As every penny comes with two sides, every sunrise comes with a sunset; similarly, every success comes with a certain amount of risk associated with it. Persons willing to take the risk and tackle it if faced, are the ones that come out of it with flying colors. The risk associated with every organization must be managed in a cost-effective manner and fast enough to ensure the profit of the organization. The risk management of any organization must be done by persons certified with any of the risk management certification and trained with any credible Risk Management Training course.
The best certification examination in risk management is the RMP certification offered by the PMI (Project Management Institute). RMP stands for Risk Management Professional. The certification examination consists of a total of 170 questions that are all of multiple choices type that needs to be answered within the time period of 3. 5 hours or 210 minutes only. There are two sets of requirements that are as follows:-
- A secondary degree, 40 hours of experience in formal risk management education, and at least 30 months of experience in project risk management in the past 5 years.
- A four-year degree, 30 hours of formal risk management course, and at least 24 months of experience in project risk management in the last 5 years.
The examination costs only USD $ 520 for a PMI member whereas a non – member has to pay USD $ 670 per application of PMI – RMP. The passing percentage for the certification of PMI – RMP examination generally ranges between 80 – 85 %.
Few sample questions to easily prepare for the PMI – RMP certification examination is given below.
1. which one below cannot be considered a part of the risk register?
- List of stakeholders
- Identified risks
- Low-value risks
- All of the above
2. Which of the below is not one from the estimate PERT?
- Pessimistic estimate
- Most likely estimate
- Optimistic estimate
- Probabilistic estimate
3. Which of the given options may not be used as a risk collection method?
- Earned value management
- Assumption analysis
- Checklist analysis
- SWOT technique
4. which of the options given below can be one of the outputs of the risk identification process?
- High impact risks
- Risk register
- Watch list
- Low impact risks
5. which of the below is a force majeure?
- Unidentified risk
- Non – important risks
- A very high impact risk
- Natural calamity
6. in the due course of resource smoothing:-
- Critical path changes
- Project completion date changes
- Start and finish dates may be adjusted based on resource constraints
- The critical path does not change
7. Select the only correct statement from the below-mentioned options:-
- Fast-tracking increases risks
- Fast-tracking increases cost
- Crashing increases risks
- Crashing reduces risks
8. Which of the contracts below is the one in which the seller bears the risk?
- Cost-plus award fee
- Cost-plus fixed fee
- Time and material
- Firm fixed fee
9. The lessons learned in the past projects can be accessed for review in
- Old contract document
- Organizational process assets
- Enterprise environment factor
- Project plan
10. which of the given options is not true with respect to the risk registers?
- It is developed during the process of identifying risks.
- It cannot be edited further once approved
- It contains many identified risks
- All of the above
Risk management is a field in any venture that is non – negotiable. It can only be decreased in its severity or taken proper measures to pull up socks again after encountering one. The process underlying risk management of any origination are the main focus of the PMI – RMP certification examination of which the details about the test have been mentioned above. The test is not too difficult if one has studied the PMBOK guide thoroughly. Self study with proper practice shall benefit. For practice, the above questions are few to help, with proper answers.