Overview of the PMI RMP Exam:
– Requirements
– Domain Areas
Risk Management Overview:
- Definition of risks
- Risk Breakdown structure (RBS)
- Risk Categories
What You Need Before You Can Do Risk Management:
- What do you need before you can effectively start risk management?
- How does risk management fit into the project management process and operations?
- What risk management is and why can it make or break your career
- Project risks and operation risks?
- Negative risks and positive risks (Opportunities)
The Risk Management Processes:
- Plan Risk Management
- Identify Risks
- Perform Qualitative Risk Analysis
- Perform Quantitative Risk Analysis
- Plan Risk Responses
- Monitor and Control Risks
Plan Risk Management Process:
- Creating a Risk Management Plan (RMP)
- Analyzing contents of a model RMP
- Applying a standard template to create your RMP
The Identify Risks Process:
- Identifying project risk
- Common sources of project risk
- Creating Ishikawa diagrams to analyze cause and effect relationship
- Checklists
- Developing a Risk Register
- Analyzing contents of a model Risk Register
- Applying a proven template to create your Risk Register
- Documenting risks for future assessments
The Perform Qualitative Risk Analysis Process:
- Analyzing risks through qualitative measures
- Performing probability and impact analyses of identified
- Applying the probability and impact matrix
- Advanced applications of qualitative analysis
- Prioritizing analysis results
- Ranking project risks
- Differentiating between acceptable and unacceptable risks
The Perform Quantitative Risk Analysis Process:
- Quantifying effects of risk events on the project
- Determining probability of achieving cost and time objectives
- Calculating contingency reserves
- Identifying trends in quantitative analysis
- Ranking risks by actuarial cost
- Tools for analysis
- Expected Monetary Value (EMW)
- Three-point estimates
- Probability distributions
- Delphi Technique
- Simulation
The Plan Risk Responses Process:
- Implementing risk response strategies
- Threats: Accept, Avoid, Transfer and Mitigate
- Opportunities: Exploit, Share, Enhance
- Quantifying residual risks and secondary responses
- Creating contingency plans
- Determining the worst case scenario
- Recalculating confidence levels
- Finalizing risk budget
The Monitor And Control Risks Process:
- Identifying emerging project risks
- Matching identified project risk with controls including Risk Audit, Variance Reports, Reserve Analysis
- Anticipating risk events through risk triggers
- Measuring risk using earned value analysis (EVA)
- Ensuring effective change control
- Developing a reliable change request process