SCOPE MANAGEMENT Hi and welcome to the second knowledge area the project scope management. As we are preparing for the Risk Management Professional exam, I’m not going into deep details of the project scope management processes. I just want to pass through the 6th scope management process processes and I’m going to highlight important topics in scope management. You might not be asked directly in the PMI Rmp exam about this lecture content but you might see terms like the Wbs, like the work package, like the product analysis in…

INTRODUCTION Hi in. Welcome to a new section of this course, the PM book edition six fast review the project management body of knowledge. Now if you pass the PmP exam recently, then you might be aware of all the section counted and you can skip it. Now if you did not pass the PmP exam and you are preparing now for the risk management proficient exam or you pass the PmP exam long time ago on the lot on the fifth edition. So this quote section content will be…

CONTINGENCY RESERVES CALCULATIONS Hi and welcome back again. So in this lecture I’m going to highlight a very important topic for your Pmirmp exam, also for your real life, how we are going to deal with the residual risks, with the accepted risks, we have the contingency reserves. Now, the general defense definition of a reserve. It’s an amount of time or cost added to the project in order to account for risks. So this is the general definition of a reserve. It’s usually in days or weeks or in…

INTRODUCTION Hi and welcome back again to a new process, the last planning process of the risk management knowledge area. So at this stage, we planned for the risk management. We created the risk management plan, we identified the project risks, we filterized them and performed the subjective analysis, and then we performed the numerical analysis analysis for the needed ones. Now it’s the time to reduce the overall project risk exposure by planning the appropriate risk responses. It’s the process of developing options, selecting strategies and agreeing on actions…

In the Monte Carlo simulation input values for the project risk variables are randomly selected to execute the simulation runs. Therefore, if a certain risk variable inputs are generated that validate the correlation between variables, the output will likely be of the expected value. So you need to consider that the quality of the results or the outputs of the Monte Carlo simulation software will rely on the quality of the inputs on the risk variables you are inserting as an input for this process. Now, step number five performing…

TOOLS AND TECHNIQUES Hi and welcome back again. So what are the tools and techniques we are going to use to quantify our identified project tasks? We need a lot of tools and techniques. This lecture is very important for the PMI Rmp exam. Expect to see like 20 to 25 questions only about about this lecture and the following lecture. Now we will be starting with the most commonly used tool which is the expert judgment. Judgment provides upon expertise as an application area, knowledge area or discipline as…

MONTE CARLO SIMULATION IN ADVANCED. Hi and welcome back again. So in this lecture, I’m going to explain the Monte Carlo simulation in more detailed approach. I’m going to show you a few examples of the questions you will see in the PMI Rmp exam. For the PMI Rmp exam, you should expect like ten questions about this technique. Modeling and Simulation as part of the Monte Carlo Simulation so again, the Monte Carlo simulation is a detailed computer intensive simulation approach that allows people to account for risk and…

INTRODUCTION Hi and welcome back again to a new process that perform quantitative risk analysis. It’s the fourth process in the risk management knowledge area. Now, we were done with the risk management planning as the first process and we developed the risk management plan. Then we identified all the project risks, then we performed the qualitative analysis. It was the first filter or it was the first analysis process. Now it’s designed to quantitatively analyze our project risks listed in the rest register. So it’s the process of numerically…

INTRODUCTION Hi and welcome back again to the last risk management process monitor risks. It’s the only risk management process that is a part of the monitoring and controlling process group. So we were done with five planning processes, one executing process and the final one is the monitoring and controlling process monitor risks. It’s the process monitoring the implementation of the agreed upon risk response plan, tracking identified risks, defining and analyzing new risks and evaluating the risk process effectiveness throughout the project. So this is exactly what we…

CONTRACTS MANAGEMENT Hi and welcome to the last lecture of this section. We are going to discuss the contract management, the math formulas related to managing the project contracts. Now, all the contracting falls into the procurement management processes which follow a really sensible order regardless the type of the project you are managing. First of all, you need to plan what you need to contract or what you need to outsource from external resources for your project. Then you plan how you will do it. Next, you send out…