AACE DRMP study plan

Define the scope of Decision Management in the DRMP framework and write a one-paragraph comparison of how it differs from Risk Management.

List all six elements of decision quality and write one concrete project failure example for each element.

Draft a decision statement and an appropriate decision frame for a real project from your own work history.

Build a 40-term glossary of decision vocabulary (frame, alternative, value measure, trade-off, commitment, value of information).

Construct three decision trees from scratch and compute expected monetary value at every chance node, showing the arithmetic.

Calculate expected value of perfect information for at least two of those trees and state whether gathering more information is justified.

Apply swing weighting to rank five alternatives against four criteria, documenting the weights and the weighted scores.

Diagram the dialogue decision process step by step and label the output produced at each step.

Compare analytical hierarchy process, swing weighting, and simple scoring for the same decision and state when each is appropriate.

Complete 40 practice questions on Decision Management and record the reason for every incorrect answer.

Identify at least 12 cognitive biases and heuristics that distort project decisions and pair each with a practical countermeasure.

Build a risk breakdown structure with four levels and at least 20 nodes for a sample project.

Run a structured risk identification exercise and log 30 risks written in cause-event-effect format with an assigned preliminary owner.

Write a risk management plan for a sample project covering governance, roles and responsibilities, risk appetite, tolerance, and thresholds.

Classify 20 identified risks by probability and impact and plot them on a 5x5 assessment matrix.

Distinguish contingency reserve from management reserve using a numeric worked example on the same project.

Decide which risks to escalate, which to accept, and which to hold at project level, and justify each choice in one sentence.

Run a Monte Carlo simulation of at least 500 iterations on a 15-activity schedule and interpret the P10, P50, and P90 results.

Build a tornado diagram, rank the five largest drivers of cost uncertainty, and explain why each ranks where it does.

Model correlation between two cost elements and describe how it shifts the P80 outcome versus an independent assumption.

Compute a risk-adjusted cost estimate and defend the chosen confidence level to a hypothetical steering committee.

Write costed response plans for the top ten risks, naming the response strategy (avoid, transfer, mitigate, accept, exploit, enhance, share, escalate) and a named owner for each.

Define six risk key indicators with trigger thresholds, data sources, and reporting frequency.

Design a risk review cadence and a one-page status report template that a project manager could use weekly.

Contrast opportunity responses with threat responses using two worked examples from your register.

Complete 60 mixed questions under timed conditions at roughly 90 seconds per question and analyze the error pattern by subtopic.

Explain in writing how the six elements of decision quality feed into a risk-informed decision, using your sample project as the case.

Re-study your two weakest subtopics from weeks 1 through 6 and redo every missed item until you reach 90 percent accuracy on them.

Draft a 15-line decision memo recommending one alternative and stating the residual risk exposure it carries.

Sit two full-length timed practice exams under realistic conditions and score both.

Review every missed question from weeks 1 through 7 and restate the underlying rule in your own words.

Recite from memory the dialogue decision process steps, the six elements of decision quality, and the risk management process steps.

Build a one-page formula and process sheet covering EMV, EVPI, contingency derivation, percentile interpretation, and response strategy definitions.