by 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)
- Identify threats and opportunities
- Task statement ?
- ©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
- Enterprise Risk Management series
Updated : 08/01/2022
