George LewisProgram/Project Manager| DXC Technology CompanyHeredia, Costa Rica
What other questions would you ask when Studying Project Risk Management?
1. What’s the difference between Risk Management Plan and Project Management Plan?
2. What are the types of Risks?
4. How many communications channels do you have now?
5. What's the relation between Risk Management and Communications Management?
6. What importance does Risk Management has in closing?
7. What strategy should a project manager use to keep stakeholders aware of Risks?
Stéphane ParentSelf Employed / Semi-retired| Leader MakerPrince Edward Island, Canada
Jul 15, 2016 10:19 AM
Replying to Kgobalale John Malatji
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Contingency plan is a mitigation plan but not vise-versa.
When a risk is identified, and mitigation plans are being devised, one of the mitigation plans may be to allow or provide for contingency to deal with the risk if it materialise. This falls under risk control or treatment and risk tolerance. Contingency plan is devised but not actioned until the risk becomes an issue. Contingency can be provided in the form of extra resources, extra time or float, etc. On the other side, mitigation plans may be the elimination or transfer of risk source or activity.
I'm currently studying for my PMI-RMP, John. I'm sorry to say that you would be wrong on a few exam questions.
According to the PMI material, mitigation plan is what you will do to reduce the probability and/or impact of the risk should it happen. The contingency plan is what you will do after the risk happens, regardless of any previous mitigation activity.
The elimination of risk - risk avoidance - and risk transfer do not require mitigation. Saving Changes...
Kgobalale John MalatjiProjects Portfolio Manager | Noko-impJohannesburg, Gauteng, South Africa
Thanks Stéphane
The literature I am used to differs with PMBOK on risk mitigation, I refer to the overall risk response as risk mitigation. What PMBOK refers to as mitigation, I call it treatment.
I will amend my post to align with PMBOK.
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1 reply by Stéphane Parent
Jul 15, 2016 3:28 PM
Stéphane Parent
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There's nothing inherently wrong with your answers, as long as you understand for yourself how everything fits.
The reason I pointed it out is because many of the people in the community might want to pursue the PMI-RMP and would need to follow the PMI stance.
Saving Changes...
Stéphane ParentSelf Employed / Semi-retired| Leader MakerPrince Edward Island, Canada
Jul 15, 2016 3:21 PM
Replying to Kgobalale John Malatji
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Thanks Stéphane
The literature I am used to differs with PMBOK on risk mitigation, I refer to the overall risk response as risk mitigation. What PMBOK refers to as mitigation, I call it treatment.
I will amend my post to align with PMBOK.
There's nothing inherently wrong with your answers, as long as you understand for yourself how everything fits.
The reason I pointed it out is because many of the people in the community might want to pursue the PMI-RMP and would need to follow the PMI stance. Saving Changes...
Kgobalale John MalatjiProjects Portfolio Manager | Noko-impJohannesburg, Gauteng, South Africa
Yes, since this platform subscribe to PMBOK, it is important to stick to PMBOK terminology Saving Changes...
George LewisProgram/Project Manager| DXC Technology CompanyHeredia, Costa Rica
I would append what is the difference between Primary and Secondary Risk? Saving Changes...
Stéphane ParentSelf Employed / Semi-retired| Leader MakerPrince Edward Island, Canada
When do you complete the Perform Quantitiative Analysis process? Saving Changes...
Stéphane ParentSelf Employed / Semi-retired| Leader MakerPrince Edward Island, Canada
What is the technique that verifies the risk processes were completed? Saving Changes...
George LewisProgram/Project Manager| DXC Technology CompanyHeredia, Costa Rica
I would append what is Risk Watch List and what risks goes within? Saving Changes...
VEDAT KONYALIProject Management Professional| Sandoz SDV PepsiCo Philips Turksped ToprakMenkulHouston, Tx, United States
It was really hard, I forgotten my “national anthem” just after 20 questions. Most of them (around 75%) were long question-short answer or short question-long answer format. Around 25% questions were having either diagram, bar representation or table for calculation, its time consuming. I have never heard “Latino Monte Carlo simulation” or “Europio Monte Carlo simulation” before, but two questions have these as option. Is it made-up trem? I need to google it. Exam was not only PMBOK based or even PMBOK driven. PMI practice standard for project risk management guideline did not work. It’s something and somewhat different. Trust me.
The sweetest part of my exam only came after 3.30 hours. Somehow I have managed a “PASS”
Thanks to everyone who have participated in this thread, as last couple of month I was following this for my preparation.
Now It’s party time.
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1 reply by Stéphane Parent
Nov 02, 2016 6:51 AM
Stéphane Parent
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Congratulations, Foyezur, on getting your PMI-RMP. I also found the exam the most difficult of my three PMI certifications so far. Well done!
