Don't Go For PMP EXAM 2024 Without Understanding Qualitative Risk Analysis Factors!
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- Опубликовано: 26 окт 2023
- Want to understand the important factors that will help to do qualitative risk Analysis in a way that you will never forget? In this latest video, our expert trainer, Gautham Sudakar, dives deep into those factors. If you're gearing up for the current PMP exam or just looking to enhance your project management skills, this is a must-watch!
In this informative session, Gautham shares essential knowledge about four factors going beyond the standard probability and impact assessments. Learn how to prioritize risks effectively using four key factors:
1. Proximity: Understand the critical factor of time - the window within which risk can impact your project objectives, be it time, cost, or quality.
2. Urgency: Discover the importance of timing when it comes to implementing risk response plans. Timing is everything!
3. Dormancy: Explore the period that elapses after a risk has occurred and its impact is felt. Dormancy is a crucial element of risk management that often goes overlooked.
4. Connectivity: Get insights into the world of risk relationships. Identify high and low connectivity risks, and learn how they can affect your project in different ways.
But theory alone can be overwhelming. That's why Gautham presents a practical example that brings these concepts to life. Imagine you're a project manager overseeing a construction project. You're planning the foundation work, and your goal is to construct the living room shortly after. What happens if you identify two risks?
1️⃣ Risk 1: Starting the foundation work on day 3, with concerns about resource availability.
2️⃣ Risk 2: Initiating the living room construction.
How do these risks align with the four factors discussed in this video? Gautham breaks it down for you, making it easy to understand and apply to real-world projects.
Don't miss out on this insightful video that empowers you with the knowledge and skills to excel in qualitative risk management. Whether you're a seasoned project manager or a PMP exam aspirant, this content is a game-changer.
Hit that 'Subscribe' button, give us a 'Thumbs Up,' and share this video with your fellow project management enthusiasts. Stay tuned for more valuable content from Eduhubspot.
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Scenario 1. As risk can only be analyzed after it has been realized, therefore it is Dormancy.
Scenario 2. Risk is connected to many modules, therefore it is Connectivity and also it has high connectivity.
Scenario 3. The project manager has 30 days to plan its risk response before the risk starts impacting the project objectives, therefore, this is Proximity.
Scenario 4. As the risk response has been identified and must be implemented within the next 20 days, therefore, this is Urgency.
Thank you, Gautham, your explanations are well-detailed and easy to understand.
Loving your thought process.
Varun
Thank for very good explanation Gautham.
Scenario 1: Answer: Dormancy - Reason: Here the risk realised. now started to identify the impact. So it will be dormancy.
Scenario 2: Answer : Connectivity- Reason: The identified risk is connected to so many other activities.
Scenario 3: Answer: Proximity- Reason:Here we are calculating the risk impact start.
Scenario 4: Answer: Urgency- Reason- Here identified the risk. and risk response plan also identified.and The time for risk response plan also calculated.
Very impressive!! Gautham
Very good example and it seems I understand it from first time
1- Dormancy
2- Connectivity
3- Approximity
4- Urgency
Very Impressive !!
Gautham
Excellent thanks Gautham. Nidhi suggested that I should watch your videos and these are excellent and Thank you - Aniket
Thanks for loving the video.
Gautham
Thank you Gautham, The explanation is elaborative and clearly clarifies the confusion around understanding the concept. The answers are as below
Scenario 1: Dormancy because the issue has occurred and the team need more time to identify its impact.
Scenario 2: Connectivity: Its connected to other modules.
Scenario 3: Proximity: 30 days within which the risk can be impacted. i.e. time within which risk can impact.
Scenario 4: Urgency: The risk response plan has already been identified with an elapsed time of 20 days.
Very Impressive !!
Gautham
Hi Gautham, I went through this video before attending my PMP examination over the weekend. I was so confident in answering this question in my actual exam. You made it so clear for me in this video that I will never forget this concept forever. Thanks so much for the practical examples. Loved all your videos. Kuddos to you and your team!
I am so glad that you loved the video.
Gautham
Thanks Gautham for the wonderful video: The Senario 1: The correct answer is Dormancy because the issue has occured and the team need more time to identify its impact which is elapsing time of 3 days. Scenerio 2: It is CONNECTIVITZ because the risk has more conncetion with other module which mean that if occur it will have effect on the remaining or other modules. Scenario 3: it is PROXIMITY as it has 30 days within which the risk can have impact and Scenario 4: URGENCY because the it has the time when the risk response should get implemented of 20 days to be completed.
Awesome Job !!
Gautham
Very well explained
Thanks for liking it.
Gautham
Hi Gautham, thanks for the beautiful explanation. I got the similar question in my PMP exam and I got it quickly.
Glad it helped !!
Gautham
I appreciate your feedback, Gautam. Your clear explanation of qualitative risk analysis concepts truly helped me grasp the subject more easily. Below are my responses to the questions you posed:
1. The risk has been identified and acknowledged, but we need some time to fully understand its impact - we call this dormancy.
2. This risk is closely linked to several other modules, indicating its connectivity.
3. It's expected that this risk will start affecting the project within the next 30 days - we refer to this as proximity.
4. We've identified this risk and have a plan in place to respond promptly - it's a matter of urgency.
Thank you once again for your guidance on this topic!
Very Impressive !!
Gautham
Thanks Gautam. Very well explained.
1. Dormancy - Risk occured. Need 3 more days to understand the impact.
2. Connectivity - The risk would impact the other modules of sotware and delay entire project.
3. Proximity - Impact is identified for 30 days for the software project.
4. Urgency - Risk identified. Need to mitigate within 20 days to ensure software project is moving as per plan.
Very Impressive !!
Gautham
Thanks Gautam ..very well explained
1. Dormancy - because we have to wait 3 days to analysis the impact
2.connectivity - Risk connected with other module of software ,impacting sequential activity also.
Proximity - impact identified after 30 days
Urgency - need to mitigate the risk within 20 days to endure software project move as per plan .
Dormancy - as risk impact can analyze only after risk got realized so, dormancy.
Connectivity - as risk is connected to lot of other module too.
Proximity- as we have 30days to to plan response for risk so, proximity
Urgency - we have 20 days and response plan should be ready to handle the risk so, urgency
Very impressive!! Gautham
Proximity : time identified within which risk can impact the project/activity
Urgency : time within which risk plan must be implemented to avoid the risk
Very well explained Gautam qualitative analysis concept...
Scenario 1 - Dormancy - In this scenario, You must wait for three more days to detect the impact of the risk.
Scenario 2 - Connectivity - In this scenario, the risk is connected to other modules
Scenario 3 - Proximity - In this scenario, the risk will start to impact the project objectives within 30 days.
Scenario 4 - Urgency - In this scenario, the risk response plan has to be completed within 30 days. Here they are talking about the time to complete a risk response plan.
Thanks for loving the video.
Gautham
Hello Gautham. I got this particular scenario in my PMP exams and without having watched this video, I would have been entirely lost. I aced my PMP Above Target in all 3 domains in my first try. Your videos were a great help. Thank you.
Many Many Congratulations !! I am very happy that my video has helped you in your PMP journey.
Gautham
Scenario 1 - Dormancy because risk is realized and some time is required to assess its impact
Scenario 2 - Connectivity because this is connected to other risks of the project
Scenario 3 - Proximity because I know that the risk will start impacting after a specific period.
Scenario 4 - Urgency because the risk response plan has been identified.
Beautifully explained
Very impressive!! Gautham
why all practical examples are based on construction ??
Gautham bhai, you are fantastic, i have cleared the PMP exam in my first attempt today, i watched this video a day before my exam and beleive me question with same concep have came in the exam. This is my second comment ever in RUclips platform, as first was on the 7:26:39 hours long video from Eduhubspot only.
You have been gifted with such talent that people from different domains are easily understanding the concepts.
Thanks alot.🎉
I am glad you loved the video !!
Congratulations on your success !!
It feels so good while reading such a lovely comment and happy too that my video has helped you in your PMP journey.
Gautham
1. Dormancy,
2.Connectivity
3.Proximity
4.Urgency
Awesome job!! Gautham
Scenario 1 - Dormancy because the impact of risk can be identified after 3 days
Scenario 2- Connectivity because the risk is connected to other modules
Scenario 3 - Urgency because the impact time is 30 days ( time related)
Scenario 4 - Proximity because The impact time is based on the response.
Very impressive!! Gautham
@@EduHubSpot Aren't scenario's 3 and 4 interchanged? I believe urgency reflects time within a risk response plan is to be implemented as stated in Scenario 4 and not 3. Scenario 3 - Shares time of risk impact i.e proximity, Kindly clarify.
Scenario 1..Dormancy
Since risk realised
Scenario 2..Connectivity , since it is connected to many actions
Scenario 3...Proximity... Since we have 30 days ago within that time we need to plan and arrange
Scenario 4: Urgency..response plan is planned...
Great explanation gautham, keep going.. More power to you....
Very Impressive !!
Gautham
1- Dormancy-Awaiting for solution from X . risk occurred, next impact ? ], 3 day for resolution
2- Connectivity - dependency, Easy
3- proximity - only identified, didnt impacted yet. Eg R1 first
4- Urgency -identified, response delay is there
Very Impressive !!
Gautham
Urgency : Scenario 4 , the time frame given for implentation of risk response plan after confirming the risk., Proximity - Scenario 3: it is a time delay or duration will actually impact on your activity if the risk not mitigate.here the risk will start impact within 30 days.Dormancy- Scenario 1: the time require further to identify the impact after risk confirmed is three more days so scenario 1 is Dormancy. and finally straight answer to connectivity is scenario 2, because the key word is risk connected to lot of other module.
Awesome Job !!
Gautham
Thank you Gautham for clear explanation with real time example👍I've given my answers with the explanation below...
Scenario 1 - The tech. risk is realized and to identify the impact of the risk, we need 3 more days. This is an example of Dormancy. Dormancy is the period of time that may elapse after the risk has occured before its impact is discovered.
Scenario 2 - Tech. risk is connected to lot of other modules of the software. This is an example of Connectivity. Connectivity is when a risk is connected to many other individual project risks.
Scenario 3 - Tech. risk will start impacting the project within 30 days. This is an example of Proximity. Proximity is the time within which a risk can make an impact on the project deliverables
Scenario 4 - Risk Response plan is identified and it has to be completed within 20 days. This is an example of Urgency. Urgency is the time within which a risk response plan should get implemented.
Keep up the good work !!
Gautham
Scenario 1 Dormancy. The time elapsed from risk being identified and getting information when we can assess the impact of the risk.
Good Job !!
Gautham
Scenario 1 is Dormancy as the risk has occurred and it will take time for the team to identify the impact.
Scenario 2 is Connectivity as the risk is related to other project risks.
Scenario 3 is proximity as the risk will have positive or negative impact on the project within certain number of days/period.
Scenario 4 is Urgency as the risk response plan has to be implemented within certain number of days/period.
Keep up the good work !!
Gautham
S-1 Dormancy, S-2 Connectivity, S-3 Proximity, S-4 Urgency
Awesome job!! Gautham
1. Domancy - As risk is realized and you need 3 more days to identify the impact 2. Connectivity - Risk is connected with lot of other modules so it has high connectivity 3. Proximity - It states that, risk is identified and it will start to impact the project in 30 days so it has 30 days proximity. 4. Urgency - After risk identification, you have identified risk response plan which will get implemented within 20 days. Thank you.
Very Impressive !!
Gautham
1 Dormancy
2. Connectivity
3. Proximity
4. Urgency
Great Job !!
Gautham
1.Dormancy
2.Connectivity
3.Proximity
4.Urgency
Great job!! Gautham
1. Dormancy because risk is realized and 3 mores are needed for simulation to asses the impact.
2. Connectivity because many risks are connected to other modules
3. Proximity because risk will start impacting the project within 30 days
4. Urgency because risk response plan has to be completed within 20 days or risk will affect the project's objective
Very Impressive !!
Gautham
Scenario 1 dormancy as the risk already realized.
Scenario 2 connectivity as this risk has connection to other risks as well
Scenario 3: proximity as here risk is yet to realize and number of days pending for this to make impact on project is 30 days
Scenario 4: urgency as risk response plan needs to be implemented by 20 days.
That is exactly how you should think. Gautham
1) Dormancy: After risk got occured it's a waiting period for analysing the further impact..
2) Connectivity: This is a critical risk (father of risks) on which lot of further risks (children) are dependent.. if this gets delayed then all the dependencies activities will get delayed..
3) Proximity: How much time do we have till risk occurs..
4) Urgency: Urgency is the duration say by this this date risk response plan has to be implemented.
Very impressive!! Gautham
Scenario 1 - Dormancy because here we are analysing the impact of delay Scenario 2 - Connectivity as risk is connected to other associated risk Scenario 3 - proximity as duration for impact of risk is identified Scenario 4 - Urgency as implementation of risk response plan is given in the scenario
Very impressive!! Gautham
1-dormancy; 2-connectivity; 3-proximity; 4-urgency
Awesome job!! Gautham
Scenario-1: Dormancy - Impact will be known after certain numbers of days.
Scenario-2: Connectivity - Risk is connected to other modules too.
Scenario-3: Proximity - The time within which the risk can impact is mentioned.
Scenario-4: Urgency - The risk response plan needs to be implemented within 20 days.
-Aisharya SenGupta.
Awesome Job !!
Gautham
1-Dormancy
2-Connectivity
3-Proximity
4-urgency
Awesome Job !!
Gautham
Scenario 1: Dormancy; the impact of the risk can only be understood after the 3 days, so there's a wait time
Scenario 2: Connectivity; the risk is connected to a lot of other modules and potential risks
Scenario 3: Proximity; the proximity to the risk is 30 days as the risk will impact in 30 days
Scenario 4: Urgency; the risk response implementation will take 20 days
Very impressive!! Gautham
scenerio1-Dormancy Scenerio 2 connectivity scenerio 3 - proximity scenerio 4 - urgency
Keep up the good work!! Gautham
Scenario 1 - Dormancy because you have to wait for three more days to implement risk response
Scenario 2 - Connectivity as it is connected to other modules
Scenario 3 - Proximity - as it has given the time within which risk will start impacting the project
Scenario 4 - Urgency - as it mentions the time within which you have to implement the risk reponse plan.
Loving your thought process. Gautham
Scenario 2 is Urgency. Time when RRP to be implemented .
Correct Answer is Connectivity.
Gautham
Scenario 1 Dormancy - the risk has already occurred and the time before the analysing the impact of the risk is 3 days.
Scenario 2- Connectivity. The risk has an impact on a lot of connected project activities.
Scenario 3 proximity - the risk has been identified and can impact your project within 30 days. That means the risk to be mitigated within 30 days.
Scenario 4 - Urgency. The risk response plan needs to be implemented on or before 20 days
That is exactly how you should think. Gautham
@@EduHubSpot thank you
1. Dormancy - (the risk has occurred)…..
2. Connectivity(Connected to lots of modules)
3. Proximity (start impacting within 30 days)
4. Urgency(question has plan that needs to be completed within 20 days)
Keep up the good work !!
Gautham
1: Dormancy
2:Connectivity
3: Proximity
4: Urgency
Awesome job!! Gautham
Scenario 1 - Dormancy ...Technical risk is already realized. and PM needs to wait 3 days to understand the impact of the risk, meaning how to solve the risk he will able to know after three days.. i.e. dormancy is 3 days
Scenario 2: Connectivity ............. Technical risk is connected to lot of modules...
Scenario 3: Proximity ............ Technical risk will start impacting from 30th days.. so we have 30 days to solve it... that is Proximity
Scenario 4: Urgency ............. Risk response plan should be execute in 20 days...
Very Impressive !!
Gautham
Scenario 1: proximity
Scenario 2: connectivity
Scenario 3: Dormancy
Scenario 4: Urgency
Scenario 1 - Dormancy - In this scenario, You must wait for three more days to detect the impact of the risk.
Scenario 3 - Proximity - In this scenario, the risk will start to impact the project objectives within 30 days.
2 & 4 is correct
Gautham
Scenario 1- Dormancy - As it is mentioned that the risk is realized and its required to wait for analyzing the impact within 3 more days
Scenario 2- Connectivity - The mentioned risk is connected to several other risk to implement the project.
Scenario 3- Proximity - As this risk will start impact the project objectives in next 30 days
Scenario 4- Urgency - As this risk talks about the implementation timeline of risk response plan
Reply
That is exactly how you should think. Gautham
Scenario 1: Dormancy - because you need three more days in order to identify the impact.
Scenario 2: Connectivity - because the identified technical risk is connected to a lot of other modules.
Scenario 3: Proximity - because the risk will impact your project within 30 days.
Scenario 4: Urgency - because the response plan has to be completed within 20 days.
Loving your though process !!
Gautham
The Risk can make an impact is Proximity
The Risk Response Plan must be impliment is Urgency
Correct Answers :
Scenario 1 - Dormancy - In this scenario, You must wait for three more days to detect the impact of the risk.
Scenario 2 - Connectivity - In this scenario, the risk is connected to other modules
Scenario 3 - Proximity - In this scenario, the risk will start to impact the project objectives within 30 days.
Scenario 4 - Urgency - In this scenario, the risk response plan has to be completed within 30 days. Here they are talking about the time to complete a risk response plan.
Gautham
Proximity - Risk will start impacting the project within x no of days
Connectivity - Risk is connected to other modules
Urgency - Risk response plan has to be completed within X of days
Dormancy - To identify the risk need x of days
Very impressive!! Gautham
Scenario 1 Dormancy. Scenario 2 connectivity. Scenario 3 Proximity. Scenario 4 Urgency
Awesome job!! Gautham
Scenario 1: Dormancy - the risk has occurred and will take 3 days to be identified.
Scenario 2: Connectivity - the risk is connected to other modules.
Scenario 3: Proximity - the risk will begin impacting the project within 30 days.
Scenario 4: Urgency - the risk response plan has already been identified with an elapsed time of 20 days.
Very impressive!! Gautham
Scenario 1 - Dormancy : Impact of the Risk will be identified only after 3 Days
Scenario 2- Connectivity : risk is connected to other modules
Scenario 3 - Proximity : Risk will impact the project withing 30 days.. U have a 30 day to mitigate the Risk
Scenario 4 - Urgency : Risk Ready plan is ready and need to completed in 20 Days.
Very impressive!! Gautham
Scenario 1: Dormancy cz u have to wait for 3 days to identify the impact
Scenario 2: Connectivity cz technical risk is connected to a lot of other modules of software
Scenario 3: Proximity cz the risk will start impacting the project in 30 days
Scenario 4: Urgency cz the response plan has to be completed in 20 days
Very Impressive !!
Gautham
Senario 1 : Dormancy
Senario 2 : Connectivity
Senario 3 : Proximity
Senario 4 : Urgency
Keep the good work !!
Gautham
1Dormancy
2Conectivity
4Urgency
3Proximity
Awesome job!! Gautham
Scenario 1- Dormancy - As it is mentioned that the risk is realised and we are waiting for analysing the impact within 3 more days
Scenario 2- Connectivity - As this risk is connected to several other modules in the project
Scenario 3- Proximity - As this risk will start impact the project objectives in next 30 days
Scenario 4- Urgency - As this risk talks about the implementation timeline of risk response plan
That is exactly how you should think. Gautham
😂😂e😂E😂e3eEeeeeEaee333à❤3❤❤❤❤❤AWEÀAÀ3EE❤❤E❤WA❤❤
Thanks for loving the video.
Gautham
Scenario 1 is Dormancy because a risk has been realized in order take action on the delay
Scenario 2 is Connectivity because the risk has been identified to be connected with other works
Scenario 3 is Proximity because the risk has been identified before its impact
Scenario 4 is Urgency because the risk response plan has to implemented in order to avoid impact of the risk
That is exactly how you should think. Gautham
1-Dormancy
2-Connectivity
3-Proximity
4-Urgency
Great job!! Gautham