RESOURCES MANAGEMENT Hi and welcome back again to a new knowledge area, the project resources management. As you are preparing for the PMI Rmp exam, you will not be asked directly about the project resources management, but you might face few terms related to the resources management and the exam questions. This is why I’m going to walk through the six processes of the project resources management. So the project resources management includes the processes to identify, acquire and manage resources needed for the successful completion of the project. These…

QUALITY MANAGEMENT Hi and welcome to a new knowledge area, the project Quality Management. As we are preparing for the Risk Management Professional exam, there are no highlights for the quality management. You will not be asked directly about the project Quality Management or any of the quality topics in the PMI Rmp exam. So I’m just going to walk through the three processes of the quality management will be a short lecture. So the project Quality Management includes the processes for incorporating the organization’s quality policy regarding planning, managing…

COST MANAGEMENT Hi and welcome to a new knowledge area, the project cost management. So in this lecture, as we are preparing for the Risk Management professional exam, I’m walking through the four processes of this knowledge area. I’m going to focus on the end value analysis techniques used in the control costs process. This topic is very, very important for the Risk Management professional exam and you might expect like three to four questions about the math formulas related to the control costs process. So the project cost management…

Now what’s the relation of the standard deviation to the rest? The greater the range created by the standard deviation calculation, the greater is the risk associated with this activity. How to find out the beta standard deviation? The formula is simple. It’s p minus O divided by six and the range of estimate equals expected activity duration plus minus the standard deviation. That means that the range of the estimate will start from the expected activity duration minus the standard deviation. It will end with the expected activity duration…

SCHEDULE MANAGEMENT Hi and welcome to a new lecture of this section. We are going to discuss the third knowledge area, the project schedule management. So what are the six processes within the schedule management knowledge area? I’m going to pass through the six processes. I’m going to highlight the important topics for the PMI exam as part of the schedule management knowledge area. So it includes the processes required to manage the timely completion of the project. The project scheduling provides a retail plan that represents how and when…

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…