Risk Management Bootcamp for PMP (Rapid PMBOK)

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@meenamenon2219 2 жыл бұрын

Hello Phil. Will you please help me understand this. How does a lower range estimate (+/- 10 days) translate to lower risk? The way I look at if if I have a greater range (+/- 10 days as against +/-5days) the chances I meet the schedule dates/cost is higher?

@Praizion 2 жыл бұрын

Hi Meena? Please share which part of the video is that? or PMBOK?

@sumitmitra7336 2 жыл бұрын

Hi Meena. Lower range estimate (+/- 5 days ) as compared to higher range estimate (+/- 10 days ) will lead to lower risks simply because it is more" Accurate". Generally definitive estimates are derived from" Bottom up Estimation method "using " Aggregation " of the work packages that is rolled up all the way to the top of WBS. Using " decomposition " as a tool to break down the individual work packages into activities , & then assigning resources, Cost & schedule to each of those single activities with Risk analysis in consideration , ensures more concise & immaculate planning. This Will improve / enhance the overall project efficiency against all statistical , processes & quality metrics. Metaphorically Speaking , the longer you drive on a crowded road , higher risk of accident is there despite the driver being a very capable & experienced one. On the other hand , the shorter you stay , less risk of any accident. Same Logic applies to time in general in Project Management. Long or extended duration of project will mean more " Exposure" per say to all parameters, including risk.

@sumitmitra7336 2 жыл бұрын

When we are deciding upon the format of the risk register & creating a risk strategy, which Process are we in from the Risk Management Knowledge area ?

@Praizion 2 жыл бұрын

Plan Risk Management. We had a question on this last week :)