Hi everyone, welcome back to PMP question practice where we're going through five questions, a great way to start for your morning as you prepare to pass the PMP exam. I'm going to go through them for the first time as well. We're going to check them. out together and solve them together. Let's get into the first question.
First question is you're analyzing your project and I found that there is a cost variance of $40,866. What type of report is needed to report this to management? Okay.
Is it the progress report? We're reporting on progress. Exception report. Yep.
That's probably going to be the closest one because it's a variance in what we wanted. It's an exception. We might need to take this to a change control board or make a change request based on this. to potentially, who knows, get more money or that sort of thing. Forecasting report.
No, not a forecasting report for this, not a trends report. Let's go with letter B. Enter B. The exception report reports variances in the project cost or schedule quality. Progress reports describe the progress.
Forecasting report predicts the future performance and expected status. And trends report projects trends over a period of time. Okay, that's... Pretty good. Let's go to question two.
Delphi technique, sensitivity analysis, and Monte Carlo analysis are tools and techniques used as part of which project task? Wow. Okay.
So project tools and techniques, we might be saying. And so project task, expert judgment, no, not related to those. Reserve analysis, reserves, cost.
I don't think this more of risk so these ones are really around risk and really to be honest around quantitative risk analysis the financial risk analysis so getting that real so sensitivity is that tornado diagram so is it is it sensitive this way is it sensitive that way but also figuring out the real dollar value so it's not reserve okay not schedule compression no definitely quantitative risk assessment let's go with uh let's go with letter d answer d The differing ways to determine quantitative probability include interviewing, cost and time estimating, Delphi technique, use of historical records, so analogous estimating potentially, expert judgment, sensitivity analysis, expected monetary value analysis, Monte Carlo analysis, and decision trees. Okay, very good. That one is a little bit more complex when you get into that.
But again, not too many questions on that as long as you broadly know what quantitative risk analysis is and how to. you know broadly figure that out the techniques that you will use how did you go let's look at question three you're working in risk management and identifying risks for a project what document will be used to maintain and record information about risks identified and form appropriate responses. Risk register. Yep, that looks very promising. The project management plan.
Not that. Not the tornado diagram. Prompt lists. Record and maintain information about risks.
No, no. So prompt lists we use for existing lists of risks. So if we had a list that we want to choose a risk from. That's what we'd use that for. But we're figuring out those risks and we're saying, you know, that's what it is.
It's probably going to be letter A, the risk register. Answer A, excellent. The risk register is a document used to maintain and record all information about identified risks along with responses to control them.
Excellent work. How did you go? Last two questions. Question four, you're working with the risk team again. Wow, lots of risk on this one.
And you know, risk is so important on your project. It's essential for every project. So you're going to have to know about it, whether it's to pass the PMP exam or just for your own career.
Very, very useful. So you're in the process of ranking the risks for further analysis or action by assessing their probability of occurrence and impact. Probability over impact.
I love this. What is this called? It's not deep dive analysis, not subjective risk analysis, not quantitative risk analysis, because that's the financials, you know, looking at huge amounts of data. Yeah. qualitative risk analysis is where you say it's a five percent like one out of five or one to five level of probability occurring a one to five occurring for the impact so let's say it's five impact and five chance of probability multiply those together you get 25 and that's the highest you could have for that particular risk or whatever scale you choose to use that's your qualitative risk analysis very important Let's have a look, answer C, qualitative risk analysis.
Qualitative risk analysis is the process of prioritizing risks into very high, high, medium, low, and very low categories. And of course that could be a number, usually it should be so that you can multiply them by each other, but that's the one that I would have gone with as well. Last question, you're doing great. Last question, question five, you're wanting to brainstorm with your team and find and prepare a comprehensive list of risks in the project.
More risk, this is the risk question hour. This is fantastic. Which of the following is not one of the types of information gathering techniques?
Okay, yes, we're gonna use brainstorming. Delphi, oh gosh, what is that? I can't remember.
Interviewing, yes, we're going to use that to gather information. Definitely not sensitivity analysis. So we've seen a little bit of that come up.
That's that tornado chart again. Is it sensitive this way? Is it sensitive...
this way? Is it going more this way and less this way? That's our sensitivity or tornado chart.
So it's probably, if it's not, it's probably going to be sensitivity analysis. Delphi technique, I can't remember what that is. I think it's a type of voting maybe. where we do, yeah, that's right. We do rounds of voting, I think.
So you do one round and then you narrow it down and you do another round and then you narrow it down. Actually very useful, like very good for, you know, you doing with your team. But let's go with letter D for now.
Answer D, fantastic. The different types of information gathering techniques include brainstorming, Delphi technique, interviewing and root cause analysis. That's fantastic.
I love all of those things. And I hope you loved this video. That's the last question.
I post. personally think that you're doing fantastically and I absolutely believe that you can pass the PMP exam. Keep studying and keep practicing every single day because I truly believe that you can do this. I'll see you in the next video and bye for now.