Bachelor’s degree.

 

Who Can Award 30 Contact Hours?

As per PMI, you can satisfy the educational requirements by demonstrating the successful completion of courses, workshops and training sessions offered by one or more of the following types of education providers:

 

  1. PMI Registered Education Providers (R.E.P.s)
  2. PMI Component organizations
  3. Employer/company-sponsored programs
  4. Training companies or consultants
  5. Distance-learning companies, including an end-of-course assessment
  6. University/college academic and continuing education programs

 

The Certification Exam

  • Computer exam at a Thompson Prometric Test Center
  • Global distribution –many languages, many locations
  • 170 questions for RMP – only 150 are marked
  • Time: 3.5 hrs
  • Database of thousands questions
  • Multiple choice – 4 options
  • Psychometric exam
  • Based on:
    • Guide to the Project Management Body of Knowledge (PMBOK)
    • PMI’s Practice Standard for Risk Management and
    • Other References

 

For those who are PMP-certified (especially fresh ones), PMI-RMP is (almost) a piece of cake. For those who are non PMP-certified, PMI-RMP can be quite challenging. Although PMI does not prohibit any non-PMP to apply for PMI-RMP exam, but it is highly recommended to go for PMP certification first, as the PMI-RMP curriculum includes most of the PMP curriculum.

Here is the advice for PMPs to prepare for PMI-RMP exam:

Get hold of at least following four books:

  • PMBOK
  • PMP study guide (preferably Rita, or any other that you used for preparing for P MP exam)
  • PMI’s Practice Standard for Project Risk Management (available as free download to PMI members)
  • Rita’s Risk Management Book (Trick of Trade) ….[or any other study guide]

 

Another great book is “STUDY GUIDE For the PMI RISK MANAGEMENT PROFESSIONAL” by Abdulla J. Alkuwaiti

 

Preparation Strategy

  1. Browse through PMBOK and the Study Guide (end to end) at least once, attempting Q&A after end of every chapter.
  2. Re-read Ch-11 (Risk Management) from PMBOK and the Study Guide, thoroughly. Focus on ITTOs and the related terminology. It is highly preferred to build your own Risk Register, just like you memorized the 47 processes table while preparing for PMP.

 

Many people ask for sample questions & answers and exam simulator. Though they are quite helpful, and many are available on the net and in the market, but I myself did not use any of them. I just depended on 70 questions given in the end of Rita’s book (in addition to Rita’s PMP book) and they proved to be sufficient.

 

Though this training is for PMI-RMP aspirants but it will also benefit the following:

  1. Candidates who intend to prepare for PMP exam. As this training includes a quick review of PMBOK, it can act as introduction to PMP and later, when those candidates go for actual PMP training, they will have a good foundation of PMBOK. Hence knowledge areas and processes will be better assimilated by them as they will look familiar to them.
  2. Candidates who have already taken PMP training some time back but could not go for PMP exam due to any reason. With time, PMBOK starts to erode from the mind after a few months, so PMI-RMP training can act as good refresher to them.
  3. Candidates who plan to appear in PMI-RMP exam. If they are already PMP-certified, they have very good background and PMI-RMP will be very easy for them.

Unique Feature

An important feature of this training is that after reviewing the PMBOK, we build a Risk Register for some example project. While building the risk register, we use almost all the terms used in PMBOK’s Risk chapter and go through the risk processes and most of their ITTOs in a practical manner. This way the training not only becomes more interesting and interactive, but also, the concepts settle in the students’ minds more effectively. There is very important memory and understanding technique that when one actually performs the work, the concepts solidify in the mind and they don’t go away so easily.

(Risk Management Graphical Tour is available)

Finally I thank to all who read this post. For further information http://www.projectias.com site may be visited.
Asad Naveed