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Exam Code: PMI-RMP
Exam Name: PMI Risk Management Professional
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Now, before we move forward, there are a few terms want you to be aware of before we move. First of all, the PMI, which is the Project Management Institute. The RMP is the credential. It's the risk management professional. As seen from the logo here, it's the PMI-RMP certificate. Management Institute. Risk Management professional. The CCR is the continuing certification requirements in order to maintain your certificates. The PCU is a professional development unit. The PM book is a guide to the project management body of knowledge. It's the textbook for the PMP exam. And for the PMI-RMP exam, prefers to the registered Education Provider. Remember that PMI is an organization. The project management institute is an organization, while the PMI-RMP is a credential. The PMI conducts and supervises the PMI-RMP examinations. And your PMI-RMP credential is valid for three years. During the three years, you need to collect and gather 30 PDUs every three years to maintain your PMI-RPM certificate. So what are the PDUs? the Professional Development Unit again. What's? The PMI? It's the Project Management Institute. It's a nonprofit organisation that offers a certification programme for project practitioners of all educational and skill levels. So the PMI is a nonprofit organization, it's located in the USA, and it has local chapters across the globe. Therefore, you can look for a PMI chapter in the country you are based in. You will have a PMI chapter for the United Kingdom in Dubai. All these chapters are visible on the PMI website. Now, what's the purpose of having local chapters of the PMI as they conduct regular knowledge sharing and networking sessions? To help you stay connected with your peers in the project management industry, get insights from experts during presentations. As usual, the local chapter will have a presentation or seminar based on monthly reviews or weekly basis for a few active local chapters and to gain valuable, proficient development units, or PDUs, to maintain your RMP certification. Attending these webinars and presentations conducted by your local chapter will give you PDUs to maintain your certification. Now the PMI-RMP. The risk management professional certification is awarded by the PMI. It's an industry recognised Credential and demanded worldwide, and it's becoming a mandatory qualification for most risk management jobs. The RMP certification is not restricted to a specific domain. A risk manager working in any industry, such as manufacturing, retail, defense, or information technology, can write the RMP exam and upon successful completion, be RMP Certified Professional. So it's not necessary to be working with the It or the construction or the retail. Any industry can apply to the RMP certificate as long as you are working in the risk management. Now, one contact hour is equivalent to 60 minutes of relevant project management instruction. You must complete all 3 hours prior to submitting your RMP certification application. This is why you are attending this course. At the end of this course, you will have a certificate of completion with senior contact hours of risk management education. This is one of the three conditions which is announced by the PMI in order to qualify for the PMI RMP exam. Now, what's the difference between the contact hours and the PDUs? The contact hours are required before you get your credentials. Now, once you get your certificate, you will need the PDUs for all PMI certification. You need to follow the Continuing Certification Requirements program, the TCR program, and earn Professional Development Units, or PDUs. Once you are PMI-RMP certified, you need to maintain your credential by earning 30 PDUs over three years. All PDUs must be reported through PMI continuing certification requirements. How to get these PDUs it's a very simple thing. By watching videos, by attending live webinars, by going for events conducted by the local chapter in your country, by attending such courses, by reading books. There are a lot of ways to get PDUs to maintain your certificate. PMI releases a guide every four years called the PMBOK Guide. A guide to the project management body of knowledge. The PMBOK guide acts as a textbook for the PMP exam and also for the PMI-RMP exam. That guide can be considered a standard for project management profession. So even you will use this guide when you are practising project management in your career, not only for the PMP or the PMI-RMP exam. Preparation as a Conclusion PMI is an organization. It's a nonprofit organization. While the RMP is a credential, the PMI conducts and supervises the RMP examinations. The RMP credential is valid for three years and you need therapy to use required to maintain your RMP certification every three years. For more details about the PMI RMP certification, you just need to visit the website. This RPG are the terms I want you to be aware of for now. Thank you so much. I see at the next lecture.


Hi, welcome back again. So what are the PMI-RMP exam application requirements? In order to be able to apply for the PMI-RMP exam, you need to comply with one of these two categories. The first one is to have a bachelor's degree and to have a Telecontact hours of risk management education. The ones you will get at the end of this course. You need to have 3000 hours of risk management experience, which is equivalent to two years. The second category, if you are not having a bachelor's degree with having a high school graduate and 40 contact hours of risk management application in addition to 4005 hours of risk management experience, which is equivalent to three years, the application of the PMI-RMP exam can be submitted through the The PMI membership is USD $129to join plus $10 application fee. So overall, the membership fees is $139and the renewal fee is the same. The PMI-RMP exam costs are $670 for non members and you can save $150 on the exam price by becoming a member, as the price will be $520. So becoming a PMI member before taking the exam will save your money. Once the exam fee is paid for, the PMI sends an authorization letter to take the exam at Authorized Testing Center. There will be an available authorized Testing centre in your country. The examination must be taken within a year of receiving the authorization letter. So once you pay the fees, you receive the authorization letter. From the date you are receiving this letter. You need to complete your exam within one year. Some applications are on them selected for audit. So this is a pre pure random selection. What to do in case you have it, I'm going to explain in the following lectures. Thank you so much. I will see you again.


Hi and welcome back again. So now it's the time to apply for the PMI-RMP exam. Here are a few guidelines that will help you to fill in your application. First of all, you will go to the PMI website. Then you need to create an account on the PMI website to begin the process of registering. Select the PMI-RMP certification from the certification menu. In the certification menu you will have all the PMI certification, the Cap and the PMP, the RMP, the SP scheduling Professional, the Agile Certified Practitioner, programme Management, portfolio Management and Business Analysis. For now, we want to click on the PMI-RMP Certification button and then choose to become a PMI member before applying for the exam. This will save you $150.You can complete this process through the website of the, enter your name and contact the team correctly to ensure that you have the correct information on your PMI-RMP certificate. The name you are going to enter here will be the same name which will appear on your certificate. Focus on the work you have done on a project while completing the Project Experience section and the Experience Qualification. This is the critical part when you are filling your application. You need to write your experience in the Experience description within 550 characters, and you need to list your experience asper the Risk Management Process Groups. You need them to contact all the primary contacts mentioned in your application prior to submitting to ensure their support in providing evidence about your experience. I will be glad to review your application before you submit it officially, so do not hesitate to send me your application. Make sure everything is fine before you submit it officially. Thank you so much. I will see you at the following lecture.


Hi and welcome back again. So, what to do in the case of audit? If PMI selects your application for audit? First of all, PMI will send you an email that your application is being audited. I want you to be sure 100%that the audit process is random. It’s totally random. I was selected for the PMP application audit process in August, I think 2016.In November 2016, I applied for the PMI-RMP exam again. I was selected for the audit, so it was only three months between them. And lately, when I applied for the Agile Certified Practitioner, I was not selected for audit. So it's 100% random process. However, if your application was selected forth audit, you need to follow the instructions of the audit process. You will have in your email collect the evidence of your experience with the validation from references and submit its, if my application was selected for audit, first of all, you need to print out the verification forms sent from the PMI along with the email informing you that your application was selected. For the others, you need to get the supervisor or the supervisor who you mentioned in the experience description in your application, get a signature on the verification form, have a print of the certificate of Completion that you will be having at the end of this course, and have a print of your bachelor degree certificate together. Send them to the PMI address within three to five business days, you will pass the other. This is all I will see as the next left.


Hi and welcome back again. So more about the PMI-RMP exam. The total duration of the exam will be three and a half hours, total 210 minutes. Number of questions will be 170.Out of these, 20 questions are considered pretest questions used for future tests. Only 150 questions are scored. The 170 questions are multiple choice questions with only one correct answer and you will get one point for every right answer. There is no penalty for wrong answers. The PMI grades students on each of the five exam domains and assigns a grading of below target, target, above target and needs improvement in each of the five exam domains. The result pass or fail is determined by combination of these grades, how many grades or number of points one has to score to pass. The PMI-RMP certification exam is not made public by the Pipit’s not made public so fares it's only below target target, above target and needs improvement. The five exam domains. The first one is the risk strategy and planning with 20% share question stakeholder engagement with20% share risk process facilitation with 25% to28% share risk monitoring and reporting with almost20% and perform specialized risk analysis with around15% share of the exam cost. So we are going to explain these five domains in detail through this course sections. I’ll see you at the next lecture.


Now, before we move to the following section, I want you to have a brief about this course. So we started already with the introduction section. Then we are going to move to the project management foundation. I cannot start directly with the risk management. The risk management is a specific domain of the project management. So first of all you need to have a general idea. Allow the project management foundations what is the project environment and how do this environment affect our project and risk management? What’s the role of the project manager? This is the fourth section. What are the project management processing groups and what are the project management processes? This is a very important section. Then we are starting the risk management foundations and section six. Then we will have the seven risk management processes in series starting with the plan risk management. Then to identify risks, Performa qualitative risk analysis. Section number ten, perform a quantitative risk analysis, plan risk responses and then implement risk responses. And section 13 monitor risks. These are the seven processes of the risk management knowledge area. Then when we have a very simple section, the risk governance. Now, due to the importance of the communication, stakeholders and procurement knowledge areas for the PMI-RMP exam, I'm going to explain each of them in a dedicated section the communications management knowledge area, the procurement management knowledge area and the stakeholder management knowledge area. Then I'm going to have a brief review, past review of the project management body of knowledge. Six knowledge areas remaining once we will be done with the rest communications, procurement and stakeholders. Here I'm going to explain briefly only the integrations call schedule, cost quality and resources. Then we will have a short section about theme code of text, the exam math formulas. We will explain all the math formulas you need to master for the PMI-RMP exam tools and techniques used in risk management advanced. So I'm going to explain them in detail. Simulated Practice Exam success Recipe a success recipe step by step what are the box you need to use from where you'll get high quality exam simulators and so on. At the end you will have the appendixes. So it will be a long course with 24 sections and let's get started and move to the project management foundations.




Hi and welcome to the project management fundamentals. The first basic we are going to start with is the definition of the project. So what's the project? According to the PM book, it's a temporary endeavour with a beginning and a time-limited endeavour with a temporary nature. It creates a unique product, service, or result. So this is the definition of a product: it must have a temporary nature and it should create a unique product, service, or result. Temporary nature indicates that the project has a definitive beginning, and then you will never have an ongoing project. A unique product. A unique product that can be either a component of another item or an enhancement or correction of an item or existing item or a new item itself. It can also be a unique service or a capability to perform a service such as a business function. It can also be a unique result such as a document that is an output of a research and development project. It can also be a combination of products, services, or results such as a software application. This is all that you need to know about the debt position for the project. Thank you so much. I will see you in the next lecture. Bye.


Hi and welcome back again. So what are the operations? Projects versus operations? Operational work is ongoing. It's not temporary. It's ongoing work to support the current business and system terms of the organisation running the projects. So the operational work is ongoing. The project's work is temporary. This is the first and major difference. Project work ends when the project is closed. Once you hand over your projector the product of your project. All the project work ends once the project is closed. There are two distinct areas, but closely connected. Usually the intersection is when the project is completed, the product is handed off to the operations. As I'm working with a real estate developer, I'm facing this each time we are completing an hotel building. We hand over this hotel and all the work and the knowledge of the project to the facility management company or sister company and they will manage running and the operations of this building. My scope as a project manager finishes once I hand over this hotel or this building to the facility management department. Ongoing operations are usually outside the scope of your project. And at each point of intersection between the operations and the project, deliverables and knowledge are transferred between the project and operations for implementation of the delivered world. This implementation occurs through a transfer of project resources or knowledge, through operations or through a transfer of operational resources to the project. It's very important to be able to distinguish between the projects and the operations. The major and the core difference. Projects are temporary. Operations are ongoing. Thank you so much. I will see you at the next lecture.


So what is the project management? As per the PMI, or the Project Management Institute, it breaks project management into five processing groups and ten knowledge areas. What are the five processing groups? Groups we have will follow the high-level process of project management, starting with initiating, planning, executing, monitoring, and controlling. And then we have the closing process group. Those are the five process groups. What are the ten knowledge areas? We have the integration, scope, schedule, course, quality, resources, communications, risk, procurement, and stakeholder management. The 49 processes we have in the project management are divided between those five proxy groups and ten knowledge areas. So what is the project management? It's the application of knowledge, skills, tools and techniques to all the project activities to meet the project requirements and objectives. So you, as a project manager, will apply all the knowledge you have, the project management knowledge, your personal skills, the tools and techniques to all project activities and work packages to meet the project objectives and requirements. Now, the project may be managed in three separate scenarios. The first one is the one I'm explaining here, which is a stand alone project. The second scenario will be within a programme you are running project, which is part of a program. And the sales scenario will be running a project within a portfolio. In the coming lecture, I will talk about the programme and the portfolio. This is all for the project management. Thank you. I will see you at the next lecture.


Hi and welcome back. As we mentioned in the previous lecture, projects can be managed in three scenarios. The first scenario is a standalone project. The second scenario is running a project within a program. So what is a program? It's a group of related projects, subsidiary programs, and programme activities that are managed together in a coordinated manner to obtain benefits not available from managing them individually. So when running more than one project together, these projects must be related. And managing these projects together will obtain US benefits not available from managing each project alone. So this is a programme now. What are the benefits of the programme management? It focuses on the interdependencies between the projects. Usually it helps decrease risks, make use of resources, and improve the quality of the project management. So this is the second scenario of managing projects: managing a project within a program? To manage a group of projects within a program, they must be related projects, and we must obtain a benefit from this management that is not available from managing each project separately. This is an example of a programme containing three projects and some other related words. Thank you.


Hi and welcome back again. So the third scenario, which I can manage the project as a part of, is the portfolio. So what is the portfolio and what is the portfolio management? The portfolio is a group of programs, individual projects, and other related ongoing work that are prioritised and implemented in a coordinated way to achieve a strategic business goal. So what's the keyword of implementing a portfolio or portfolio management? I want to achieve a strategic business goal. Portfolios are something huge for the organizations. It's a group of programs, individual projects and other operational work. They are all prioritised and implemented to achieve a strategic business goal for the organization. Like let's say a large infrastructure project with all the street asphalt, with all the underground water network, electrical network, telephone cables. This can be called a portfolio. What's the portfolio management that helps optimize the use of resources enhances the benefits of the organization. So what are the reasons of applying the portfolio management? To optimise the use of the resources of the organisational resources also enhances the benefits of the organisation to achieve a strategic business goal. Here is an example of a portfolio, contains three programmes and related work. One of the programmes contains two projects and other related work. Here is a diagram which shows the relation between the organisational strategy by managing a sample portfolio. This portfolio contains two programs, programme A, programme Band one portfolio for example plus the operations. So this is the sample portfolio we have program A, programme B, portfolio A and operations. All these projects and programmes share the same resources and stakeholders to achieve the organisational business strategy or the organisational business goal. I hope it's secure for you now. The project can be managed within three scenarios standard on the project, as a part of the program or as a part of the portfolio. You thank you so much. I will see you at the next lecture.


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