Eliteminds Blog

PMP Step By Step Guide And Study Plan

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Risk Response Strategies

Risk Response Strategies The risk response planning involves determining ways to reduce or eliminate any threats to the project, and also the opportunities to increase their probability and/or impact. Project managers should work to eliminate the threats before they occur. Similarly, the project managers should work to ensure that opportunities occur. Likewise, the project manager is also responsible to decrease the...

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What does a Risk Management Plan includes?

What does a Risk Management Plan includes? Risk Management plan is a subsidiary plan for how risk management will be done on a project, who should be involved, when risk management activities should be done and how frequently they should be done. It an important plan as it explains how Risk will be managed in the project and memorize that...

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Advanced Tools and Techniques for Risk Management

Advanced Tools and Techniques for Risk Management As per the practice standard for risk management, there are additional tools and techniques used for risk management, in this article am highlighting ten major tools and techniques used in risk management processes. Cause and effect Diagram ( Ishikawa Diagrams ) Used in identify risks and plan risk responses processes, It presents in...

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Earned Value Management for the PMI-RMP Exam! Practice

Earned Value Management for the PMI-RMP Exam! Practice What are the Math Concepts included in the PMI-RMP Exam? Cost / Schedule Variance (SV, CV) . Cost/ Schedule Performance Index (CPI, SPI). Estimate at completion (EAC). To Complete Performance Index (TCPI). Estimate To Complete (ETC). Variance at Completion (VAC). Earned value is used in performance reviews to measure project performance against...

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What Questions shall you expect in the PMI-RMP Exam?

What Questions shall you expect in the PMI-RMP Exam? The PMI-RMP exam is composed of 170 multiple-choice questions, which are distributed throughout the five exam domains: Risk management and planning, Stakeholder engagement, Risk process facilitation, Risk monitoring and reporting, specialized risk activities. A student will have 3 hours 30 minutes to complete the exam, the 170 exam questions are distributed...

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Maintain your PMI-RMP Certificate – 30 PDU’s

Once you get the PMI-RMP certificate, your journey to maintain your PMI-RMP certificate each three years will begin, you need to gain 30 PDU’s within three years of time to renew your PMI-RMP Status. In this article am listing all key points you need to know about the PDU. PDU refers to Professional Development Unit. There are two types of...

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Monte Carlo Simulation Technique

The Monte Carlo simulation is a quantitative risk analysis technique which is used to identify the risk level of completing the project on a specific budget/duration. This is one of the most important techniques in risk management; however, you will not see a detailed description of this technique in many PMI-RMP references. This is a mathematical technique that allows you...

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Expected Monetary Value – EMV

Expected Monetary Value – EMV The concept of expected monetary value is used to determine what the overall probable circumstance will be as results of the events. It’s a simple calculation of a value such as weighted average or expected cost or benefit when the outcomes are uncertain, it’s the probability weighted average of all possible outcomes and is calculated...