AACE International Project Risk Management Professional Certification Study Guide: A Product of AACE International

AACE International developed the Project Risk Management Professional (PRMP) Certification Study Guide for two reasons. First, to aid professionals studying for the AACE International Certification Institute’s specialty certification in project risk management (PRM). Second, to assemble and summarize various topics considered essential for PRMP knowledge, as outlined in the current edition of Recommended Practice 11R-88, Required Skills and Knowledge of Cost Engineering. This study guide serves the needs of PRM professionals who are preparing to take the AACE International Certification Institute’s PRMP certification examination. It is organized in a concise and easy-to-follow format and is intended to cover the major skills and knowledge used by a PRM professional. The candidate should use this study guide in conjunction with RP 11R-88, the TCM Framework, 2nd edition, and other references identified herein. More specifically, this study guide covers the topics identified in the accompanying Recommended Practice 121R-21, Required Skills and Knowledge of Project Risk Management. Together, these publications provide candidates with the knowledge base expected of a cost engineering and risk management professional. This study guide has two primary objectives: To provide a summary of specific knowledge and competency areas and the associated key terms that a PRMP should comprehend, at a minimum, when preparing for the PRMP certification exam. To provide sample problems and questions for each topic area, as well as the associated answers, to exercise the candidate’s understanding of risk management concepts and supporting skills. To further assist in preparation, the candidate should visit the AACE International website at www.aacei.org for updates to the PRMP certification as well as related recommended practices. Candidates should begin their examination preparation by first studying the material presented in RP 11R-88since risk management professionals must have a comprehensive understanding of the broader aspects within the industry and not just specific risk management topics. The summary and key terms found in each chapter of the study guide and in the Appendix A glossary, coupled with RP 121R-21, offer a checklist of the comprehensive knowledge and competencies needed to prepare for the examination. The candidate should decide how much review time is necessary before working on the sample problems and questions in the study guide. Candidates may have to go back and forth between the referenced publications to gain a full understanding of the subject matter as they attempt the exercise problems and questions. Please note that the actual certification examination questions are likely to address skills and knowledge from multiple sources; therefore, a thorough understanding of the material is vitally important. In addition, the study guide includes several key appendices such as: (1) Project Risk Management (PRM) Terms and Glossary of Special Interest to Risk Management Professionals, (2) Example of a Risk Management Plan Table of Contents, and (3) an example of a RASCI Matrix. The eligibility requirements for a PRMP candidate are consistent with the other AACE International Certification Institute’s professional certifications and do not require a certain amount of risk management experience. Such specific and focused risk management experience (minimum of four years) applies only to the expert level DRMP certification. However, the amount of examination study and preparation time is proportionally correlated with the candidate’s actual risk management experience. Each PRMP candidate must be prepared to spend the necessary amount of study time relevant to his/her experience level and understanding of risk management and its supporting skills and knowledge.