PROBABILITY AND IMPACT MATRIX Hi and welcome to a new tool and technique the Pi matrix or the probability and impact matrix. As it is a matrix it can be a visual representation of data. So it’s considered as a data representation technique. It’s used only in one process during the planning process group and the risk management knowledge area perform qualitative risk analysis process it’s also called the subjective risk analysis process. Now what’s the general definition of the probability and impact matrix? It’s a grid that maps the…

THREE-POINT ESTIMATING Hi and welcome to a new important tool and technique. The three point estimating. Used as an estimation technique, it falls into the estimation techniques category. It’s used only in two processes of the 49 project management processes the estimate activity durations as a part of the skid, your management knowledge area and estimate costs as a part of the cost management knowledge area and both falls into the planning process group. So what’s the general definition of the three point estimating? The accuracy of a single point…

ALTERNATIVES ANALYSIS Hi and welcome back again. In this lecture we are going to discuss one of the most commonly used tools and techniques, the alternative analysis, which is part of the data analysis techniques as we are comparing and we are analyzing between the available alternatives. So all data was gathered earlier about these alternatives and we out the time to analyze through the data analysis techniques. Now, the alternative analysis are used in 13 project management processes. So out of the 49 project management processes we are using,…

INTRODUCTION Hi, welcome back again to one of the most important sections of this course the tools and techniques used in project management and Advanced. So in this introduction lecture, I’m just going to give you a brief about the categories of the tools and techniques before we start moving to few important and critical tools and techniques used in the project management. So in this section you will benefit by gaining an indepth understanding of many of the techniques and tools you will find on the exam. We will…

EXAM TAKING RULES Hi and welcome back again. So now you will have an exam fully simulated PMI Rmp exam to test your understanding of the whole course content. This exam was based on the PM book, the 6th edition and the Practice Standard of Rest Management. And the practice exam you will take now contains 170 courses questions structured as per the real PMI Rmp exam outline. The 170 questions are structured as per the five exam domain. They are very similar to the real exam questions and you…

ROLES AND RESPONSIBILITIES OF RISK GOVERNANCE Hi and welcome back again. So we were done with the seven risk management processes. Before we move to the Communications Management Policy area in the following section, I have to pass by to this simple topic, which is the risk management governance on the organizations. Now, risk governance involves oversight of the entire risk management process, making sure the risk management activities are consistent and they are continuously improved throughout the organization. So the risk governance is about having a clear system, clear…

PROCESS 2: PLAN STAKEHOLDER ENGAGEMENT Hi and welcome back to the second process of the stakeholder management plan, Stakeholder Engagement, which is the stakeholder management part of the planning process group. Now, you’ve identified all the project stakeholders, analyzed that information, prepare your representation models. It’s the time to plan for stakeholder engagement during the project lifecycle. So it’s the process of developing approaches to involve project stakeholders based on their needs, expectations, interests and potential impact on the project. The key benefit of this process is that it provides…

INTRODUCTION Hi and welcome back again to the last knowledge area project Stakeholder management. So, stakeholder management includes all processes required to identify people, groups or organizations that could impact or be impacted by the project to analyze stakeholders expectations and their impact. Act from the project so people, groups or organizations that could impact or be impacted by the project. This is the exact definition of the project stakeholders. So the stakeholder management knowledge areas about identifying those stakeholders, analyzing their expectations and requirements and managing their engagement throughout…

PROCESS 2: CONDUCT PROCUREMENTS Hello and welcome to the second process of the Procurement Management Knowledge area. Conduct Procurements as a part of the executing process group. So it’s the process of obtaining the seller responses, selecting the appropriate seller and awarding a contract. So from this sentence, the primary output of the conduct procurement process is the contract, the agreements. This is what we are going to do in this process. The key benefit of the conduct procurement process is that it selects a qualified seller and implements the…

HIGHLIGHT: CONTRACT TYPES Hi and welcome back again. So in this lecture we are going to talk about the contract types. If an organization decides to buy or outsource or procure from one or more companies outside the project, it must select the proper type of contract it needs. This topic is very important for sure for the exam and for your practical life as a project manager, you need to be aware of all the contract types. This is why it’s explained in a dedicated lecture. In selecting what…