Risk Management Professional (RMP)

Introduction

The overall aim of this course is to prepare participants for the Risk Management Professional (RMP) certification. Additionally, participants will be able to develop project risk management plans and risk registers. The course also aims to assist participants in performing qualitative and quantitative assessments for developing appropriate risk responses. In line with the above, participants will devise key performance indicators for monitoring and controlling project risks.

Course Objectives

• Define several essential risk terms and create a solid risk management framework.  
• Plan risk management and keep track of the risk register.  
• Identify project risks using different techniques.
• Evaluate qualitatively the identified project risks.
• Qualitatively assess the most prominent project risks.
• Estimate quantitatively the overall effect of risk on the objectives of the project.
• Develop effective response actions that are appropriate to the priority of the project risks.
• Review and control project risks through reassessments and audits.
• Identify the leadership and communication competencies related to risk management.

Course Outline

Day 1

PMI-RMP credential overview

• The Project Management Institute (PMI).
• Credential Overview.
• Application process.
• Exam Overview.
• Questions format.

Introduction to project risk

• PMBOK guide review.
• Defining and classifying risk.
• Approach to risk management.
• Risk management critical success factors.
• Project risk management processes.

Day 2

Planning risk management

• Steps to Generating the risk management plan.
• Planning meetings and analysis.
• Risk register contents.
• Risk register update cycle.
• Managing the risk register.

Identifying risks

• Information-gathering techniques.
• Diagramming techniques.
• Analysis techniques.
• Seven basic tools of Quality.

Day 3

Performing qualitative risk analysis

• Assessing the probability and impact of risks.
• Creating a risk probability and impact matrix.
• Evaluating the quality of risk data.
• Categorizing different types of risks.
• Determining the urgency of risk responses.

Performing quantitative risk analysis

• Interviewing and understanding standard deviation.
• Probability distributions.
• Sensitivity analysis.
• Expected monetary value analysis.
• Decision tree analysis.

Day 4

Planning risk responses

• Risk response strategies.
• Contingency response strategy.
• Types of reserves.
• Fallback plan.

Monitoring and controlling risks

• Risk reassessment.
• Risk audits.
• Variance and trend analysis.
• Earned value management.
• Reserve analysis.

Day 5

Risk communication and leadership

• Risk communication process.
• General Management and Leadership styles.
• Motivational and management theories.
• Conflict management.