This webinar has been rescheduled for August 14, 2024 at 11:00 AM ET.

About Recommended Practice 121R-21:

This recommended practice (RP) is intended to serve as a guideline, not a standard. As a recommended practice of AACE International, the intent of the guideline is to define the required skills and knowledge to perform project risk management (PRM). It serves as the foundation of the skills and knowledge of an AACE certified Project Risk Management Professional (PRMP) and provides an outline for its study guide. PRM requires knowledge ranging from analytical (e.g., statistics and modeling) to socio/psychological (e.g., risk elicitation and communication) to management (e.g., risk response planning and management). PRM is practiced within the context of all the processes and practices of total cost management (TCM). All TCM practices have elements of uncertainty and the need to make some decisions, and interfaces with all the associated disciplines working in a TCM process.

This RP highlights the necessary skills and knowledge of a PRM practitioner from a high-level viewpoint. It identifies competencies for a risk management practitioner as it relates to their broad experience in performing technical analyses such as schedule risk analysis, cost risk analysis (or integrated cost-schedule risk analysis) to qualitative risk management that deal with the development of a risk management plan (RMP), risk identification through risk workshops or interviews, qualitative risk assessment, development of risk response planning, and risk monitoring and control during the life of the project. Detailed skills, knowledge, and methodology are excluded from this recommended practice. These skills and knowledge are applicable to the project risk management profession across any industry, portfolio, program, or project in which TCM applies. It is aligned with RP 11R-88, Required Skills and Knowledge of Cost Engineering and the Total Cost Management Framework.

About AACE Recommended Practices:

The AACE International Recommended Practices (RPs) are a series of documents that contain valuable reference information that has been subject to a rigorous review process and recommended for use by the Technical Board. RPs are intended to be the main technical foundation of AACE educational, and certification products and services. All RPs are available to AACE members free of charge.

AACE International would like to thank Riskonnect for sponsoring this RP Webinar!

NOTE: The webinar is free, but registration is required. CEUs will be available for both members and nonmembers. You will need to create an AACE International account prior to registering if you do not already have one. Click here and then choose 'New User' to create your AACE account.