Truly fantastic stuff- thoughtful explanations that help me uncover the question logic and identify the best key words to focus on. Appreciate all the hard work, super helpful vids to prep for the PMP test!
Hi David ..I don't seem to agree on Q 23. The scenario is about qualitative analysis and there they would not know what part of contingency to be added to come up with the worst case. I think we should be doing option 3 there so that we get a hold of it for allocating contingency reserve.plz clarify.
Contingency reserve is used when risk has occured, as the question states. The question asks 'What will you do next?', so the first thing to do for this situation would be to review or create risk response in the risk register. Risk response is planned after performing qualitative and quantitative risk analysis. So again, the first thing to do is to review if risk response has already been created or create one. Option B is correct
You raise a good point, and good discussion here too! Quantitative analysis would help narrow options down or prioritise the highest risks. As the risk has already happened, however, it's time to respond to it, and we do that with the contingency reserve 🙂
Dear @@davidmclachlanproject, I have a question regarding the use of contingency reserves in risk management. How can we determine the appropriate contingency reserve without first performing quantitative risk analysis? Typically, we would need to quantify the probability and impact of the risk to calculate the reserve accurately. If the quantitative analysis hasn't been completed, how do we know the correct amount of reserve to allocate? Thank you for your clarification!
Thank you, David. I did ok this time. I got 8 right. I didn’t get 7 or 8. But I think those questions were so specific to the PMBOK that it was hard to use process of elimination. Number 3 tripped me up a bit too. I wasn’t sure if we were to use contingency reserve if haven’t done the analysis to see how much it cost first. But I guessed right.
As for Question #23, I thought we have to perform first qualitative/quantitative analysis prior to respond the risk. For that, I had chosen option "C" and the next activity would be "B". Am a bit confused in here..............
Hi David, I don't agree to the answer of question 30, procurement strategy should be decided first thing after deciding that work be outsourced , which includes (Delivery methods, contract types and procurement phases) , so option B is the correct choice. page 476 PMBOK.
👏👏 Thank you David for your effort, your half an hour question/answer videos are really helpful
Truly fantastic stuff- thoughtful explanations that help me uncover the question logic and identify the best key words to focus on. Appreciate all the hard work, super helpful vids to prep for the PMP test!
Thank you so much David for sharing these videos. Fantastic learning sessions 💯👏
Hi David ..I don't seem to agree on Q 23. The scenario is about qualitative analysis and there they would not know what part of contingency to be added to come up with the worst case. I think we should be doing option 3 there so that we get a hold of it for allocating contingency reserve.plz clarify.
Contingency reserve is used when risk has occured, as the question states. The question asks 'What will you do next?', so the first thing to do for this situation would be to review or create risk response in the risk register. Risk response is planned after performing qualitative and quantitative risk analysis. So again, the first thing to do is to review if risk response has already been created or create one. Option B is correct
You raise a good point, and good discussion here too! Quantitative analysis would help narrow options down or prioritise the highest risks. As the risk has already happened, however, it's time to respond to it, and we do that with the contingency reserve 🙂
@@amerchant1215 very clearly explained by you.. Great
Dear @@davidmclachlanproject,
I have a question regarding the use of contingency reserves in risk management. How can we determine the appropriate contingency reserve without first performing quantitative risk analysis? Typically, we would need to quantify the probability and impact of the risk to calculate the reserve accurately. If the quantitative analysis hasn't been completed, how do we know the correct amount of reserve to allocate?
Thank you for your clarification!
Question 23 does not indicate that the risk has already occurred, it was only identified.
Thank you, David. I did ok this time. I got 8 right. I didn’t get 7 or 8. But I think those questions were so specific to the PMBOK that it was hard to use process of elimination. Number 3 tripped me up a bit too. I wasn’t sure if we were to use contingency reserve if haven’t done the analysis to see how much it cost first. But I guessed right.
I believe in you. You can do it! 🙂
Question 29, option B, is a "plan," not a "process."
Thanks David your effort are really fabulous always, love you❤
These questions are made me very impressive
the last one it was impossible... really!
As for Question #23, I thought we have to perform first qualitative/quantitative analysis prior to respond the risk. For that, I had chosen option "C" and the next activity would be "B". Am a bit confused in here..............
08 out of 10
david do you always add 10 question for every week?
I have a few in the backlog, so trying for at least two videos (10 questions each) a week until I run out 🙂
Thank you.
Thanks for your effort!!
Thanks for sharing
Thank you :)
Hi David, I don't agree to the answer of question 30, procurement strategy should be decided first thing after deciding that work be outsourced , which includes (Delivery methods, contract types and procurement phases) , so option B is the correct choice. page 476 PMBOK.