Risk Current Challenge. Uncontrolled, they can lead to delays, costs, missed goals, and even project failures. But well managed they can offer a competitive advantage and even opportunity. PMI RMP Certification is an essential aspect of all organizational activities. Test your skills and become a risk expert for your organization.
Why do we need risk management?
According to research, among many unsuccessful projects, there are about 55% of these projects experienced severe over budget or sever behind schedule, and these projects have absolutely no risk management.
Among other projects, there are about 38% of them have achieved partial risk management. But in these projects, about half of them have not handled the identified risks properly during the project management.
Another 7% of the unsuccessful projects did not even aware if they had managed project risks or not.
Therefore, statistical research results indicate that performing risk management is critical for improving the probability of project success and preventing the project from failure.
Practical risk management of PMI RMP case
Here is a practical case of risk management for a software development project.
The project was to develop a Windows desktop software. And the software development was based on Windows operating system and SQL server. The development tool which the project team used was Powerbuilder. During the development process, there were over thousands of lines of program source code had been generated. The difficulty of the development and the line number of source code were beyond anticipation. The regulatory phase, this phase goes through two phases of planning and implementation and mainly manages various control functions such as demand change, progress, cost control, etc.
The software has the ability to make working papers and the function of verification. Using this software, data can be transferred, which can be automatically generated and manually input to generate consolidated offset entries. It can automatically generate audit reports and notes to accounting statements without error. It has the characteristics of a flexible and open system and convenient secondary development for users.
In this software development project, there were mainly four types of risks.
PMI RMP Risks of human resources.
The development team was maintained at about 10 people, the company provided 3 people, and the development unit was 6-7 people. Some personnel can only work part-time, and the developers can participate in the work of the whole project from beginning to end. The flow of developers can basically ensure the continuity of work.
1. Risks of technology.
The data structure was complex and there are many associations. Creating new algorithms or input and output technologies was needed. The software needed to interface with the database system of other software products. The customer had the right to determine whether the required function was feasible. At the same time, because the application of audit software in China was still in its infancy, developers were generally unfamiliar with the system, which also brought considerable technical risks.
2. Risks related to customers.
In the first place, users were not very clear about their real needs. They thought that computers are omnipotent. As long as they simply say what they want to do, they will clarify their needs, but they were unwilling to talk more about the business rules and workflow. Some users were busy with daily work, and they were unwilling to spend more time and energy explaining the business to analysts, which increased the work difficulty and workload of analysts and might also increase the system risk due to insufficient business requirements.
3. Risks of project schedule.
In addition, like many other software projects, this project was facing great pressure from the completion date.
In reality, a professional project manager with sufficient risk management skills and a PMI RMP Certification certificate was in charge of this project and he had made the project very successful.
Here are his opinions on how to manage project risks: Based on the company’s previous experience, risks may exist at any stage in the whole life cycle of this software project. WBS (Work Breakdown Structure) is a project element that completely represents the project and accompanies the whole project life cycle. Therefore, risk management based on WBS can not only easily identify and identify the corresponding risk sources, but also facilitate working with other work on the project day, further achieving unified management.
And here are what the PMI RMP certified project manager had done for managing the software project.
At the initial stage of the project, he conducts pre-research of the project to determine if the project is approved and clearly defines the scope of the project.
At the planning stage, he conducts a preliminary demand analysis and defines the scope of the project in detail. And makes detailed plans for all relevant activities involved with the project as far as possible.
He conducts detailed analysis and conducts detailed design, coding, and testing according to different requirements of software development. To ensure that the software can meet different requirements of the software development stage according to different requirements of the software development plan. Plan
In the closing stage, the final work of the project is mainly installation and maintenance.
As a result, the risks of the software risks had been successfully managed and the project became a big success.
What exactly is PMI-RMP Certification?
As we can see from the above practical case, the PMI RMP certificate can really help us successfully manage all types of risks and boost our career as project managers. But what exactly is a PMI-RMP certificate?
Well, RMP stands for Risk Management Professional. And it is a very useful and professional certificate provided by PMI (Project Management Institute of America). Its importance is just behind the PMP certificate, yet another important certificate provided also by PMI.
In the first place, here are the biggest benefits you can get from PMI RMP certification. With your skills in RMP, you perform a special function that adapts to a growing global, virtual, complex project environment.
Moreover, the PMI RMP certificate highlights your ability to identify and assess project risks, mitigate threats and capitalize on opportunities. In this capacity, you enhance and protect the needs of your organization.
Gaining distinction as a PMI RMP Certification sets you apart from other professionals and brings credit to your organization. Eighty-three percent of organizations that are high performers in project management practice risk management frequently while just 49 percent of low performers do so. The practice contributes to a handsome payoff: high performers meet their goals 2.5 times more often and waste 13 times less money than low performers, as found by PMI’s 2015 Pulse of the Profession report.
Finally, If you’re ready for greater recognition, the PMI RMP Certification will validate your specialized expertise and help you stand out to employers, stakeholders, and peers.