Should I Go for the PMI-RMP Certification Exam?
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Should I Go for the PMI-RMP Certification Exam?

After passing the PMP exam, a thought may come to mind. Should you go for the PMI-RMP certification? And does it have any value?

Often I receive this query from professionals who have recently passed PMPs. This is a natural question because the PMI-RMP is the next sought after certification from the PMI; they want to achieve it.

There may be another reason.

You have been preparing for the PMP exam. You pass it, the pressure is released, and you are not comfortable with it. Passing the PMP exam was a project for you. Now you are free and looking for another project, so you are thinking about applying for the PMI-RMP exam.

Risk Vs Uncertainty in Project Management
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Risk Vs Uncertainty in Project Management

Risks are commonly assumed to be the same as uncertainty in the area of risk management. Although there is a big difference between risk and uncertainty, many professionals often think that they are the same.

Although this concept is not too important from a PMP or PMI-RMP exam point of view, you must understand the difference to avoid mixing them up.

Therefore, I’m writing this blog post to explain it and I hope after reading it, you won’t have any problems distinguishing between risk and uncertainty.

Contingency Reserve Vs Management Reserve
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Contingency Reserve Vs Management Reserve

Risks occur in every project and as a project manager, it is your responsibility to manage them as they occur. These risks can be identified or unidentified. If these risks are identified, you will implement the contingency plan; otherwise, you will manage them through a workaround.

To manage these risks, you will use the contingency reserve and management reserve. These reserves are defined during the risk management planning process. The contingency reserve and management reserve provide you with a cushion against the risks and are part of your project budget.

Many professionals assume these reserves are the same since they serve the same purpose. Generally, small and medium-sized organizations do not differentiate between them and take them as a percentage of the project cost to keep things simple. Therefore, professionals that have experience with these organizations may not know the difference between the contingency and management reserves.

Contingency Plan Vs Fallback Plan
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Contingency Plan Vs Fallback Plan

This is one of those concepts that makes professionals scratch their heads. I was a victim of it myself. During my initial days of PMP exam preparation, I had difficulty understanding the difference between the contingency plan and the fallback plan.

I used to think that the contingency plan was used to manage identified risks and the fallback plan was for unidentified risks. This was wrong. Contingency and fallback plans help manage identified risks.

However, since both plans are used to manage risks, you may wonder which you should follow if any identified risk occurs as both deal with identified risks?

Since I have passed the PMP and PMI-RMP exams and understand these concepts well, I am writing this blog post and hope after reading it you will be able to differentiate the contingency and fallback plan.

What is a Risk Breakdown Structure (Templates & Examples Included)

What is a Risk Breakdown Structure (Templates & Examples Included)

A risk breakdown structure (RBS) is a key tool in risk management and helps the project manager develop the risk management plan.  Understanding the risk breakdown structure is vital for a project manager to identify and manage project risks effectively to complete the project with minimal obstructions. In this blog post, I will explain the…

10 Common Examples of Project Risks

10 Common Examples of Project Risks

All projects have risks; identifying them and developing a risk management plan can help you complete your project successfully, with minimal obstructions.  Examples of project risk can include scope creep, gold plating, tight schedule, low budget, etc. Project managers are responsible for identifying these risks and preparing the team to manage them when risks occur….