PMI Risk Management Professional (PMI-RMP) Practice Exam

PMI Risk Management Professional (PMI-RMP) Certification

About PMI Risk Management Professional (PMI-RMP) Certification

Candidates holding advanced skills in risk management are also suggested to perform a specialized function matched to the needs of a project environment which is increasingly global, virtual and complex. The sole objective of the PMI Risk Management Professional (PMI-RMP) Certification exam highlights the ability to identify and assess project risks, mitigate threats and capitalize on opportunities. In which case candidates enhance and protect the needs of the organization.

The certification is recommended for a project manager with a focus on project risk management, including large projects and/or complex environments, then PMI-RMP is considered as the most suitable choice.

Course Structure for PMI Risk Management Professional (PMI-RMP) Certification

Domain I Risk Strategy and Planning – 22%

Task 1 Perform a preliminary document analysis

1. Gather and review documents

              ○ Give examples of preliminary documents to review prior to risk identification includes industry benchmarks (if available), previous lessons learned, historical data, and the sources of the above information.

• Determine and assign who is responsible for the preliminary document analysis (e.g., project manager, risk manager, financial controller)
• Establish documents relevant to the risk process

Task 2 Assess project environment for threats and opportunities

• Determine which OPA / EEF / project methodology is needed (e.g., agile, waterfall, hybrid, etc.)
• Analyze the different environmental factors to be considered in the planning  phase (e.g., PESTLE, SWOT analysis)
• Determine the organizational and cultural risk appetite

                 ○ Analyze environment for risk culture maturity

• Evaluate the project management information system process and data
• Conduct a stakeholder analysis
• Analyze constraints to risk management

                ○ Government, market laws/rules, organizational, environmental, and technical risks

• Focus stakeholders on creating a culture of risk awareness
• Determine business driver of project, including key assumptions, benefits, and materialization of project.

Task 3 Confirm risk thresholds based on risk appetites

• Align project risk thresholds to organizational risk appetite
• Calculate the risk the organization can absorb (e.g., financial, scope, environmental, technical, legal, schedule, quality, contract, etc.)
• Discuss risk thresholds
• Lead conflict resolutions between stakeholders in agreeing on risk appetite

Task 4 Establish risk management strategy

• Establish risk processes and tools
• Provide risk management templates/forms
• Determine risk metrics
• Identify risk categories
• Coach/mentor team on risk management best practices (servant leadership)
• Lead stakeholders to adopt the risk strategy

Task 5 Document the risk management plan

• Define organizational risk roles and responsibilities

                ○ Align roles and responsibilities with a project RAM (e.g., RACI) chart

• Prepare a list of the key artifacts/resources that will be used to compile a risk management plan
• Outline the list of key risk management activities (e.g., who, what, when, where, how)
• Explain how the Risk Breakdown Structure (RBS) can be used to support the risk management plan
• Define a risk communication plan
• Define risk prioritization criteria
• Define stakeholder empowerment and education strategy

Task 6 Plan and lead risk management activities with stakeholders

• Collaborate with the team that would conduct the risk planning on the project
• Leverage stakeholder analysis done by the project manager
• Manage stakeholder risk appetite and attitudes
• Engage stakeholders in the risk prioritization process
• Set appropriate expectations with stakeholders on the rules of engagement
• Tailor risk communication for stakeholders
• Lead stakeholder empowerment for risk strategies in the risk management plan
• Train, coach, and educate stakeholders in risk principles and processes in order to create shared understanding of principles and processes, and foster engagement in risk management

Domain II Risk Identification – 23%

Task 1 Conduct risk identification exercises

• Conduct meetings, interviews, focus groups, and other SME support activities
• Perform detailed analyses of risk identification exercise results
• Analyze documents, audio transcripts, telemetry data, etc. and understand business context of information
• Indicate risks as threats or opportunities

Task 2 Examine assumption and constraint analyses

• Leverage the results of the assumption and constraint analysis
• Categorize assumptions and constraints
• Assess the risk associated with each assumption and/or constraint
• Recognize the relationship between assumptions and/or constraints, and project objectives (e.g., predict the cascade effect of project stakeholder holiday schedules on project timelines)
• Encourage stakeholders to challenge assumptions and constraints

Task 3 Document risk triggers and thresholds based on context/environment

• Assess, confirm, and document risk compliance thresholds, and categories against updated risk data
• Assess and document risk triggers, causes and timing
• Assess and document risk consequences and/or impact
• Empower stakeholders to challenge existing thresholds

Task 4 Develop risk register

• Analyze the validity of identified risks and triggers
• Examine the risk attributes like probability, impact, urgency
• Establish risk origin and ownership e.g., internal/external
• Classify risks as threats or opportunities

Domain III Risk Analysis – 23%

Task 1 Perform qualitative analysis

• Perform a nominal classification or risks in the RBS using classifications from the risk management plan (e.g., environment, organizational, project management, technical, etc.)
• Estimate the impact of risk on project schedule, budget, resources, and scope
• Prioritize the risk based on impact, and urgency
• Apply the risk matrices

                ○ Agreed-upon assessment approach, Historical information, Definitions of probability and impact, Risk categories, Preestablished criteria

• Perform an ordinal classification
• Coach stakeholders on risk categorization strategies

Task 2 Perform quantitative analysis

• Analyze risk data and process performance information against established metrics
• Analyze a project's general risks
• Perform a forecast and trend analysis on new and historical information
• Perform sensitivity analysis

                ○ Monte Carlo, decision trees, critical path, expected monetary value, etc.

• Perform risk weighting and calculate risk priority

Task 3 Identify threats and opportunities

• Assess project risk complexity

               ○ SWOT analysis, Ishikawa, Tree Diagram

• Perform an impact analysis on project objectives

               ○ project scopes, schedule cost, and resources, quality, and stakeholders

• Assess project compliance objectives against organizational strategic objectives

               ○ procedures, project plans, corporate, and project governance, regulatory governance

• Empower stakeholders to independently identify threats and opportunities

Domain IV Risk Response – 13%

Task 1 Plan risk response

• Determine appropriate risk response strategy

                 ○ avoid, accept, mitigate, enhance, contingency planning etc.

• Decide the risk response actions (time bound) based on the risk response strategies and identify action owners
• Assess the effectiveness of the risk response actions against the identified strategy and the project objectives impact

                   ○ cost/schedule/environment etc., effect of the action on the  probability or the risk impact

• Illustrate and communicate effectiveness of the risk response strategies

                   ○ risk burndown chart, dot plots

• Determine the work around
• Allocate responsibilities
• Outline an appropriate responsibility matrix for a metricized project environment
• Re-evaluate organizational risks

Task 2 Implement risk response

• Execute the risk response plan(s)
• Execute the contingency plan(s)
• Encourage stakeholders to provide feedback on the risk response
• Evaluate and react to secondary and residual risks from the response implementation

                ○ Improvise as needed

Domain V Monitor and Close Risks – 19%

Task 1 Gather and analyze performance data

• Reconcile performance data & reports from risk relevant work packages
• Analyze data to determine the completion status against the baseline
• Perform a variance analysis
• Monitor impact against overall project risk exposure to enterprise

Task 2 Monitor residual & secondary risks

• Monitor risk response and document residual risk
• Monitor risk response for secondary risks
• Assess impact of residual and secondary risks on project objectives
• Update and communicate impact of residual and secondary risks

Task 3 Provide information required to update relevant project documents

• Aggregate and summarize risk data, and update project documents

                ○ risk register, lessons learned, project management plan, change logs etc.

• Monitor and close out expired risks

Task 4 Monitor project risk levels

• Assess project risk level
• Prepare reports for different stakeholders
• Communicate risk levels to key stakeholders

Exam Pattern for PMI Risk Management Professional (PMI-RMP) Certification

• The candidate is required to maintain PMI-RMP, by earning 30 professional development units (PDUs) in risk management topics every three years.
• Total Questions: 170
• Format: Multiple-choice questions
• Duration: 3.5 hours to complete it.
  

Prerequisites for PMI Risk Management Professional (PMI-RMP) Certification

Case 1 - Secondary degree (high school diploma, associate’s degree, or the global equivalent)

• 4,500 hours of project risk management experience
• 40 hours of project risk management education
  

• 3,000 hours of project risk management experience
• 30 hours of project risk management education
  

FAQs on PMI Risk Management Professional (PMI-RMP) Certification Exam

1. To apply for other PMI certifications, do one needs to be a CAPM, PMP, or a PMI member?
No. No one certification serves as a prerequisite for another. Also to apply to become a certification holder you do not have to be a PMI member.  

2. How can a PMI certification be earned?
You must first meet the eligibility requirements in order to obtain a PMI certification, outlined on these web pages and detailed in the certification handbooks. Then, you must pass an exam.

3. What are the eligibility requirements?
The eligibility requirements for each certification are mentioned on its web pages and detailed in each respective certification handbook. For complete guidelines please link to the appropriate certification handbook.

4. How do I complete the application?
All certification applications are available online. Click the "Apply" button on the available web pages.
*Note: Any missing information on the application will delay processing.

5. Are the exams available in languages other than English?
The PMP, CAPM, and PMI-ACP exams are translated into multiple languages. For details on specific languages available please consult the respective certification handbooks.
*Note: Other certification exams are not currently translated, but PMI will notify you when translations are available.

6. Can I take it again if I fail the exam?
On your first attempt, if you fail the exam. Also, you can re-take it two more times within your one-year eligibility period. Fees are associated with re-examination. Details for re-examination can be found in the certification handbook.

7. What happens if I have not taken the exam and my eligibility expires?
From the date of approval, your application is valid for one (1) year. You must re-apply if you allow your eligibility to lapse.

8. Are audit materials confidential?
Yes. Audit materials are strictly confidential and unless required through legal action involving PMI are not shared with any external organization.

9. Does Testprep Training offer Money Back Guarantee for the Exam Simulator?
Yes, we offer a 100% unconditional money back guarantee. In case you are not able to clear the exam for then, you can request for the full refund. Please note that we only refund the cost of product purchased from Testprep Training and not from the Microsoft Learning.

10. Is there any assistance from Testprep Training in terms of exam preparation?
Yes, Testprep Training offers email support for any certification related query while you are preparing for the exam using our practice exams. Your query will be handled by experts in due course.

11. Can we try the free test before purchasing the practice exam?
Yes, testprep training offers free practice tests for PMI Risk Management Professional (PMI-RMP) Certification Exam which can be used before the final purchase for the complete test.

12. Do you provide any preparation guidance for this certification exam?
Yes, our experts frequently blog about the tips and tricks for exam preparation.

13. Do you offer any discount on the bulk purchase?
Yes, we offer nearly 50% discount for the order more than 10 products at a time. You can reach the testprep training Helpdesk for more details. The member of the support staff will respond as soon as possible.

14. For how long is the license valid after purchase?
Once purchased, the practice exams can be accessed for the lifetime.

15. Am I required to retake the exam? As the exams become updated with performance-based items.
No. The skills that are tested do not change; therefore, retesting is not necessary.

16. Do the exams with performance-based questions take longer to complete?
Yes. These exams may take longer to complete than exams that do not contain performance-based items. As performance-based questions are added to exams, you may see changes in the standardized exam times. No exam, however, will exceed 200 minutes, and the maximum seat time is 240 minutes.

For more FAQs
https://www.pmi.org/certifications/faq

What do we offer?

• Full-Length Mock Test with unique questions in each test set
• Practice objective questions with section-wise scores
• In-depth and exhaustive explanation for every question
• Reliable exam reports to evaluate strengths and weaknesses
• Latest Questions with an updated version
• Tips & Tricks to crack the test
• Unlimited access
  

What are our Practice Exams?

• Practice exams have been designed by professionals and domain experts that simulate real time exam scenario.
• Practice exam questions have been created on the basis of content outlined in the official documentation.
• Each set in the practice exam contains unique questions built with the intent to provide real-time experience to the candidates as well as gain more confidence during exam preparation.
• Practice exams help to self-evaluate against the exam content and work towards building strength to clear the exam.
• You can also create your own practice exam based on your choice and preference
  

100% Assured Test Pass Guarantee

We have built the TestPrepTraining Practice exams with 100% Unconditional and assured Test Pass Guarantee!
If you are not able to clear the exam, you can ask for a 100% refund.