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PMP Questions from Mosaic

"Well begun is half done."
Aristotle

     
Today's Question  & This Weeks Tip:
   
Today's Question:
 
A Project Manager performs earned value analysis and finds the following values:-
earned value     = 100,000;
planned value     = 125,000;
actual costs     = 100,000.        Which of the following is true?

A. The project is on schedule but costs exceed budget.
B. The project is on schedule and on budget.
C. The project is behind schedule but on budget.
D. The project is behind schedule and costs exceed budget.


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Tip of the week**: Add the missing dimensions to project qualitative risk analysis.

Most project management standards advocate performing qualitative risk analysis to prioritise and subsequently address high priority risks. Unfortunately, common risk assessments employ only probability and impact. On their own, these two dimensions are inadequate to analyse project risks qualitatively.
What good is it to know the probability and impact of a risk if we have no clue regarding how easy (or difficult) it is to detect? To better perform qualitative risk analysis, we need to consider all of the factors including:

•    Probability - How likely the uncertain risk is to occur.
•    Impact - How significant the effect of the risk event would be if it actually happened, measured in time, cost and/or safety.
•    Manageability - How easy is it to do something about the risk? We may decide that a medium-probability/medium-impact risk that we can do nothing about is more risky than a high-probability/high-impact risk which is simple to deal with.
•    Proximity - If the risk happens, how soon do we expect that to be? A risk that might happen tomorrow should be treated as more important than one which might not occur until next month or next year.
•    Propinquity - How important is the risk to me personally, or to my team or our business? We are more sensitive to risks that affect us directly, and view risks to others as less important.
•    Urgency - How much time do we have in order to implement an effective response to the risk? If we must act now to address the risk, we should give it higher priority than one where we have longer to respond.
•    Detectability - How easy is the risk to detect as it is emerging? Easy to detect risks are easier to respond to than risks that just ‘happen’ without warning.
•    Relatedness - Is this risk related to other risks? A risk with complex links or dependencies with many other risks should be treated as higher priority than a simple independent risk.

Once the risk is understood, appropriate management actions can be planned and implements. For more on risk assessment, see:  www.mosaicprojects.com.au/WP1015_Risk_Assessment.pdf   

Source of Tips
Tips based on
Lessons Learned
See more on the book


Mosaic's PMP® & CAPM® Training Options


Mosaic's Classroom Courses include:

  • 5 day intensive training course, Monday to Friday including
    • Coffee on arrival, Morning and afternoon teas + lunch
    • Course notes and exercises
    • Over 300 practice questions with detailed answers
  • A free copy of the PMBOK® Guide 5th Edition
  • Post course: 
    • A 100 question benchmark test
      (with scoring and answers)
    • On-line practice questions:
      - 90 day licence to use Mosaic's PM Final exam simulator
    • Our guarantee to work with you until you pass your exam
  • View our classroom schedule for CAPM and PMP courses

Mentored Email™ Courses include:

  • 16 modules for PMP candidates, 14 modules for CAPM. Each module includes:
    • The delivery of reference materials.
    • 20 to 25 test questions.
    • Scoring and comprehensive feedback on your answers.
  • Post course: 
    • The final module includes a 100 question benchmark test (with scoring and answers)
    • On-line practice questions:
      - PMP 90 day licence to use Mosaic's PM Final exam simulator
    • Our guarantee to work with you until you pass your exam
  • See more on Mosaic's Mentored Email™ courses for CAPM and PMP

PMI Scheduling Professional (PMI-SP):

   
Your Trainers
We run our courses, ourselves
In a typical 5 day PMP or CAPM course, Lynda will teach the 'soft skills' of communication and stakeholder management (days 1 & 4); and Patrick will teach the 'hard skills' of scope, time and cost (days 2, 3 & 5).
 
Dr Lynda Bourne Dr. Lynda Bourne DPM, PMP, FACS, FAIM.
Lynda is an internationally recognised consultant, author and trainer. She has extensive experience as a Senior Project Manager and Project Director specialising in delivery of IT and other business-related projects and has worked as a Senior IT Project Management Consultant.  

Lynda is Director of Professional Services with Mosaic Project Services and the Managing Director and CEO of Stakeholder Management Pty Ltd.
 
[See Lynda's CV
   
Follow Lynda: 
Patrick Weaver Patrick Weaver PMP, PMI-SP, FAICD, FCIOB.
Patrick has over thirty five years experience in the Project Management industry and has been a PMI member for over 25 years.  His career initially focused on the planning and managing of construction and engineering projects. The last twenty years has seen his businesses and experience expand to include the successful implementation of project controls in a range of government, ICT and business environments and the development of a range of sophisticated training options.

Patrick is
the Managing Director of Mosaic Project Services Pty Ltd.
   

Additional Information:

Reference:

**The 'Tip of the Week' is based on:

Lessons Learned
Lessons Learned in Project Management: 140 Tips in 140 Words or Less
Compiled by Editor - Dr. John A. Estrella.

A Twitter-inspired book of 140 tips, each in 140 words or less, from experienced project managers that constitutes a concise body of knowledge useful for all project managers. This book is instantly usable, friendly, and full of great advice. The fact that each tip is short and to the point separates the signal from the noise; and this book is pure signal.

To preview and buy visit: http://www.amazon.com/Lessons-Learned-Project-Management-Words/dp/1456357581
.
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