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Project Risk Management Study Hints

Aug 13 2015

 

Project Risk Management Study Hints

Most exam takers find the Project Risk Management questions on the PMP® certification exam demanding because they address many concepts that project managers may not have been exposed to in their work or education. However, the questions correspond closely to PMBOK® Guide material, so you should not have much difficulty if you study the concepts and terminology found there. Although the questions included do not contain mathematically complex work problems, they do require you to know certain theories, such as expected monetary value (EMV) and decision-tree analysis.

Additionally, you are likely to encounter questions related to levels of risk faced by both buyer and seller based on various types of contracts.

PMI® views risk management as a six-step process including plan risk management, identify risks, perform qualitative risk analysis, perform quantitative risk analysis, plan risk response, and control risk. PMBOK® Guide Figure 11-1 provides an overview of this approach. Know this chart thoroughly.

Following is a list of the major Project Risk Management topics. Use it to help focus your study efforts on the areas most likely to appear on the exam.

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