Risk Management Exam - Monitor and Control Risks

Below are my small notes for this process.  I used this in conjunction with the main notes, that I described in an earlier post.

• Process of implementing risk response plan, tracking risks, monitoring residual risks, identifying new risks, evaluating risk process effectiveness.
• Ensure project assumptions are valid.  Monitor contingency reserves.

Inputs	Tools	Outputs
Risk reg PMP Work performance information Performance reports	Risk reassessment Risk audits Variance & Trend Analysis Technical performance Measurements Reserve analysis Status meetings	Risk reg Org Process Assets Change requests PMP Project Docs

Org Process assets – Templates, RBS, Lessons learned

Change request – Contingency plan or workaround might require a CR

Recommended Corrective action – Contingency plan / workaround (unplanned, unidentified)

Recommended Preventative Actions – Documented direction to reduce probability of negative consequences

Risk Management Exam - Plan Risk Reponses

Below are my small notes for this process.  I used this in conjunction with the main notes, that I described in an earlier post.

• Process of devising options and actions to enhance opportunities and reduce threats to project objectives.
• Includes assign risk owner.  
• Addresses risks by priority.

Inputs	Tools	Outputs
Risk Reg RMP	Strategy for neg risk or threat Strat for Pos R or opp Contingency Response strategy Expert Judgment	Risk reg Risk related contract decisions PMP Project docs

Strategy for negative risks

• Avoid – Change plan
• Transfer – To someone else.  3rd Party. Insurance, warrantee, guarantee
• Mitigate – Reduce probability, change supplier, more testing
• Accept – Passive (do nothing) Active (strategy or contingency plan)

Strategy for Positive Risks

• Exploit – ensure risk is realised, eliminate uncertainty
• Share – Allocate some of opportunity to 3rd party to ensure risk is realised.  Both share gains
• Enhance – Increase probability or impact – e.g. more resource for early finish
• Accept – Not actually pursue, but take opportunity if it comes along

Risk Management Exam - Perform Quantative Risk Analysis

Below are my small notes for this process.  I used this in conjunction with the main notes, that I described in an earlier post.

• Process of numerically analysing the effect of identified risks on the project objectives.
• Performed on prioritised risks and analyses potential risk events.
• Repeated after plan risk response and monitor & control risks

Inputs	Tools	Outputs
Risk reg RMP Cost Mg Plan Schedule Mg Plan Org Proc	Data gathering and representation tech Quantitive risk analysis and modeling Exp Judgement	Risk reg up

Risk Management Exam - Perform Qualitaitive Risk Analysis

Below are my small notes for this process.  I used this in conjunction with the main notes, that I described in an earlier post.

• Process of prioritizing risks for further analysis and combining their prob of occurrence and impact.
• Improve performance by focus on high risks. Prioritize, Probability, impact on objectives
• A rapid and cost effective means to establish priority for plan Risk Responses

Inputs	Tools	Outputs
Risk Reg RMP Proj Scope Stat Org Proc	Prob & Impact An Prob and Impact Mtx Risk data qual ass Risk cat Risk urgency ass Exp Judgment	Risk Reg upd

Risk Management Exam - Identify Risks

Below are my small notes for this process.  I used this in conjunction with the main notes, that I described in an earlier post.

• Is the process of determining which risks may affect the project and documenting their characteristics.
• It is an Iterative process

Inputs	Tools	Outputs
RMP Act cost est Act duration est Scope baseline Stakeholder reg Cost MP Sched MP Qual MP Proj docs Ent env Org Proc	Doc reviews Info gathering techniques (brain storming, Delphi, interview, root cause) Risk reg (1. id of risks - event & impact, if cause then effect.  2. Potential responses) Checklist analysis Assumption analysis Diagram tech (cause and effect, flow charts, influence) SWOT Expert Judgment	Risk Reg

Risk Management Exam - Plan Risk Management

Below are my small notes for this process.  I used this in conjunction with the main notes, that I described in an earlier post.

• Process of identifying how to conduct risk management activities.
• Ensure degree, type and visibility in line with project importance.
• Plan to provide resources and time for RMP.  Basis for evaluating risks.  
• Begin at conception.

Inputs	Tools	Outputs
Project Scope Statement Cost Mgmt Plan Schedule Mgmt Plan Comms Mgmt Plan Ent Env Org Proc	Meetings	Risk Management Plan

Risk Management Exam - Formula

In the exam there was not too much requirement for learning the formula, however it is useful to know the following formula to ensure that you have them on hand for the exam.

With the PMP exam, I practiced making a brain dump several times, so that the first thing I did when I sat down to take the exam was to brain dump my formula on to a sheet of paper.  This way, I could quickly reference the formula with ease.  I followed the same pattern for the Risk Management Exam.

Risk Management Exam - Crib Sheet and Formula

To help me to study for the Risk Management Exam, I studied two books, which included the Risk Management section of the PMBoK guide and a study guide for the PMI-Risk Management Professional certification.  While reading each of these books, I took notes, ready for me to have a single source to revise (or prompt) my study from.

Risk Management Exam Prep - The beginning

Last week, I successfully passed my PMP Risk Management Professional Exam.  I started studying back in November, by reading the PMBoK Guide chapter on Risk Management and then read a few blog articles on the experience people had and the lessons learned from taking the exam.

Over the Christmas period, I had a break from study to enjoy the time with my family, so my mini-plan failed to go according to plan.  At the beginning of January, I started to plan for the exam, which included understanding the exam structure and discovering the cheaper options for exam preparation material. 

I Passed my PMI Risk Management Exam

Just a quick note to tell the world that I successfully passed my Risk Management Exam today.  I will say that it was fairly difficult, but not as difficult as the Project Management Professional Exam that I took (and passed) in September last year.

The exam consisted of 170 questions, all related to Risk.  There was a fair amount of HR and Communication questions in the exam, but the majority was around the 6 Risk Processes and the emphasis seemed to relate to the Risk Response Planning Process.

I studied hard, but not hard enough, for my strict self-imposed standards.  I will give you a break down of my study plan and the resources that I used in a new post over the weekend, but for now, I just wanted to let the world know I PASSED !!

I am not overly happy at the moment, I am still waiting for it to sink in.  I feel drained and am looking forward to going for lunch with my wife.

More soon...