Downloaded 10 times
Uploaded byEVOLVE Trainer Hub
Risk Management Professional (PMI-RMP) Free Sample 2025
Evolve Trainer Hub - 2025 Free Sample Comprehensive Risk Management Professional (PMI-RMP) training materials for trainers, including slides, manuals, workbooks, and quizzes. Evolve Trainer Hub - 2025 https://evolvetrainerhub.com
More Related Content
Similar to Risk Management Professional (PMI-RMP) Free Sample 2025
Risk Management Professional (PMI-RMP) Free Sample 2025
- 1. www.evolvetrainerhub.com Risk Management Professional (PMI-RMP) Certification LastUpdate 2025 Exam Preparation Course 2025 Prepare to Pass with Confidence ! Free Sample
- 2. RESPECTFUL LISTENING Listen andrespect others when they speak. ACTIVE PARTICIPATION Participate actively in discussions and activities. ONE VOICE One speaks at a time without interruptions. DEVICE ETIQUETTE Silence all electronic devices. NO SIDE CONVERSATIONS No side talks during the workshop. EMBRACE DISAGREEMENT Accept disagreements as part of the process. ENJOY THE PROCESS Have fun while working together. OPEN MINDSET Be open-minded to new ideas and perspectives. STAY ON TOPIC Keep discussions relevant to the session’s objectives to maximize productivity. Class Guidelines for Success
- 3. Content Introduction Risk Identification KeyConcepts Of Risk Management Risk Response Risk Strategy and Planning Risk Analysis 01 02 03 04 05 06 Monitor and Close Risks 07 Fundamental principles and frameworks guiding risk management practices. An overview of the PMI-RMP Exam Developing approaches and plans to deal with potential project risks. The process of detecting risks that could negatively or positively affect the project's progress. Evaluating the identified risks to understand their potential effect. Formulating strategies to address, reduce, or capitalize on the risks identified. Fundamental principles and methods to monitor and close the project risks Free Sample
- 4.
- 5. PMI Risk ManagementProfessional (PMI-RMP)® Certification 5 ● Specialized credential for project scheduling and timeline management. ● Recognized in over 80 countries with thousands of PMI-SP® credential holders. ● Credential holders report higher project success rates and on-time project delivery. ● Valued across industries like construction, IT, aerospace, telecom, and more.
- 6. PMI Risk ManagementProfessional (PMI-RMP) Certification 6 Benefits: ● Demonstrates proven expertise in project scheduling and control. ● Increases marketability in the project management job market. ● Provides a competitive edge with specialized scheduling skills.
- 7. Prerequisites for thePMI-RMP® Exam 7 Educational Background Project Risk Management Experience Project Risk Management Education Secondary diploma (high School diploma, associate's degree or global equivalent) At least 36 months spent in the specialized area of professional project risk management within the last five consecutive years 40 contact hours of formal education in the specialized area of project risk management OR Four-year degree (bachelor's degree or global equivalent) At least 24 months spent in the specialized area of professional project risk management within the last five consecutive years 30 contact hours of formal education in the specialized area of project risk management OR Bachelor's or post-graduate degree from a GAC accredited program (bachelor's or master's degree or global equivalent) At least 12 months spent in the specialized area of professional project risk management within the last five consecutive years 30 contact hours of formal education in the specialized area of project risk management
- 8. RMP® Credential Process—Timeline Thefollowing details the application processing timeline: Windows open 90 days 5 days after submitted online Cannot schedule exam until you submit payment of credential fees 3 years from the date the Multi- Rater Assessment (MRA) is passed to obtain and report PDUs toward credential maintenance 1 year from the date of the application approval If application is selected, you have 90 days to send your audit material and PMI® takes approximately 5–7 days Application Submission Application Completeness Review Application Payment Process Certification Cycle Exam Eligibility Audit Process
- 9. PMI-RMP Examination Information No.of Scored Questions No. of Pretest (Unscored) Questions Total Examination Questions 100 15 115 Allotted Examination Time 2.5 hours
- 10. About the PMI-RMP®Exam ● Total number of Questions: 115, of which, 15 questions are test questions for future tests. ● Only 100 questions are scored. ● 1 point for every right question, and no penalty for wrong answers. ● There is an optional 10-minute break that will appear after you complete the first exam section (approximately 58 questions) and review all your answers ● If you do not pass your first exam attempt, you can retake the exam. You may take the examination up to three times within your one-year eligibility period. After three attempts, you must wait one year from the date of the last examination before you reapply for the certification. Free Sample
- 11. About the PMI-RMP®Exam Domain Percentage of Items on Test Risk Strategy and Planning 22% Risk Identification 23% Risk Analysis 23% Risk Response 13% Monitor and Close Risks 19% Total 100%
- 12.
- 13. Risk Definition • Theproject risk is an uncertain event or a condition that has a positive or a negative effect on the project objectives • Risk could have an adverse or positive effect on the achievement of objectives. • It is essential to address both situations within an enterprise, portfolio, program, and project risk management process.
- 14. Risks Through ProjectLife Cycle Project life Cycle Chance of Risk Cost to fix the risk event Level
- 15. Definitions • Issue: Itis something that is occurring in the present; It is known, and it is being dealt with. • Risk Event: Description of a scenario that may occur if the risk were to materialize (good to capture it in the cause-risk-effect format). • Risk Trigger: Sign or indicator that a risk event is about to occur. • Risk Register: details all identified risks, including description, category, cause, probability of occurring, impact(s) on objectives, proposed responses, owners, and current status.
- 16. Definitions • Risk BreakdownStructure: A hierarchical breakdown of risks organized by risk categories. • Probability: Defines the likelihood of the occurrence of the risk. • Impact: The result and consequence of the probability of risk occurring.
- 17. Principles of RiskManagement ● Risk management is an inherent and essential part of the portfolio, program, and project management framework. ● The practice of risk management is propagated, recognized, and encouraged throughout the organization.
- 18. Objectives of RiskManagement ● Achieving Excellence in Risk Management ● Balance benefits obtained with cost ● Tailor risk management processes to organization & portfolios, programs & projects ● Process excellence is itself a risk management strategy
- 19. Project Risk Management •Project Risk Management includes the processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring and controlling of a project. • The objective is to increase the probability and the impact of positive risks and decrease the probability and the impact of negative risks. Exploit Project Risk Probability Impact Positive Negative Opportunity Threat Benefit Issue Accept Avoid Mitigate Transfer Accept Escalate Enhance Share Exploit
- 20. Iterative Process Risk managementis not a one-time activity. Some important pointers, which must be kept in mind when discussing the iterative processes of risk management are as follows: ● Risk identification is repeated throughout the project life cycle. ● Periodicity should be determined. ● Risk identification can be repeated at a key milestone or when there is a change in the project or its operating environment.
- 21.
- 22. Portfolios, Programs, andProjects Strategy Escalate to higher levels when necessary Portfolios Programs Projects Translate strategic objectives into organizational value and capabilities Identify Business Risks (Threats and Opportunities) Translate risk management strategy into actions Define tangible benefits and capability triggers
- 23. Individual and OverallProject Risks • Project risk is classified into two levels: • Individual risk • Overall project risk • Understanding individual risk helps in overcoming the project-related risks and increases the probability of project success. • The overall project risk represents the effect of uncertainty on the project as a whole. • The assessment of project risk helps in decision-making at strategic level and in turn at program, portfolio, and project governance levels to decide priorities. Free Sample
- 24. Risk Attitude • Riskappetite is the degree of uncertainty an organization or individual is willing to accept in anticipation of a reward. • Risk appetite guides the management of risk and the parameters the organization uses in deciding whether or not to take on risk.
- 25. Risk Attitude • Riskappetite defines what types of risks an organization pursues. • A risk appetite determination represents the start of embraci ng risk • Risk attitudes are not necessarily permanent nor consistent. Risk Appetite Strategy and Business Value Drivers Risk Management Framework Risk Management Policy
- 26. Risk Threshold • Riskthreshold is the measure of acceptable variation around an objective that reflects the risk appetite of the organization and its stakeholders. • A key element of risk strategy is the establishment and monitoring of enterprise, portfolio, program, and project risk thresholds.
- 27. Risk Threshold • Establishingrisk thresholds is an integral step in linking portfolio, program, and project risk management to strategy alignment and is performed as part of early planning. • Based on the risk appetite of the organization, governance may also be responsible for ensuring that risk thresholds are established and observed, and when the risk should be escalated to a higher governance level.
- 28. Excellence in ThePractice of Risk Management • Managing risks is an essential part of reducing & handling complexity in organizational initiatives. • Clarity on objectives, requirements, & scope facilitates identification & management of risks, lessening exposure to unforeseen situations.
- 29. Excellence in ThePractice of Risk Management • Balance benefits obtained with cost • Tailor risk management processes to organization & portfolios, programs & projects
- 30. Key Success Factorsfor Risk Management Risk Management Success Integration with organizational project management (OPM) Recognizing the value of risk management Individual commitment/r esponsibility Open & honest communicatio n Organizational Commitment Tailoring risk effort
- 31. 1. Recognizing thevalue of risk management: Portfolio, program, and project risk management is recognized by organizational management, stakeholders, and team members as a valuable discipline that provides a positive return on investment. 2. Individual commitment/responsibility: Portfolio, program, and project participants and stakeholders accept responsibility for undertaking risk-related activities as required. Risk management is everyone's responsibility. Key Success Factors for Risk Management
- 32. 3. Open andhonest communication: Everyone is involved in the risk management process. Any actions or attitudes that hinder communication about risk reduce the effectiveness of risk management regarding proactive approaches and effective decision making. 4. Organizational commitment: Organizational commitment is established only when risk management is aligned with the organization's goals, values, and ERM policies. Key Success Factors for Risk Management
- 33. 5. Tailoring riskeffort: Risk management activities are consistent with the value of the endeavor to the organization and with its level of risk, scale, and other organizational constraints. 6. Integration with organizational project management: Successful risk management requires the appropriate execution of organizational project management and ERM processes, including the allocation of resources necessary for the effective application of risk management. Key Success Factors for Risk Management
- 34. Focus on TheMost Impactful Risks • Definite fact or sets of circumstances about the project or environment • Uncertainty that could affect project objectives if it occurs • Contingent effect, either negative or positive on project objective(s) Cause Risk Effect
- 35. Balance Realization ofValue Against Overall Risks • Risk management seeks to find a Balance between risk and business value creation. • Low risk initiatives may not create enough value or performance. • High expected performance initiatives may expose the organization to too much threat.
- 36. • Rising materials costs •Additional labor and resources • Additional budget needs Financial • Missed deadlines and deliverables • Outdated market research • Employee illness or leave taking • Major weather events or emergencies • Changing laws • New technologies tools • Complexity • Project Dependencies • Use of new technology Performance External Technology Strategic Potential Risk categories
- 37. Risk is Opportunityor Threat generate value for an organization have negative impact on an organization’s goals and objectives. Opportunities Threats - +
- 38. Risk is Opportunityor Threat - +
- 39. Hidden Fact Knowledge existsin the community but not with the entity working on the endeavor Unknown-known Unknown-known facts and requirements Managed as a part of scope not a risk Known-known Classic Risk There is knowledge to identify probability and impact Known-Unknown Risk Classification Emergent risk Knowledge does not exist within the sphere of influence
- 40. Examples of ProjectRisks Levels Level 0 Level 1 Level 2 Level 3 Project Risk Management Corporate History experiences culture, organizational stability, and financial. Customer and stakeholder Historical experiences culture, contractual, requirement definition, and stability. Natural environment Physical environment, facilities, and local services. External Cultural Political, legal/regulatory, and interest groups. Economic Labor market, labor conditions, and financial market. Requirements Scope uncertainty, conditions of use, and complexity. Technology Performance Technology maturity, and technology limits. Application Organizational experience, personal skill sets and experience, and physical resources.
- 41. Empowerment and Educationin Risk Management • Lead by example to empower stakeholders in embracing and executing the risk management plan. • Implement training and coaching to educate stakeholders on risk principles and processes. • Foster a shared understanding and commitment to active engagement in risk management activities.
- 42. Foster A CultureThat Embraces Risk Management • All organizations face the Uncertainty of both internal and external events. • Uncertain present and future challenges can be dealt with by formulating and applying a sound business strategy toward realizing a set of objectives and man- aging risks. • Risk Management provides insight into risks that need to be addressed in support of reaching those objectives and takes advantage of opportunities. When opportunities occur, they are called benefits.
- 43. Types of Risk Thetwo types of risks are business and pure risks.Types of Risk Risk Type Business Risks Possibility of gain or loss Pure Risks Only possibility of loss Risks could be captured by impact on the following project objectives: Scope Quality Schedule Cost Free Sample
- 44. Stakeholder Risk Attitudes RiskAverse Risk Seeker Risk Neutral Stakeholders are risk seeking in nature. Stakeholders are neither risk averse nor risk seeking. Stakeholders who does not take risks.
- 45. Remember: Risk Management •Identifying threats rather than ignoring them • Identification of opportunities to harness positive changes impacting initiatives. • Cultivating a positive mindset in the organization to accept changes.
- 46.
- 47. Question What does 'Impact'refer to in risk management? A) The cost of the risk B) The source of the risk C) The consequence of the probability of risk occurring D) The timeline of the risk
- 48. Answer C) The consequenceof the probability of risk occurring Explanation: Impact is the outcome or result that occurs when the risk materializes, affecting the project's objectives.
- 49. Question Which one ofthese is a principle of risk management? A) Risk management is a one-time activity B) Risk management is only for large organizations C) Risk management is continuous and iterative D) Risk management is to be kept secret
- 50. Answer C) Risk managementis continuous and iterative Explanation: Risk management is an ongoing process that needs to be revisited throughout the project lifecycle.
- 51. Question What is therole of a facilitator in the Delphi Method? A) To provide solutions to risks B) To take assessments from experts C) To manage the project budget D) To oversee the construction phase
- 52. Answer B) To takeassessments from experts Explanation: The facilitator in the Delphi Method collects and synthesizes the assessments of experts to reach a common understanding or decision. Free Sample
- 53. Question What does aRisk Threshold indicate? A) The point at which risks are accepted B) The amount of risk that is unacceptable C) The maximum budget for risk mitigation D) The number of risks a project can have
- 54. Answer A) The pointat which risks are accepted Explanation: Risk threshold is the measure of acceptable variation an organization or stakeholder is willing to bear.
- 55. Question Which of theseis an objective of risk management? A) To eliminate all project risks B) To increase project cost C) To promote team conflicts D) To balance risk against the benefits
- 56. Answer D) To balancerisk against the benefits Explanation: One of the key objectives is to find an optimal balance between taking risks and the potential rewards or benefits.
- 57. Question What does 'RiskAttitude' define? A) The documentation of all project risks B) The degree of uncertainty accepted C) The structure of the risk management team D) The insurance policy against risks
- 58. Answer B) The degreeof uncertainty accepted Explanation: Risk attitude is about the level of uncertainty or risk that an organization or individual is willing to accept.
- 59. Question What is meantby 'Levels of Uncertainty'? A) The stages of project completion B) The depth of the project planning C) The types of risk, such as known and unknown D) The number of risks in a project
- 60. Answer C) The typesof risk, such as known and unknown Explanation: Levels of uncertainty refer to the types of risk based on their predictability, including known, known-unknown, and unknown-unknown risks. Free Sample
- 61. Question What is thepurpose of 'Risk Identification'? A) To assign project roles B) To document project outcomes C) To recognize potential risks D) To calculate the project budget
- 62. Answer C) To recognizepotential risks Explanation: Risk Identification is the process of determining which risks may affect the project and documenting their characteristics.
- 63. Question What is akey factor in balancing the realization of value against overall risks in risk management? A) Increasing high-risk initiatives B) Taking more risks without analysis C) Finding a balance between risk and business value creation D) Avoiding all forms of risks
- 64. Answer C) Finding abalance between risk and business value creation Explanation: The slide suggests that risk management seeks to find a balance between risk and business value creation, implying that neither high-risk nor low-value initiatives are desirable. The goal is to manage risks in such a way that value is maximized without exposing the organization to unnecessary threats.
- 65. Question Which of thefollowing is considered a potential risk category in project management? A) Financial B) Aesthetic C) Recreational D) Spiritual
- 66. Answer A) Financial Explanation: Theslide lists financial risk as one of the potential risk categories along with strategic, performance, external, and technology risks. Financial risks are related to monetary losses, costs, or any financial variables that might affect the project's success.
- 67. Question How can riskmanagement empower and educate stakeholders? A) By limiting stakeholder involvement to reduce confusion B) Through empowerment to take on high-risk initiatives C) By providing training and coaching to understand risk principles D) By ensuring stakeholders are kept unaware of potential risks
- 68. Answer C) By providingtraining and coaching to understand risk principles Explanation: The slide emphasizes the importance of empowerment and education in risk management. It states that stakeholders should be empowered through training and coaching to understand risk principles and processes, fostering a clear understanding and commitment to active engagement in risk management activities.
- 69. Chapter Three Risk Strategyand Planning