Project Risk Management

PMP Exam Change 2021

Project Management Professional (PMP)® Exam Aspirant’s Definitive Guide to PMP® Exam Changes 2021

In June 2019, PMI Certification has released a new PMP® certification content outline. Based on this exam content outline, exam pattern will change by Jan 2021. It is an effort to equip project managers with today's modern project environment. So, now the question is what modern project management is? Based on research by PMI, the following are some highlights to see how project management profession has progressed: 1. Project Manager as a Coach Project Practitioner keeps observing the importance of empathy…
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Learn How To Realize Positive Risk Response Strategies (Opportunities)

Taking care of opportunities is one of the antidotes to the project success. And, sometimes cautious responses to project risks help in realizing opportunities. But, many of us believe that risks create an adverse impact on projects; it is not always true.  Risk can be positive also. Now the question is – what is a positive risk? It is something like an opportunity is there, but we have some risk to realize it.  If these risks occur, you will get…
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Difference between Risk Appetite, Risk Tolerance, and Risk Threshold

What is The Difference Between Risk Appetite, Risk Tolerance and Risk Threshold?

In the past few PMP® Certification Facilitation sessions, many professionals have been asking me - What the Difference between Risk Appetite, Risk Tolerance, and Risk Threshold.  Thus, I thought of explaining the same in my next blog post. Here, we will discuss each term in detail and study the differences. Now, the question is -  What is the primary reason for the confusion among these terms? I observed the following crucial reason  - All these three terms reflect the attitude…
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Difference between mitigation and contingency plan

Know the Difference between Mitigation plan and Contingency Plan

A project manager and the team have a high reliance on delivering a successful project. The team has to explore risk factors that may impact the project.  For these risks, effective responses are a necessity.  Risk mitigation and contingency response planning are one of them.  But, it confuses many for the underlying differences. In this blog, I am addressing these response strategies and the difference between mitigation and contingency plan. Let’s begin with PMBOK® Guide definitions of Mitigation and Contingency…
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Difference between Quantitative and Qualitative Risk Analysis

We start each project to get some business benefits. We design it to achieve users and other stakeholder’s satisfaction. And we build it to improve organization KPIs. But, we live in a world where the project faces many uncertainties. These uncertainties or risks can prevent us from achieving our project goals or objectives. So, it is critical that we identify them in time to take care of their affective responses. The more we know our risks, the more we can…
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