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PM Hub now offers you the benefit of daily guidance to help you stay on the road to success with the project management exam or to sharpen and exercise the project management skills you already possess. Each edition of the PM Hub/Crosswind Tip of the Day will give you a question of the day, daily terminology booster, and links to other helpful tools that will prepare you for exam success.
 

Question of the Day

The retail chain is using a vendor to provide engineers for a security camera network design and implementation. The team has been completing the work they agreed upon. Both parties are communicating via status reports. The seller has submitted the first payment request. In what process is the team involved?


A) Plan Contracting

B)  Request Sellers Responses

C)  Contract Administration

D)  Select Sellers

 

Terminology of the Day

 Procurement

 The acquisition of goods or services from an outside source (vendor)

 

Answer and Explanation to Yesterday's Question

Multiplying the probabilities by the impact of the opportunity involves using which of the following?

A)  A Risk Rating Matrix

B)  Expected Monetary Value (EMV) (Correct)

C)  Workarounds

D)  Risk Triggers

 Explanation: Expected monetary value (EMV) is used in Quantitative Risk Analysis, this involves multiplying the probabilities by the impacts of the opportunity. This can help in generating Time and Cost targets for the project. Qualitative Risk Analysis uses a risk rating matrix to rank risks and create an overall risk rating for the project. Workarounds are done when risk events don't work. Risk Triggers are indicators that a risk event could happen.

For more questions, terminology and other exercises please see the PMP® Exam Success Series: Certification Exam Manual at http://www.crosswindpm.com/

 

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