17 January 2022

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

Updated : 08/01/2022

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