Decision and Risk Management Professional Certification Study Guide

This edition of the Decision and Risk Management Professional (DRMP) Certification Study Guide is an update of the 2013 edition to DRMP Certification Study Guide and provides references to the technical body of knowledge generated by AACE International community in the field of decision and risk management through December 2023. Since the first edition, the following resources have been updated and/or added to technical body of knowledge at AACE International: 13 existing RPs that were referenced in the 2013 DRMP Certification Study Guide been updated. 20 new RPs have been added that are related to cost and schedule risk analysis, including contract change management. Four new AACE International Recommended Practices related in the field of decision analysis and management, out of which: 85R-14: Use of Decision Tree in Decision Making, published, 131R-23, Introduction to Fault Tree Analysis for Projects (Currently under review by Technical Board for Publication), 133R-23, Using Decision Analysis Methodologies to Enhance Decision Quality (Currently under review by Technical Board for Publication). RM-16 Tools and Methodologies for Developing Decision Support Packages (currently under review by DRM Subcommittee) Two new AACE International Professional Guidance Documents. Professional Guidance Document PGD 02: Guide to Cost Estimate Classification (August 2022. This is a living document and subject to change as new RPs become available: Professional Guidance Document No. 01 - Guide to Cost Estimate Classification Systems (aacei.org). Professional Guidance Document PGD 02: Guide to Quantitative Risk Analysis (August 2022. This is a living document and subject to change as new RPs become available: Professional Guidance Document No. 02 - Guide to Quantitative Risk Analysis (aacei.org). Other reference materials such as ISO Guide, NDIA EIA-748 Intent Guide, SAVE International’s Value Methodology Glossary of Terms have also gone through their respective revisions. Accordingly, the questions databank created for the DRMP Examination have been revised to incorporate the content reflected in the updated and newer RPs published over the period. What changes have been introduced in the relaunched DRMP Certification Examination? As stated above, the existing questions databank maintained for the DRMP Examination have been revised to incorporate the content reflected in the updated RPs. Additional questions have been developed and added to the DRMP questions databank to incorporate the content reflected in the newer RPs published since 2013, particularly in the field of decision analysis and management. Additional Memo (communications skills & knowledge) Questions have been developed to make fair representation of the body of knowledge in the decision analysis and management field. Candidates now will have opportunity to select either the “risk” related Memo or “decision” related Memo in the communication skills section of the exam. All the questions in the entire databank have been reviewed and revised as necessary to bring clarity and remove any ambiguity. The questions used for any one set of DRMP Examination are so selected that they make a proportionate representation of the knowledge tested from each area of competency within the decision and risk management field covered in this Study Guide.