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Exam Code: AACE PRMP
Exam Name: AACE PRMP Project Risk Management Professional (PRMP)
Number of Questions: 119 multiple-choice questions (simple and complex) + 1 written memo/essay question
Time Allotted: 5 hours
Passing Marks: 70% overall (averaged score from multiple-choice and written components)

- Elements of Costs
- Understanding cost definitions- owner/contractor perspectives- cost vs. pricing- and the influence curve (cost impact over project phases). Covers direct/indirect costs and their role in risk exposure.

- Cost: Monetary value of resources consumed to achieve objectives.
- Direct Cost: Traceable to a specific work package (e.g.- labor- materials).
- Indirect Cost: Not directly traceable (e.g.- overhead- general conditions).
- Influence Curve: Graphical representation of cost influence decreasing over project lifecycle.
- Economic Cost: Includes opportunity costs beyond accounting figures.

- Elements of Cost Estimating
- Cost estimate classifications (AACE classes 1-5)- methodologies (parametric- analogous- bottom-up)- accuracy ranges- and integration with risk registers for contingency estimation.

- Cost Estimate Classification: Matrix defining purpose- accuracy (± range)- and effort (e.g.- Class 5: conceptual- ±50-100%).
- Range Estimating: Uses Monte Carlo simulation to develop probabilistic cost ranges.
- Contingency: Provision for unknown risks- distinct from allowances (known uncertainties).
- Expected Value (EV): Probability-weighted average outcome (EV = Probability × Impact).

- Elements of Planning and Scheduling
- Planning/scheduling functions- work breakdown structure (WBS) integration- critical path method (CPM)- and probabilistic scheduling for risk modeling. Includes contingency planning.

- Work Breakdown Structure (WBS): Hierarchical decomposition of project scope.
- Critical Path Method (CPM): Deterministic scheduling technique identifying longest path.
- Probabilistic Modeling: Uses distributions (e.g.- PERT) for schedule risk analysis.
- Float/Slack: Amount of time an activity can delay without impacting project completion.

- Elements of Analysis
- Statistical and probabilistic tools- including descriptive/inferential statistics- distribution types- and simulation techniques for cost/schedule risk.

- Monte Carlo Simulation: Iterative random sampling to model uncertainty outcomes.
- Probability Distribution: Mathematical function describing random variable likelihoods (e.g.- normal- triangular- beta).
- Standard Deviation: Measure of dispersion in data (σ = √Variance).
- Sensitivity Analysis: Assesses how changes in inputs affect outputs (e.g.- tornado diagram).

- Enabling Knowledge
- Cross-cutting areas like ethics- organizational structures- culture/bias- performance factors- quality- EH&S- legal/insurance- contracting- markets/economics- and stakeholder management.

- RASCI Matrix: Responsibility assignment tool (Responsible- Accountable- Support- Consulted- Informed).
- Risk Appetite: Degree of uncertainty an organization tolerates.
- Bias: Cognitive distortions in risk assessment (e.g.- optimism bias).
- Stakeholder: Individuals/groups affecting or affected by the project (e.g.- elicitation via interviews).

- Overall Risk Management Terminology and Concepts
- Fundamental definitions of uncertainty- risk (threat/opportunity)- accuracy vs. precision- and PRM's role in achieving objectives. Includes risk taxonomy and empiricism.

- Uncertainty: Lack of knowledge about events/outcomes (aleatory/epistemic).
- Risk: Effect of uncertainty on objectives (can be positive/negative; ISO 31000).
- Threat: Downside risk event; Opportunity: Upside potential.
- Risk Taxonomy: Hierarchical classification of risk categories (e.g.- RBS - Risk Breakdown Structure).


- Specific Risk Management
- Techniques for identification (brainstorming- Delphi- checklists)- causation analysis- contingency/reserve management- escalation/inflation handling- and closeout/lessons learned.

- Delphi Method: Iterative anonymous expert consensus for risk identification.
- Ishikawa/Fishbone Diagram: Cause-and-effect tool for root cause analysis.
- Reserves: Time/cost buffers for identified risks (management/contingency reserves).
- Escalation: Adjustment for future cost/time increases (e.g.- inflation- currency fluctuations).
- Monte Carlo Simulation (repeated): For integrated cost-schedule risk (ICSR).

- Total Cost Management (TCM)
- PRM's integration with TCM phases (planning- execution- review)- including value engineering and benchmarking for holistic risk oversight.

- Total Cost Management (TCM): Integrated approach to planning- costing- and controlling projects (AACE framework).
- Benchmarking: Comparison against industry standards to identify risk gaps.
- Value Analysis/Engineering: Systematic review to optimize function at lowest cost- reducing risks.

- Procurement Planning (Including Contract Management)
- Risk allocation in contracts- types (lump-sum- cost-plus)- delivery methods (EPC- design-build)- and dispute resolution. Interfaces with insurance/bonding.

- Contract Types: Fixed-price (low risk to owner)- cost-reimbursable (high risk to owner).
- Liquidated Damages: Pre-agreed compensation for delays/breaches.
- Retainage: Portion of payment withheld until contract completion.
- Bonds/Guarantees: Financial assurances (e.g.- performance bond) for risk transfer.