Contingency plan is for unknowns as known risk we would go through risk management steps of qualitative, qauntitative & risk response plan.
Contingency plans are created for residual risks coming out of the Risk response plan, this component is unkown part if you agree and in addition it would have fallback plan for these contingency plan. Meaning, contingency plan for contingency plan.
Do not get confused with cost part which is final outcome for cost etsimation purpose, and which is described below.
Contingency reserve is for known unknown, project maanger has control and can track it (visibility)
Management reserve is for unknown / unknown, management (Sponsor, senior management) has control and track it. Project manager has not accessibility or visibility. Management uses for Unknown Unknown risks occurance only. It dealt very carefully as this has direct impact on the gross profit of the project.
Nicely conclude the topic, may i know how RISK and Quality dealt in closing group, thier is any formal way of closing? actually i am looking exam TIP, which kinda question expected and how we can tackle it? Please if you have idea
In general, you need to stick to PMBOK and one reference material as I was dependent on RITA's book and also HeadFirts Labs, will be useful if you read once.
First pass fo reading will not make you good and will have lot of doubts/confusion. Second and third pass fo reading will give you real picture and confidence. First time whne you read, please make some notes of your own and mark the sectoins to return back and read them again & again. Especially, in RITA's book Trick of the trade, final cahpter tabulations and her chapter practice exams are really useful.
Mock exams are very important to know yourself where you stand in managing your time, confidence level measurement and mistakes you would do if you are taking real exams. I would say, at least 4 mock exams before you take real exams, do not give big gap between mock exams and real exams. Always better to take mock exams once you are done with your reading the materials in question. Do not hurry into taking mock exams.
Keep reviewing the comments from expertise on PMZILLA and also be active in PMZILLA , this will give you real booster for your exams.
vikula01
Fri, 07/19/2013 - 23:13
Permalink
un knowns
contingency is for known unknowns - you anticipate that if something unknown happens you will use this money . its like this -
you identify the risks -
and then you plan their risk responses -
after risk responses you will have residual risks and secondary risks -
for unknown risks - you have contingency -
no time to plan contingency - on the fly solution i.e work around -
contingency plan fails the go back to fall back plan -
and to circumvent anything else you have Management reserve - ( for unknown unknowns)
Hope this helps
akkarthik
Sat, 07/20/2013 - 06:45
Permalink
contingency PLAN
As per pmbok, pg 275, "Specific unknown risks cannot be managed proactively, which suggests that the project team should create a contingency plan"
what does this suggest and
it applies in which process - plan risk management or identify risk or plan risk response?
cnppmp1
Sat, 07/20/2013 - 07:34
Permalink
explanation below
Contingency plan is for unknowns as known risk we would go through risk management steps of qualitative, qauntitative & risk response plan.
Contingency plans are created for residual risks coming out of the Risk response plan, this component is unkown part if you agree and in addition it would have fallback plan for these contingency plan. Meaning, contingency plan for contingency plan.
Do not get confused with cost part which is final outcome for cost etsimation purpose, and which is described below.
Contingency reserve is for known unknown, project maanger has control and can track it (visibility)
Management reserve is for unknown / unknown, management (Sponsor, senior management) has control and track it. Project manager has not accessibility or visibility. Management uses for Unknown Unknown risks occurance only. It dealt very carefully as this has direct impact on the gross profit of the project.
Regards
CN Patil
ma498
Sat, 07/20/2013 - 08:03
Permalink
Closing Group for Risk
Hi CN Patil,
Nicely conclude the topic, may i know how RISK and Quality dealt in closing group, thier is any formal way of closing? actually i am looking exam TIP, which kinda question expected and how we can tackle it? Please if you have idea
Thanks for usual/great support ....ALWAYS
VBR, Emma
cnppmp1
Sat, 07/20/2013 - 12:19
Permalink
In general, you need to stick
In general, you need to stick to PMBOK and one reference material as I was dependent on RITA's book and also HeadFirts Labs, will be useful if you read once.
First pass fo reading will not make you good and will have lot of doubts/confusion. Second and third pass fo reading will give you real picture and confidence. First time whne you read, please make some notes of your own and mark the sectoins to return back and read them again & again. Especially, in RITA's book Trick of the trade, final cahpter tabulations and her chapter practice exams are really useful.
Mock exams are very important to know yourself where you stand in managing your time, confidence level measurement and mistakes you would do if you are taking real exams. I would say, at least 4 mock exams before you take real exams, do not give big gap between mock exams and real exams. Always better to take mock exams once you are done with your reading the materials in question. Do not hurry into taking mock exams.
Keep reviewing the comments from expertise on PMZILLA and also be active in PMZILLA , this will give you real booster for your exams.
Good Luck
Regards
CN Patil