The PMI-RMP® for Project Managers

THE STRATEGIES AND TOOLS YOU NEED TO BECOME A PROJECT RISK MANAGEMENT PROFESSIONAL (PMI-RMP)®.

Becoming a PMI-RMP® can be challenging. There's no way around it: if you want to pass the PMI-RMP® exam, you must have a study plan and be diligent in your preparation. I'm here to help.

The PMBOK® Guide—6th Edition includes seven project risk management processes. Here are articles and videos for each of the processes to help you prepare for the PMI-RMP® Exam. Furthermore, these resources will help you apply project risk management in your projects.

PMBOK® Guide: Project Risk Management Processes

WHAT YOU'LL LEARN

Learn how to develop a project risk management plan describing how you and your project teams will execute the risk management processes and the integration of other project activities.

WHAT YOU'LL LEARN

Discover how to identify and capture risks in a way that creates value for your projects. Write risk statements in a consistent format. And use a variety of risk identification tools and techniques.

WHAT YOU'LL LEARN

Learn how to quickly assess your individual project risks using simple qualitative methods such as the probability and impact assessment. As a result, you and your project teams will better understand the priorities of your risks and know which risks really matter.

WHAT YOU'LL LEARN

Learn how to use quantitative methods such as the Expected Monetary Value (EMV) to numerically assess your overall project risks. While these methods take more time than the qualitative methods, you will gain a deeper understanding of your risks to aid you in making better project decisions.

WHAT YOU'LL LEARN

Discover ways to engage with your team and other stakeholders to identify risk owners and develop risk response plans for your most significant risks.  

WHAT YOU'LL LEARN

Learn how to monitor the implementation of the agreed-upon risk response plans, tracking identified risks, identifying and analyzing new risks, and evaluating risk process effectiveness throughout your projects.

WHAT YOU'LL LEARN

Learn how to monitor the implementation of the agreed-upon risk response plans, tracking identified risks, identifying and analyzing new risks, and evaluating risk process effectiveness throughout your projects.

Other Project Risk Management Articles

PMI-RMP® Resources

Recommended PMI-RMP® Books

At a minimum, I recommend that you obtain a copy of the PMBOK® Guide—6th Edition and the Practice Standard for Project Risk Management (2009).  If you are a PMI member, you may download a FREE copy of the PMBOK® Guide—6th Edition

There are three other books that I recommend. However, be aware that none of these books are currently aligned with the 6th Edition of the PMBOK. However, each provides helpful information in preparing for the exam. Equally important, these resources provide helpful tips in the practical application of project risk management.

  • The PMI-RMP Exam Prep Study by Belinda Fremouw (April, 2017)
  • Risk Management Tricks of the Trade for Project Managers by Rita Mulcahy (February, 2010)
  • Passing the Risk Management Exam by Daniel Youmans (January, 2011)

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Perform Qualitative Risk Analysis Course for Project Managers

Most of your project problems can be avoided or greatly reduced through risk management. Identifying, analyzing, and managing risks goes a long way towards reducing problems and seizing opportunities in your projects. This course is aligned with the PMI-RMP® Examination Content OutlinePractice Standard for Project Risk Management, and the PMBOK® Guide 6th Edition. Furthermore, we will discuss how to apply the qualitative risk analysis process and improve your project success! Additional courses for the other risk management processes are being developed.

The Purpose of Project Risk Management

Project management is "the application of knowledge, skills, tools, and techniques to project activities to meet the project objectives" (PMBOK®—6th Edition). So, how does project risk management fit in the world of project management?

Project risk management fits in project management like a hand in glove. Project managers can use it to achieve their project objectives and goals. How?

Good risk management always starts with clear project objectives and goals. That is to say, project managers who manage risks without project objectives as the basis are simply playing games. There is an appearance of risk management but these individuals are simply going through the motions.

Every project has risks—uncertain events or conditions that, if they occur, have a positive or negative effect on one or more of the project objectives. So, the purpose of project risk management is "to increase the probability and/or impact of the opportunities and decrease the probability and/or impact of the threats" (PMBOK®—6th Edition, Page 395).

5 Things You Need to Know About the PMI-RMP®

Every project has risks—events or conditions that, if they occur, have positive or negative effects on a project’s objectives.  And project managers are risk managers, some better than others. If you want to improve your project success through better risk management, consider getting certified as a Project Risk Management Professional. Here are some things you should know about the PMI-RMP®.

picture of someone taking an PMI-RMP® exam on a computer

1. What is the PMI-RMP®?

The PMI Risk Management Professional (PMI-RMP)® is a designation offered by the Project Management Institute (PMI). This credential is for project management professionals who wish to demonstrate specialized knowledge and skills in project risk management.

2. Why should someone consider becoming a PMI-RMP®?

There are several reasons you might pursue this credential. First, you may simply want to improve your ability to identify, evaluate, respond to, and control risks. These skills can translate into greater project success.

Second, if you wish to perform a specialized risk management function for organizations, programs, and projects. The PMI-RMP certification process greatly enhanced my knowledge and skills and prepared me to better serve as the Director of Enterprise Risk Management for a large property and casualty insurance company.

Third, if you desire to complement your Project Management Professional (PMP) credential with another credential, you may choose the PMI-RMP. Think about it—you’ve already studied many of the knowledge areas that you would see on the PMI-RMP exam. Why not take advantage of what you know to gain further distinction and enhance your career?

Fourth, becoming a PMI-RMP may open up new career opportunities.

3. What is the PMI-RMP® exam like?

The certification exam has 170 multiple-choice questions and you have 3.5 hours to complete it. Like all PMI exams, the exam is challenging. It was not as difficult as the PMP exam for me.

4. How should I prepare to take the PMI-RMP® exam?

There are several options for preparation including:

  • On-Demand Courses
  • Classroom Training
  • Bootcamps
  • Study Groups
  • Books
  • Flashcards

I am not a fan of crash courses. Individuals who cram information for the sole purpose of passing the exam often fail to retain and use their newly found knowledge.

Whatever methods you use, I encourage you to develop a study plan where you:

  • Skim the materials before reading
  • Read and study the materials
  • Review the concepts
  • Recite the concepts to others if possible

Follow this plan and read your materials at least twice.

Make your study time a priority. Develop a schedule for each week. What gets scheduled gets done!

5. What study materials do I need?

There are several excellent PMI-RMP® Exam Prep Books. Here are some books that I recommend:

  • Practice Standard for Project Risk Management (2009)
  • PMI PMBOK® Guide—6th Edition
  • Risk Management Tricks of the Trade by Rita Mulcahy
  • Passing the Risk Management Professional Certification Exam the First Time! By Daniel Yeomans
  • PMI-RMP® Exam Prep Study Guide by Belinda Fremouw

At a minimum, I suggest that you get a copy of the Practice Standard and the PMBOK® Guide.

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Harry Hall, the Project Risk Coach