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| Certification Vendor: | PMI |
|---|---|
| Exam Name: | PMI Risk Management Professional Certification Exam |
| Exam Number: | PMI-RMP |
| Exam Format: | Scenario-based, Computer-based, Multiple-select (multiple answers), Multiple-choice (single answer) |
| Passing Score: | Not published; scaled scoring, approx. 75% accuracy recommended |
| Exam Duration: | 150 minutes |
| Exam Price: | $520 USD (PMI members), $670 USD (non-members) |
| Certificate Validity Period: | 3 years |
| Related Certifications: | PMI Agile Certified Practitioner (PMI-ACP) Program Management Professional (PgMP) Project Management Professional (PMP) |
| Real Exam Qty: | 115 (100 scored, 15 unscored pretest) |
| Available Languages: | Chinese (Simplified), English, Arabic |
| Recommended Training: | PMI-RMP Exam Content Outline PMI-RMP Official Exam Prep Course |
| Exam Registration: | Pearson VUE Scheduling PMI Official Registration |
| Sample Questions: | PMI PMI-RMP Sample Questions |
| Exam Way: | Computer-based test at Pearson VUE centers or online proctored |
| Pre Condition: | Option 1: Secondary diploma + 36 months risk experience (last 5 years) + 40 hours risk education; Option 2: Bachelor's degree + 24 months risk experience (last 5 years) + 30 hours risk education; Option 3: Bachelor's from GAC-accredited program + 18 months risk experience (last 5 years) |
| Official Syllabus URL: | https://www.pmi.org/certifications/risk-management-rmp |
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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.
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.
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.
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.
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.
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.
The Project Management Institute (PMI) is a globally recognized organization that offers various certifications to professionals in the project management domain. One of the most sought-after certifications from PMI is the PMI-RMP (PMI Risk Management Professional) certification. PMI Risk Management Professional certification is specifically designed for professionals who want to specialize in risk management practices and techniques.
NEW QUESTION # 210
After a number of risk workshops, risks have been identified. Which is the first element the risk owner should look for in the response plan to help mitigate the risks?
Answer: C
Explanation:
Explanation
The first element the risk owner should look for in the response plan is to verify that due dates for the actions have been identified. This ensures that risk mitigation actions are timely and can be effectively monitored.
NEW QUESTION # 211
You are the project manager of the KJH Project and are working with your project team to plan the risk responses. Consider that your project has a budget of $500,000 and is expected to last six months. Within the KJH Project you have identified a risk event that has a probability of .70 and has a cost impact of $350,000. When it comes to creating a risk response for this event what is the risk exposure of the event that must be considered for the cost of the risk response?
Answer: B
NEW QUESTION # 212
After starting a new pipeline project, a risk manager schedules an initial meeting with the project sponsor. For the meeting, the project sponsor requests a presentation of the risks that have the most impact on achieving the project objectives.
What should the risk manager do to facilitate the sponsor's ask?
Answer: B
Explanation:
Quantitative risk analysis helps to numerically analyze the probability and impact of risks on project objectives. By performing quantitative risk analysis, the risk manager can present the risks with the most impact on achieving the project objectives to the project sponsor. (Reference: PMBOK Guide, 6th Edition, p.
423)
According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, sensitivity analysis is a type of probabilistic analysis that determines how sensitive the results of the analysis are to uncertainties in input variables. Sensitivity analysis determines which uncertainty has the greatest potential for an impact on the project objectives, such as cost, schedule, scope, or quality1. In this case, the risk manager should use sensitivity analysis to facilitate the sponsor's ask, as it will help to identify and present the risks that have the most impact on achieving the project objectives. Sensitivity analysis can also show how the project objectives will vary with the changes in the input variables, such as the probability and impact of risks2. Sensitivity analysis can be performed using various tools and techniques, such as tornado diagrams, spider charts, or influence diagrams3.
References: 1: PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition, 2017, p. 403 2: PMI, Practice Standard for Project Risk Management, 2009, p. 95 3: Quantitative Risk Analysis in Project Management - PM-Training
NEW QUESTION # 213
Melody is the project manager for her organization. She has created a risk response to conduct more tests on the software her project is creating. The identified risk that prompted this response was that the software is mission-critical and must be flawless before it can be put into product.
What type of a risk response has Melody used in this scenario?
Answer: C
NEW QUESTION # 214
A project to deploy a new technology in field offices across the country has just been initiated. Some stakeholders are not supportive of this project because their teams will potentially be impacted by staff reductions once the technology is implemented.
How should the risk manager address this concern?
Answer: B
NEW QUESTION # 215
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