How to Prepare for the Risk Management Professional Exam




The Risk Management Professional (RMP) Certification by Project Management Institute (PMI) is aimed at preparing future project risk managers. The RMP credential was created in response to the need for specialized and expert professionals who can manage complex and risky projects. Acquiring this credential would mean you are adequately educated and have the relevant experience and competency to lead and manage risk mitigation activities encompassed by any project.

The PMI Risk Management Exam is a globally recognized certification for project managers who want to gain expertise over risk management practices within the Project Management Body Of Knowledge (PMBOK). After the successful completion of the course, learners will be able to acquire knowledge over best risk management processes, practices, tools and techniques. Further, this knowledge can be applied over managing and executing risk management activities within projects.

PMI-RMP Course Objectives

The PMI Risk Management Professional course has defined the following learning objectives to empower project managers:

  • The required skills and understanding of risk management guidelines and best practices in a project
  • Learn and apply risk management tools and techniques to practice in real-world scenario
  • Gaining understanding over risk management framework and risk lifecycle
  • Knowing in detail the concept of qualitative and quantitative risk tools and techniques and learning to prioritize
  • Prepping up to undertake and pass the PMI-RMP exam

PMI-RMP Certification Preparation

Effective preparation of PMI-Risk Management Professional certification requires PMI Risk Management Professional Training by a reputed and globally accredited web-based training institute. The formal education and training of project risk management will help you have a clear and detailed understanding of the topics and will be extremely crucial while taking the original exam.

The training material should be studied more than once to have an in-depth understanding of the content and mark references to be used later in the preparation. It is important to comprehend the tools and techniques and process inputs and outputs of the risk management. A thorough study should be done again to learn the applicability of such concepts and skills.

Learn fundamental project management principles and practices as risk management can’t be studied in isolation without understanding the basic concepts. Grab the latest edition of PMBOK for preparation of exam questions.

Gain an in-depth understanding of each of the risk management domain areas and try and have a group discussion with your colleagues on it, who are also preparing for the RMP certification.

Keeping flash cards with vital information may sound old-school but goes a long way in reference and better retention of information.

Put your knowledge to test by practicing PMI-RMP objective question banks.

Undergo mock exam practice tests to analyze your weak and strong areas. Focus more on the domains or questions that you are finding hard to answer.

What Are The 5 Risk Management Domains?

The PMI Risk Management exam carries 170 questions, out of which 150 are on scoring basis and the rest are pretest questions (trial questions which are used to gather statistical information on the “validity” of the question). Five domains of Risk Management further carry specific weightage in terms of percentage. Let’s study them individually in a little detail:

No.

Domain

Weightage

What it carries

1.

Risk Strategy and Planning

19-20%

  • How to select and develop risk management process and the corresponding tools
  • Conceptualizing the risk management plan
  • How to evaluate and re-equip risk management plan
  • Study of the inputs of risk management plan

2.

Stakeholder Engagement

19-20%

  • Organization-wide risk management sensitization to increase involvement of stakeholders
  • How to make an organization-wide team that is committed to risk management.
  • Risk management team activities
  •  Understanding of risk management procedures and influencing factors

3.

Risk Process Facilitation

25-28%

  • Making risk management strategy
  • Activities pertaining to the execution of strategy
  • Study of quantitative and qualitative risk analysis tools & techniques
  • Forecasting probability and its impact
  • Contingency reserve development

4.

Risk Monitoring & Reporting

19-20%

  • Risk evaluation against data and sensitizing stakeholders about it
  • Risk management continual improvement strategies
  • Data collection & management techniques
  • Communication management

5.

Performing Specialized Risk Analysis

14-16%

  • Progressive Risk identification & analysis activities
  • Implementing risk analysis tools & techniques
  • Study of quantitative & qualitative risk data statistics
  • Chalking out functional risk model

 

Category Of Questions In The PMI-RMP Exam And Their Preparation?

Following are the types of questions you will encounter while undergoing the PMI Risk Management exam and how to prepare for them:

Situation Based Questions

This set contains questions that are based on real-time risk management scenarios that only project managers with proven experience in project risk management can answer correctly. These complex screening questions are incorporated by PMI to zero in the experienced project risk management professionals.

How to prepare: The best way to tackle such questions correctly is to study Practice Standard for Project Risk Management and relate it with your on-job risk management experience. Peer discussions or sessions with experienced risk managers in the group will help you to grasp the subject well.

 

Questions Having More Than One Correct Answer

This set of questions carries more than one right answer as it is based on real-time project risk management scenarios where a series of activities were carried out to achieve the desired result. Similar to the above, inclusion of these questions also aim at dishing out the less experienced project risk managers.

How to prepare: Answering these questions correctly requires extensive PMI Risk Management Professional Training by globally accredited web-based training institute and thorough understanding of Practice Standard for Project Risk Management.

Pmi-Rmp Mathematics Questions

Direct questions are included in this category that require identification and application of relevant formulas.

How to prepare: Group the formulas according to the relevant risk management process and use flashcards to memorize them frequently. The key rule here is to practice more and more such questions to have a steady grasp over them.

Questions With Make-Up Terms

This requires striking out the most irrelevant option to the PMI-RMP concepts.

How to prepare: Always look for the alien terms that are put in to confuse the examinee in a specific concept. Studying the PMI-MP concepts well are the key here.

Questions With Lengthy Words

This set of questions requires the examinee to rephrase the lengthy words into shorter and more appropriate phrases.

How to prepare: The examinee needs to study and comprehend the appropriate phrases to be used in the context of risk management activities, tools and implementation.

Questions On Tools And Techniques, Process Inputs And Outputs

To answer the questions based on tools, techniques, process inputs and outputs of project risk management processes.

How to prepare: Using flash cards to memorize and revisit information and knowledge of all the inputs and tools of risk management processes.

The PMI Risk Management Professional Course at QuickStart is aimed at providing the best quality training that is a mix of best practices in project risk management, tools and techniques collaborated with revisiting real-time risk management case scenarios. On the successful completion of PMI Risk Management Exam, the candidate will be well-equipped and better prepared to perform project risk management best practices at the workplace and in real life.

About The Author
Jasper
Account Manager (SMB) at QuickStart

Jasper Zubairi

Jasper is a passionate performer in the IT training space. With over 5 years of experience in sales, customer support and business development, he has helped a number of businesses meet their IT training needs through e-learning. When he is not working or studying, he likes to spend his time at the gym. You can find more of his blog posts here at QuickStart.