PMI-RMP: Monitor Risks

Project Risk Coach

The Project Management Body of Knowledge (PMBOK) 6th Edition defines Monitor Risks as “the process of monitoring the implementation of agreed-upon risk response plans, tracking identified risks, identifying and analyzing new risks, and evaluating risk process effectiveness throughout the project.”

PMI-RMP® Training for the New Exam

Project Risk Coach

On April 1, 2022, the Project Management Institute (PMI®) rolled out the new PMI-RMP® exam. In this article, let's examine why the new PMI® Standards matter and what to look for in your PMI-RMP® training. In December 2021, PMI® conducted a pilot of the new exam.

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PMI Updates PMI-RMP Exam

Project Risk Coach

Are you aware that the Project Management Institute (PMI) is updating the PMI-RMP exam? Let's look at the PMI-RMP Pilot Exam process, what's different in the exam, the Pilot Exam Content Outline, and how to apply. 1 PMI-RMP Pilot Exam 2 What's Different in the New PMI-RMP Exam?

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PMP® vs. PMI-RMP® Certification

Project Risk Coach

Do you have your PMP® certification, but you're thinking about obtaining another Project Management Institute (PMI) certification? PMI offers eight certifications. What is the PMI-RMP® Certification? The PMI-RMP® is a great complement to the PMP®. PMI-RMP Exam Prep

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The Confusion Over Risk

Project Risk Coach

Why are many project managers confused over risks? Why do some project managers include positive risks in risk management and others do not? Let's clarify what we mean by the term risk. Most people think of risk as pure risk, as a possibility of loss.

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Project Risk Management: From Principles to Methods

Project Risk Coach

The Project Management Institute (PMI) recently published the Project Management Body of Knowledge Guide (PMBOK®), Seventh Edition which is radically different from previous editions. 3 The Risk Management Principle 4 What is a Method? Look for upside and downside risks.

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What is Risk Attitude?

Project Risk Coach

In today's article, I'll test your understanding of risk attitude. We'll also explore different risk attitudes and how they can affect risk evaluations. Project managers should seek to understand the risk attitudes of key stakeholders because: A. PMI-RMP® Exam Series.

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PMI-RMP: FREQUENTLY ASKED QUESTIONS FOR 2021

Project Risk Coach

Are you confused about the PMI-RMP exam? Let's look at frequently asked questions about the PMI-RMP. In this article: 1 What is the PMI-RMP? 2 Why should I consider the PMI-RMP certification? 3 Is the PMI-RMP exam changing? 9 How do I apply for the PMI-RMP?

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The Practice Standard for Project Risk Management

Project Risk Coach

In this article, let's discuss why risk management standards exist and which Project Management Institute (PMI) standard you should study in preparation for the Project Risk Management Professional (PMI-RMP) exam ( until the updated PMI-RMP® exam comes into play April 2022 ).

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PMBOK® Seventh Edition Principles and Risk Management

Project Risk Coach

The Project Management Institute (PMI) released the PMBOK® Guide, Seventh Edition in July 2021. In this article, let's look at each principle and why each one matters with respect to managing risks. Optimize Risk Responses 11. Until action occurs, the risks remain.

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12 Sure-Fire Ways to Improve Project Risk Management

Project Risk Coach

In a one-on-one meeting, I asked Mike how he was identifying, analyzing, and managing his risks. His response revealed his belief in risk management but a lack of actual application with his teams. Warren Buffett says, "Risk comes from not knowing what you are doing."

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How Poor Risk Management Is Hurting Your Program

Project Risk Coach

Poor risk management is costly. Program managers are caught off guard by emerging risks. And these risks may turn into issues costing more time and money. We can identify risks early. Let's look at the cost of poor risk management through the example of Tom Whitley.

2022 212

PMI-PgMP® Certification

Techno-PM

The Project Management Institute's Professional in Business Analysis (PMI-PgMP) certification is one of the most sought-after certifications for professionals who want to enter the project management field. The benefits of PMI-PgMP® Certification?

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How current are your risks?

Kiron Bondale

I’ve often referenced Dr. David Hillson’s definition of risk as “ uncertainty that matters ” in my articles about project risk management. If stakeholders don’t feel that the information presented to them about a risk matters to them, they will ignore it.

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You say “positive risks”, I say “opportunities”

Kiron Bondale

While presenting the project risk management knowledge area from the PMBOK framework, when I indicated that while in our daily conversations risks are usually threats there can be positive risks as well, I was met with some disbelief and skepticism.

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Risk responses which PMI never taught you!

Kiron Bondale

We’ve all learned the standard risk responses to threats (accept, avoid, mitigate or transfer) and opportunities (accept, exploit, enhance or share) from the Guide to the PMBOK, and Dr. David Hillson recently wrote about a ninth possible response of risk escalation. So with tongue planted semi-firmly in cheek, here are some other common reactions to risk. ” Unfortunately, stakeholders sometimes act in a way which guarantees the realization of a risk.

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Risk Attitude and Risk Attitude Spectrum

Management Yogi

Risk attitude, risk appetite, risk tolerance, and risk threshold are all separate and distinct terms. Understanding of these terms are foundational in risk management and do proper risk management in the real-world.

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PMI-RMP® Certification

Techno-PM

Overview: The Project Management Institute's Registered Risk Manager Program (PMI-RMP®) is a risk management certification for project managers. What will you learn in PMI-RMP® Certification? Who Should Apply to PMI-RMP Certification?

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PMI-ACP Certification

Techno-PM

What is the PMI-ACP Certification? PMI-ACP Certification is a professional certification offered by PMI. The PMI-ACP Certification is a professional certification designed to help project managers with their day-to-day tasks. Who should apply for PMI-ACP® Certification?

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5 Things You Should Know About the PMI-RMP®

Project Risk Coach

Every project has risks—events or conditions that, if they occur, have positive or negative effects on a project’s objectives. And project managers are risk managers, some better than others. If you want to improve your project success through better risk management, consider getting certified as a Risk Management Professional. Here are some things you should know about the PMI-RMP. What is the PMI-RMP®? Why should someone consider becoming a PMI-RMP®?

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5 Reasons to Get Your PMI-RMP® Certification

Project Risk Coach

I recently had a project manager ask me which of the PMI certifications he should pursue. Certainly, the Project Management Professional (PMP) ® and the Project Risk Management Professional (PMI-RMP) ® certifications supercharged my project management career. And in 2012, I became in PMI-RMP. There were several reasons I choose the PMI-RMP certification. PMI-RMP Certification Benefits. To help my organization with risk management, top to bottom.

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A Deep Dive into Risk Matrix Reporting for Risk Managers

Management Yogi

For example, in project management you have data such as planned start, planned cost, planned story points, total number of risks, etc. Working with projects, programs, and portfolios, generates a lot of data.

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Enterprise Risk Management (ERM) and Risk Governance

MPUG

Risks were identified, then qualified, and risk responses planned. For implementation of these risk responses, a number of actions were needed. Hence, when risks were reported, team members didn’t understand, or if they did, they wouldn’t know how or whether to act.

A New Direction for PMI’s PMBOK® Guide Seventh Edition

MPUG

The Project Management Institute (PMI) has gone through quite the metamorphosis over the past few years, positioning itself once again as one of the top authorities on how project management is practiced. The post A New Direction for PMI’s PMBOK® Guide Seventh Edition appeared first on MPUG.

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What’s in YOUR risk register?

Kiron Bondale

Tracking and reporting risk information is a standard part of any project management approach. Given this, is it possible to come up with a minimum set of risk information elements which we’d want to capture on most projects? For risks which are only going to be monitored (e.g.

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14 Common Project Risks (+ more)

Rebel’s Guide to PM

Risks matter. That’s the point of risk management: thinking about what might go wrong before it does, so you can put a plan together to deal with it if it does. In this article we’ll look at common project risks so you can start filling up your risk log and making the right plans.

Could psychological safety increase organizational risk?

Kiron Bondale

In a presentation I gave to the members of a PMI Chapter on the topic of psychological safety, one of the attendees asked a great question. Encourage team members to feel comfortable about challenging each other if they feel a proposed risk is too great.

2022 177

40 NEW PMI-CAPM Free Questions and Answers (Part - 1)

Management Yogi

The Certified Associate in Project Management (CAPM®) exam from PMI is solely based on the PMBOK® Guide, 6th edition. In this post series we will have 40 PMI-CAPM questions.These questions.

PMI 56

Change management helps when implementing risk responses

Kiron Bondale

A student in a project management class I taught shared the concern that it was very hard for her to get risk responses implemented. This is a fairly common problem and is likely one of the reasons that the volunteers who updated the PMBOK Guide, Sixth Edition added Implement Risk Responses as a new process within the Project Risk Management knowledge area. Risk management requires investment from stakeholders outside of the project team to really make a difference.

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How to Unite Enterprise and Project Risk Management

Project Risk Coach

Learn to Better Manage Enterprise Risks Through Project Risk Management Many organizations have adopted enterprise risk management (ERM) as a way to make better decisions, get stronger operating results, and meet regulatory requirements. However, few organizations have yet to actually unite the enterprise and project risk management efforts. What is Enterprise Risk Management? You would receive an inspection report listing all of the issues and risks.

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Match Game: Project Risk Management

Project Risk Coach

How’s your project risk management knowledge? Some of you are a certified Project Management Professional (PMP) or as a Risk Management Professional (PMI-RMP) so this test may be a good review for you. If you are preparing for the PMP or PMI-RMP exam, this exercise will certainly be helpful. Matching Game: Project Risk Management. Instructions: Match the risk management Key Word to its Definition. Key Words for Project Risk Management. Risk.

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Ultimate Guide to Project Risk Management

Online PM Courses

Risk is inherent in the nature of a project. So, that makes project risk management a central part of the project management toolset. The post Ultimate Guide to Project Risk Management appeared first on OnlinePMCourses.

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40 NEW PMI-CAPM Free Questions and Answers (Part - 2)

Management Yogi

This is in continuation of the earlier series of questions for the PMI-CAPM® examination. Again, do note that these are not verbatim questions from the PMI-CAPM exam, however, these questions cover the areas needed for the exam.

PMI 56

How to Unite Enterprise and Project Risk Management

Project Risk Coach

Learn to Better Manage Enterprise Risks Through Project Risk Management Many organizations have adopted enterprise risk management (ERM) as a way to make better decisions, get stronger operating results, and meet regulatory requirements. However, few organizations have yet to actually unite the enterprise and project risk management efforts. What is Enterprise Risk Management? You would receive an inspection report listing all of the issues and risks.

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My Top 10 Project Risk Management Blog Posts of 2019

Project Risk Coach

In case you missed some of my blog posts, I'm sharing my most popular project risk management posts of 2019. So, just how many of you came to the Project Risk Coach website in 2019? Risks derail our projects. Risks derail our projects.

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Risk Management Process Explained (+resources, templates)

PM Basics

Risk management is arguably the most crucial piece in my project management approach. Therefore, I spent lots of time and effort creating a practical risk management process. Risk management process is a structured approach to identifying, assessing, addressing, and controlling risks.

2022 74

A History of PMI & Its Role in Project Management

ProjectManager.com

The Project Management Institute (PMI) is a nonprofit organization for those working in project management across the globe. If you have even a passing interest in the field, then you’ve bumped up against PMI. Given its vast influence, it’s important to have a basic understanding of PMI and its history. Quick Facts About PMI. The PMI footprint is huge. A History of PMI. But where did PMI start? The Goals & Standards of PMI.

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Fundamentals of Project Risk Management Framework

Management Yogi

Book (I Want To Be A PMP) Book Excerpts (I Want To Be A RMP) CAPM CAPM Exam Prep PMI-PMP PMI-RMP PMP Exam Prep PMP Exam Tips Risk Management RMP Exam TipsI’ve compared projects with living entities (like human beings), and the life cycle of a project with life cycle of a person.

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Reduce the Risk – Share the Success

International Institute for Learning

By Luigi Morsa , Aerospace Engineer and Project Manager, SII Engineering & IT Risk Management is the act or practice of dealing with risk. Risk Management is important because it is directly connected to the Project Success.

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Probabilistic Branching and Analysis in Risk Management

Management Yogi

Imagine this scenario. You are going to a friend’s house for an important event. It is scheduled with a hard start, meaning you can’t have delays, but as you start traveling, you notice that your vehicle is running low on gasoline.

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