Overview

This course is designed to help you prepare for the PMI Risk Management Professional (PMI-RMP) test. The Risk Management Professional (PMI-RMP) credential from PMI provides a solution to the growing complexity, diversity, and expansion of project management. This is based on the PMBOK 6th Edition. The PMI-RMP, which is globally recognised and in high demand, fills a specialist role in project risk management. This certification honours the professional’s distinct ability and competency in analysing and recognising project risks, minimising threats, and capitalising on opportunities, while maintaining fundamental knowledge and practical application in all areas of project management. Obtaining the designation of PMI-RMP® distinguishes you from other experts and provides credit to your organisation.

Course breakdown

Course Content

INTRODUCTION TO PROJECT RISK MANAGEMENT

• Introduction
• Purpose of the practice standard for risk management
• Project risk management definition
• Role of practice risk management in project management
• Good risk management practice
• Critical success factors for project risk management
• Exercises

Chapter 1: PRINCIPLES AND CONCEPTS

• Introduction
• Definitions
• Individual risk and overall project risk
• Stakeholder risks attitudes
• Interactive process
• Communication
• Responsibility for project risk management
• Project manager’s role for project risk management
• Exercises

Chapter 2: RISK MANAGMENT PROCESSES

• Project risk management and project management
• Project risk management processes
• Purpose and objective of the plan risk management process
• Critical success factors for the plan risk management process
• Tools and techniques for the plan risk management process
• Documenting the results of the plan risk management process
• Exercises

Chapter 3: RISK MANAGEMENT PLANNING

• Plan approach to risk management
• Determine stakeholders and risk tolerance
• Understand roles and responsibilities
• Risk Owner, Project Manager and Team Members
• Develop risk and opportunities management plan
• Developing risk definition scales to rate risks

Chapter 4: RISK IDENTIFICATION

• Objective of the identity risk process
• Top down – Bottom-up Identification
• Critical success factors for the identity risk process
• Tools and techniques for the identity risk process
• Document action, research, interviews, and assumptions
• Review, brainstorming, flowcharting, Ishikawa Diagram, lessons
• Human factors in Identification
• 3 key factors risk analysis
• Documenting the results of the identity risk process

Chapter 5: QUALITATIVE RISK ANALYSIS

• Objective of the perform qualitative risk analysis
• Determining true risk impact
• Pre and post mitigation Characteristics
• Critical success factors
• Tools and techniques
• Determining Probability and Impact
• Documenting the results

Chapter 6: RISK RESPONSE PLANNING

• Purpose and Objectives
• Mitigation strategies
• Cost benefit of risk mitigation/opportunity promotion
• Mitigation plans

Chapter 7: RISK MONITORING AND CONTROLLING

• Risk Occurrences: Risk Triggers and fallback plans
• Monitoring mitigations and fallback plan status
• Re-evaluating existing risks and identifying new ones

Chapter 8: TOOL/TEMPLATES

• Sample risk break down structure
• How to calculative expected value
• Sample impact scale
• Sample risk register
• Difference between brainstorming and Delphi technique
• Monte Carlo Analysis report
• Probability impact matrix for threat and opportunities
• Schedule Risk Analysis
• Cause and effect diagram (Ishikawa or fishbone diagram)
• SWOT analysis framework
• Process flow chart
• Risk identification

Entry Requirement

To sit your PMI-RMP certification exam, you’re required by PMI to meet the following pre-requisites:

• A minimum 4500 hours of professional project risk management experience within the last 5 years and 40 hours of project risk management education if you hold a high school diploma or equivalent.

Or

• 3000 hours of professional project risk management experience within the last 5 years along with 30 hours of project management education if you hold a bachelor’s degree or above.