What is Issue Log? Definition with Examples

What is Issue Log? Definition with Examples

Project management is a complex and time-consuming endeavor. It is challenging to track all project tasks while communicating with multiple stakeholders. You have to consider many factors while developing your project plan. One of the essential factors is to create an issue log to help stay organized and keep track of problems that arise during…

What is Risk Register? Definition with Example.

What is Risk Register? Definition with Example.

Organizations may have many projects to achieve their goals. However, these projects carry risks that may affect their success, resulting in loss to the organizational resources.  You must be prepared to deal with such risks, and a risk register is a great help here. A risk register is the most important project management document in…

Expected Monetary Value (EMV): A Guide With Examples
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Expected Monetary Value (EMV): A Guide With Examples

Expected Monetary Value (EMV) is an integral part of risk management and used in the Perform Quantitative Risks Analysis process.

This technique involves mathematical calculations, and that is why many PMP aspirants ignore this concept. This is an important concept and I would not recommend you avoid it. Read this blog post and follow the examples. I believe it will help you understand the concept.

This is a straightforward concept and involves basic calculations. Once you understand the concept, solving questions will be easy for you.

What is a Workaround in Project Management?
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What is a Workaround in Project Management?

I have mentioned workarounds in many posts and comments. For many PMP aspirants, it was a new concept. A few of them requested that I write a detailed post on it. 

They had difficulty with understating a few issues, such as: What is a workaround? What plan do we use for workarounds? Which reserve will you use for workarounds? In which process do you manage workarounds?

So, I am writing this blog post on workarounds to answer these questions.

Monte Carlo Analysis in Project Management.
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Monte Carlo Analysis in Project Management.

The Monte Carlo simulation is an important technique in risk management that many PMP and PMI-RMP exam study books do not describe in detail.

Most of the guides say it is a complex technique that requires a computer’s assistance, and so aspirants don’t dig further. This assumption is not true; it is a straightforward technique.

The Monte Carlo simulation is a quantitative risk analysis technique used in identifying the risk level of achieving objectives.

What is Risk Management and its importance?

What is Risk Management and its importance?

Today we will discuss risk management. All projects have risks that, if not managed, will affect your project or its objective. Risk management is vital for project success, but many organizations do not implement a plan, considering it a burden. As a project manager, it is your responsibility to emphasize the importance of risk management…

Residual Risks vs Secondary Risks
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Residual Risks vs Secondary Risks

I have discussed risks and risk-related terms, including secondary risks and residual risks. But I see many professionals having issues with understanding these two risks.

They think residual and secondary risks are unknown risks. We use a fallback plan for them and use the management reserve if they occur.

Please understand this: residual and secondary risks are identified risks. You will carry out the contingency plan if any identified risk occurs and apply the fallback plan if it fails. In both cases, you will use the contingency reserve because it is for identified risks.

You will use the management reserve when any unidentified risk occurs.