Don't Go For PMP EXAM 2024 Without Understanding Qualitative Risk Analysis Factors!

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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Most Awaited video of 2024 is live now. It explains 15 Most Important PMP questions just like real PMP Exam.

[shanmugasundaram]

S-1 is Dormancy - Risk was realized already, S-2 is Connectivity - This Risk is connected to other modules, S-3 is Proximity - Identified the Risk, S-4 is Risk Response plan is identified for the Risk.

[mahmoudsabra]

Very good example and it seems I understand it from first time
1- Dormancy
2- Connectivity
3- Approximity
4- Urgency

[mathavan]

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.

[mananjain]

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

[harryk]

Thank you Gautham. I have to admit I had some difficulty differentiating Proximity and Urgency initially, but I think I have it now. At least that is the consensus among the other responses.

Scenario #1 Dormancy - wait 3 days
Scenario #2 Connectivity - connected to a lot of modules
Scenario #3 Proximity - risk impact starts in 30 days
Scenario #4 Urgency - impacts with in 20 days.

Just finishing the August 2024 three week boot camp today! Still a lot of work and study to do. Thanks again.

[elgyalex]

1. Dormancy,
2.Connectivity
3.Proximity
4.Urgency

[SubhankarDey-mrum]

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.

[kiranpilaka]

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.

[remosumo]

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!

[rekhamalavathu]

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!

[sansthitachannel]

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

[Havugi]

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.

[maheshkejriwal]

Hi Gautham, thanks for the beautiful explanation. I got the similar question in my PMP exam and I got it quickly.

[MG_GAMER]

Excellent thanks Gautham. Nidhi suggested that I should watch your videos and these are excellent and Thank you - Aniket

[nizarworld]

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

[joyceneba]

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.

[senthivelgopal]

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.

[cherrydavenport]

Thanks for your videos!!! They were a great help to me!!!!

[shridharr]

got it right.. well explained . question was so good..

[trafirocorera]

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.