RMP® Certification Course

Lesson 1—Introduction to PMI-RMP® Certification Course

Based on the Project Management Institute, A Guide to the Project Management Body of Knowledge
(PMBOK® Guide ) ― Fifth Edition and The Practice Standard for Project Risk Management.
RMP and PMBOK are the registered marks of Project Management Institute, Inc.
©©Copyright
Copyright2014, Simplilearn,AllAll
2014, Simplilearn, rights
rights reserved.
reserved. 1
Objectives

After completing ● Describe the PMI-RMP® certification exam outline

this lesson, you will
be able to: ● Explain the eligibility criteria for PMI-RMP® exam

● Explain the application processing timeline and the exam syllabus

● List the domains and processes in Project Risk Management

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Course Overview

This training course provides the following:

● Information on PMI-RMP® and PMI®

● Prerequisites for the PMI-RMP® exam

● Information about the PMI-RMP® exam

● Timeline of the RMP® application process

● PMI-RMP® exam syllabus

● Overview of different domains

● Information on Simplilearn’s RMP® certification course structure

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Course Overview (contd.)

There are following 10 Lessons in this course:

Lesson Number Name of the Lesson

1 Introduction to PMI-RMP® Certification Course
2 Risk Management Framework
3 Principles and Concepts
4 Introduction to Project Risk Management processes
5 Plan Risk Management
6 Identify Risks
7 Perform Qualitative Risk Analysis
8 Perform Quantitative Risk Analysis
9 Plan Risk Responses
10 Control Risks
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PMI-RMP® and PMI®—Information

Following are the terms and information related to PMI-RMP® and PMI®:
● PMI®: Project Management Institute
● PMI® is an organization and PMI-RMP® is a certification
● PMI-RMP®: Project Management Institute-Risk Management
Professional
● PMI® conducts PMI-RMP® examinations
● PMI-RMP® certification is valid for 3 years
● PDU: Professional Development Unit
● REP: Registered Education Provider
● PMBOK®: Project Management Body of Knowledge
● PMBOK® is the base text book for most of the PMI® certifications
● The other text book for RMP® exam preparation is Practice Standard
for Project Risk Management
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Prerequisites for the PMI-RMP® Exam

The eligibility norms for the PMI-RMP® exam are as follows:

Category College/University Education Project Risk Management Project Risk Management

Education Experience
One Four-year degree (Bachelor’s degree or 30 contact hours or PDUs 3,000 hours within the last
global equivalent) five consecutive years
Two Secondary Diploma (High school diploma, 40 contact hours or PDUs 4,500 hours within the last
associate’s degree, or global equivalent) five consecutive years

● Application can be submitted online to REPs.

● Visit the website www.pmi.org for more details.
● Authorization mail is sent by PMI®.
● The exam must be written within an year of receiving the authorization mail.

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RMP® Credential Process—Timeline

The following details the application processing timeline:

Application Application
Application Certification
Completeness Payment Exam Eligibility Audit Process
Submission Review Cycle
Process

3 years from the If application is

date the Multi- selected, you
Cannot schedule Rater Assessment 1 year from the have 90 days to
Windows open 5 days after exam until you (MRA) is passed date of the send your audit
90 days submitted online submit payment to obtain and application material and
of credential fees report PDUs approval PMI® takes
toward credential approximately
maintenance 5–7 days

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About the PMI-RMP® Exam

Details of the examination are as follows:

● Total number of Questions: 170, of which, 20 questions are test questions for future tests.
● Only 150 questions are scored.
● 1 point for every right question, and no penalty for wrong answers.
● Exam duration is 3.5 hours.
● PMI® grades students on each of the four Project Risk Management domains and based on this
grading, it declares a PMI-RMP® pass or fail.
● The number of grades one has to score to pass the PMI-RMP® exam is not made public by PMI®.
● The grades used are “Below Proficient”, “Proficient”, and “Moderately Proficient.”

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About the PMI-RMP® Exam (contd.)

Exam questions will cover all the five domains of Project Risk Management.

Project Risk Management Domains Percentage of Questions

Domain 1 - Risk strategy and planning (5 tasks) 19-20%
Domain 2 - Stakeholder engagement (9 tasks) 19-20%
Domain 3 - Risk process facilitation (7 tasks) 25-28%
Domain 4 - Risk monitoring and reporting (7 tasks) 19-20%
Domain 5 - Perform specialized risk analyses (3 tasks) 14-16%
Total 100%

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PMI-RMP® Exam Syllabus

There are 5 domains and 6 processes in Project Risk Management. The first five processes belong to
the planning process group, and the last process belongs to the monitor and control process group.

Domains Processes

● Risk strategy and planning (5 tasks) ● Plan risk management

● Stakeholder engagement (9 tasks) ● Identify risks
● Risk process facilitation (7 tasks) ● Perform qualitative risk analysis
● Risk monitoring and reporting (7 tasks) ● Perform quantitative risk analysis
● Perform specialized risk activities (3 tasks) ● Plan risk responses
● Control risks

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Domain 1—Risk Strategy and Planning

Risk Strategy and Planning domain contains activities related to developing policies, processes, and
procedures; risk assessment, planning, and response. The tasks in this domain are the following:

Task: 1 Develop risk assessment processes and tools.

Task: 2 Update risk policies and procedures.

Task: 3 Develop and recommend project risk strategy.

Task: 4 Produce risk management plan for the project.

Task: 5 Establish evaluation criteria for risk management processes.

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Domain 1—Risk Strategy and Planning—Knowledge and Skills

Listed below are the knowledge and skills required in Risk Strategy and Planning domain:

Knowledge Skills
● Continuous process improvement ● Assessing stakeholder risk tolerance
● Knowledge management technique ● Building stakeholder consensus
● Metrics for effective risk process
● Risk attitude concept
● Risk Breakdown Structure
● Risk tolerance concepts
● Barriers to effective risk management
● Risk management ITTOs
● Reserve analysis
● Research and analysis technique
● Basic strategy development
methodologies

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Domain 2—Stakeholder Engagement

Stakeholder Engagement domain contains activities related to promoting the understanding of

Project Risk Management for stakeholders and project team members, assessing stakeholder risk
tolerance, prioritizing project risk, and promoting risk ownership. The tasks in this domain are the
following:
Task: 1 Promote common understanding of value of risk management.
Task: 2 Train, coach, and educate stakeholders in risk principles and processes.
Task: 3 Coach project team members.
Task: 4 Assess stakeholder’s risk tolerance.
Task: 5 Identify stakeholder’s risk attitudes.
Task: 6 Engage stakeholders based on risk prioritization.
Task: 7 Provide risk-related recommendations to stakeholders.
Task: 8 Promote risk ownership by proactive communication.
Task: 9 Liaise with stakeholders of other projects.
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Domain 2—Stakeholder Engagement—Knowledge and Skills

Listed below are the knowledge and skills required in Stakeholder Engagement domain:

Knowledge Skills
● Information resources, both internal, like ● Assessing stakeholder’s risk
organizational process asset, and external, tolerance
like enterprise environmental factors ● Collaborating with stakeholders
● Project performance information ● Managing teams in multicultural
● Stakeholder sensitivity analysis models environments
● Training and coaching techniques ● Influencing change
● Types of stakeholder risk attitudes like risk
seeking, tolerance, and averse
● Group decision-making
● Group creativity like brainstorming, Delphi
technique

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Domain 3—Risk Process Facilitation

Risk Process Facilitation domain contains activities related to facilitating risk identification, evaluation,
prioritization, and response among project team members.

The tasks in this domain are the following:

Task: 1 Apply risk assessment processes and tools.

Task: 2 Facilitate risk identification.

Task: 3 Facilitate project team’s evaluation of the identified risks attributes.

Task: 4 Facilitate development of an aligned risk response strategy and actions.

Task: 5 Facilitate the formulation of project contingency reserve.

Task: 6 Provide risk data to cost and schedule analysts.

Task: 7 Validate potential risk responses, key dependencies, and requirements.

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Domain 3—Risk Process Facilitation—Knowledge and Skills

Listed below are the knowledge and skills required in Risk Process Facilitation domain:

Knowledge Skills
● Basic risk identification tools and ● Analytical software tools for Project
techniques Risk Management
● Basic qualitative and quantitative risk ● Managing teams in multicultural
analysis tools and techniques environments
● Risk perception and behavior ● Estimating probability and impact of
● Risk response strategy types identified risks
● Contingency management tools and
techniques
● Risk monitoring and control techniques
● Group decision-making
● Group creativity like brainstorming, Delphi
technique

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Domain 4—Risk Monitoring and Reporting

Risk Monitoring and Reporting domain contains activities related to monitoring risk, evaluating risk
response against established metrics, and communicating risk response performance to stakeholders
and project team.
The tasks in this domain are the following:
Task: 1 Document and periodically update project risk information.

Task: 2 Coordinate with project manager.

Task: 3 Create periodic standard and custom reports.

Task: 4 Monitor risk response metrics.

Task: 5 Analyze risk process performance against metrics.

Task: 6 Update Project Risk Management plan.

Task: 7 Capture risk lessons learned.

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Domain 4—Risk Monitoring and Reporting—Knowledge and Skills

Listed below are the knowledge and skills required in Risk Monitoring and Reporting domain:

Knowledge Skills
● Continuous process improvement and ● No specific skill required
quality management as applied to risk
management
● Knowledge management techniques
● Alternative formats for project risk reports
● Requirements for risk register data fields
● Risk statement construction
● Risk response activity construction
● Risk response metrics
● Risk process performance metrics
● Risk assessment analysis metrics
● Risk management reserves

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Domain 5—Perform Specialized Risk Analyses

Perform Specialized Risk Analyses domain contains activities related to the specialized qualitative and
quantitative tools and techniques used by Project Risk Management professionals.

The tasks in this domain are the following:

Task: 1 Evaluate the attributes of identified risks.

Task: 2 Analyze risk data produced during the project.

Task: 3 Perform specialized risk analysis.

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Domain 5—Perform Specialized Risk Analyses—Knowledge and Skills

Listed below are the knowledge and skills required in Perform Specialized Risk Analyses domain:

Knowledge Skills
● Advanced risk identification tools and ● Converting qualitative information into
techniques risk data
● Advanced quantitative risk analysis tools and ● Building representative risk models
techniques ● Managing and interpreting quantitative
● Tools and techniques for identifying and and qualitative data
analyzing overall project risk
● Basic and advanced statistics
● Estimation tools and techniques to support risk
decision-making
● Advanced theory of heuristics and other
resources
● Variance analysis using earned value method

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Summary

Here is a quick ● PMI-RMP® stands for Project Management Institute-Risk Management

recap of what was
Professional.
covered in this
lesson: ● The exam format and exam syllabus are defined by PMI®.
● The five domains in Project Risk Management are: Risk strategy and
planning, Stakeholder engagement, Risk process facilitation, Risk monitoring
and reporting, and Perform specialized risk activities.
● The six processes in Project Risk Management are: Plan risk management,
Identify risks, Perform qualitative risk analysis, Perform quantitative risk
analysis, Plan risk responses, and Control risks.

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 This concludes ‘Introduction to PMI-RMP® Certification Course.’

The next is ‘Risk Management Framework.’

Based on the Project Management Institute, A Guide to the Project Management Body of Knowledge
(PMBOK® Guide ) ― Fifth Edition and The Practice Standard for Project Risk Management.
RMP and PMBOK are the registered marks of Project Management Institute, Inc.
©©Copyright
Copyright2014, Simplilearn,AllAll
2014, Simplilearn, rights
rights reserved.
reserved. 22