PMP Exam Review Session II

10/14/2018

5:30 PM – 7:30 PM EST

Agenda

O Welcome

O Review Session Rules

O What will the review session cover?

O Project Risk Management

O Planning Process Group Exercise

O Network Diagram Exercise

O How will the concepts be reinforced?

O Matching Games

O Define the terms

O In class Exercise

Session Rules

O Please mute phones and computers

O Questions through WebEx chat

O The review session will take the entire 2 hours

O Please have pen and paper ready to take notes

O If you have computer issues please do not disturb the classroom, troubleshoot on your own.

Project Risk Management

Risk Categories

O Risk categories: Means for grouping individual project risks

O Risk breakdown structure (RBS): Hierarchal representation of potential sources of risk;

shows risk by categories

O Prompt lists: Pre-determined list of risk categories that might give rise to individual project

risks. Could also act as sources of overall project risks.

O Tools and techniques for Identify Risks: Brainstorming, Delphi technique, checklists, root

cause analysis, assumption and constraint analysis, SWOT analysis, documentation analysis,

cause and effect techniques, system or process flow techniques, influence diagrams

O Tools and techniques for Perform Qualitative Risk Analysis: Risk data quality assessment,

risk probability and impact assessment, risk categorization, probability and impact matrix,

risk data quality assessment, risk urgency assessment, risk parameters

Risk Categories

O Tools and techniques for Perform Quantitative Risk Analysis:

Simulations, sensitivity analysis, decision tree analysis, influence

diagrams

O Utility theory: Tool to measure risk tolerance

O Probability and Impact Matrix: Mapping the probability of each risk

occurrence and its impact on project objectives

O Risk Register: List of identified risks, potential risk owners, list of

potential risk responses

O Risk Report: Sources of overall project risk, summary on identified

individual project risks

QUIZ

O Escalate, avoid, mitigate, transfer, accept

❑Opportunities

❑Threats

❑Mitigate

❑Enhance

Quiz

Brainstorming, Delphi technique, checklists, root cause analysis, assumption and constraint analysis, SWOT analysis, documentation analysis, cause and effect techniques, system or process flow techniques, influence diagrams

❑ Perform Quantitative Risk Analysis

❑ Tools and techniques for Perform Qualitative Risk Analysis

❑ Tools and techniques for Identify Risks

❑ Tools an techniques for Perform Quantitative Risk Analysis

Quiz

Threat is outside the scope of the project or

the proposed response would exceed the

project manager's authority

❑Mitigate

❑Enhance

❑Transfer

❑Escalate

Quiz

Sources of overall project risk, summary on

identified individual project risks

❑Risk report

❑Risk breakdown structure (RBS)

❑Risk register

❑Risk categories

Quiz

Reduces the uncertainty in time and cost

estimates.

❑Risk categories

❑Risk management does what?

❑Mitigate

❑Risk breakdown structure (RBS)

Quiz

Process of numerically analyzing the combined effect of identified individual project risks and other sources of uncertainty on overall project objectives

❑Monitor Risks tools and techniques

❑Tools and techniques for Identify Risks

❑Perform Quantitative Risk Analysis

❑Perform Qualitative Risk Analysis

Quiz

Risk that remains after responses have been

Implemented

❑Risk register

❑Opportunities

❑Risk categories

❑Residual risk

Test your Knowledge

1.List of identified risks, potential risk owners, list of potential risk responses → Risk register

❑ True

❑ False

2.Audits, variance and trend analysis, reserve analysis, technical performance analysis → Perform Qualitative Risk Analysis

❑ True or False?

❑ False --- It should be Monitor Risks Tools and Techniques

3.Acknowledges the existence of an opportunity, but no proactive action is taken → Avoid

❑ True or False?

❑ False ----- It should be -> Accept

4.Mapping the probability of each risk occurrence and its impact on project objectives → Perform Qualitative Risk Analysis

❑ True or False?

❑ False ------ It should be -> Probability and Impact Matrix

5.Hierarchal representation of potential sources of risk; shows risk by categories → Risk report

❑ True or False?

❑ False ---- It should be -> Risk Breakdown Structure (RBS)

Planning Process Group

There is an order in all things!

What is the correct Order?Planning Process Group

─ Create project scope statement

─ Perform risk identification, qualitative and

quantitative risk analysis, and risk response

planning

─ Determine team charter and all roles and

responsibilities

─ Estimate activity resource requirements

─ Create change and configuration management

plans

─ Go back - iterations

─ Create WBS and WBS dictionary

─ Determine critical path

─ Develop budget

─ Develop schedule

─ Gain formal approval of the plan

─ Define and prioritize requirements

─ Finalize procurement strategy and documents

─ Determine development approach, life cycle

and how you will plan for each knowledge area

─ Finalize all management plans

─ Hold kickoff meeting

─ Estimate activity durations and costs

─ Determine planning team

─ Create network diagram

─ Plan communications and stakeholder

engagement

─ Develop realistic and sufficient project

management plan and baselines

─ Assess what to purchase and create

procurement documents

─ Create activity list

─ Determine quality standards, processes, and

metrics

─ Request changes

What is the correct Order?Planning Process Group

─ Determine team charter and all roles and

responsibilities - 15

─ Determine planning team - 5

─ Estimate activity resource requirements - 9

─ Create WBS and WBS dictionary - 6

─ Go back – iterations - 18

─ Perform risk identification, qualitative and

quantitative risk analysis, and risk response

planning - 17

─ Create network diagram - 8

─ Finalize procurement strategy and documents - 19

─ Develop realistic and sufficient project

management plan and baselines - 22

─ Create change and configuration management

plans - 20

─ Estimate activity durations and costs - 10

─ Finalize all management plans - 21

─ Develop schedule - 12

─ Plan communications and stakeholder engagement

- 16

─ Gain formal approval of the plan - 23

─ Assess what to purchase and create procurement

documents - 4

─ Determine quality standards, processes, and

metrics - 14

─ Develop budget - 13

─ Hold kickoff meeting - 24

─ Create project scope statement - 3

─ Create activity list - 7

─ Define and prioritize requirements - 2

─ Determine development approach, life cycle and

how you will plan for each knowledge area - 1

─ Request changes - 25

─ Determine critical path - 11

Network DiagramA Class Exercise

Exercise 1Critical Path Method

Exercise I - Answers

Exercise I - Answers

Exercise I - Answers

Exercise I - Answers

Exercise I - Answers

Exercise I - Answers

Exercise I - Answers

Testing Strategy❑ Read the last sentence of the question first. Then read the entire

question before you look at the possible choices. Try to separate the pertinent, important parts of the question from any meaningless or extra details. To prevent your eye from jumping ahead, always cover up the possible choices with a piece of paper or with your hand while you read the question.

❑ Come up with the answer in your head before uncovering the possible choices. In this way, the choices given on the test won't throw you off or trick you.

❑ Read all the choices before choosing your answer. If you see the choice that you anticipated, select it, and then check to be sure that none of the other choices is better. Sometimes the correct choice is very obvious; do not overlook it or talk yourself out of the right choice!

❑ Be aware of the role that you are being asked to play in the question. Select the choice that best corresponds with that role!

Testing Strategy Continued…

❑ During the exam, try taking a few breaks by stopping for a moment, shutting your eyes, and taking some deep breaths. Periodically clearing your head in this way can help you stay fresh. Two or three 30-second breaks can be very helpful.

❑ Don't keep on changing your answer; usually your first choice is the right one unless you misread the question. Even though first answers are

often correct, you shouldn't be afraid to change your original answer if, upon reflection, it seems wrong to you.

❑ Most people who change their answers will change from a correct one to a wrong one. Only change your answer if you are absolutely sure you made a mistake.

Testing Strategy Continued…❑ Answer each question in order. Do

not spend too much time on any one question.

❑ Don't get stuck on things you know that you don’t know! If you cannot make a final choice decision, select the choice that you believe to be most correct, and then mark the question to come back to later.

❑ Use information and ideas that you gain in working through the entire exam to go back and answer earlier questions that you weren't sure of.

❑ There is no good substitute for knowing the right answer, so study!

❑ Studies suggest that spaced study is usually better than large blocks of study.

❑ You'll get better results out of three 2-hour blocks than one 6-hour block. Cramming the night before usually results in poor recall, fatigue, and carelessness on the exam. Focus your study time, study as much as you can, and give it your best.

Next Session?

O Review Session Dates:

O Dates: 11/9/2018, 12/9/2018

O Time: 5:30 PM to 7:30 PM

O Place:

Intellectual Point Training Center

11321 Sunset Hills Road,

Reston, VA 20190.

O Delivery: WebEx and In-class

O Will continue with review of other chapters.

Keep Moving and Study Hard!Life is like riding a bicycle. To keep your balance

you must keep moving.

Liked the Review Session?

O Please rate us by going to the following link:

O Review the Class!

O And unlock ITTO practice spreadsheet.

O Email us for questions at:

O Mahjooba Bianchi

O Email: mbianchi@advconsultants.com

O Call: 703 259 7280