SANJEET KUMAR PATRAAssociate Director| UBS USA LLCNashville, Tn, United States
Please can you help me on best PMI approach for below scenarios of risk management strategy for my PMP EXAM?
• If any identified risk occurs,-Costing more than Contingency reserve
• If any identified risk occurs,-Costing more than Project budget
• Identified risk -Costing more than Budget
• If any unknown risk occurs-Costing More than management reserve
• If any unknown risk occurs- Costing More than Budget
• If the secondary risk is Costing More than the primary risk
• Catastrophic risks(Hurricane , floods, civil unrest)
My understanding as below about risk and budget, I don’t see above scenario questions in any prep book and mocks I tried.
Risks are continually reassessed during the course of a project, project manager need to do reserve analysis for amount of contingency reserve remaining versus the amount of risk remaining.
Management reserve is not controlled by the project manager; it is managed by the management of an organization. Whenever any unidentified risk occurs, the project manager should receive approval from management to use this reserve.
Project budget which can only be changed through formal change control procedures. Saving Changes...
