Decision and Risk Management Professional

decision and risk management professional

A DRMP is a senior-level practitioner with business experience in life cycle asset and project management with exhibited knowledge and skills ranging from analytical to socio/psychological to management.

October 26, 2021


PLOT 14,Odeniran close,Off Opebi,Oregun Link Bridge,Opebi Ikeja,Lagos   View map

Decision and Risk Management Professional Course Overview

Decision and risk management professional course teaches the skills required for a key component of an Engineer’s job – creating value by making decisions that yield optimal returns on the allocation of human and financial resources. The many uncertainties inherent to big business (estimating current ‘states-of-the world/nature’ and predicting future events) create considerable uncertainty in the value that can be realised from resource-allocation decisions. Consequently, there will be a strong emphasis on evaluating the impacts of uncertainty, managing its resultant risks and planning to exploit its up-side potential.In the decision and risk management professional course,topics to be addressed are the decision-making process, multi-objective decision making, decision-tree analysis, decision criteria, Monte Carlo Simulation and Value of Information & Flexibility. In addition, Utility Theory will be introduced as a means of rationally accounting for risk attitudes. Some of the psychological and judgemental aspects of how people respond to uncertainty will be discussed. The techniques learned in this course will also be useful in making personal decisions.

Decision and Risk Management Professional Learning Objectives

  • The overall learning objectives of this study guide are:
  • Understand Decision and Risk Management (DRM) within the Total Cost Management Framework;
  • Understand the evolution of Decision and Risk Management (DRM);
  • Describe what is essential to planning and implementing a Decision and Risk Management (DRM) process, and apply its practices within a capital management or project organization in various enterprise settings;
  • Understand the essentials of Decision and Risk Management (DRM) as they apply to many Total Cost Management (TCM) processes
  • Learn specific tools & processes for analysing & making decisions – useful both professionally and personally
  • Practice using these tools & processes in Excel
  • Learn to evaluate and interpret the output of D&RA tools and processes – to make the best decision
  • Develop a critical-thinking, problem-solving, value-creating approach to decision-making
  • Demonstrate D&RA software commonly used by industry
  •  As part of a team, perform and present a critical review of a paper/topic related to the course material

Decision and Risk Management Professional Course Outline

Introduction to Decision Risk Management

Supporting Skills and Knowledge

  • Elements of Cost
  • Element of Planning and Scheduling
  • Elements of Analysis
  • Enabling Knowledge

Risk Management Skills and Knowledge

  • Overall risk management terminology and concepts
  • Processes and General practices for Risk Management
  • Specific Risk Management

Decision Making Skills and Knowledge

  • Overall Decision Making terminology and Concept
  • Process and General Concept for Decision Management
  • Decision Modelling and specific practices

Other Functional Skills and Knowledge

  • Total Cost Management
  • Planning
  • Schedule Planning and Development
  • Estimating and Budgeting
  • Resource Planning
  • Value analysis and Engineering/Value Management
  • Procurement Planning (Including Contract Management)
  • Performance Measurement and Assessment
  • Change Management
  • Forecasting
  • Historical Database Management
  • Forensic Performance Assessment

Eligibility Requirements

  • 4-year college or university degree*
  • 8-years of industry related experience, of which 4-years must be directly related to the field of decision and risk management, demonstrated by providing any combination of the following:
  • Three (3) letters of recommendation from the clients (past or present) describing the complexity of the project, type of risk management implemented on the project and the candidate’s role in the implementing or providing such risk management services, or
  • Three (3) work products personally produced by the candidate that demonstrates having performed any aspect of the risk management work (decision analysis, schedule and cost risk analyses, implementation of risk management programs, risk workshops, etc.) on his or her projects.For example, a candidate may provide a total of three (3) letters of recommendation or three (3) work products, or combining two (2) letters of recommendation and one (1) work product, or one (1) letter of recommendation and two (2) work products, etc.

Examination Structure

  • 5 hours maximum
  • 119 simple, multiple and compound scenario questions
  • 1 memo writing assignment where the candidate will choose from an onscreen list of suggested scenarios and will write a response in an onscreen text box
  • Closed Book
  • Any style, battery operated calculator permitted (not provided by the testing center)