PMI PMI-RMP : PMI Risk Management Professional

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Prestigious Positions to Get

The PMI-RMP certification is the perfect boost you need to prove to your employers that you are well versed in all the techniques of project risk management. It places you at a higher competing ground among other risk management professionals. The individuals with this certificate can take up the job roles, such as a Risk Analyst, a Senior Risk Analyst, a Project Coordinator, a Risk Manager, a Project Manager, and a Program Manager, among others. The salary prospects for the Risk Analysts range from $80,730 to $106,991 per year, with an average remuneration of $93,469 per annum.

Reference: https://www.pmi.org/certifications/risk-management-rmp

Major Topics to Explore

The PMI-RMP certification exam contains five major domains to be covered. The candidates should develop a solid understanding of these topics before attempting the test. Let’s take a look at these exam objectives.

• Risk Process Facilitation (25-28%)

  The third section of the PMI-RMP certification exam teaches the test takers how to use the risk assessment processes by studying risk tolerance and coming up with projected risk levels. It also covers competency in identifying risks, evaluating identified risks, developing a workable response procedure, as well as creating a contingency reserve according to the risk exposure identified in the project. This area also covers the utilization of data to budget for risk management and utilization of staged scenarios to evaluate the appropriateness of responses.

• Risk Monitoring & Reporting (19-20%)

  The fourth topic that the PMI-RMP exam deals with covers five tasks. This teaches you how to keep track of the risk management processes in a project by keeping an updated record of all the risk incidences and their responses. It also highlights how to work with a project manager through proper communication, monitoring the response metrics, and analyzing the performance of the proposed risk responses. The domain also covers how to keep the risk management plan updated during a project and how to capture and use lessons learned in risk management in the project.

• Risk Strategy & Planning (19-20%)

  The tasks covered in this domain include evaluating risk and setting criteria for risk levels while assessing the tolerance of risk among the stakeholders. It also covers updating risk policies in the project; developing and recommending the appropriate risk strategies; providing a risk management plan; establishing criteria for the risk management process for the project.

• Stakeholder Engagement (19-20%)

  The second subject area measures the students’ understanding of risk management among the team members as well as their skills in training & coaching the stakeholders on important risk management processes and delivering training for the team members on how to apply risk management processes during the project. It also equips the applicants with the skills required to assess the stakeholder risk tolerance rates as well as identify any attitudes and biases to risks among the stakeholders and keep them enlightened on the prioritization of risks. The domain also provides the examinees with the knowledge of the recommendations they can give to the stakeholders on how to plan and strategize for risks, how they can communicate with the rest of the team, and how to keep the team members involved in the project through efficient communication.

• Performing Specialized Risk Analysis (14-16%)

  The fifth objective focuses on performing specialized risk analyses, which cover the ability to execute the following tasks: monitoring different factors of risks within the project, analyzing the data collected, using the appropriate tools to assist in the stakeholder decision-making processes in regards to risk management.

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How much PMI-RMP Exam Cost

The price of the PMI-RMP exam for members is $520 USD and for non-members is $670 USD.

PMI PMI-RMP Exam Syllabus Topics:

PMI Risk Management Professional Sample Questions:

Question #1
A project manager is assigned to a new project and is told they need to develop the project ' s risk register.
When should the project manager identify the project risks?

A. Ensure project team members proactively identify risks throughout the project to plan for possible response strategies
B. Delegate risk identification to each team member and have them record the risks on separate risk registers for their areas
C. Identify risks only at the project ' s midpoint for the stakeholders to review them
D. Identify risks at the beginning of the project because the risk posture will not change

Question #2
A product roadmap should contain which of these primary components?

A. Project release timeframes, detailed design plan
B. Project management plan, communications management plan, stakeholder engagement plan
C. Product vision, business objectives, timeframes
D. Detailed design plan, business objectives, timeframes

Question #3
In the middle of a construction project, the primary construction materials provider canceled the contract and moved to a competitor offering a higher price. The risk manager considers this a low-impact issue because many construction materials providers can fulfill the project demands.
However, after informing the stakeholders of this issue, the major investor is about to drop their intention to continue executing the project. The risk manager does not understand their decision.
What should the risk manager do next to understand the major stakeholder ' s decision regarding the project?

A. Perform a risk reserve analysis.
B. Perform a stakeholder impact and influence analysis.
C. Perform a procurement analysis.
D. Perform a risk impact analysis.

Question #4
A risk manager has been assigned to a new project and learns that stakeholders and project team members are spread across multiple time zones. Furthermore, many project team members have not worked together in the past. These items are identified as potential risks and added to the risk register.
How should the risk manager improve collaboration during risk planning?

A. Communicate program metrics to all parties and create a scorecard to measure the effectiveness.
B. Gather risk information from all parties and compile all submissions into a strength, weaknesses, opportunities, and threats (SWOT) analysis template.
C. Create a repository for project documents and related artifacts that can be accessed by all parties.
D. Work with the project manager to develop a start-up workshop and colocate the team if permitted.

Question #5
The project manager performed ' a variance analysis on the project during the execution phase. The variances were shown as increasing What does this result imply?

A. There is no potential for future deviation.
B. The project schedule is lagging behind.
C. The project is over budget.
D. The uncertainty and risk are increasing.

Solutions: