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PMP Certification All-in-One For Dummies, 2nd Edition by Cynthia Snyder

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Chapter 4: Managing Your Risks and Procurements

Exam Objectives

arrow.png Actively employ risk management techniques as documented in the risk management plan to minimize the impact of risk on the project.

arrow.png Conduct risk reassessment on a regular basis and implement response strategies as indicated in the risk register.

arrow.png Administer contracts and measure contractor performance.

arrow.png Identify and quantify variances and determine appropriate preventive and corrective actions.

Monitoring and controlling risks is a complex process — and, when done well, ensures that you’re practicing good project management principles. By practicing risk management, your project will be a lot smoother and have a greater probability of meeting its objectives.

In Book V, Chapter 1, I spend quite a bit of time talking about planning for risks. This juncture is where you use all that knowledge gained in identifying, prioritizing, quantifying, and developing responses to risk. In Control Risks, you will spend time assessing the effectiveness of the risk management process overall as well as determining whether it is being ...

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