Book Image

Becoming a PMP® Certified Professional

By : J. Ashley Hunt
Book Image

Becoming a PMP® Certified Professional

By: J. Ashley Hunt

Overview of this book

One of the five most prestigious certifications in the world, the PMP® exam is said to be the most difficult non-technical certification exam. With this exam guide, you'll be able to address the challenges in learning advanced project management concepts. This PMP study guide covers all of the 10 project management knowledge areas, 5 process groups, 49 processes, and aspects of the Agile Practice Guide that you need to tailor your projects. With this book, you will understand the best practices found in the sixth edition of the PMBOK® Guide and the newly updated exam content outline. Throughout the book, you'll learn exam objectives in the form of a project for better understanding and effective implementation of real-world project management tasks, helping you to not only prepare for the exam but also implement project management best practices. Finally, you'll get to grips with the entire application and testing processes in PMP® and discover numerous tips and techniques for passing the exam on your first attempt. By the end of this PMP® exam prep book, you'll have a solid understanding of everything you need to pass the PMP® certification exam, and be able to use this handy, on-the-job desktop reference guide to overcome challenges in project management.
Table of Contents (22 chapters)
1
Section 1: Introduction to Project Management and People
8
Section 2: Project Management Processes
17
Section 3: Revision
19
Chapter 16: Final Exam

Performing quantitative risk analysis

Having a probabilistic analysis of project risk and determining the impacts financially can sometimes shift stakeholders in the direction they need to go to pursue the best responses to risk, and an excellent way is to apply a price tag to identified threats. Trust me when I say most stakeholders aren't afraid of the number five; they are fearful of the number 50,000, especially when that is what you calculate as a potential project loss due to a threat event. Quantitative risk analysis is statistical and mathematically focused. Many techniques can be used to quantify objectively, even when using subjective information, but the most commonly used and tested on is expected monetary value (EMV). This is due to the ability to assess risks numerically and produce a result that allows for the best decisions to be made in unknown circumstances.

Expected monetary value (EMV)

EMV is a way to look at the probability of a risk event and the financial...