PMI-RMP® Risk Management Professional Exam Preparation
Face-to-face duration: 4 days
PDU's: 32
Course Objectives
This Four (4) day course serves to help participants prepare for the PMI Risk Management Professional (PMI-RMP®) Exam with the most understanding of Project Risk Management according to the latest Project Management Body of Knowledge (PMBOK®) 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.
Learning Outcomes
- Describe and understand all Risk Management defined processes, as outlined in the PMI® PMBOK® Guide Fifth Edition
- 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.
- Describe Risk Management principles and techniques and how they apply to the day-to-day management of projects and operations
Benefits
- 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.
- Have a practical set of self-study techniques and bibliography 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.
- Avoid common risk management pitfalls.
Topics
- Risk management
- The risk management processes
- The perform qualitative and quantitative risk analysis process
- The plan risk responses process
- The monitor and control risks process
- PMI-RMP® study and exam tips.
Audience
- This course serves in preparing the participants to qualify for the PMI Risk Management Professional (PMI-RMP®) exam.
- It is also for any individual, who is engaged in risks management profession with a minimum of one year of experience as a risk management practitioner. Risk managers, project managers and line managers will benefit from this course.
PMI-RMP® study and exam tips
Format
- Individual and group activities
- Short lecture sessions
- Simulation
- Practical and experiential
- Case studies
Delivery Strategy
This four (4) days course has been designed by our senior trainers who often combine industry experience with academic excellence.
Our program design and delivery is based on adult learning principles and experiential learning.
Participants will also receive a state of the art student manual with all reference materials, PowerPoint presentations and activities.
Program Outline
Day One
Overview of the PMI-RMP® Exam
- Requirements
- Domain 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
Day Two
Plan risk management process
- Creating a risk management plan (RMP®)
- Analysing 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 analyse cause and effect relationships
- Checklists
- Developing a risk register
- Analysing contents of a model risk register
- Applying a proven template to create your risk register
- Documenting risks for future assessment
Day Three
The perform qualitative risk analysis process
- Analysing risks through qualitative measures
- Performing probability and impact analyses of identified risk
- Applying the probability and impact matrix
- Advanced applications of qualitative analysis
- Prioritizing analysis results
- Ranking project risks
- Differentiating between acceptable and unacceptable 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 (EMV)
- Three-point estimates
- Probability distributions
- Delphi Technique
- Simulation
Day Four
The plan risk responses process
- Implementing risk response strategies
- Threats: accept, avoid, transfer and mitigate
- Opportunities: exploit, share, 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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PMI®, PMI-RMP® and PMBOK are registered marks of the Project Management Institute, Inc.
