Hey guys, welcome to the PMP Mindset video series by EduHubSpot. In this video I'm going to talk
about Risk management, how risk management is done on predictive projects, how risk management is
done on agile projects, and this is where we are going to talk about that. But before we do that, I
want to make sure you have this awesome EduHubSpot Mindset tool. How to get access to that, I will
explain that to you at the later stages of this video. But before we do that, let's first go right
into the concept. So when you are at the homepage of the mindset tool, click on Risk management.
Okay, let us read it. Traditional risk management
tries to identify and evaluate project risk and opportunities prior to or at the start of the
project. While risk management is supposed to happen throughout project’s timeline,
traditional project tend to perform the bulk of Risk identification and Evaluation upfront.
The larger and more complex the project, the more likely the project
requirement and risk will change. So in the traditional project,
typically it is often said that you should identify the risk throughout the project,
but typically it is done actually in the beginning because the projects are complex, you want to make
sure that if anything changes at the later stages, it would prove to be very expensive, costly for
you. So you try to make sure that you identify the risk and the beginning stages of the project.
On agile side, agile risk management is done more by practice rather than predicting risk.
Many agile practices look to identify and mitigate risk throughout the project. While some degree
of upfront risk identification and evaluation happen in agile project, the planning horizon is
typically far shorter than that of traditional project. So, on the traditional project,
I would say that a well-established process is done on the risk management, but on agile side,
there is no specific process as such. Of course, when you're doing the daily standup,
you talk about the three questions, which is what you think, what you did yesterday, what
you are doing today, and are there any risk or issues. So you do that on a daily basis, but that
comes more by practice rather than you are doing a well-defined definitive step just to do risk.
So it's not done in that manner as compared to how it is done in
the traditional projects. So let's do one question.
Pat is managing a high profile project for the organization. If she is not able to complete the
project before the end of this year, the company may have to bear heavy losses, so that is a risk.
To overcome this risk, she decides to get approval on requirement as quickly as possible.
Once the requirements are approved, then only the team will start the development.
Which approach did Pat use in this scenario? So, first of all, she wants to make sure that
she will only start, once the requirements are approved. So basically, she's actually going with
predictive life lifecycle where requirements have to be approved. Like in iterative and incremental
requirements are constantly changing, but the question states that requirements are approved,
so B and C are out. D is out as well because hybrid is part of Agile, and the question is
really about predictive lifecycle. So correct answer choice should be A. You can see that it is
the correct choice. You can click here to see the answer explanation, which was an easy question
to be honest and if you got it wrong, it is absolutely fine. When you do 180 questions
together, there are some questions which are bound to go wrong, and it's absolutely fine, it happens.
You can click here to watch the explanation video again, but I just explained it to you in detail.
Okay, there's another question. If you want to practice the second question,
you can do that as well, but I will leave that for you. You can go back to the homepage.
How to get this tool for free of cost. Just go on my website, www.eduhubspot.com. When you
go on my website, you will see two options over there, either bottom right hand side,
you will see an option of chat, like click on that chat option, talk to one of my team member,
or you request a demo, book a demo and you will directly, based on the timeline,
you can connect directly with one of my team member and they're going to set up a 30-minute
zoom call with you. Now, what is the purpose of this zoom call? They are going to explain you how
to use this tool. They are going to understand your background, what you are doing, how you are
doing in your studies, and they will give you some pointers. After the end of that zoom call,
they are going to email this mindset tool for you free of cost. If you are my student or if
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Only thing I ask from you is go on my website and talk to them. Give us those 30 minutes,
because ultimately I want to make sure that I am impacting your life, not just by
helping you pass the PMP exam, but you know touching your hearts. That is my end goal.
And please don't forget to like and subscribe to my YouTube channel because I am going to explain
this entire 15 concepts, everything. Like before the real PMP, you have to watch these 15 sections,
wear your PMI hat in order to pass this exam successfully and don't forget to send
me an email when you pass this exam because these emails helped me a lot. It motivates
me a lot to make something as beautiful, like something like PMI mindset tool, which I did.
I hope you guys liked my video on Risk management on the Mindset video series.
The next video and the last video of my Mindset video series is about
leadership. On the other hand, you're going to watch my most favorite video,
and please don't forget to like and subscribe my YouTube channel. Thank you,