How to study the PMI-RMP Exam

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

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Career Path

Holding the PMI Risk Management Professional certification allows to boost your career in the field of risk management to another level. There is a wide range of positions that you can opt for, including a Corporate Development Transaction Services Manager, a Construction Management Professional, a General Manager, a Network Program Manager, a Nurse Manager Risk Management, a Risk Management Analyst, Senior Software Engineer, and more. Besides that, these specialists can earn an average income of $65,000 per year.

Risk Process Facilitation (25-28%)

• Providing the risk data to schedule and cost analysts to assure that project risk is correctly displayed in the schedule and cost estimates for the project;
• Utilizing the quantitative and qualitative techniques & tools to facilitate the evaluation of the project team’s of the recognized risks’ attributes for prioritizing the risks for response planning;
• Using the scenarios to evaluate the key requirements & dependencies and validate potential risk responses for enhancing the probability of project success.
• Applying the risk assessment tools and processes to determine risk levels and measure stakeholder risk tolerances;
• Facilitating the expansion of the related risk actions and aligned risk response strategy by risk owners from the data found during the risk analysis to ensure defined & timely action when needed;
• Utilizing different techniques to facilitate risk identification for enabling the stakeholders and project team to determine & understand the risk display of the project;
• Facilitating the creation of project emergency reserve according to the risk display of the project to have the resources and capability for responding to the realized risks;

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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 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 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.

• 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.

• 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.