Thanks to all the participants for your interests and also for making the class a successful one. Below is the chat transcript of the class that our learners can go through to have a glimpse of the class.
Mr. Krishna,PMP was the instructor of the session.
Welcome to your Web Meeting.
Manish Manekar has joined the meeting.
Srini: Hi Good Evening
Manish Manekar: Greetings!
Sougat Mitra: Good Evening Everybody.
Rakesh Kumar has joined the meeting.
Mamun Shaheed has joined the meeting.
Srini: Hi Krishna, are we waiting for more participants to join?
Srini: Thanks.
Ajay Khullar: yes
Sougat Mitra: yes
Rakesh Kumar: yes
Rakesh Kumar: which positively or, negatively influence the delivery
Rakesh Kumar: yes
Srini: Technology could turn out to be positive when we work on a new technology. In reality it could be easily adoptable by our developers and team members.
Rakesh Kumar: like the emil functionality proposed were too complex and the other solution might be good to implement
Rakesh Kumar: right
Sougat Mitra: no sound
Srini: you are audible to us.
Manish Manekar: I can hear.
Mayank: its fine
Sougat Mitra: r u still in the Slide#1
Angelo Muscaridola: I can hear too
Srini: He is in slide no 3 displayed at the bottom .
Manish Manekar: it shows slide 3 of 20
Rakesh Kumar: Is it not the same as Risk Tolerance?
Sougat has joined the meeting.
Srini: Threshold has a limit.
Yoav Reshef has joined the meeting.
Rakesh Kumar: got it
Srini: Yes
Srini: Thanks Krishna.
Rakesh Kumar: is there a way to calculate the exact probability? or, it is your expectations.
Srini: Your experience..
Rakesh Kumar: right
Ajay Khullar: yes, thats only way
Srini: Lessons learnt and historical data
Ajay Khullar: I agree with Srini.
Rakesh Kumar: right
Yoav Reshef: clear
Ajay Khullar: yes
Rakesh Kumar: yep
Angelo Muscaridola: yes
Srini: Any tax applied on the imports would increase the cost of a machinery that is to be imported.
Angelo Muscaridola: possibly weather conditions?
Srini: Nope.. Guess..
Sougat: Any Environmental Constraint.
Srini: Absolutely..
Rakesh Kumar: right, scope creep
Rakesh Kumar: one more internal risk……..other project running in the organization.
Rakesh Kumar: that might impact your project in either way
Rakesh Kumar: dependecy on resources
Rakesh Kumar: right
Ajay Khullar: if resources are working on cross projects
Manish Manekar: reorganization
Ajay Khullar: right
Ajay Khullar: exactly
Rakesh Kumar: I didn’t get your question…
Rakesh Kumar: right
Srini: Backuplocation..
Rakesh Kumar: will Accept the risk
Rakesh Kumar: Risk Acceptance
Srini: From where we should continue our operation.
Ajay Khullar: one way is to have backup location
Manish Manekar: Disaster Recovery Plan
Sougat: Establishing Disaster Recovery centre
Srini: Business Continutity Plan
Rakesh Kumar: but, we should be preventive….as someone has written backup.
Rakesh Kumar: right
Yoav Reshef: Even small company should put a contingency plan in place ? even for external risk ?
Rakesh Kumar: hmmmmm right
Srini: Krishna is right. Its not possible for all the companies.
Srini: True.
Srini: Gap in the requirements understanding.
Ajay Khullar: Krishna, are you going to send us the slides?
Yoav Reshef: So, you actualy saying that the “plan” is, if the risk happens , we stop the project ?
Ajay Khullar: k
Yoav Reshef: OK.
Srini: We cannot do away with these kind of risks, we can only minimize the impact.
Rakesh Kumar: Yoav, there are risks where you have no option rather than accepting it, example can earth quake or anything.
Rakesh Kumar: It is a concept in risk Management, where you accept the risk
Manish Manekar: Yes, clear.
Yoav Reshef: clear
Bipul Sahay has joined the meeting.
Srini: Hope you dont own a new car showroom
Mathews has joined the meeting.
Srini: Can we call it as a Logical grouping
Rakesh Kumar: yes
Srini: Yes
Ajay Khullar: yes
Angelo Muscaridola: yes
Yoav Reshef: clear
Bipul Sahay: krishna once more on control acct
Srini: For example, your project might need multiple software to procure. Instead of mentioning at each software, you can group it as a software expense. This is more for the management to monitor.
Ajay Khullar: yes
Bipul Sahay: thsnks
Yoav Reshef: Can one say that padding is contingency reserve when you cannot esstimate impact and probanility ? Where is the risk cost when you can calculate risk * prob.
Rakesh Kumar: Yoav, you put padding once you identified and quantified the risks
Srini: Based on their experience management would add some reserve.
Yoav Reshef: We found 2 risks, and clculated the value of the risk. Do we add that to project cost ? Where in the tree ? Is that the contingency reserve ?
Rakesh Kumar: yes
Ajay Khullar: yes, we will add this cost in contingency reserve
Yoav Reshef: OK
Rakesh Kumar: Krishna, it is right that management reserve is based on management experiences…
Rakesh Kumar: but it would not add etra cost if the PM has done good analysis on risks
Srini: But in practical, we come to know most of the risks only when we receive the clear requirements where as we present the cost of the project at the time of proposal.
Rakesh Kumar: hmmm
Srini: Yes, Infact based on the project manager also the management would decide to add the reserve based on their experience with the PM.
Sougat: How Control Accotnt cost is 900$
Srini: 3 * 300
Sougat: ok
Srini: Planned cost = Project + Contingency Reserve
Srini: Identify the Probability
Srini: Identify the impact
Attendee12 has joined the meeting.
Rakesh Kumar: I think, we can also add “Risk Register” after point 2
Srini: Yes. Output of point 2 is Risk Register..
Rakesh Kumar: right
Rakesh Kumar: are we going to discuss it tomorrow?
Rakesh Kumar: ok
Rakesh Kumar: good
Sougat: Which one is the favourable scenario out of the 2 cases
Sougat: right
Bipul Sahay: AC=EV-PV
Srini: You mean cost to the customer?
Bipul Sahay: ok
Srini: Budgeted Cost + Profit Margin
Sougat: Work*Resource Cost
Yoav Reshef: You add all the money that was sepnd. On planned activity ar on solving problems arise from risks.
Ajay Khullar: so far
Srini: Thanks Krishna.
Yoav Reshef: Thank you.
Srini: Have a good evening everyone.
Attendee12: Hi all
Sougat: Thanks Krishna and Others.
Bipul Sahay: thanks
Sougat: K
Rakesh Kumar: thanks
Ajay Khullar: Thanks
Mr. Krishna,PMP was the instructor of the session.
Welcome to your Web Meeting.
Manish Manekar has joined the meeting.
Srini: Hi Good Evening
Manish Manekar: Greetings!
Sougat Mitra: Good Evening Everybody.
Rakesh Kumar has joined the meeting.
Mamun Shaheed has joined the meeting.
Srini: Hi Krishna, are we waiting for more participants to join?
Srini: Thanks.
Ajay Khullar: yes
Sougat Mitra: yes
Rakesh Kumar: yes
Rakesh Kumar: which positively or, negatively influence the delivery
Rakesh Kumar: yes
Srini: Technology could turn out to be positive when we work on a new technology. In reality it could be easily adoptable by our developers and team members.
Rakesh Kumar: like the emil functionality proposed were too complex and the other solution might be good to implement
Rakesh Kumar: right
Sougat Mitra: no sound
Srini: you are audible to us.
Manish Manekar: I can hear.
Mayank: its fine
Sougat Mitra: r u still in the Slide#1
Angelo Muscaridola: I can hear too
Srini: He is in slide no 3 displayed at the bottom .
Manish Manekar: it shows slide 3 of 20
Rakesh Kumar: Is it not the same as Risk Tolerance?
Sougat has joined the meeting.
Srini: Threshold has a limit.
Yoav Reshef has joined the meeting.
Rakesh Kumar: got it
Srini: Yes
Srini: Thanks Krishna.
Rakesh Kumar: is there a way to calculate the exact probability? or, it is your expectations.
Srini: Your experience..
Rakesh Kumar: right
Ajay Khullar: yes, thats only way
Srini: Lessons learnt and historical data
Ajay Khullar: I agree with Srini.
Rakesh Kumar: right
Yoav Reshef: clear
Ajay Khullar: yes
Rakesh Kumar: yep
Angelo Muscaridola: yes
Srini: Any tax applied on the imports would increase the cost of a machinery that is to be imported.
Angelo Muscaridola: possibly weather conditions?
Srini: Nope.. Guess..
Sougat: Any Environmental Constraint.
Srini: Absolutely..
Rakesh Kumar: right, scope creep
Rakesh Kumar: one more internal risk……..other project running in the organization.
Rakesh Kumar: that might impact your project in either way
Rakesh Kumar: dependecy on resources
Rakesh Kumar: right
Ajay Khullar: if resources are working on cross projects
Manish Manekar: reorganization
Ajay Khullar: right
Ajay Khullar: exactly
Rakesh Kumar: I didn’t get your question…
Rakesh Kumar: right
Srini: Backuplocation..
Rakesh Kumar: will Accept the risk
Rakesh Kumar: Risk Acceptance
Srini: From where we should continue our operation.
Ajay Khullar: one way is to have backup location
Manish Manekar: Disaster Recovery Plan
Sougat: Establishing Disaster Recovery centre
Srini: Business Continutity Plan
Rakesh Kumar: but, we should be preventive….as someone has written backup.
Rakesh Kumar: right
Yoav Reshef: Even small company should put a contingency plan in place ? even for external risk ?
Rakesh Kumar: hmmmmm right
Srini: Krishna is right. Its not possible for all the companies.
Srini: True.
Srini: Gap in the requirements understanding.
Ajay Khullar: Krishna, are you going to send us the slides?
Yoav Reshef: So, you actualy saying that the “plan” is, if the risk happens , we stop the project ?
Ajay Khullar: k
Yoav Reshef: OK.
Srini: We cannot do away with these kind of risks, we can only minimize the impact.
Rakesh Kumar: Yoav, there are risks where you have no option rather than accepting it, example can earth quake or anything.
Rakesh Kumar: It is a concept in risk Management, where you accept the risk
Manish Manekar: Yes, clear.
Yoav Reshef: clear
Bipul Sahay has joined the meeting.
Srini: Hope you dont own a new car showroom
Mathews has joined the meeting.
Srini: Can we call it as a Logical grouping
Rakesh Kumar: yes
Srini: Yes
Ajay Khullar: yes
Angelo Muscaridola: yes
Yoav Reshef: clear
Bipul Sahay: krishna once more on control acct
Srini: For example, your project might need multiple software to procure. Instead of mentioning at each software, you can group it as a software expense. This is more for the management to monitor.
Ajay Khullar: yes
Bipul Sahay: thsnks
Yoav Reshef: Can one say that padding is contingency reserve when you cannot esstimate impact and probanility ? Where is the risk cost when you can calculate risk * prob.
Rakesh Kumar: Yoav, you put padding once you identified and quantified the risks
Srini: Based on their experience management would add some reserve.
Yoav Reshef: We found 2 risks, and clculated the value of the risk. Do we add that to project cost ? Where in the tree ? Is that the contingency reserve ?
Rakesh Kumar: yes
Ajay Khullar: yes, we will add this cost in contingency reserve
Yoav Reshef: OK
Rakesh Kumar: Krishna, it is right that management reserve is based on management experiences…
Rakesh Kumar: but it would not add etra cost if the PM has done good analysis on risks
Srini: But in practical, we come to know most of the risks only when we receive the clear requirements where as we present the cost of the project at the time of proposal.
Rakesh Kumar: hmmm
Srini: Yes, Infact based on the project manager also the management would decide to add the reserve based on their experience with the PM.
Sougat: How Control Accotnt cost is 900$
Srini: 3 * 300
Sougat: ok
Srini: Planned cost = Project + Contingency Reserve
Srini: Identify the Probability
Srini: Identify the impact
Attendee12 has joined the meeting.
Rakesh Kumar: I think, we can also add “Risk Register” after point 2
Srini: Yes. Output of point 2 is Risk Register..
Rakesh Kumar: right
Rakesh Kumar: are we going to discuss it tomorrow?
Rakesh Kumar: ok
Rakesh Kumar: good
Sougat: Which one is the favourable scenario out of the 2 cases
Sougat: right
Bipul Sahay: AC=EV-PV
Srini: You mean cost to the customer?
Bipul Sahay: ok
Srini: Budgeted Cost + Profit Margin
Sougat: Work*Resource Cost
Yoav Reshef: You add all the money that was sepnd. On planned activity ar on solving problems arise from risks.
Ajay Khullar: so far
Srini: Thanks Krishna.
Yoav Reshef: Thank you.
Srini: Have a good evening everyone.
Attendee12: Hi all
Sougat: Thanks Krishna and Others.
Bipul Sahay: thanks
Sougat: K
Rakesh Kumar: thanks
Ajay Khullar: Thanks
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