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PMI-RMP - PMI Risk Management Professional - Dump Information

Vendor : PMI
Exam Code : PMI-RMP
Exam Name : PMI Risk Management Professional
Questions and Answers : 273 Q & A
Updated On : June 22, 2017
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PMI-RMP Questions and Answers

PMI-RMP


QUESTION: 255

Courtney is the project manager for her organization. She is working with the project team to complete the qualitative risk analysis for her project. During the analysis Courtney encourages the project team to begin the grouping of identified risks by common causes. What is the primary advantage to group risks by common causes during qualitative risk analysis?


  1. It helps the project team realize the areas of the project most laden with risks.

  2. It saves time by collecting the related resources, such as project team members, to analyze the risk events.

  3. It can lead to developing effective risk responses.

  4. It can lead to the creation of risk categories unique to each project.


Answer: C


QUESTION: 256

Lamont is the project manager of a project that has recently finished the final project deliverables. The project customer has signed off on the project deliverable and Lamont has a few administrative closure activities to complete. In the project, there were several large risks that could have wrecked the project but Lamont and his project team found some creative methods to resolve the risks without affecting the project costs or project end date. What should Lamont do with the risk responses he identified during the project's monitoring and controlling process?


  1. Include the risk response in the project risk management plan.

  2. Include the responses in the project management plan.

  3. Nothing. The risk responses are included in the project's risk register already.

  4. Include the risk responses in the organization's lessons learned database.


Answer: D


QUESTION: 257

You are the project manager of the HJK project for your organization. You and the project team have created risk responses for many of the risk events in the project. A teaming agreement is an example of what risk response?


  1. Transference

  2. Acceptance


  3. Mitigation

  4. Sharing


Answer: D


QUESTION: 258

Harold is the project manager of a large project in his organization. He has been actively communicating and working with the project stakeholders. One of the outputs of the manage stakeholder expectations process can actually create new risk events for Harold's project. Which output of the manage stakeholder expectations process can create risks?


  1. Project document updates

  2. Change requests

  3. Organizational process assets updates

  4. Project management plan updates


Answer: B


QUESTION: 259

Harry is the project manager of the MMQ Construction Project. In this project, Harry has identified a supplier who can create stained glass windows for 1,000 window units in the construction project. The supplier is an artist who works by himself, but creates windows for several companies throughout the United States. Management reviews the proposal to use this supplier and while they agree that the supplier is talented, they do not think the artist can fulfill the 1,000 window units in time for the project's deadline. Management asked Harry to find a supplier who can fulfill the completion of the windows by the needed date in the schedule. What risk response has management asked Harry to implement?


  1. Mitigation

  2. Acceptance

  3. Avoidance

  4. Transference Answer: A QUESTION: 260


Joan is a project management consultant and she has been hired by a firm to help them identify risk events within the project. Joan would first like to examine the project documents including the plans, assumptions lists, project files, and contracts. What key thing will help Joan to discover risks within the review of the project documents?


  1. The project documents will help the project manager, or Joan, to identify what risk identification approach is best to pursue.

  2. Lack of consistency between the plans and the project requirements and assumptions can be the indicators of risk in the project.

  3. Poorly written requirements will reveal inconsistencies in the project plans and documents.

  4. Plans that have loose definitions of terms and disconnected approaches will reveal risks.


Answer: B


QUESTION: 261

Rob is the project manager of the IDLK Project for his company. This project has a budget of $5,600,000 and is expected to last 18 months. Rob has learned that a new law may affect how the project is allowed to proceed - even though the organization has already invested over $750,000 in the project. What risk response is the most appropriate for this instance?


  1. Acceptance

  2. Transference

  3. Mitigation

  4. Enhance


Answer: A


QUESTION: 262

You are the project manager for your organization. You have determined that an activity is too dangerous to complete internally so you hire licensed contractor to complete the work. The contractor, however, may not complete the assigned work on time which could cause delays in subsequent work beginning. This is an example of what type of risk event?


  1. Internal


  2. Secondary risk

  3. Pure risk

  4. Transference


Answer: B


QUESTION: 263

There are five inputs to the quantitative risk analysis process. Which one of the following is NOT an input to the perform quantitative risk analysis process?


  1. Risk register

  2. Risk management plan

  3. Cost management plan

  4. Enterprise environmental factors


Answer: D


QUESTION: 264

Don has hired Jerry, a contractor, to complete a portion of his project work. The contract used was a cost-plus contract. If Don were to perform a risk audit, who would carry the risk in this scenario?


  1. Don would because he is the project manager.

  2. Jerry would because of the contract type.

  3. Don would because of the contract type.

  4. Jerry would because he is the hired contractor.


Answer: C


QUESTION: 265

You are the project manager of the BlueStar project in your company. Your company is structured as a functional organization and you report to the functional manager that you are ready to move onto the qualitative risk analysis process. What will you need as inputs for the qualitative risk analysis of the project in this scenario?


  1. Qualitative risk analysis does not happen through the project manager in a functional structure.

  2. You will need the risk register, risk management plan, project scope statement, and any relevant organizational process assets.

  3. You will need the risk register, risk management plan, outputs of qualitative risk analysis, and any relevant organizational process assets.

  4. You will need the risk register, risk management plan, permission from the functional manager, and any relevant organizational process assets.


Answer: B


QUESTION: 266

You work as a project manager for TechSoft Inc. You are preparing to plan risk responses for your project with your project team. How many risk responses are available for a positive risk event in the project?


  1. Three

  2. Four

  3. Seven

  4. One


Answer: B


QUESTION: 267

Jeff works as a project manager for BlueWell Inc. He is determining which risks can affect the project. Which of the following are the inputs to the identify risks process that Jeff will use to accomplish the task? Each correct answer represents a complete solution. Choose all that apply.


  1. Scope baseline

  2. Activity cost estimates

  3. Risk register

  4. Risk management plan Answer: A, B, D QUESTION: 268


You are the project manager for the NHH project. You are working with your project team to examine the project from four different defined perspectives to increase the breadth of identified risks by including internally generated risks. What risk identification approach are you using in this example?


  1. Root cause analysis

  2. SWOT analysis

  3. Influence diagramming techniques

  4. Assumptions analysis


Answer: B


QUESTION: 269

Ben works as a project manager for the MJH Project. In this project, Ben is preparing to identify stakeholders so he can communicate project requirements, status, and risks. Ben has elected to use a salience model as part of his stakeholder identification process. Which of the following activities best describes a salience model?


  1. Influence/impact grid, grouping the stakeholders based on their active involvement ("influence") in the project and their ability to affect changes to the project's planning or execution ("impact").

  2. Grouping the stakeholders based on their level of authority ("power") and their active involvement ("influence") in the project.

  3. Grouping the stakeholders based on their level of authority ("power") and their level or concern ("interest") regarding the project outcomes.

  4. Describing classes of stakeholders based on their power (ability to impose their will), urgency (need for immediate attention), and legitimacy (their involvement is appropriate).


Answer: D


QUESTION: 270

Gary is the project manager for his project. He and the project team have completed the qualitative risk analysis process and are about to enter the quantitative risk analysis process when Mary, the project sponsor, wants to know what quantitative risk analysis will review. Which of the following statements best defines what quantitative risk analysis will review?


  1. The quantitative risk analysis process will review risk events for their probability and impact on the project objectives.

  2. The quantitative risk analysis seeks to determine the true cost of each identified risk event and the probability of each risk event to determine the risk exposure.

  3. The quantitative risk analysis process will analyze the effect of risk events that may substantially impact the project's competing demands.

  4. The quantitative risk analysis reviews the results of risk identification and prepares the project for risk response management.


Answer: C


QUESTION: 271

analysis is a statistical concept that calculates the average outcome when the future includes scenarios that may or may not happen.


  1. Expert judgment

  2. Expected monetary value

  3. Sensitivity

  4. Modeling and simulation


Answer: B


QUESTION: 272

Todd is the project manager of the EST project for his company. His organization has established certain rules in the enterprise environmental factors which affect the approach that Todd takes in managing his project. One of the rules requires Todd to consider the risk attitude of the stakeholders participating in risk analysis. Why must risk attitude be considered as a part of risk analysis?


  1. Risk attitude can affect the measurement of probability and impact.

  2. Risk attitude can establish a stakeholder's influence over project decisions.

  3. Risk attitude identifies stakeholders that are hygiene seekers or motivation seekers.

  4. Risk attitude establishes stakeholders as positive or negative stakeholders.


Answer: A


QUESTION: 273


You work as the project manager for Bluewell Inc. There has been a delay in your project work that is adversely affecting the project schedule. You decide, with your stakeholders' approval, to fast track the project work to get the project done faster. When you fast track the project, what is likely to increase?


  1. Risks

  2. Costs

  3. Quality control concerns

  4. Human resource needs


Answer: A


PMI PMI-RMP Exam (PMI Risk Management Professional) Detailed Information

PMI Risk Management Professional (PMI-RMP)
With your advanced skills in risk management, you perform a specialized function attuned to the needs of a project environment that is increasingly global, virtual and complex. The PMI Risk Management Professional (PMI-RMP)® highlights your ability to identify and assess project risks, mitigate threats and capitalize on opportunities. In this capacity, you enhance and protect the needs of your organization.
Gaining distinction as a PMI-RMP® sets you apart from other professionals and brings credit to your organization. Eighty-three percent of organizations that are high performers in project management practice risk management frequently while just 49 percent of low performers do so. The practice contributes to a handsome payoff: high performers meet their goals 2.5 times more often and waste 13 times less money than low performers, as found by our 2015 Pulse of the Profession® report.
If you’re ready for greater recognition, the PMI-RMP will validate your specialized expertise and help you stand out to employers, stakeholders and peers.
Apply for PMI-RMP Certification
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APPLY NOW
PMI-RMP Exam Guidance
Review tips, resources and FAQs to help you prepare.
Downloads
Exam Content Outline
Handbook
Who Should Apply?
If you have advanced knowledge and experience in risk management, or if you are a project manager focused on project risk management, including for large projects and/or complex environments, then the PMI-RMP® is an excellent choice for you.
Gain and Maintain Your PMI-RMP
The certification exam has 170 multiple-choice questions and you have 3.5 hours to complete it.
To maintain your PMI-RMP, you must earn 30 professional development units (PDUs) in risk management topics every three years.
Prerequisites
Secondary degree (high school diploma, associate’s degree, or the global equivalent)
4,500 hours of project risk management experience
40 hours of project risk management education
Four-year degree (bachelor’s degree or the global equivalent)
3,000 hours of project risk management experience
30 hours of project risk management education
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 Percentage of Items on Test
Risk Strategy and Planning 19–20%
Stakeholder Engagement 19–20%
Risk Process Facilitation 25–28%
Risk Monitoring and Reporting 19–20%
Perform Specialized Risk Analyses 14–16%
Total 100%
PMI Risk Management Professional (PMI-RMP)® Exam Content Outline
DOMAINS AND TASKS
Domain 1: Risk Strategy and Planning
Activities related to developing policies, processes, and procedures for risk assessment, planning, and
response.
Tasks Risk Strategy and Planning (19–20%)
Task 1 Develop risk assessment processes and tools that quantify stakeholder risk
tolerances in order to assess and determine risk thresholds for the project
and set criteria for risk levels.
Task 2 Update risk policies and procedures using information such as lessons
learned from projects and outputs of risk audits in order to improve risk
management effectiveness.
Task 3 Develop and recommend project risk strategy based on project objectives in
order to establish the outline for the risk management plan.
Task 4 Produce risk management plan for the project on the basis of inputs such as
project information, external factors, stakeholder inputs, and industry policies
and procedures in order to define, fund, and staff effective risk management
processes for the project that align with other project plans.
Task 5 Establish evaluation criteria for risk management processes based on project
baselines and objectives in order to measure effectiveness of the project risk
process.
Knowledge of:
 Continuous process improvement as applied to risk management
 Knowledge management techniques for organizing and providing access
to project risk information
 Metrics for measuring effectiveness of project risk process
 Risk attitude concepts
 Risk Breakdown Structure (RBS)
 Risk tolerance concepts
 Barriers to effective risk management
 Project risk management inputs, tools, techniques, and outputs
 Project risk contingency and management reserve
 Research and analysis techniques
 Basic strategy development methodologies
PMI Risk Management Professional (PMI-RMP)® Exam Content Outline
Skills in:
 Assessing stakeholder risk tolerance
 Building stakeholder consensus
PMI Risk Management Professional (PMI-RMP)® Exam Content Outline
Domain 2: Stakeholder Engagement
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.
Tasks Stakeholder Engagement (19–20%)
Task 1 Promote a common understanding of the value of risk management by using
interpersonal skills in order to foster an appropriate level of shared
accountability, responsibility, and risk ownership.
Task 2 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.
Task 3 Coach project team members in implementing risk processes in order to
ensure the consistent application of risk processes.
Task 4 Assess stakeholder risk tolerance using processes and tools such as
interviewing stakeholders and reviewing historical stakeholder behaviors in
order to identify project risk thresholds.
Task 5 Identify stakeholder risk attitudes and cognitive biases using stakeholder
analysis techniques in order to manage stakeholder expectations and
responses throughout the life of the project.
Task 6 Engage stakeholders on risk prioritization process based on stakeholder risk
tolerance and other relevant criteria, in order to optimize consensus
regarding priorities.
Task 7 Provide risk-related recommendations to stakeholders regarding risk strategy
and planning, risk process facilitation, risk reporting, and specialized risk
tasks by using effective communication techniques in order to support
effective risk-based decision making.
Task 8 Promote risk ownership by proactively communicating roles and
responsibilities and engaging project team members in the development of
risk responses in order to improve risk response execution.
Task 9 Liaise with stakeholders of other projects by using effective communication
techniques and sharing information on project risk performance in order to
inform them of implications for their projects.
Knowledge of:
 Information resources, both internal (for example, OPA) and external (for
example, EEF)
PMI Risk Management Professional (PMI-RMP)® Exam Content Outline
 Project performance information
 Stakeholder sensitivity analysis models
 Training and coaching techniques
 Types of stakeholder risk attitudes (including but not limited risk seeking,
risk tolerant, and risk averse)
 Group decision making
 Group creativity (including but not limited to brainstorming, nominal group
technique, Delphi technique, idea/mind mapping, and affinity diagram)
Skills in:
 Assessing stakeholder risk tolerance (appetite and attitude)
 Collaborating with stakeholders
 Managing teams in multicultural environments
 Influencing change
PMI Risk Management Professional (PMI-RMP)® Exam Content Outline
Domain 3: Risk Process Facilitation
Activities related to facilitating risk identification, evaluation, prioritization, and response among
project team members.
Tasks Risk Process Facilitation (25–28%)
Task 1 Apply risk assessment processes and tools in order to quantify stakeholder
risk tolerances and determine risk levels.
Task 2 Facilitate risk identification using a variety of techniques in order to enable
the project team and stakeholders to understand and determine the risk
exposure of the project.
Task 3 Facilitate the project team’s evaluation of the identified risks’ attributes using
qualitative and quantitative tools and techniques in order to prioritize the
risks for response planning.
Task 4 Facilitate the development of an aligned risk response strategy and related
risk actions by risk owners from the information gathered during risk analysis
in order to ensure timely and defined action when required.
Task 5 Facilitate the formulation of project contingency reserve based on the risk
exposure of the project in order to have the capability and resources to
respond to realized risks.
Task 6 Provide risk data to cost and schedule analysts/estimators to ensure that
project risk is properly reflected in cost and schedule estimates for the
project.
Task 7 Use scenarios to validate potential risk responses and evaluate key
dependencies and requirements in order to enhance the likelihood of project
success.
Knowledge of:
 Basic risk identification tools and techniques for both threats and
opportunities (including but not limited to brainstorming, checklists,
prompt lists, assumptions and constraints analysis, interviews,
questionnaires, cause and effect analysis, SWOT analysis, document
review, affinity diagrams, and lessons-learned review from similar
projects)
 Basic qualitative risk analysis tools and techniques (including but not
limited to probability-impact matrices, risk scoring, Risk Breakdown
Structure analysis, root cause analysis, Pareto prioritization analysis, and
risk metric trend analysis)
 Basic quantitative risk analysis tools and techniques (including but not
PMI Risk Management Professional (PMI-RMP)® Exam Content Outline
limited to Monte Carlo analysis, decision trees, FMEA/FMECA/Fault Tree
analysis, and sensitivity analysis)
 Heuristics and other dynamic sources of cognitive biases and their
associated effects on risk perception and behavior
 Risk response strategy types
 Contingency management tools and techniques
 Risk monitoring and control techniques
 Group decision making
 Group creativity (including but not limited to brainstorming, nominal group
technique, Delphi technique, idea/mind mapping, and affinity diagram)
Skills in:
 Using analytical software tools for project risk management
 Managing teams in multicultural environments
 Estimating probability and impact of identified risks
PMI Risk Management Professional (PMI-RMP)® Exam Content Outline
Domain 4: Risk Monitoring and Reporting
Activities related to monitoring risk, evaluating risk response against established metrics, and
communicating risk response performance to stakeholders and project team.
Tasks Risk Monitoring and Reporting (19–20%)
Task 1 Document and periodically update project risk information using standard
tools (including but not limited to risk register, risk database) and techniques
in order to maintain a single, current repository of all project risk information.
Task 2 Coordinate with project manager using communication techniques in order to
integrate risk management throughout the project.
Task 3 Create periodic standard and custom reports using risk-related metrics as
specified in the risk management plan in order to communicate risk
management activities and status.
Task 4 Monitor risk response metrics by analyzing risk response performance
information, and present to key stakeholders in order to ensure resolution of
risk and develop additional risk response strategies to address residual and
secondary risks.
Task 5 Analyze risk process performance against established metrics in order to
drive risk process improvements.
Task 6 Update the project risk management plan using relevant internal and external
inputs in order to keep the plan current.
Task 7 Capture risk lessons learned through comprehensive review of the project
risk management plan, risk register, risk audits, risk process performance
reports, and other associated reports in order to incorporate into future risk
planning.
Knowledge of:
 Continuous process improvement and quality management as applied to
risk management
 Knowledge management techniques for organizing and providing access
to project risk information
 Alternative formats for project risk reports (for example, Top Risk List,
Risks Transitioned to Issues, Response Plans Behind Schedule, Risk
Triggers, and Risk Outcomes)
 Requirements for risk register data fields
 Risk statement construction
PMI Risk Management Professional (PMI-RMP)® Exam Content Outline
 Risk response activity construction
 Risk response metrics
 Risk process performance metrics
 Risk assessment analysis metrics
 Risk management reserves
(Note—There are no skills specific only to Domain 4)
PMI Risk Management Professional (PMI-RMP)® Exam Content Outline
Domain 5: Perform Specialized Risk Analyses
Activities related to the specialized quantitative and qualitative tools and techniques used by project risk
management professionals.
Tasks Perform Specialized Risk Analyses (14–16%)
Task 1 Evaluate the attributes of identified risks using advanced quantitative tools
and specialized qualitative techniques in order to estimate overall risk
exposure of the project.
Task 2 Analyze risk data produced during the project using statistical analyses and
expert judgment in order to determine strengths and weaknesses of risk
strategy and processes and recommend process improvements when
indicated.
Task 3 Perform specialized risk analysis using advanced tools and techniques in
order to support stakeholder decision making for the project.
Knowledge of:
 Advanced risk identification tools and techniques for both threats and
opportunities (including but not limited to force field analysis, scenario
planning, futures thinking, visualization, Delphi groups, and nominal
group technique)
 Advanced quantitative risk analysis tools and techniques (including but
not limited to, integrated cost/schedule analysis, advanced Monte Carlo
analysis, system dynamics, bowtie analysis, analytical hierarchy process,
risk-based earned value analysis, risk-based critical chain analysis, and
multi-factor regression analysis, modeling techniques, advanced risk
metric analysis [including statistical process control])
 Tools and techniques for identifying and analyzing overall project risk
(including but not limited to risk efficiency index, risk tolerance analysis,
risk reserve analysis, risk metric trend analysis, risk taxonomy, risk
connectivity analysis, Monte Carlo analysis against overall project
objectives, project risk surveys, and correlation analysis)
 Basic and advanced statistics
 Estimation tools and techniques to support risk decision making
(including but not limited to prioritization, cost-benefit analysis,
analogous, parametric, and bottom-up)
 Advanced theory of heuristics and other sources of cognitive bias
 Variance/Earned Value Analysis
PMI Risk Management Professional (PMI-RMP)® Exam Content Outline
Skills in:
 Converting qualitative information into risk data
 Building representative risk models
 Managing and interpreting quantitative and qualitative data
PMI Risk Management Professional (PMI-RMP)® Exam Content Outline
All
Domains
Core Knowledge and Skills
Knowledge of:
 Project risk management processes, frameworks, and theory (in line with
the PMI Practice Standard for Project Risk Management)
 Basic project management theory, methodologies, and practice (as
described in the PMBOK® Guide)
 Risk principles and guidelines as described in ISO31000
 Communication tools, techniques, models, and channels
 Facilitation tools and techniques
 Negotiation tools and techniques
 Leadership theory as it relates to risk management
 Organizational theory as it relates to risk management
 Risk taxonomy
 PMI Code of Ethics and Professional Conduct
Skills in:
 Effective oral, graphical, and written presentation
 Tailoring information to all levels of stakeholders
 Conducting effective interviews
 Gathering, managing, analyzing, and validating data
 Problem solving
 Active listening
 Conflict resolution
 Expressing complex and abstract information
 Influencing without authority
 Coaching and mentoring
PMI Risk Management Professional (PMI-RMP)® Exam Content Outline
APPENDIX A: ROLE DELINEATION STUDY (RDS) PROCESS
Defining the Responsibilities
The first step in developing a certification examination is to define the responsibilities of the
recipients of the credential. It must be known what the individuals who assess and identify project risks
actually do on the job before a content-valid test can be developed. A valid examination draws questions
from every important area of the profession and specifies that performance areas (domains) considered
more important, critical, and relevant be represented by more questions on the examination. Defining the
roles of individuals assessing and identifying project risk occurs in two major phases: one in which
individuals currently in the role defines the responsibilities and another in which the identified
responsibilities are validated on a global scale.
Beginning in 2011, PMI commissioned a global, Role Delineation Study (RDS) for the PMI-RMP®
credential. The RDS process was led by a steering committee, representing PMI’s Certification
Governance structure. A project task force comprised of project risk managers was responsible for the
conduct of work on the project, with oversight from the steering committee. The task force represented
diversity of geography, industry, job position, and experience. Several other groups contributed to the
formation and shaping of the RDS process, including representatives from organizations that utilize
project risk management professionals for success, academic representatives, and Registered Education
Providers (R.E.P.s). Project risk management professionals were also responsible for the independent
reviews of the work of the task force and piloting the information before surveying a larger sample of
project risk management professionals.
Study participants, working under the direction of Professional Education Service (PES), reached a
consensus on the performance domains, a broad category of duties and responsibilities that define the
role, as well as the tasks required for competence performance and the knowledge/skills needed to
perform those tasks.
Validating the Responsibilities Identified by the Panelists
In order to ensure the validity of the study and content outline developed by the panels, a survey
requesting feedback on the panel’s work was sent to project risk management practitioners throughout
the world. Surveys were distributed globally to over one thousand project risk managers around the
world. PMI received a robust set of responses to the survey, with participants from 87 countries and
representing every major industry. This provided PMI with the statistical significance from which to
draw conclusions about the criticality for competent performance and frequency of the tasks.
Practitioners also rated the knowledge and skills on how essential they were to their work as project
managers and when they were acquired.
Developing a Plan for the Test
Based on respondent ratings, an examination blueprint, clarifying exactly how many questions from
each domain and task should be on the examination, was developed. Those domains and tasks that were
rated as most important, critical, and relevant by survey respondents would have the most questions
devoted to them on the examination.
PMI Risk Management Professional (PMI-RMP)® Exam Content Outline
Results of the study indicated that the 150 scorable questions on the test should be distributed among
the domains as shown in the following table. The remaining 20 questions will be dispersed throughout
the domains as pretest questions and will not count in the candidates’ scores. The pre-test items allow
PMI to monitor the question performance better, prior to including the questions in the final databank of
test questions.
Domain Percentage of Items on Test
Risk Strategy and Planning 19–20%
Stakeholder Engagement 19–20%
Risk Process Facilitation 25–28%
Risk Monitoring and Reporting 19–20%
Perform Specialized Risk Analyses 14–16%
Total 100%

Project Management Lessons From Greek Mythology

For those of you who have attained a CAPM, PMP or other project management credential, you likely learned about the Delphi method while studying for the exam.

Delphi provides teams with an approach to leveraging the knowledge of a group of stakeholders to make a decision while minimizing impacts from bias or personality. The etymology of the term is the Oracle of Delphi who was a legendary soothsayer in the ancient world that lived in Greece. She was consulted by visitors on a variety of topics. In project management, Delphi method can be used to develop estimates which are a prediction of future performance.

Article: The Change Control Myth

But this isn’t the only link we can draw between project management and Greek mythology!

Cerberus

Cerberus was a large, multi-headed dog who guarded the gates of Hades (the underworld) and was responsible for preventing the dead from escaping. Heracles (often called Hercules) is famous for having captured this hound as one of his twelve labors. In the myth, Heracles was challenged to capture Cerberus without using weapons – he did so by wrestling the hound and squeezing its head until it submitted.

Think about the last long, arduous project you were on. Didn’t it feel like you were in hell? Cerberus could remind you of the multiple gatekeepers you need to wrangle before your team can be released from the project.

Hydra

While on the topic of multi-headed creatures, let’s not forget about the Hydra. Even though it bears the same name as one of the Marvel Universe’s evil organizations, the Lernaean Hydra was a monster with the remarkable regenerative property of being able to regrow one of its heads after being chopped off. Heracles managed to slay this beast by cutting off each head and cauterizing the neck stumps before they could regenerate.

Ever been on one of those projects where it felt like issues were proliferating like cockroaches in a dirty restaurant? For every issue your team resolves another two emerge. This can happen if we are resolving the symptoms (the heads) instead of focusing on identifying and resolving the root causes.

Cleaning the Augean stables

Yet another of Heracles labors was to clean the stables of Augeas. A huge number of immortal cattle were housed in the stables which meant they had never been cleaned. Rather than use his remarkable strength to clean out the filth, Heracles diverted two rivers and let nature do the hard work.

Sometimes we are faced with a project task or issue which looks like it will require a ridiculous amount of effort to accomplish. Rather than rushing headlong into the fray, savvy teams will step back and come up with a more thoughtful approach.

The Lotus-eaters

While attempting to return home to Ithaca, Odysseus and his men encountered the land of the Lotus-eaters who were extremely lethargic and apathetic due to frequent consumption of lotus fruits and flowers. Three of Odysseus’s men ate lotus products and became lethargic and unwilling to resume their journey home. Odysseus was forced to resort to tying up these affected men and forcibly bringing them back on board his ship.

On long projects, the team can sometimes lose sight of the expected business outcomes. They can get distracted with completing documents or other by-products of the delivery process or be so focused on the triple constraint that they miss changes in the underlying rationale or requirements for the project. A smart project manager will recognize this situation so that they can redirect their team’s efforts in a timely manner.

The Minotaur

You probably know that the Minotaur was a half man, half bull monster but what you might not remember is that it lived in a challenging maze knows as the Labyrinth. When Theseus went to slay the Minotaur, he brought a ball of thread with him. To avoid the risk of getting lost in the Labyrinth, as he entered the maze, he tied one end of the ball of thread to the door.

Risk management is frequently given lip service by project teams, but this can cause them to lose their way. It might not take a lot of effort to tackle key risks early in the life of the project, but the longer the team waits to do so, the greater the probability or impacts of realization.

The Flight of Icarus

Icarus is famous for his failed attempt to escape Crete using wings which his father, Daedalus, had made from wax and feathers. His father warned him not to fly too high or too close to the sun but he ignored this warning and fell into the sea after the sun melted the wax.

Stretch objectives provide an opportunity to be creative and challenge themselves, but the team has to understand their constraints and limitations to avoid a spectacular failure.

Mythology does more than provide literary entertainment; it also provides practical lessons to improve project performance!

“Myth is much more important and true than history. History is just journalism and you know how reliable that is.” ― Joseph Campbell

Taking a Chance on the ">PMI-RMP

Are you a project manager who specializes in risk analysis and planning? Are you looking for a new professional certification? If that’s the case, you must consider the PMI-Risk Management Professional (">PMI-RMP) from the Project Management Institute. In this article, project management expert Joseph Phillips shows what you need to in order to become a risk management guru.

From the author of 

The PMI-Risk Management Professional is a relatively new certification from the Project Management Institute (PMI). PMI is the governing body of the popular-Project Management Professional (PMP), the Program Management Professional, and the Certified Associate in Project Management (CAPM). You don’t have to possess any of these credentials to apply for the ">PMI-RMP. You can however, have multiple certifications from PMI—if you really want to.

Risk management professionals are project managers who spend the bulk of their work identifying, analyzing, and planning for managing risks. Risks are uncertain events or conditions that can have a positive or negative affect on the project’s outcome. That’s right—positive or negative. Consider that some risks may save the project time, create a nice by-product, or help the project save on expenses. Not all risk is bad.

Not everyone can swipe their credit card and take this exam; only qualified candidates are allowed to take the test. There are two paths to exam qualification:

  • With a minimum of a high school diploma, candidates must have at least 4,500 hours of project risk management experience within the last five years. In addition, these professional will need 40 hours of risk management education.
  • With a minimum of a bachelor’s degree, candidates must have at least 3,000 hours of project risk management experience within the last five years. In addition, this crowd needs 30 contact hours of risk management education.
  • If you qualify for this exam, you’ll have to complete an exam application through PMI's website. On the application, you’ll document all of your contact hours of project experience. The good news is that if you worked on multiple projects at once, you can count the total number of project hours spent on risk management.

    The risk management education hours are training hours, not books and self-paced studying. One hour of training equals one contact hour. Online courses do qualify as long as there’s some time of end-of-course assessment exam on what you’ve learned in the course. There’s no time limit as to when you complete the required education hours. So even those old college courses and seminars count—as long as you can prove you took the course.

    When you complete your application, you’ll also need to cough up some cash for the certification exam. This isn’t a cheap exam. If you’re a PMI member the exam will cost you $, and if you’re a rebel and aren’t a PMI member the exam will cost you $670. Here’s a tip: It costs $129 to join PMI. So, for the math-challenged, if you join PMI first and then pay for the exam, you’ll save $21. If some poor schmuck pays for the exam and fails and wants to retake the exam, it’ll cost $335 as a PMI member or $435 as a non-PMI member.

    Once you submit your application and you’re approved for the exam, you have one year to take and pass the exam. If you miss the one-year deadline, then it’s “thanks for the gumball” and PMI keeps your cash. You can ask for a refund if you realize that you’re not going to make the deadline as long as your request is at least one month prior to your one-year eligibility end date. And it’s not a huge refund either: You’ll receive $250. I wonder what they do with the difference. Probably have a party in your honor, I’m sure.

  • Faithful+Gould Welcomes Mike Debiak to Lead the New York office

    NEW YORK, Nov. 7, 2016 PRNewswire -- Americas-based leading integrated project and program management consultancy, Faithful+Gould (.fgouldm), welcomes Mike Debiak to lead its New York office. In his new role with Faithful+Gould, Mike will utilize his expertise to further grow the office by contributing to the company's growth strategy in the northeast, while running operations in New York.

    Mike joins Faithful+Gould from ARCADIS, where he served as the director of New York Metro operations, responsible for the capture and delivery of the infrastructure business line portfolio and served as principal-in-charge for Amtrak and the New Jersey Transit. He also continues to provide Risk Management services to the New York Metropolitan Transit ity (MTA) on their $32 Billion Capital Plan with the transition to Faithful+Gould.  

    Vice President and Director of Operations Paul Lakin said, "Mike's expertise in Risk Management and Infrastructure projects and relationships with key rail clients MTA, Amtrak and NJ Transit positions Faithful+Gould for significant growth. He is an incredibly accomplished individual with a lot to offer the New York office, and our company overall. We have no doubt he will excel in this leadership role and are excited to welcome him to Faithful+Gould."

    In addition to his work in Infrastructure, Mike has worked across a variety of industries including Commercial Real Estate, Higher Education, Hospitality and Healthcare. His extensive experience includes work as an ownerdeveloper, consultant and contractor on conventional design-bid-build, complex design-build and public-private-partnerships (P3) projects. He holds certifications as a Risk Management Professional (">PMI-RMP), Planning & Scheduling Professional (PSP) and Earned Value Professional (EVP).

    About Faithful+GouldFaithful+Gould (.fgouldm) is a world leading integrated leading project and program management consultancy. Operating at the forefront of our industry for more than 65 years, we are headquartered in New York and have a team of approximately 600 professionals working from our strategically located offices across the Americas. Faithful+Gould is a part of Atkins (.atkinsglobalm), one of the world's leading design, engineering and project management consultancies.

    To view the original version on ,

    SOURCE Faithful+Gould

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    PMO Advisory Offers Top Project Management Certifications (PMP, PgMP, ">PMI-RMP, & PfMP) in the Metro New York City Area

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    Is ">PMI-RMP worth ?

    Sort By:

    Hello Saurabh. I currently hold a PMP and a PMI-SP. After much pondering, I decided to pursue the ">PMI-RMP.

    My decision hinged on the fact that I am often involved before the projects, where risk has to be determined to decide whether or not the project makes sense.

    Saving Changes... Hello Stephane,

    Thanks for your post. I understand that risk management is very essential for project success. However, looking at the risk management topics for this exam it looks more or less the same as PMP exam topics. Thats why the doubt came to my mind.What different will I learn while studying for the ">PMI-RMP exam which is not there in PMBOK ?

    Saving Changes... When I took the PMI-SP exam, it covered the same material as the project time management knowledge area of the PMP but in greater details. The ">PMI-RMP is the same.

    There are many certifications that cater to enterprise risk management. Please note that such certifications are more useful for the financial services industry, like banks and insurance companies.

    Saving Changes... many thanks for your comments,they are very useful considering that I think to get this certification too Saving Changes... Thanks Stephane and Fosco for the encouragement.

    Could you please also let me know the books to refer for ">PMI-RMP

    Saving Changes...



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