Introduction to PMI-RMP Tutorial

1.1 Introduction to PMI-RMP® Certification Course

Hello and welcome to the Project Management Institute’s Risk Management Professional Certification Preparatory Course offered by Simplilearn! This certification course is based on two books authored by PMI. First is titled Project Management Body of Knowledge; popularly called as PMBOK, and the second is titled Practice Standard for Project Risk Management. This lesson will introduce us to the course. Let us look into the objectives of this lesson in the next screen.

1.1 Introduction to PMI-RMP® Certification Course

Hello and welcome to the Project Management Institute’s Risk Management Professional Certification Preparatory Course offered by Simplilearn! This certification course is based on two books authored by PMI. First is titled Project Management Body of Knowledge; popularly called as PMBOK, and the second is titled Practice Standard for Project Risk Management. This lesson will introduce us to the course. Let us look into the objectives of this lesson in the next screen.

1.1 Introduction to PMI-RMP® Certification Course

Hello and welcome to the Project Management Institute’s Risk Management Professional Certification Preparatory Course offered by Simplilearn! This certification course is based on two books authored by PMI. First is titled Project Management Body of Knowledge; popularly called as PMBOK, and the second is titled Practice Standard for Project Risk Management. This lesson will introduce us to the course. Let us look into the objectives of this lesson in the next screen.

1.2 Objectives

After completing this lesson, you will be able to: ? Describe the PMI-RMP® certification exam outline ? Explain the eligibility criteria for PMI-RMP® exam ? Explain the application processing timeline and the exam syllabus ? List the domains and processes in Project Risk Management Let us discuss the course overview in the next screen.

1.2 Objectives

After completing this lesson, you will be able to: ? Describe the PMI-RMP® certification exam outline ? Explain the eligibility criteria for PMI-RMP® exam ? Explain the application processing timeline and the exam syllabus ? List the domains and processes in Project Risk Management Let us discuss the course overview in the next screen.

1.3 Course Overview

As indicated in the first screen, this is an introductory lesson and it introduces PMI and RMP There are few terms you will frequently encounter in conversation with certified professionals or people preparing for this exam. You will begin by understanding the terms and information associated with PMI-RMP® and PMI. The next topic covers the prerequisites for the exam. For example, how does the exam look like, what is the pass criterion, how many questions are expected, and from which part of the syllabus? This is followed by a topic on the timeline for the application process. In this lesson, you can also have a look at the syllabus of the RMP examination. The second last topic describes the domains in RMP, tasks associated against each domain, and the skills required to carry out the domain success. Lastly, you can see how the Simplilearn RMP Certification Course is structured. It is important to understand this introductory part before you start accessing the remaining lessons of this course. Let us continue our discussion on course overview in the next screen.

1.3 Course Overview

As indicated in the first screen, this is an introductory lesson and it introduces PMI and RMP There are few terms you will frequently encounter in conversation with certified professionals or people preparing for this exam. You will begin by understanding the terms and information associated with PMI-RMP® and PMI. The next topic covers the prerequisites for the exam. For example, how does the exam look like, what is the pass criterion, how many questions are expected, and from which part of the syllabus? This is followed by a topic on the timeline for the application process. In this lesson, you can also have a look at the syllabus of the RMP examination. The second last topic describes the domains in RMP, tasks associated against each domain, and the skills required to carry out the domain success. Lastly, you can see how the Simplilearn RMP Certification Course is structured. It is important to understand this introductory part before you start accessing the remaining lessons of this course. Let us continue our discussion on course overview in the next screen.

1.4 Course Overview (contd.)

There are 10 lessons as a part of this course. This being the first lesson, lesson 2, 3, and 4 would set the context for lessons 5 through 10. In each of the processes, starting from lesson 5, you are going to look into four themes: First, what is the purpose of the process? Second, what tools can you use in that process? Third, what are the critical success factors of the process? And fourth, how do you document the results of the process? Lesson two will introduce us to risk management framework; lesson three is about the principles and concepts; lesson four introduces us to project risk management processes; lesson five is about plan risk management; in lesson six you will find out how to identify risks; you will perform qualitative and quantitative risk analysis in lesson seven and eight respectively; lesson nine deals with plan risk responses; and the last lesson is on how to control risks. Once you are through with all these lessons, you can go ahead and take our online simulation tests. Let us start with some information related to PMI-RMP® and PMI® in the next screen.

1.4 Course Overview (contd.)

There are 10 lessons as a part of this course. This being the first lesson, lesson 2, 3, and 4 would set the context for lessons 5 through 10. In each of the processes, starting from lesson 5, you are going to look into four themes: First, what is the purpose of the process? Second, what tools can you use in that process? Third, what are the critical success factors of the process? And fourth, how do you document the results of the process? Lesson two will introduce us to risk management framework; lesson three is about the principles and concepts; lesson four introduces us to project risk management processes; lesson five is about plan risk management; in lesson six you will find out how to identify risks; you will perform qualitative and quantitative risk analysis in lesson seven and eight respectively; lesson nine deals with plan risk responses; and the last lesson is on how to control risks. Once you are through with all these lessons, you can go ahead and take our online simulation tests. Let us start with some information related to PMI-RMP® and PMI® in the next screen.

1.5 PMI-RMP® and PMI®—Information

In this screen, there are terms and information related to PMI-RMP and PMI. PMI stands for “Project Management Institute.” It is a leading organization, based in US, which actively promotes the disciplines of program and project management, along with supplementary specializations such as agile, risk, and scheduling management. So, it can be said that while PMI is an organization, PMI-RMP is a certification offered by PMI. PMI-RMP stands for “Project Management Institute-Risk Management Professional.” It is one among the several certifications that PMI offers for those who wish to specialize in the area of managing risks in the context of projects. PMI-RMP examination is conducted by PMI through authorized testing centers across the world. After the certification, one may have questions about maintaining your credential. The certification is valid for 3 years, and you are required to earn and report 30 professional development units (PDUs) within this 3-year cycle to renew the certification. After this period, to renew your RMP credentials, you need to submit proof that you have acquired at least 30 PDUs in last three years and have paid the PMI certificate renewal fee. Once it is done, the certificate gets renewed for another three years. One can easily renew the certificate online at www.pmi.org this website also contains the PMI-RMP handbook which gives information on the various ways of obtaining PDUs. PDUs can be obtained from a Registered Educational Provider (REP). In order to get this information, a membership for the website is required. Licensed members can download the soft copies of text books. The website also contains other important information like the membership and fee structure including the examination fee. PMBOK stands for Project Management Body of Knowledge. It is a text book which can be used as reference for most of the PMI certifications, including RMP. The other text book which you can refer for RMP preparation is Practice Standard for Project Risk Management. In the next screen, let us discuss the prerequisites for taking RMP certificate examination.

1.5 PMI-RMP® and PMI®—Information

In this screen, there are terms and information related to PMI-RMP and PMI. PMI stands for “Project Management Institute.” It is a leading organization, based in US, which actively promotes the disciplines of program and project management, along with supplementary specializations such as agile, risk, and scheduling management. So, it can be said that while PMI is an organization, PMI-RMP is a certification offered by PMI. PMI-RMP stands for “Project Management Institute-Risk Management Professional.” It is one among the several certifications that PMI offers for those who wish to specialize in the area of managing risks in the context of projects. PMI-RMP examination is conducted by PMI through authorized testing centers across the world. After the certification, one may have questions about maintaining your credential. The certification is valid for 3 years, and you are required to earn and report 30 professional development units (PDUs) within this 3-year cycle to renew the certification. After this period, to renew your RMP credentials, you need to submit proof that you have acquired at least 30 PDUs in last three years and have paid the PMI certificate renewal fee. Once it is done, the certificate gets renewed for another three years. One can easily renew the certificate online at www.pmi.org this website also contains the PMI-RMP handbook which gives information on the various ways of obtaining PDUs. PDUs can be obtained from a Registered Educational Provider (REP). In order to get this information, a membership for the website is required. Licensed members can download the soft copies of text books. The website also contains other important information like the membership and fee structure including the examination fee. PMBOK stands for Project Management Body of Knowledge. It is a text book which can be used as reference for most of the PMI certifications, including RMP. The other text book which you can refer for RMP preparation is Practice Standard for Project Risk Management. In the next screen, let us discuss the prerequisites for taking RMP certificate examination.

1.5 PMI-RMP® and PMI®—Information

In this screen, there are terms and information related to PMI-RMP and PMI. PMI stands for “Project Management Institute.” It is a leading organization, based in US, which actively promotes the disciplines of program and project management, along with supplementary specializations such as agile, risk, and scheduling management. So, it can be said that while PMI is an organization, PMI-RMP is a certification offered by PMI. PMI-RMP stands for “Project Management Institute-Risk Management Professional.” It is one among the several certifications that PMI offers for those who wish to specialize in the area of managing risks in the context of projects. PMI-RMP examination is conducted by PMI through authorized testing centers across the world. After the certification, one may have questions about maintaining your credential. The certification is valid for 3 years, and you are required to earn and report 30 professional development units (PDUs) within this 3-year cycle to renew the certification. After this period, to renew your RMP credentials, you need to submit proof that you have acquired at least 30 PDUs in last three years and have paid the PMI certificate renewal fee. Once it is done, the certificate gets renewed for another three years. One can easily renew the certificate online at www.pmi.org this website also contains the PMI-RMP handbook which gives information on the various ways of obtaining PDUs. PDUs can be obtained from a Registered Educational Provider (REP). In order to get this information, a membership for the website is required. Licensed members can download the soft copies of text books. The website also contains other important information like the membership and fee structure including the examination fee. PMBOK stands for Project Management Body of Knowledge. It is a text book which can be used as reference for most of the PMI certifications, including RMP. The other text book which you can refer for RMP preparation is Practice Standard for Project Risk Management. In the next screen, let us discuss the prerequisites for taking RMP certificate examination.

1.6 Prerequisites for the PMI-RMP® Exam

The prerequisite depends upon a person’s formal education. As seen in the screen, you might fall into either of the two categories. If you fall in category one, PMI expects you to hold a four year degree (bachelor’s degree or global equivalent) with at least 3,000 hours of project risk management experience within the last five consecutive years. Additionally, you will need to obtain 30 contact hours or PDUs, and this course will enable you to obtain those contact hours to sit for the exam. If you fall in category two, PMI expects you to hold a secondary diploma (high school diploma, associate’s degree, or global equivalent) with at least 4,500 hours of project risk management experience within the last five consecutive years. Additionally, you will need to obtain 40 contact hours or PDUs, and this course will enable you to meet this requirement. Application can be submitted online to Registered Educational Provider (REP), and Simplilearn is one of them. When you meet the prerequisites and complete this course, you can apply for the PMI-RMP certification through the official PMI website www.pmi.org. Once PMI receives the application, it will take 5 to 7 working days to approve the application. Once you decide to take up the exam, you can proceed to pay for it. Please visit the official PMI website and the PMI-RMP handbook for details on the examination fee. PMI will send you an authorization e-mail after receiving the examination fee. From the date of receiving the authorization mail, you will have one year to take the examination. Within that time you can block the venue, date, and time for appearing for the examination. A random audit happens on a few applications, in which case the auditing requirements of PMI should be complied with. In case the application is selected for auditing, the applicant must provide the copies of education certificate, the project risk management experience details, and the 30 contact hours for project risk management proof. After that the PMI takes about 5 to 7 working days to issue an authorization letter which serves as an approval for paying the exam fee and appearing for the examination. If you do not meet the prerequisites and go ahead to submit the online exam application, you may be caught. PMI forbids such behavior and disqualifies such an application. The next screen deals with the timeline of the RMP credential process.

1.6 Prerequisites for the PMI-RMP® Exam

The prerequisite depends upon a person’s formal education. As seen in the screen, you might fall into either of the two categories. If you fall in category one, PMI expects you to hold a four year degree (bachelor’s degree or global equivalent) with at least 3,000 hours of project risk management experience within the last five consecutive years. Additionally, you will need to obtain 30 contact hours or PDUs, and this course will enable you to obtain those contact hours to sit for the exam. If you fall in category two, PMI expects you to hold a secondary diploma (high school diploma, associate’s degree, or global equivalent) with at least 4,500 hours of project risk management experience within the last five consecutive years. Additionally, you will need to obtain 40 contact hours or PDUs, and this course will enable you to meet this requirement. Application can be submitted online to Registered Educational Provider (REP), and Simplilearn is one of them. When you meet the prerequisites and complete this course, you can apply for the PMI-RMP certification through the official PMI website www.pmi.org. Once PMI receives the application, it will take 5 to 7 working days to approve the application. Once you decide to take up the exam, you can proceed to pay for it. Please visit the official PMI website and the PMI-RMP handbook for details on the examination fee. PMI will send you an authorization e-mail after receiving the examination fee. From the date of receiving the authorization mail, you will have one year to take the examination. Within that time you can block the venue, date, and time for appearing for the examination. A random audit happens on a few applications, in which case the auditing requirements of PMI should be complied with. In case the application is selected for auditing, the applicant must provide the copies of education certificate, the project risk management experience details, and the 30 contact hours for project risk management proof. After that the PMI takes about 5 to 7 working days to issue an authorization letter which serves as an approval for paying the exam fee and appearing for the examination. If you do not meet the prerequisites and go ahead to submit the online exam application, you may be caught. PMI forbids such behavior and disqualifies such an application. The next screen deals with the timeline of the RMP credential process.

1.6 Prerequisites for the PMI-RMP® Exam

The prerequisite depends upon a person’s formal education. As seen in the screen, you might fall into either of the two categories. If you fall in category one, PMI expects you to hold a four year degree (bachelor’s degree or global equivalent) with at least 3,000 hours of project risk management experience within the last five consecutive years. Additionally, you will need to obtain 30 contact hours or PDUs, and this course will enable you to obtain those contact hours to sit for the exam. If you fall in category two, PMI expects you to hold a secondary diploma (high school diploma, associate’s degree, or global equivalent) with at least 4,500 hours of project risk management experience within the last five consecutive years. Additionally, you will need to obtain 40 contact hours or PDUs, and this course will enable you to meet this requirement. Application can be submitted online to Registered Educational Provider (REP), and Simplilearn is one of them. When you meet the prerequisites and complete this course, you can apply for the PMI-RMP certification through the official PMI website www.pmi.org. Once PMI receives the application, it will take 5 to 7 working days to approve the application. Once you decide to take up the exam, you can proceed to pay for it. Please visit the official PMI website and the PMI-RMP handbook for details on the examination fee. PMI will send you an authorization e-mail after receiving the examination fee. From the date of receiving the authorization mail, you will have one year to take the examination. Within that time you can block the venue, date, and time for appearing for the examination. A random audit happens on a few applications, in which case the auditing requirements of PMI should be complied with. In case the application is selected for auditing, the applicant must provide the copies of education certificate, the project risk management experience details, and the 30 contact hours for project risk management proof. After that the PMI takes about 5 to 7 working days to issue an authorization letter which serves as an approval for paying the exam fee and appearing for the examination. If you do not meet the prerequisites and go ahead to submit the online exam application, you may be caught. PMI forbids such behavior and disqualifies such an application. The next screen deals with the timeline of the RMP credential process.

1.7 RMP® Credential Process—Timeline

The image on the screen depicts the timeline of the RMP credential process. Click each tab to know more. Application has to be submitted online from PMI website. Once you start filling the application, it will be available to you for 90 days. Once you submit the completed application, PMI takes about 5 working days to review. If the application is through, you get a notification for payment of examination fee. You cannot schedule exam until payment of credential fees is submitted. The certification is valid for 3 years from the date the Multi-rater Assessment (MRA) is passed to obtain and report PDU’s toward credential maintenance. You need to take the examination within 1 year from the date of application approval. Please refer the RMP handbook for further information on the PDU’s. There are chances that the application may go for auditing. If your application is selected for auditing, you will need to submit the documents like education certificate, the credential for risk management experience which you have mentioned in the online application, and PDU certificate issued by Simplilearn. The timeline you will have is 90 days. Once the PMI receives audit material, they may take about 5 to 7 days for the approval. Now you are ready to pay the examination fee and can select the venue, date, and slot for the examination. To understand this in detail, please refer RMP handbook from PMI. In the next screen, let us discuss the PMI-RMP examination in detail.

1.7 RMP® Credential Process—Timeline

The image on the screen depicts the timeline of the RMP credential process. Click each tab to know more. Application has to be submitted online from PMI website. Once you start filling the application, it will be available to you for 90 days. Once you submit the completed application, PMI takes about 5 working days to review. If the application is through, you get a notification for payment of examination fee. You cannot schedule exam until payment of credential fees is submitted. The certification is valid for 3 years from the date the Multi-rater Assessment (MRA) is passed to obtain and report PDU’s toward credential maintenance. You need to take the examination within 1 year from the date of application approval. Please refer the RMP handbook for further information on the PDU’s. There are chances that the application may go for auditing. If your application is selected for auditing, you will need to submit the documents like education certificate, the credential for risk management experience which you have mentioned in the online application, and PDU certificate issued by Simplilearn. The timeline you will have is 90 days. Once the PMI receives audit material, they may take about 5 to 7 days for the approval. Now you are ready to pay the examination fee and can select the venue, date, and slot for the examination. To understand this in detail, please refer RMP handbook from PMI. In the next screen, let us discuss the PMI-RMP examination in detail.

1.7 RMP® Credential Process—Timeline

The image on the screen depicts the timeline of the RMP credential process. Click each tab to know more. Application has to be submitted online from PMI website. Once you start filling the application, it will be available to you for 90 days. Once you submit the completed application, PMI takes about 5 working days to review. If the application is through, you get a notification for payment of examination fee. You cannot schedule exam until payment of credential fees is submitted. The certification is valid for 3 years from the date the Multi-rater Assessment (MRA) is passed to obtain and report PDU’s toward credential maintenance. You need to take the examination within 1 year from the date of application approval. Please refer the RMP handbook for further information on the PDU’s. There are chances that the application may go for auditing. If your application is selected for auditing, you will need to submit the documents like education certificate, the credential for risk management experience which you have mentioned in the online application, and PDU certificate issued by Simplilearn. The timeline you will have is 90 days. Once the PMI receives audit material, they may take about 5 to 7 days for the approval. Now you are ready to pay the examination fee and can select the venue, date, and slot for the examination. To understand this in detail, please refer RMP handbook from PMI. In the next screen, let us discuss the PMI-RMP examination in detail.

1.8 About the PMI-RMP® Exam

The examination will contain multiple choice questions. You will be tested on 170 questions, of which 20 questions are test question for future tests which will not be scored. Only 150 questions will be scored. You get 1 point for every right question. There is no penalty for the wrong answer. Ensure all questions are attempted. The total duration of the exam is 3.5 hours. PMI grades students on each of the four project risk management domains, and based on this grading they declare a PMI-RMP® pass or fail. The number of grades one has to score to pass the PMI-RMP® exam is not made public by PMI. The grades used are “Below Proficient”, “Proficient”, and “Moderately Proficient” in each of the four project risk management domains. We will continue our discussion on PMI-RMP® exam in the next screen.

1.8 About the PMI-RMP® Exam

The examination will contain multiple choice questions. You will be tested on 170 questions, of which 20 questions are test question for future tests which will not be scored. Only 150 questions will be scored. You get 1 point for every right question. There is no penalty for the wrong answer. Ensure all questions are attempted. The total duration of the exam is 3.5 hours. PMI grades students on each of the four project risk management domains, and based on this grading they declare a PMI-RMP® pass or fail. The number of grades one has to score to pass the PMI-RMP® exam is not made public by PMI. The grades used are “Below Proficient”, “Proficient”, and “Moderately Proficient” in each of the four project risk management domains. We will continue our discussion on PMI-RMP® exam in the next screen.

1.8 About the PMI-RMP® Exam

The examination will contain multiple choice questions. You will be tested on 170 questions, of which 20 questions are test question for future tests which will not be scored. Only 150 questions will be scored. You get 1 point for every right question. There is no penalty for the wrong answer. Ensure all questions are attempted. The total duration of the exam is 3.5 hours. PMI grades students on each of the four project risk management domains, and based on this grading they declare a PMI-RMP® pass or fail. The number of grades one has to score to pass the PMI-RMP® exam is not made public by PMI. The grades used are “Below Proficient”, “Proficient”, and “Moderately Proficient” in each of the four project risk management domains. We will continue our discussion on PMI-RMP® exam in the next screen.

1.9 About the PMI-RMP® Exam (contd.)

PMI will grade you on five key project risk management domains. Firstly, risk strategy and planning (5 tasks) which accounts for 19-20 percent of total questions. Secondly, stakeholder engagement (9 tasks) which also accounts for 19-20 percent of total questions. Thirdly, risk process facilitation (7 tasks) accounts for 25-28 percent of total questions. Fourthly, risk monitoring and reporting (7 tasks) again accounts for 19-20 percent of total questions. Lastly, perform specialized risk Analyses (3 tasks) accounts for 14 to 16percent of total questions. In the following screen, we will look into the examination syllabus.

1.9 About the PMI-RMP® Exam (contd.)

PMI will grade you on five key project risk management domains. Firstly, risk strategy and planning (5 tasks) which accounts for 19-20 percent of total questions. Secondly, stakeholder engagement (9 tasks) which also accounts for 19-20 percent of total questions. Thirdly, risk process facilitation (7 tasks) accounts for 25-28 percent of total questions. Fourthly, risk monitoring and reporting (7 tasks) again accounts for 19-20 percent of total questions. Lastly, perform specialized risk Analyses (3 tasks) accounts for 14 to 16percent of total questions. In the following screen, we will look into the examination syllabus.

1.9 About the PMI-RMP® Exam (contd.)

PMI will grade you on five key project risk management domains. Firstly, risk strategy and planning (5 tasks) which accounts for 19-20 percent of total questions. Secondly, stakeholder engagement (9 tasks) which also accounts for 19-20 percent of total questions. Thirdly, risk process facilitation (7 tasks) accounts for 25-28 percent of total questions. Fourthly, risk monitoring and reporting (7 tasks) again accounts for 19-20 percent of total questions. Lastly, perform specialized risk Analyses (3 tasks) accounts for 14 to 16percent of total questions. In the following screen, we will look into the examination syllabus.

1.10 PMI-RMP® Exam Syllabus

There are five domains and six processes in Project Risk Management. The first five processes belong to the planning process group, and the last process belongs to the monitor and control process group. Each domain has its own tasks like risk strategy and planning consists of 5 tasks, stakeholder engagement consists of 9 tasks, risk process facilitation and risk monitoring and reporting consists of 7 tasks each, and finally perform specialized risk activities consists of 3 tasks. Apart from the five project risk domains, you need to know the six processes that PMI recommends for effectively planning and monitoring risks on the projects. The people who are already qualified as PMP know that project risk management knowledge area contains six processes namely plan risk management, identify risks, perform qualitative risk analysis, perform quantitative risk analysis, plan risk responses , and control risks. One lesson is dedicated entirely to each of the processes, wherein you will look into the purpose, the tools used, the critical success factors, and how to document the results of that process. Let us move on to the domain 1, which is Risk Strategy and Planning, in the following screen.

1.10 PMI-RMP® Exam Syllabus

There are five domains and six processes in Project Risk Management. The first five processes belong to the planning process group, and the last process belongs to the monitor and control process group. Each domain has its own tasks like risk strategy and planning consists of 5 tasks, stakeholder engagement consists of 9 tasks, risk process facilitation and risk monitoring and reporting consists of 7 tasks each, and finally perform specialized risk activities consists of 3 tasks. Apart from the five project risk domains, you need to know the six processes that PMI recommends for effectively planning and monitoring risks on the projects. The people who are already qualified as PMP know that project risk management knowledge area contains six processes namely plan risk management, identify risks, perform qualitative risk analysis, perform quantitative risk analysis, plan risk responses , and control risks. One lesson is dedicated entirely to each of the processes, wherein you will look into the purpose, the tools used, the critical success factors, and how to document the results of that process. Let us move on to the domain 1, which is Risk Strategy and Planning, in the following screen.

1.10 PMI-RMP® Exam Syllabus

There are five domains and six processes in Project Risk Management. The first five processes belong to the planning process group, and the last process belongs to the monitor and control process group. Each domain has its own tasks like risk strategy and planning consists of 5 tasks, stakeholder engagement consists of 9 tasks, risk process facilitation and risk monitoring and reporting consists of 7 tasks each, and finally perform specialized risk activities consists of 3 tasks. Apart from the five project risk domains, you need to know the six processes that PMI recommends for effectively planning and monitoring risks on the projects. The people who are already qualified as PMP know that project risk management knowledge area contains six processes namely plan risk management, identify risks, perform qualitative risk analysis, perform quantitative risk analysis, plan risk responses , and control risks. One lesson is dedicated entirely to each of the processes, wherein you will look into the purpose, the tools used, the critical success factors, and how to document the results of that process. Let us move on to the domain 1, which is Risk Strategy and Planning, in the following screen.

1.11 Domain 1—Risk Strategy and Planning

The first domain contains activities related to developing policies, processes, and procedures; risk assessment, planning, and response. The tasks in this domain are the following: First task is to develop risk assessment processes and tools, which quantify stakeholder risk tolerances to assess and determine risk thresholds for the project, and set criteria for risk levels. Risk tolerance and threshold will be dealt with in the following lessons. (For the definition, you can also refer PMBOK 5th Edition—Page number: 339). Second task is to update risk policies and procedures using lessons learned, and risk audit outputs. The third task is to develop and recommend project risk strategy, based on project objectives which help in developing risk management plan. The fourth task is to produce risk management plan for the project on the basis of inputs from project information, external factors, stakeholder inputs, industry policies and procedures, to define, fund, and staff effective risk management processes. The fifth and the last task is to establish evaluation criteria for risk management processes, based on baselines and objectives, to measure effectiveness of project risk process. Let us look at the knowledge and skills required in Risk Strategy and Planning domain in the next screen.

1.11 Domain 1—Risk Strategy and Planning

The first domain contains activities related to developing policies, processes, and procedures; risk assessment, planning, and response. The tasks in this domain are the following: First task is to develop risk assessment processes and tools, which quantify stakeholder risk tolerances to assess and determine risk thresholds for the project, and set criteria for risk levels. Risk tolerance and threshold will be dealt with in the following lessons. (For the definition, you can also refer PMBOK 5th Edition—Page number: 339). Second task is to update risk policies and procedures using lessons learned, and risk audit outputs. The third task is to develop and recommend project risk strategy, based on project objectives which help in developing risk management plan. The fourth task is to produce risk management plan for the project on the basis of inputs from project information, external factors, stakeholder inputs, industry policies and procedures, to define, fund, and staff effective risk management processes. The fifth and the last task is to establish evaluation criteria for risk management processes, based on baselines and objectives, to measure effectiveness of project risk process. Let us look at the knowledge and skills required in Risk Strategy and Planning domain in the next screen.

1.11 Domain 1—Risk Strategy and Planning

The first domain contains activities related to developing policies, processes, and procedures; risk assessment, planning, and response. The tasks in this domain are the following: First task is to develop risk assessment processes and tools, which quantify stakeholder risk tolerances to assess and determine risk thresholds for the project, and set criteria for risk levels. Risk tolerance and threshold will be dealt with in the following lessons. (For the definition, you can also refer PMBOK 5th Edition—Page number: 339). Second task is to update risk policies and procedures using lessons learned, and risk audit outputs. The third task is to develop and recommend project risk strategy, based on project objectives which help in developing risk management plan. The fourth task is to produce risk management plan for the project on the basis of inputs from project information, external factors, stakeholder inputs, industry policies and procedures, to define, fund, and staff effective risk management processes. The fifth and the last task is to establish evaluation criteria for risk management processes, based on baselines and objectives, to measure effectiveness of project risk process. Let us look at the knowledge and skills required in Risk Strategy and Planning domain in the next screen.

1.12 Domain 1—Risk Strategy and Planning—Knowledge and Skills

The knowledge required are: how to achieve the continuous process improvement; collecting lessons learned, and documenting them in the knowledge management bank using techniques; defining metrics for effective risk process achievement; understanding risk attitude of the stakeholders. The other knowledge required are: breaking down the higher level risk into smaller components, also called the risk breakdown structure; understanding how to apply risk tolerance concepts; identifying barriers to effective risk management. Apart from these, the knowledge of the following is also required: various inputs, tools, and techniques and outputs under risk processes, also known as ITTO’s; analyzing reserves requirement based on uncertainties using research and analysis techniques; and finally defining basic strategy development methodologies by involving SME’s. The skills required are assessing stakeholder risk tolerance, and building stakeholder consensus. In the next screen, lets us look into the next domain called ‘Stakeholder Engagement.’

1.12 Domain 1—Risk Strategy and Planning—Knowledge and Skills

The knowledge required are: how to achieve the continuous process improvement; collecting lessons learned, and documenting them in the knowledge management bank using techniques; defining metrics for effective risk process achievement; understanding risk attitude of the stakeholders. The other knowledge required are: breaking down the higher level risk into smaller components, also called the risk breakdown structure; understanding how to apply risk tolerance concepts; identifying barriers to effective risk management. Apart from these, the knowledge of the following is also required: various inputs, tools, and techniques and outputs under risk processes, also known as ITTO’s; analyzing reserves requirement based on uncertainties using research and analysis techniques; and finally defining basic strategy development methodologies by involving SME’s. The skills required are assessing stakeholder risk tolerance, and building stakeholder consensus. In the next screen, lets us look into the next domain called ‘Stakeholder Engagement.’

1.12 Domain 1—Risk Strategy and Planning—Knowledge and Skills

The knowledge required are: how to achieve the continuous process improvement; collecting lessons learned, and documenting them in the knowledge management bank using techniques; defining metrics for effective risk process achievement; understanding risk attitude of the stakeholders. The other knowledge required are: breaking down the higher level risk into smaller components, also called the risk breakdown structure; understanding how to apply risk tolerance concepts; identifying barriers to effective risk management. Apart from these, the knowledge of the following is also required: various inputs, tools, and techniques and outputs under risk processes, also known as ITTO’s; analyzing reserves requirement based on uncertainties using research and analysis techniques; and finally defining basic strategy development methodologies by involving SME’s. The skills required are assessing stakeholder risk tolerance, and building stakeholder consensus. In the next screen, lets us look into the next domain called ‘Stakeholder Engagement.’

1.13 Domain 2—Stakeholder Engagement

This domain defines activities related to promoting the understanding of project risk management for stakeholders and project team members, assessing stakeholder risk tolerance, prioritizing project risk, and promoting risk ownership. To achieve this, the project manager should perform 9 tasks. The tasks in this domain are the following: The first task is to promote a common understanding of the value of risk management using interpersonal skills, to adopt a level of risk ownership. The second task is to train, coach, and educate stakeholders in risk principles and processes, to raise the engagement in risk management. The third task is to coach the project team members in implementing risk processes, to ensure the consistent application of risk processes. The fourth task is using different tools and techniques to assess stakeholder’s risk tolerance. The fifth task is to identify stakeholder’s risk attitudes, to manage stakeholder’s expectations throughout the project life cycle. The sixth task is to engage stakeholders based on risk prioritization process, to optimize the consensus on priorities. The seventh task is to provide risk-related recommendations to stakeholders, using effective communication techniques, to achieve effective risk-based decisions. The next task is to promote risk ownership by proactive communication of roles and responsibilities, to improve risk response execution. The ninth and the last task is to liaise with stakeholders of other projects by the exchange of risk-related information. In the next screen, let us look at the knowledge and skills required in Stakeholder Engagement domain.

1.13 Domain 2—Stakeholder Engagement

This domain defines activities related to promoting the understanding of project risk management for stakeholders and project team members, assessing stakeholder risk tolerance, prioritizing project risk, and promoting risk ownership. To achieve this, the project manager should perform 9 tasks. The tasks in this domain are the following: The first task is to promote a common understanding of the value of risk management using interpersonal skills, to adopt a level of risk ownership. The second task is to train, coach, and educate stakeholders in risk principles and processes, to raise the engagement in risk management. The third task is to coach the project team members in implementing risk processes, to ensure the consistent application of risk processes. The fourth task is using different tools and techniques to assess stakeholder’s risk tolerance. The fifth task is to identify stakeholder’s risk attitudes, to manage stakeholder’s expectations throughout the project life cycle. The sixth task is to engage stakeholders based on risk prioritization process, to optimize the consensus on priorities. The seventh task is to provide risk-related recommendations to stakeholders, using effective communication techniques, to achieve effective risk-based decisions. The next task is to promote risk ownership by proactive communication of roles and responsibilities, to improve risk response execution. The ninth and the last task is to liaise with stakeholders of other projects by the exchange of risk-related information. In the next screen, let us look at the knowledge and skills required in Stakeholder Engagement domain.

1.13 Domain 2—Stakeholder Engagement

This domain defines activities related to promoting the understanding of project risk management for stakeholders and project team members, assessing stakeholder risk tolerance, prioritizing project risk, and promoting risk ownership. To achieve this, the project manager should perform 9 tasks. The tasks in this domain are the following: The first task is to promote a common understanding of the value of risk management using interpersonal skills, to adopt a level of risk ownership. The second task is to train, coach, and educate stakeholders in risk principles and processes, to raise the engagement in risk management. The third task is to coach the project team members in implementing risk processes, to ensure the consistent application of risk processes. The fourth task is using different tools and techniques to assess stakeholder’s risk tolerance. The fifth task is to identify stakeholder’s risk attitudes, to manage stakeholder’s expectations throughout the project life cycle. The sixth task is to engage stakeholders based on risk prioritization process, to optimize the consensus on priorities. The seventh task is to provide risk-related recommendations to stakeholders, using effective communication techniques, to achieve effective risk-based decisions. The next task is to promote risk ownership by proactive communication of roles and responsibilities, to improve risk response execution. The ninth and the last task is to liaise with stakeholders of other projects by the exchange of risk-related information. In the next screen, let us look at the knowledge and skills required in Stakeholder Engagement domain.

1.14 Domain 2—Stakeholder Engagement—Knowledge and Skills

The project manager should have the following knowledge: information resources, both internal, like organizational process asset, and external, like enterprise environmental factors; project performance information, which helps in distributing to stakeholders; sensitivity models to asses stakeholder attitudes like risk seeking, tolerance and acceptance; in addition to this, the project manager should understand how to coach and train the stakeholders about risk management related topics; types of stakeholder risk attitudes like risk seeking, tolerance and averse; gap should be addressed through group decision-making; and group creativity, such as brainstorming, Delphi method, etc. For more insight about these techniques, please refer PMBOK. The skills required for achieving stakeholder engagement are: the project manager should use assessment of stakeholder’s risk tolerance; collaboration with stakeholders; understanding and managing teams in multicultural environments; and influencing the changes for better prospects. In the next screen, let us look into the third domain, which is risk process facilitation.

1.14 Domain 2—Stakeholder Engagement—Knowledge and Skills

The project manager should have the following knowledge: information resources, both internal, like organizational process asset, and external, like enterprise environmental factors; project performance information, which helps in distributing to stakeholders; sensitivity models to asses stakeholder attitudes like risk seeking, tolerance and acceptance; in addition to this, the project manager should understand how to coach and train the stakeholders about risk management related topics; types of stakeholder risk attitudes like risk seeking, tolerance and averse; gap should be addressed through group decision-making; and group creativity, such as brainstorming, Delphi method, etc. For more insight about these techniques, please refer PMBOK. The skills required for achieving stakeholder engagement are: the project manager should use assessment of stakeholder’s risk tolerance; collaboration with stakeholders; understanding and managing teams in multicultural environments; and influencing the changes for better prospects. In the next screen, let us look into the third domain, which is risk process facilitation.

1.14 Domain 2—Stakeholder Engagement—Knowledge and Skills

The project manager should have the following knowledge: information resources, both internal, like organizational process asset, and external, like enterprise environmental factors; project performance information, which helps in distributing to stakeholders; sensitivity models to asses stakeholder attitudes like risk seeking, tolerance and acceptance; in addition to this, the project manager should understand how to coach and train the stakeholders about risk management related topics; types of stakeholder risk attitudes like risk seeking, tolerance and averse; gap should be addressed through group decision-making; and group creativity, such as brainstorming, Delphi method, etc. For more insight about these techniques, please refer PMBOK. The skills required for achieving stakeholder engagement are: the project manager should use assessment of stakeholder’s risk tolerance; collaboration with stakeholders; understanding and managing teams in multicultural environments; and influencing the changes for better prospects. In the next screen, let us look into the third domain, which is risk process facilitation.

1.15 Domain 3—Risk Process Facilitation

Risk process facilitation domain contains activities related to facilitating risk identification, evaluation, prioritization, and response among project team members. The tasks in this domain are the following: Task 1 is about applying tools related to risk assessment, as well as processes to quantify stakeholder risk tolerance and determine risk levels. Task 2 is to facilitate risk identification using variety of techniques. This enables project team and stakeholders to understand and determine the risk exposure of the project. Task 3 is to facilitate project team’s evaluation of the identified risks attributes using qualitative and quantitative methods, for risk prioritization and planning. Task 4 is to facilitate development of an aligned risk response strategy and actions from the gathered information. Task 5 is to facilitate the formulation of project contingency reserve based on risk exposure. Task 6 is to provide data to cost and schedule analysts about the risk, so that they can estimate the cost and schedule accordingly. The last task is to explore the used scenarios to validate potential risk responses and key dependencies and requirements, and evaluate to enhance likelihood of project success. Let us look at the knowledge and skills required in Risk Process Facilitation domain in the next screen.

1.15 Domain 3—Risk Process Facilitation

Risk process facilitation domain contains activities related to facilitating risk identification, evaluation, prioritization, and response among project team members. The tasks in this domain are the following: Task 1 is about applying tools related to risk assessment, as well as processes to quantify stakeholder risk tolerance and determine risk levels. Task 2 is to facilitate risk identification using variety of techniques. This enables project team and stakeholders to understand and determine the risk exposure of the project. Task 3 is to facilitate project team’s evaluation of the identified risks attributes using qualitative and quantitative methods, for risk prioritization and planning. Task 4 is to facilitate development of an aligned risk response strategy and actions from the gathered information. Task 5 is to facilitate the formulation of project contingency reserve based on risk exposure. Task 6 is to provide data to cost and schedule analysts about the risk, so that they can estimate the cost and schedule accordingly. The last task is to explore the used scenarios to validate potential risk responses and key dependencies and requirements, and evaluate to enhance likelihood of project success. Let us look at the knowledge and skills required in Risk Process Facilitation domain in the next screen.

1.15 Domain 3—Risk Process Facilitation

Risk process facilitation domain contains activities related to facilitating risk identification, evaluation, prioritization, and response among project team members. The tasks in this domain are the following: Task 1 is about applying tools related to risk assessment, as well as processes to quantify stakeholder risk tolerance and determine risk levels. Task 2 is to facilitate risk identification using variety of techniques. This enables project team and stakeholders to understand and determine the risk exposure of the project. Task 3 is to facilitate project team’s evaluation of the identified risks attributes using qualitative and quantitative methods, for risk prioritization and planning. Task 4 is to facilitate development of an aligned risk response strategy and actions from the gathered information. Task 5 is to facilitate the formulation of project contingency reserve based on risk exposure. Task 6 is to provide data to cost and schedule analysts about the risk, so that they can estimate the cost and schedule accordingly. The last task is to explore the used scenarios to validate potential risk responses and key dependencies and requirements, and evaluate to enhance likelihood of project success. Let us look at the knowledge and skills required in Risk Process Facilitation domain in the next screen.

1.16 Domain 3—Risk Process Facilitation—Knowledge and Skills

The knowledge requirements of this domain are: how to use tools and techniques for basic risk identification; risk analysis—both qualitative and quantitative. Apart from this, knowledge of getting the risk perception and behavior; risk response types to apply the right strategy; contingency management tools and techniques; risk monitoring and control techniques; group decision-making; and group creativity techniques like brain storming and delphi techniques are also required. For more insight about these techniques, please refer PMBOK. The skills required are: use of analytical software tools for project risk management, managing teams in multicultural environments, and estimating probability and impact of the identified risks to provide ranking. In the next screen, we will look into the fourth domain, which is risk monitoring and reporting.

1.16 Domain 3—Risk Process Facilitation—Knowledge and Skills

The knowledge requirements of this domain are: how to use tools and techniques for basic risk identification; risk analysis—both qualitative and quantitative. Apart from this, knowledge of getting the risk perception and behavior; risk response types to apply the right strategy; contingency management tools and techniques; risk monitoring and control techniques; group decision-making; and group creativity techniques like brain storming and delphi techniques are also required. For more insight about these techniques, please refer PMBOK. The skills required are: use of analytical software tools for project risk management, managing teams in multicultural environments, and estimating probability and impact of the identified risks to provide ranking. In the next screen, we will look into the fourth domain, which is risk monitoring and reporting.

1.16 Domain 3—Risk Process Facilitation—Knowledge and Skills

The knowledge requirements of this domain are: how to use tools and techniques for basic risk identification; risk analysis—both qualitative and quantitative. Apart from this, knowledge of getting the risk perception and behavior; risk response types to apply the right strategy; contingency management tools and techniques; risk monitoring and control techniques; group decision-making; and group creativity techniques like brain storming and delphi techniques are also required. For more insight about these techniques, please refer PMBOK. The skills required are: use of analytical software tools for project risk management, managing teams in multicultural environments, and estimating probability and impact of the identified risks to provide ranking. In the next screen, we will look into the fourth domain, which is risk monitoring and reporting.

1.17 Domain 4—Risk Monitoring and Reporting

Risk monitoring and reporting domain contains activities related to monitoring risk, evaluating risk response against established metrics, and communicating risk response performance to stakeholders and project team. The tasks in this domain are the following: The first task is to document and periodically update project risk information. This is done to maintain a complete source of information. The second task is to coordinate with project manager using communication, to integrate risk management throughout the project. The third task is to create periodic standard and custom reports which contain risk-related metrics, as per the risk and communication management plan. The fourth task is to monitor risk response metrics by analyzing it, so that it will be helpful in tackling residual and/or secondary risks, if any. The fifth task is to analyze risk process performance against metrics, to drive risk process improvements. The sixth task is to update project risk management plan using internal and external inputs, to keep the plan updated. The last task is to capture risk lessons learned through comprehensive review of risk management plan, risk register, risk audits, risk process performance reports, and other reports to incorporate future risk planning. In the next screen, let us look at the knowledge and skills required in this domain.

1.17 Domain 4—Risk Monitoring and Reporting

Risk monitoring and reporting domain contains activities related to monitoring risk, evaluating risk response against established metrics, and communicating risk response performance to stakeholders and project team. The tasks in this domain are the following: The first task is to document and periodically update project risk information. This is done to maintain a complete source of information. The second task is to coordinate with project manager using communication, to integrate risk management throughout the project. The third task is to create periodic standard and custom reports which contain risk-related metrics, as per the risk and communication management plan. The fourth task is to monitor risk response metrics by analyzing it, so that it will be helpful in tackling residual and/or secondary risks, if any. The fifth task is to analyze risk process performance against metrics, to drive risk process improvements. The sixth task is to update project risk management plan using internal and external inputs, to keep the plan updated. The last task is to capture risk lessons learned through comprehensive review of risk management plan, risk register, risk audits, risk process performance reports, and other reports to incorporate future risk planning. In the next screen, let us look at the knowledge and skills required in this domain.

1.17 Domain 4—Risk Monitoring and Reporting

Risk monitoring and reporting domain contains activities related to monitoring risk, evaluating risk response against established metrics, and communicating risk response performance to stakeholders and project team. The tasks in this domain are the following: The first task is to document and periodically update project risk information. This is done to maintain a complete source of information. The second task is to coordinate with project manager using communication, to integrate risk management throughout the project. The third task is to create periodic standard and custom reports which contain risk-related metrics, as per the risk and communication management plan. The fourth task is to monitor risk response metrics by analyzing it, so that it will be helpful in tackling residual and/or secondary risks, if any. The fifth task is to analyze risk process performance against metrics, to drive risk process improvements. The sixth task is to update project risk management plan using internal and external inputs, to keep the plan updated. The last task is to capture risk lessons learned through comprehensive review of risk management plan, risk register, risk audits, risk process performance reports, and other reports to incorporate future risk planning. In the next screen, let us look at the knowledge and skills required in this domain.

1.18 Domain 4—Risk Monitoring and Reporting—Knowledge and Skills

The knowledge required are: how to carry out continuous process improvement and essence of quality management as applied to risk management; the knowledge management techniques; the alternative formats for generating project risk reports to stakeholders; the different data requirements capturing for the risk register and risk statement construction; and risk response activity construction. Apart from this the other knowledge required for this domain are, collection and reporting of different risk-related metrics like, risk response metrics, risk process performance metrics, and risk assessment analysis metrics. The last knowledge required is measuring the management reserve requirement based on the unknowns of the situation and reporting to make the project success. There is no specific skill required pertaining to this domain. In the next screen, let us look into the last domain, which is perform specialized risk analysis.

1.18 Domain 4—Risk Monitoring and Reporting—Knowledge and Skills

The knowledge required are: how to carry out continuous process improvement and essence of quality management as applied to risk management; the knowledge management techniques; the alternative formats for generating project risk reports to stakeholders; the different data requirements capturing for the risk register and risk statement construction; and risk response activity construction. Apart from this the other knowledge required for this domain are, collection and reporting of different risk-related metrics like, risk response metrics, risk process performance metrics, and risk assessment analysis metrics. The last knowledge required is measuring the management reserve requirement based on the unknowns of the situation and reporting to make the project success. There is no specific skill required pertaining to this domain. In the next screen, let us look into the last domain, which is perform specialized risk analysis.

1.18 Domain 4—Risk Monitoring and Reporting—Knowledge and Skills

The knowledge required are: how to carry out continuous process improvement and essence of quality management as applied to risk management; the knowledge management techniques; the alternative formats for generating project risk reports to stakeholders; the different data requirements capturing for the risk register and risk statement construction; and risk response activity construction. Apart from this the other knowledge required for this domain are, collection and reporting of different risk-related metrics like, risk response metrics, risk process performance metrics, and risk assessment analysis metrics. The last knowledge required is measuring the management reserve requirement based on the unknowns of the situation and reporting to make the project success. There is no specific skill required pertaining to this domain. In the next screen, let us look into the last domain, which is perform specialized risk analysis.

1.19 Domain 5—Perform Specialized Risk Analyses

Perform specialized risk analyses domain contains activities related to the specialized qualitative and quantitative tools and techniques used by project risk management professionals. There are only 3 tasks associated with this domain. The first one is to evaluate the attributes of identified risks using advanced quantitative tools, and specialized qualitative techniques which help in estimating overall risk exposure of the project. The second task is to analyze risk data which is produced during the project to determine the SWOT (abbreviated as strength, weakness, opportunities, and threat) of risk strategy and process, and recommending process improvement as needed. The third and the last task, is to perform specialized risk analysis using advanced tools and techniques, to support stakeholder decision-making for the project. In the next screen, lets us look at the knowledge and the skills required for these tasks.

1.19 Domain 5—Perform Specialized Risk Analyses

Perform specialized risk analyses domain contains activities related to the specialized qualitative and quantitative tools and techniques used by project risk management professionals. There are only 3 tasks associated with this domain. The first one is to evaluate the attributes of identified risks using advanced quantitative tools, and specialized qualitative techniques which help in estimating overall risk exposure of the project. The second task is to analyze risk data which is produced during the project to determine the SWOT (abbreviated as strength, weakness, opportunities, and threat) of risk strategy and process, and recommending process improvement as needed. The third and the last task, is to perform specialized risk analysis using advanced tools and techniques, to support stakeholder decision-making for the project. In the next screen, lets us look at the knowledge and the skills required for these tasks.

1.19 Domain 5—Perform Specialized Risk Analyses

Perform specialized risk analyses domain contains activities related to the specialized qualitative and quantitative tools and techniques used by project risk management professionals. There are only 3 tasks associated with this domain. The first one is to evaluate the attributes of identified risks using advanced quantitative tools, and specialized qualitative techniques which help in estimating overall risk exposure of the project. The second task is to analyze risk data which is produced during the project to determine the SWOT (abbreviated as strength, weakness, opportunities, and threat) of risk strategy and process, and recommending process improvement as needed. The third and the last task, is to perform specialized risk analysis using advanced tools and techniques, to support stakeholder decision-making for the project. In the next screen, lets us look at the knowledge and the skills required for these tasks.

1.20 Domain 5—Perform Specialized Risk Analyses Knowledge and Skills

The knowledge required are: advanced tools and techniques used for the risk identification, quantitative risk analysis, identifying and analyzing the overall project risk. Few tools and techniques are Delphi, nominal group technique, Monte Carlo analysis, and risk based analytical and critical chain analysis. Other knowledge requirements are basic and advanced statistics; estimation tools and techniques to support risk decision-making like’ cost benefit analysis; advanced theory of heuristics, and other sources of cognitive bias; and finally variance analysis using earned value method. The details of above skills can be obtained by reading into PMBOK. Some of the tools have been covered in the future lessons. For further queries e-mail to supportrequest@simplilearn.com Apart from the knowledge, the skills required are of converting qualitative information into risk data, building representative risk models, and managing and interpreting quantitative and qualitative data. With this, we have come to an end of the introductory lesson.

1.20 Domain 5—Perform Specialized Risk Analyses Knowledge and Skills

The knowledge required are: advanced tools and techniques used for the risk identification, quantitative risk analysis, identifying and analyzing the overall project risk. Few tools and techniques are Delphi, nominal group technique, Monte Carlo analysis, and risk based analytical and critical chain analysis. Other knowledge requirements are basic and advanced statistics; estimation tools and techniques to support risk decision-making like’ cost benefit analysis; advanced theory of heuristics, and other sources of cognitive bias; and finally variance analysis using earned value method. The details of above skills can be obtained by reading into PMBOK. Some of the tools have been covered in the future lessons. For further queries e-mail to supportrequest@simplilearn.com Apart from the knowledge, the skills required are of converting qualitative information into risk data, building representative risk models, and managing and interpreting quantitative and qualitative data. With this, we have come to an end of the introductory lesson.

1.20 Domain 5—Perform Specialized Risk Analyses Knowledge and Skills

The knowledge required are: advanced tools and techniques used for the risk identification, quantitative risk analysis, identifying and analyzing the overall project risk. Few tools and techniques are Delphi, nominal group technique, Monte Carlo analysis, and risk based analytical and critical chain analysis. Other knowledge requirements are basic and advanced statistics; estimation tools and techniques to support risk decision-making like’ cost benefit analysis; advanced theory of heuristics, and other sources of cognitive bias; and finally variance analysis using earned value method. The details of above skills can be obtained by reading into PMBOK. Some of the tools have been covered in the future lessons. For further queries e-mail to supportrequest@simplilearn.com Apart from the knowledge, the skills required are of converting qualitative information into risk data, building representative risk models, and managing and interpreting quantitative and qualitative data. With this, we have come to an end of the introductory lesson.

1.21 Summary

Here is a quick recap of what was covered in this lesson. ? PMI-RMP stands for Project Management Institute-Risk Management Professional. ? The exam format and exam syllabus is defined by PMI. ? The 5 domains in Project Risk Management are: Risk strategy and planning, Stakeholder engagement, Risk process facilitation, Risk monitoring and reporting, and Perform specialized risk activities. ? The six processes in Project Risk Management are: Plan risk management, Identify risks, Perform qualitative risk analysis, Perform quantitative risk analysis, Plan risk responses, and Control risks.

1.21 Summary

Here is a quick recap of what was covered in this lesson. ? PMI-RMP stands for Project Management Institute-Risk Management Professional. ? The exam format and exam syllabus is defined by PMI. ? The 5 domains in Project Risk Management are: Risk strategy and planning, Stakeholder engagement, Risk process facilitation, Risk monitoring and reporting, and Perform specialized risk activities. ? The six processes in Project Risk Management are: Plan risk management, Identify risks, Perform qualitative risk analysis, Perform quantitative risk analysis, Plan risk responses, and Control risks.

1.22 Conclusion

This concludes the Introduction to PMI-RMP® Certification Course. The next lesson covers Risk Management Framework.

1.22 Conclusion

This concludes the Introduction to PMI-RMP® Certification Course. The next lesson covers Risk Management Framework.

  • Disclaimer
  • PMP, PMI, PMBOK, CAPM, PgMP, PfMP, ACP, PBA, RMP, SP, and OPM3 are registered marks of the Project Management Institute, Inc.

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