After I achieved my PMP, I started to look for a new challenge.   I found that the PMI offers a certification on risk management called RMP.  Its basically similar to the PMP certificate and will enable you to work as a Risk Manager in projects.  I found the following book called “Study Guide for the PMI Risk Management Professional Exam” which is written by Abdulla Alkuwaiti.  It is currently the only book on the subject and is inline with the new version of the PMBOK.  It presents the material for the exam in a very easy way and has ton of examples and practice questions.  You can check the book at:

http://www.scribd.com/doc/24949771/Study-Guide-for-the-PMI-Risk-Management-Professional-r-Exam


http://www.amazon.com/Study-Guide-Risk-Management-Professional/dp/9948153790/ref=sr_1_2?ie=UTF8&s=books&qid=1293366892&sr=8-2

Please how can I enroll fr d programm am interested

Can you please tell me how to enroll for the risk management professional exam?

pls hw can i enroll?

u have not told us hw to enrol and where we can go and obtain d course.thanks

‎​ĩ̷̊ am a graduate of Environmental Protection $ Resources Management, ‎​ĩ̷̊ also Ħª√ę certificate $ HSE $ GHSE Level 3. Can ‎​ĩ̷̊ take or do programme in Risk Management? Advice needed pls $ of wat benefit will it add 2 my career has a safety officer?

ĩ̷̊ am a graduate of Environmental Protection $ Resources Management, ‎ ĩ̷̊ also Ħª√ę certificate in HSE $ GHSE Level 3. Can ‎ ĩ̷̊ take or do programme in Risk Management? Advice needed pls $ of wat benefit will it add 2 my career has a safety officer?

_____

MARK STEVE: After I achieved my PMP, I started to look for a new challenge.   I found that the PMI offers a certification on risk management called RMP.  Its basically similar to the PMP certificate and will enable you to work as a Risk Manager in projects.  I found the following book called “Study Guide for the PMI Risk Management Professional Exam” which is written by Abdulla Alkuwaiti.  It is currently the only book on the subject and is inline with the new version of the PMBOK.  It presents the material for the exam in a very easy way and has ton of examples and practice questions.  You can check the book at:

http://www.scribd.com/doc/24949771/Study-Guide-for-the-PMI-Risk-Management-Professional-r-Exam


http://www.amazon.com/Study-Guide-Risk-Management-Professional/dp/9948153790/ref=sr_1_2?ie=UTF8&s=books&qid=1293366892&sr=8-2

Pls is this certification also applicable to those in the financial sector?

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How Risk Management has evolved with Agile methodology? Five Simple Steps

I maintain the Risk ratings of each Story or Defect directly on the Cards. I use the same pattern of recording the three numbers Probability, Impact and Risk Rating and use a highlighter to colour code the risks. At a story level, most risk will likely be pretty benign, so don’t obsess and spend a lot of time on the low risk items. Focus on the ones that are genuine threats. Defects are areas that may require more attention if only because as Defects they likely have higher visibility in the organization. In both cases, write a few details about the Risk directly on the card. An added benefit of having developers assess Risk associated with the Stories and Defects is that it encourage a new dimension for their thinking about the work they are doing and helps them to be cognizant of the effects their work has to the overall success of the project.

Tracking Risk associated with Stories and Defects is insufficient – especially for Threats (factors external to the project) and for any identified Risk that is not a Story or a Defect I use a Risk Register (more on that later). The Stories and Defects that receive a high Risk Rating are also tracked in the Risk Register.

3. Quantify

Great – so now we know what to measure, but how do we go about doing that? If you’ve read my three previous blog posts, you’ve likely already guessed that we will use a matrix based on two vectors. The two vectors we will use in this case will be Probability and Impact. The Risks you identify must each be assessed according to these two vectors.

The assessment of each risk must be performed by the respective SME (Subject Matter Expert). A project manager is not qualified to perform an assessment of system security unless he/she is also a security SME. The same is likely true for assessing Risks relative to system performance, quality and privacy. Scrum is about teamwork so depend on the team to bring their expertise to the table. Another reason for SMEs to do the assessment is that I have in some organizations witnessed political pressure applied to PMs to produce Risk Reports to reflect a particular or desired Risk profile. This may force the PM to game the numbers to produce the desired results. The ethics of such practices are highly questionable. If you experience a situation like this, you’ve got much bigger issues on your hands than managing the Risk in the project and should perhaps consider looking for a new job. Having the SMEs do the assessment does help insulate the PM from such pressures. Once the SMEs have performed their assessments, it is useful to discuss the assessments as a team to ensure that there is a consistent approach and weighting applied across all assessments. This also allows the thinking and assumptions behind the assessments to be shared amongst the team and brings the team’s collective wisdom to bear on evolving potential solutions. It may even uncover additional Risks due to Risk interdependencies.

Impact

The Impact of a Risk is a measure of its affect on the project. It ranges from Minimal (1) at the low end where the consequences would be very small up to Extreme (5) at the high end. You and your team should devise wording to describe each Impact level to suit the realities of your organization. Whatever you decide upon should be consistent throughout the entire organization so at to minimize confusion. The wording should not be viewed as a set of rules – instead, it is a set of guidelines. Here is some suggested wording:
[img]<table border="1" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td valign="top" width="83"><strong>Impact</strong></td>
<td valign="top" width="397"><strong>Description</strong></td>
</tr>
<tr>
<td valign="top" width="83"><strong>5</strong></td>
<td valign="top" width="397"><strong>Extreme</strong>
<ul>
<li>May result in project failure</li>
<li>Budget overrun could exceed 50%</li>
<li>Project late by more than 50%</li>
<li>Could affect the ability of the organization to continue functioning</li>
</ul>
</td>
</tr>
<tr>
<td valign="top" width="83"><strong>4</strong></td>
<td valign="top" width="397"><strong>High</strong>
<ul>
<li>May result in significant impact on expected features, functionality or quality</li>
<li>Budget overrun exceeding 25%</li>
<li>Project late by more than 25%</li>
</ul>
</td>
</tr>
<tr>
<td valign="top" width="83"><strong>3</strong></td>
<td valign="top" width="397"><strong>Moderate</strong>
<ul>
<li>Significant effects on the project are unlikely</li>
<li>Budget overrun exceeding 10%</li>
<li>Project or subsystem late by more than 10%</li>
</ul>
</td>
</tr>
<tr>
<td valign="top" width="83"><strong>2</strong></td>
<td valign="top" width="397"><strong>Nominal</strong>
<ul>
<li>Does not require monitoring or review</li>
<li>Budget overrun exceeding 5%</li>
<li>Project late by more than 5%</li>
</ul>
</td>
</tr>
<tr>
<td valign="top" width="83"><strong>1</strong></td>
<td valign="top" width="397"><strong>Minimal</strong>
<ul>
<li>Little or no impact on any aspect of the project</li>
<li>Should be reviewed quarterly</li>
</ul>
</td>
</tr>
</tbody>
</table>[/img]

Probability

If there is a very high probability that a Risk may be realized, then it is clear that it should have the attention of the team. Conversely, if there is a very low probability of the risk being realized, then it is likely that it should receive less attention from the team. We thus need to ensure that the greatest attention is focused on the Risks with the highest occurrence probability. The following chart provides a suggested scale for assessing the probability of Risk manifestation.
[img]<table border="1" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td valign="top" width="81"><strong>Probability</strong></td>
<td valign="top" width="312"><strong>Description</strong></td>
</tr>
<tr>
<td width="81"><strong>5</strong></td>
<td valign="top" width="312">91 – 100% or Very likely to occur</td>
</tr>
<tr>
<td width="81"><strong>4</strong></td>
<td valign="top" width="312">61 – 90% or Likely to occur</td>
</tr>
<tr>
<td width="81"><strong>3</strong></td>
<td valign="top" width="312">41 – 60% or May occur about half of the time</td>
</tr>
<tr>
<td width="81"><strong>2</strong></td>
<td valign="top" width="312">11 – 40% or Unlikely to occur</td>
</tr>
<tr>
<td width="81"><strong>1</strong></td>
<td valign="top" width="312">0 – 10% or Very unlikely to occur</td>
</tr>
</tbody>
</table>[/img]

Enter the Matrix

We now have two Risk Vectors and as we did in the prioritization of Stories and Defects (see my previous blogs), we take the two vectors and multiply them together to obtain the simple product which is the Risk value. Using the same thresholds for Stories and Defects as well as the corresponding colour system we end up with a Risk Matrix that looks like this:
[img]<a href="http://michaellant.com/wp-content/uploads/2010/06/RiskMatrix.png"><img class="size-full wp-image-308" title="Risk Matrix" src="http://michaellant.com/wp-content/uploads/2010/06/RiskMatrix.png" alt="Risk Matrix Diagram" width="451" height="235" /></a>[/img]

4. Plan

Risk Rating

Now that you’ve identified the important Risks that threaten the success of your project, what should you do about them? You can make your Risk Planning as comprehensive as you wish, but like most things in life, the simplest approach is often the best approach. Unlike Impact and Probability Assessment, your wording should not be considered a guideline. For each of the various Risk Ratings, we want specific things to occur because the risk thresholds are triggers to mobilize the team or stakeholder to take action to mitigate the Risk. Here is some suggested wording for your Risk Planning. The wording you use in your company should be different than mine and reflect the realities of your organization, but it is important that the wording be focused on Actions to manage the Risk:
[img]<a href="http://michaellant.com/wp-content/uploads/2010/06/RiskRatings.png"><img class="size-full wp-image-312" title="Risk Ratings" src="http://michaellant.com/wp-content/uploads/2010/06/RiskRatings.png" alt="Risk Ratings" width="457" height="321" /></a>[/img]

Risk Register

To track and manage Risk on a project I use a Risk Register. To do this, I use a spreadsheet. Each time I do a Risk Assessment (ideally each sprint planning session) I add a new page to the spreadsheet and each page is a Risk Assessment corresponding to a particular Sprint. This way I can track how a Risk has changed over the course of a project. I can also monitor how Risks are added and removed from the Register. As you near the end of the project, you should see all of your Risks gradually move into the green or minimal range. If this does not happen, you are definitely doing something wrong because if you still have Orange or Red risk in the late stages of your project, you have not been managing the Risk and you are rolling the dice on project success. All of the time, effort and money invested up to that point is at Risk of being lost.
[img]<a href="http://michaellant.com/wp-content/uploads/2010/06/RiskRegistry.png"><img class="size-full wp-image-311" title="Risk Registry" src="http://michaellant.com/wp-content/uploads/2010/06/RiskRegistry.png" alt="Risk Registry" width="446" height="589" /></a>[/img]
5. Act

Insanity: doing the same thing over and over again and expecting different results.
(Albert Einstein)

First Things First

Act is simply that. It is the implementation of the defined Risk Mitigation Strategies. Well it’s actually not that simple. Human nature is such that we tend to put off the things that aren’t fun, interesting or that might be just plain hard work. This is project suicide when it comes to Risk. It is imperative that you deal with the high Risk items first. Deferring performance testing and finding out a week before implementation that you can’t possibly achieve the requisite transactional throughput may be the death of your project. At a minimum, someone is going to have to do a lot of explaining – don’t let that be you.

Fail Early

This is important

The “Fail Early” phrase is becoming very popular in the world of venture capital. In essence it means figure out as early as possible in the process as to whether or not what you are doing will succeed. These findings are essentially the go-no go for your project. If success is not possible, either stop (kill the project) and move on to something else, or rethink the project and come at it from a different angle. Either way, do the difficult, gnarly, risky stuff up front. An added benefit is that it helps you define the boundaries of your system and sets expectations as to what is possible/realistic and what is impossible/unrealistic. It could even bring to light unrealistic success criteria and the definition of project success many need to change. When this happens, the project may still live, but under a revised and possibly more realistic set of stakeholder expectations. It may also stimulate commitments like a larger budget or access to key people.

As simple and as obvious as this may sound, it is amazing how often such critical, high Risk items are left until the final stages of the project. From my own observations over the years, this is one of the biggest reasons for project failure. Do the Risky stuff first and Fail Early.

5. Repeat

This process is very lightweight and very quick to perform. Identifying Risks early, and implementing appropriate Risk Mitigation Strategies for each is essential to the success of projects. Done properly, it is a continuous virtuous circle of Assessment and Action to constantly identify, manage and minimize Risk.

Your Risk Plan should be reviewed at a minimum quarterly. Better still, your review should coincide with your sprint planning sessions. At your these sessions, you have access to your team where everyone is already looking at the stories, reviewing effort estimate, etc… You don’t need to do an exhaustive review each time, but pay particular attention to the Risks you are tracking in your Risk Register. Also look for any new Risks that might start appearing as the team progresses through the project and learns more about the challenges. As always, if you discover Risks that are high, deal with them early.



Source:http://projectmanagementexperts.org/risk-management-evolved-agile-methodology-five-simple-steps/

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