I would like to say thank you very much on your teaching and videos. I have learned a lot from you. I have just passed PMP exam with 5 above target. Very happy !.
many thanks, I think I understand now. 🙏basically, the risk register is a table, a tool to evaluate risks. the risk report is a presentation, a report summarizing only risks that matter to projects. you may show the risk report to the management. not the risk register. you'll use the risk register with the project team, the experts.
I passed my exams today thanks to your videos. Your mock questions reviews were very very helpful. Your videos played a critical role in my success! Thank you and keep doing the Lord's work!
@@Praizion yes!!!!! I cannot tell you how much these your youtube videos helped me. Nobody who is preparing for the exams should take this for granted. I am a true witness!!
Thanks Phill for the explanation ...I would also want a bit more clarity on Contingency & fallback plan and Residual and Secondary Risks..These terms are bit confusing..
I suggest searching for these key words in the PMBOK Guide and reading all first. CONTINGENCY PLAN Fallback plan = Contingency plan. A contingency plan is often called a PLAN B. It may include identification of the conditions that trigger its use. IF IT starts getting cloudy and the weather warning advice says it will rain (trigger), THEN AND ONLY THEN BUY UMBRELLAS to prevent getting wet when it rains. A contingency plan (or fallback plan) can be developed for implementation if the selected strategy turns out not to be fully effective or if an accepted risk occurs. RESIDUAL RISK The amount of negative risk associated with an action or event remaining after actions taken in Implement Risks Responses. Residual = risk that remains. You cleared & cleaned the floor to avoid injury of workers but missed a puddle, someone slipped on it and got hurt. SECONDARY RISK Secondary risks are risks that arise as a direct result of implementing a risk response. Secondary = a new risk resulted from you clearing the floor because you left a mop bucket in the way. Someone then fell over the mop bucket.
Thank you Phill for the excellent explanations! Another question I would have. What are the "residual risks" about? Are just those in the Watch list for which we have Passive Acceptance strategy, or also those in Active Acceptance for which we have the Contingency reserves allocated? This question is driving me crazy, I find conflicting information. I assume that when risks in the Watch list materialize, we use Management reserves to handle them, via unplanned workarounds in "Monitor risks", but this also looks a bit contradictory because PMBOK says that Management reserves are used for unknown-unknowns, while risks in the Watch list are not unknown, they are identified (otherwise they would not be on the Watch list)... So I wonder what resources do we use to handle risks resting in the Watch list, it seems impossible to use neither Contingency nor Management reserves.....
The risks in the watch list are just those risks that you have chosen to keep your eye on and accept for now. If the risks on the watch list become a higher threat or a higher opportunity, it would make sense to either use a contingency reserve to manage them when they become significant or develop some sort of work around at the point they become more unmanageable. At that point, management reserves may come into the picture. Just remember that a lot of these things are situational and it really depends on the circumstance. 👌
Risks put in the watch list of those risks that have low priority and low impact predominantly. These are the risks that we have chosen to observe and not actively treat at this time but that could change if the risks become more unwieldy and unmanageable demanding attention! 🥺🤔😬
@@Praizion Thanks a lot Phill! You solved the dilemma. Risks in the watch list are neither in Active Acceptance nor unknown-unknowns, so it seemed impossible to use either the contingency or the management reserves to accommodate them, at least according to PMBOK's definitions :D
In the Perform Quantitative Risk Analysis, only the "Key" risk are being reviewed in this process which may find in the Risk Report (containing overall risk a.k.a. high-level risk) rather than in the Risk Register (containing individual risk).
The risk register is a major input so this statement is not completely correct. Bear in mind many companies do not use this term (Risk Report - this a PMI-ism) and the risk report is new to the 6th edition. Perform Quantitative Risk Analysis is the process of numerically analyzing the combined effect of identified individual project risks and other sources of uncertainty on overall project objectives.This is why the risk register is an input to the process. The aggregate effect of the individual project risks must be considered. I would suggest following the PMBOK Guide definition to the T for any PMI exam.
Thanks for the chats guys. I missed them! Jim - hope you aced the exam!
I would like to say thank you very much on your teaching and videos. I have learned a lot from you. I have just passed PMP exam with 5 above target. Very happy !.
I really get a lot out of your videos. Probably the best out there. Thank you!
many thanks, I think I understand now. 🙏basically, the risk register is a table, a tool to evaluate risks. the risk report is a presentation, a report summarizing only risks that matter to projects. you may show the risk report to the management. not the risk register. you'll use the risk register with the project team, the experts.
Bingo! Great synopsis 👍👍👍
I passed my exams today thanks to your videos. Your mock questions reviews were very very helpful. Your videos played a critical role in my success! Thank you and keep doing the Lord's work!
WOOHOO!!!!!!!! Congrats Chioma! Awesome news! Thanks for letting us know!
Free at last! Yesss!
@@Praizion yes!!!!! I cannot tell you how much these your youtube videos helped me. Nobody who is preparing for the exams should take this for granted. I am a true witness!!
~Thank you Phil. I got a lot of from your videos and Pass the PMP today with 3AT.
CONGRATULATIONS ABDUL!
Oh, Phill, thank you for this insightful lecture video. ❤❤❤❤❤
You're welcome!
Thanks a lot Phill for sharing the information to all!!
Great question Aref. Thank you.
Thanks for what you done ,you are the best
Thank you Asem. Best wishes.
Thanks Phill for the explanation ...I would also want a bit more clarity on Contingency & fallback plan and Residual and Secondary Risks..These terms are bit confusing..
I suggest searching for these key words in the PMBOK Guide and reading all first.
CONTINGENCY PLAN
Fallback plan = Contingency plan.
A contingency plan is often called a PLAN B. It may include identification of the conditions that trigger its use. IF IT starts getting cloudy and the weather warning advice says it will rain (trigger), THEN AND ONLY THEN BUY UMBRELLAS to prevent getting wet when it rains.
A contingency plan (or fallback plan) can be developed for implementation if the selected
strategy turns out not to be fully effective or if an accepted risk occurs.
RESIDUAL RISK
The amount of negative risk associated with an action or event remaining after actions taken in Implement Risks Responses.
Residual = risk that remains. You cleared & cleaned the floor to avoid injury of workers but missed a puddle, someone slipped on it and got hurt.
SECONDARY RISK
Secondary risks are risks that arise as a direct result of implementing a risk response.
Secondary = a new risk resulted from you clearing the floor because you left a mop bucket in the way. Someone then fell over the mop bucket.
Thank you Phill for the excellent explanations! Another question I would have. What are the "residual risks" about? Are just those in the Watch list for which we have Passive Acceptance strategy, or also those in Active Acceptance for which we have the Contingency reserves allocated? This question is driving me crazy, I find conflicting information. I assume that when risks in the Watch list materialize, we use Management reserves to handle them, via unplanned workarounds in "Monitor risks", but this also looks a bit contradictory because PMBOK says that Management reserves are used for unknown-unknowns, while risks in the Watch list are not unknown, they are identified (otherwise they would not be on the Watch list)... So I wonder what resources do we use to handle risks resting in the Watch list, it seems impossible to use neither Contingency nor Management reserves.....
The risks in the watch list are just those risks that you have chosen to keep your eye on and accept for now. If the risks on the watch list become a higher threat or a higher opportunity, it would make sense to either use a contingency reserve to manage them when they become significant or develop some sort of work around at the point they become more unmanageable. At that point, management reserves may come into the picture. Just remember that a lot of these things are situational and it really depends on the circumstance. 👌
Risks put in the watch list of those risks that have low priority and low impact predominantly. These are the risks that we have chosen to observe and not actively treat at this time but that could change if the risks become more unwieldy and unmanageable demanding attention! 🥺🤔😬
@@Praizion Thanks a lot Phill! You solved the dilemma. Risks in the watch list are neither in Active Acceptance nor unknown-unknowns, so it seemed impossible to use either the contingency or the management reserves to accommodate them, at least according to PMBOK's definitions :D
Great question Aref. Thanks for the explanation Phill.
In the Perform Quantitative Risk Analysis, only the "Key" risk are being reviewed in this process which may find in the Risk Report (containing overall risk a.k.a. high-level risk) rather than in the Risk Register (containing individual risk).
The risk register is a major input so this statement is not completely correct. Bear in mind many companies do not use this term (Risk Report - this a PMI-ism) and the risk report is new to the 6th edition. Perform Quantitative Risk Analysis is the process of numerically analyzing the combined effect of identified individual project risks and other sources of uncertainty on overall project objectives.This is why the risk register is an input to the process. The aggregate effect of the individual project risks must be considered. I would suggest following the PMBOK Guide definition to the T for any PMI exam.
Thank you!!!!
You're welcome!
Thank you
You are very welcome Nayan!
Thank You!
You're welcome!
I remember it like ABC now!