PMI-RMP certification : 2022 exam

PMI risk definition

• The PMBOK® Guide describes risk as an uncertain event or condition, that if it occurs, has a positive or negative effect on a project’s objective.
• The key element of this definition is that the effect of the uncertainty, if it occurs, may be positive or negative on the objectives of the planned endeavour.

PMI-RMP certification

• The Project Management Institute (PMI)® offers a professional credential for project risk managers, known as the PMI Risk Management Professional (PMI-RMP) ®.

PMI-RMP 2022 exam

• The new PMI-RMP exam will cover updated terminology and processes, as well as enterprise-level risks the candidate needs to be knowledgeable about to be successful in project risk management.
  • While the exam will have the same number of questions and will be approximately the same length, it will have new multiple select questions.
  • Predictive, agile, and hybrid approaches will be found throughout the tested domains.
• The new exam covers the following five domains :
  • Risk Strategy and Planning
  • Risk Identification
  • Risk Analysis
  • Risk Response
  • Monitor and Close Risks
• ©2021 Project Management Institute, Inc. All rights reserved Updated PMI Risk Management Professional (PMI-RMP) ® Pilot Exam Content Outline

PMI-RMP Exam Content Outline

• The following table identifies the proportion of questions from each domain that will appear on the examination.
  • These percentages are used to determine the number of questions related to each domain and task that should appear on the multiple-choice format examination.
• Domain and Percentage of Items on Test (Total 100%)
  • Risk Strategy and Planning 22%
  • Risk Identification 23%
  • Risk Analysis 23%
  • Risk Response 13%
  • Monitor and Close Risks 19%
• ©2021 Project Management Institute, Inc. All rights reserved Updated PMI Risk Management Professional (PMI-RMP) ® Pilot Exam Content Outline

Domains, Tasks and Enablers

• In this post you will find an updated structure for the PMI-RMP Examination Content Outline.
  • Based on feedback from customers and stakeholders, PMI has worked on simplifying the format so that the PMI-RMP Examination Content Outline is easier to understand and interpret.
• On the following pages you will find the domains, tasks, and enablers as defined by the JTA.
  • Domain: Defined as the high-level knowledge area that is essential to the practice of project risk management.
  • Tasks: The underlying responsibilities of the project risk manager within each domain area.
  • Enablers: Illustrative examples of the work associated with the task.
    • Please note that enablers are not meant to be an exhaustive list but rather offer a few examples to help demonstrate what the task encompasses.
• Each PMI-RMP examination will include all tasks for a domain, and PMI will adhere to the percentage of coverage at the domain level as outlined on the previous page.
• The following is an example of the new task structure:
  • Task statement ?
    • Identify threats and opportunities
      • Assess project risk complexity (e.g., SWOT analysis, Ishikawa Tree Diagram)
      • Perform an impact analysis on project objectives (e.g., project scopes, schedule cost, and resources, quality, and stakeholders)
• ©2021 Project Management Institute, Inc. All rights reserved Updated PMI Risk Management Professional (PMI-RMP) ® Pilot Exam Content Outline

Domain I : Risk Strategy and Planning (22%)

• Task 1 Perform a preliminary document analysis
  • Gather and review documents o 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 o Analyze environment for risk culture maturity
  • Evaluate the project management information system process and data
  • Conduct a stakeholder analysis
  • Analyze constraints to risk management o 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 o 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
• ©2021 Project Management Institute, Inc. All rights reserved Updated PMI Risk Management Professional (PMI-RMP) ® Pilot Exam Content Outline

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
• ©2021 Project Management Institute, Inc. All rights reserved Updated PMI Risk Management Professional (PMI-RMP) ® Pilot Exam Content Outline

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 o Agreed-upon assessment approach, Historical information, Definitions of probability and impact, Risk categories, Pre-established 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 o 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 o SWOT analysis, Ishikawa, Tree Diagram
  • Perform an impact analysis on project objectives o project scopes, schedule cost, and resources, quality, and stakeholders
  • Assess project compliance objectives against organizational strategic objectives o procedures, project plans, corporate, and project governance, regulatory governance
  • Empower stakeholders to independently identify threats and opportunities
• ©2021 Project Management Institute, Inc. All rights reserved Updated PMI Risk Management Professional (PMI-RMP) ® Pilot Exam Content Outline

Domain IV : Risk Response (13%)

• Task 1 Plan risk response
  • Determine appropriate risk response strategy o 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 o cost/schedule/environment etc., effect of the action on the probability or the risk impact
  • Illustrate and communicate effectiveness of the risk response strategies o 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 o Improvise as needed
• ©2021 Project Management Institute, Inc. All rights reserved Updated PMI Risk Management Professional (PMI-RMP) ® Pilot Exam Content Outline

Domaine 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 o 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
• ©2021 Project Management Institute, Inc. All rights reserved Updated PMI Risk Management Professional (PMI-RMP) ® Pilot Exam Content Outline

PMI-RMP Certification exam flashcards

• Risk management series
  • Risk management : introduction and definitions
  • Risk Management : risk management common language
• Enterprise Risk Management series
  • Enterprise Risk Management : introduction and definitions

Updated : 08/01/2022