PMI RMP – EXAM SUCCESS RECIPE

1. INTRODUCTION

Hi and welcome back again to the last section of this course the PMI Rmp Exam Success Recipe. So what’s next? Now we are done with the theory contact hours required risk Management Education in order to qualify for the PMI Rmp exam. As I mentioned in the introduction section of this course, the PMI RMB exam has 170 questions which are distributed according to the table given below. We have five domains. The first domain is the Risk Strategy and Planning with 20% of the exam questions. Overall, we will be tested in this domain with 34 questions out of 170 questions.

The majority of the questions of this domain will be from the planned Risk Management process, from the Risk Management Foundations and from this process plan risk Management Content in the Practice Standard of Project Risk Management. The second domain will be the Stakeholder Engagement with 20% share almost 34 questions as well, the majority of these domain questions will come from the Stakeholders Management Knowledge area in the PM book, the one which we explained in this section. Risk Process Facilitation the biggest chair with almost 28% 42 out of 170 questions. All the risk management processes identify risks, perform a qualitative and quantitative analysis.

In addition to the plant risk responses process are the processes from where this domain questions will come from. You need to be aware of this process’s content Idtos tools and techniques and the Practice Standard risk Management appendix D the strengths and weaknesses of the tools and techniques used in the Risk Process facilitation. The fourth domain will be the Risk Monitoring and Reporting with almost 20 person chair and 34 questions that kept. The questions of this domain will come from the Communications Management Knowledge area in the PM book and the Monitor risks process. And the last domain will be to perform specialized risk analysis with only almost 15% of the exam questions.

26 questions like ten out of these 26 will be about the Monte Carlo simulation, how to read the graph, the table, watch the Monte Carlo simulation and how it will be performed. Stakeholder engagement domain. Questions mainly come from the Stakeholder management knowledge area. Wireless monitoring and reporting domain. Questions come from the Communications Management Knowledge area. So the four chapters of the PM book risk Stakeholders Communication and Procurement are very important for the PMI Rmp exam in addition to the practice standard of risk management. This is all for the PMI Rmp exam structure. Thank you so much. I will see you at the following lecture.

2. WHERE TO FOCUS

Hi and welcome back again. So where to focus? While studying for the exam, you need to give an attention for the seven risk management processes for the stakeholders communication and procurement knowledge areas processes with additional attention to the following topics. I’ll be starting with the Monte Carlo simulation technique. The Monte Carlo simulation is a quantitative risk analysis technique which is used to identify the risk level of completing the project on a specific budget or duration. This is one of the most important techniques and risk management. However, the most important part is to understand how to read the simulation results.

You will be given the Monte Carlo simulation results in a table form, in a graph form and an scale form. You need to be able to read the results of the Monte Carlo simulation software to know how to read the probabilities the percentages of completing the project within a specific budget or a specific date. This is the first topic like approximately five to ten questions during the PMI Rop exam will be about the Monte Carlo simulation. The second topic will be the earned value management. Earned value analysis is used in performance reviews to measure project performance, again is the scope, schedule and cost baseline. So I explained the earned value management concept in the math section of this course.

You will see like three to five questions in the PMI Rmp exam about the earned value analysis, the math formula, the variances, the indexes, the estimate accomplishment estimate, to complete various accomplishment and to complete performance index. The third topic will be the risk response strategies. The risk response planning involves determining ways to reduce or eliminate any threats to the project and also the opportunities to increase their probability and or impact. Project managers should work to eliminate the threats before they occur. Similarly, the project managers should work to ensure that opportunities occur. Likewise, the project manager is also responsible to decrease the probability and impact of threats and increase the probability and impact of opportunities.

Direct Response Strategies as a potential topic for the PMI Rmp exam, we have three strategies to deal with the threats, three strategies to deal with opportunities and two strategies accept and Escalate, which can be used with both threats and opportunities. Expect like ten to twelve questions in the PMI RFP exam about this topic. These questions will be worthy will be scenario based questions. They will describe a scenario on five or six sentences and they will ask you what is the best response strategy that can be taken in this scenario? Or they will describe the strategy itself and they will ask you what did the project manager or which strategy did the project manager selected to solve this issue or to respond to this risk? So ten to twelve questions about the risk response strategies.

The Contract Types as a part of the procurement management knowledge Area during procurement management there are three broad categories of contracts fixed price diamond material and cost traversable. The contract type and especially the relation of the contract type to its risk is a potential topic for the PMI Rmp exam. The Risk Management plan, which is a subsidiary plan how risk management will be done in the project. For the PMI Rmp exam you will be tested in your knowledge of the sections that content of the risk management plan refer back to the risk management plan or Plan risk Management process section in the output sector. You will have the ten sections within the risk management plan the roles and responsibilities, the budget.

You will have like three or four questions about the risk management plan components and we will have also the risk register updates, the risk register updates of the identify risks of the plan, risk responses of the qualitative quantitative analysis. You need to memorize what are the risk register and risk report updates you will have as an output of each risk management process. Now we have the advanced tools and techniques and risk management as per the practice standards for risk management you need to refer I’m repeating this for the ten times maybe you need to read the practice standards for project risk management, especially appendix D the tools and techniques used in the seven risk management processes.

This is crucial for the exam success. There are additional tools and techniques used for risk management. Example like the cause and effectiveness, the affinity problems, the pre mortem analytical hierarchy, process failure mode effect analysis, force field analysis, data reviews. There are a lot of tools and techniques listed in the Appendix D of the practice standards for project risk management. This is very important for the PMI Rmp example. Last topic will be the Itpos. It OS means inputs, tools, techniques and outputs of the risk management processes. Communications management processes, stakeholder management process. They are very important for the PMI Rmp exam. These are the eight topics hot topics you need to focus on while preparing for the PMI Rmp exam. Thank you so much. I will see you the following bless.

3. EXAM QUESTION TYPES

Hi, welcome back again. Now what are the exam questions types? You will see. The PMI Rmp exam questions are different than college and school exams. They are very objective. Your ability to recognize and deal with each type of questions will increase your chances passing the exam. In the first trial, you should expect questions from the following types first of all and the majority of the exam questions are situational based types. Situational questions test your ability to apply theoretical knowledge into the real life project risk management situations. Often these questions tend to be very long, very wardy. Your task is to identify what’s relevant, ignore what does not matter and then act upon the real issues.

They are situation and they will test your knowledge, your ability to apply and practice what you learned in the risk management theory. Often, situational questions will offer two choices which are both reasonably correct. So it’s important to identify the questions asking you the best choice. The next action which one of the following is the exception, which one is the only accepted solution and so on. These are the situational based questions you need to practice yourself on such type as the majority of the 170 questions will be from this category. The second are the definition based questions. The simplest Type Questions there are important terms you need to be aware of for the exam.

Those questions will ask you about the definition of a specific term or will define the term the question and ask you to select the term. The question is defined from the four options. These are the simplest type of questions, but they are not majority of the exam questions you need to be aware of definitions like the risk adverse, the risk seeker, the risk neutral, pure risk business risk fallback plan, contingency plan, risk trader, risk attitude, risk threshold, risk tolerance, risk appetite. You will have a lot of questions asking you about the definition of these terms. The third type is the preferred one for me math formula Based Questions in such type of questions you need to use math formulas to solve.

They are based on the formulas you need to memorize for the PMI Rmp exam. For me, formula based questions are a great tool in the PMI Rmp exam. You just need to know the required formulas and how to use each in order to guarantee like five to ten exam questions. The majority of these ten questions will be about the expected monetary value, the contingency reserves. You might have a question about the decision tree analysis like three or four questions about the earned value analysis and a question about communication channels formula. The Itto based Questions as I told you earlier, I Tto refers to input domest, techniques and outputs. They are very direct, they are very simple. They will ask you about an input tool or output or technique of a given process in the question.

It’s either the process name is given or they will give you a situation and you need to understand that this situation is performed as a part of the quantitative analysis, qualitative analysis or any other risk management processes. I advise you and I recommend you memorize the input, stories and techniques and outputs of the seven risk management processes the four stakeholders management and knowledge area and the three processes of the communications management knowledge area. The fifth type we have the knowledge based question. These questions may ask you to identify the meaning of project risk management scenario based on the information provided in the question. For example, you could get a question where you are asked to find the exception within the four answers given or maybe asked to name a type of chart or diagram.

Such type of questions will be used frequently in the risk management processes. Interpretation and Questions this type will give you a description of a situation and ask you about the best options to take. For example, they could give you the situation where a project is over budget and ask you to pick the best option a project manager should take to make up the lost budget or the lost time. So these are the six exam question types. The primary are the situational based questions. I’m going to refer you to a few highquality exam simulators in the following lectures. It’s important to practice all types of questions listed above before you go for the real exam. It’s also important to practice simulated tests within a time of frame of three and half hours. This is all I will see at the next lecture.

4. BEST REFERENCE BOOKS TO USE

Hi and welcome back again. So what are the books I need to use? The first and the basic one will be a guide to the Project Management Body of Knowledge. PM Book edition six. From this book you need to read the Project Management Foundations the first three chapters. Then you will jump to the risk management knowledge area procurement management knowledge area stakeholders management knowledge area and communications management knowledge area These are the four knowledge areas out of the ten knowledge areas of this exam of this book sorry. Which you need to study and understand before the PMI RP exam. Now, some people don’t prefer to use the PMI book guide, even myself.

So I advise you to use Reader Book the PmP Exam Preparation and you need to read these four chapters I just mentioned. The second mandatory book which you need to use is the Practice Standard for Project Rest Management. It can be purchased through Amazon or through PMI website. If you are a PMI member you can just download the PDF copy from this book for free. For the exam, the most important topics of this standard will be the critical success factors of each risk management process and the appendix D showing the tables of the tools and techniques used in the seven risk management processes. These two topics are very important for the exam. You don’t need more than these two books. Thank you so much. I see the following election.

5. EXAM SIMULATORS

Hi and welcome back again. So now you are done with the 30 educational contact hours in Project Risk Management. This is the first step in our eight week study plan. Then you need to read the exam reference book, the PM book, and the practice standards for Project Risk Management. Then you need to master the PMI rmp math formation in order to guarantee like ten questions and the exam. We have a separate section in this course about the PMI Rmp exam math. Step four know the exam structure and each domain share in the exam. Step five highlight your weaknesses and focus on the PMI Rmp exam topics. The topics I explain in few lectures back then.

Rememorize the key ITTOs of the risk communications and Stakeholder Management knowledge areas. It’s the time to test yourself. Schedule your exam two weeks ahead only if you can score 80% or more in my courses I referred you to in the previous lecture. If you get a score of 80% and more from your first trial, then you can schedule your exam two weeks ahead within these two weeks. Practice. Practice. Practice. Practice. I referred you to 1000 questions three days before the exam. You just need to read my PMI rmp exam study notes, which you can find in the appendix section. PMI, Rmp, exam, study notes.

They will be very useful three days before the exam and then I will tell you. Congratulations for passing your PMI Rmp exam. Thank you so much for being with me in this course. I appreciate you review this course, as your review will let other students know about this course more. I’ll be waiting your message telling me or informing me that you passed the exam from your first trial. And whenever you have a question, you just need to post your question in the Q and A section or send me a message through this website. Looking forward to receive your message that you pass the exam and I wish to see you in my other courses. Thank you so much.