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TOPIC: Define Activity Duration - Reserve

Define Activity Duration - Reserve 4 years 6 months ago #2859

  • Joao Miguel Beltrao
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In the Define Activity Duration episodes Cornelius talks about adding a reserve to the duration estimates. Isn't "reserve" related to risk? Shouldn't this be done in one of the Risk Management Processes?

Re:Define Activity Duration - Reserve 4 years 6 months ago #2860

  • Joao Miguel Beltrao
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The correct name for the process is of course "Estimate Activity Durations", my mistake.

Re:Define Activity Duration - Reserve 4 years 5 months ago #2865

  • Chaps
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Hi,

In my understanding, there are 2 types of reserves - Management Reserves and Contingency Reserves. Contingency Reserves comes in for the Risk Planning while Management Reserves are used during the Duration Estimation process.

Hope this clarifies.

Thanks,
Chaps

Re:Define Activity Duration - Reserve 4 years 5 months ago #2866

  • Wayne Masliuk
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My understanding according to the PMBOK pg 177 is that management reserves can be used throughout the project for any unknown risks that arise during the course of execution of the project, which included any risks identified in any phase of the project that were not previously known or accounted for in the contingency reserves.

Re:Define Activity Duration - Reserve 4 years 5 months ago #2869

  • Chaps
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Wayne,

You are correct. Management reserves is for covering all known risks while Contingency reserves are for covering the Unknown Risks.

Thanks,
Chaps.

Re:Define Activity Duration - Reserve 4 years 5 months ago #2870

  • Wayne Masliuk
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Chaps,

I think you meant to say that Management reserves are for unknown risks, and Contingency reserves are for known risks.

Thanks for the response. I was wondering if this forum was actually being used.

Regards,
Wayne

Re:Define Activity Duration - Reserve 4 years 5 months ago #2871

  • Cornelius Fichtner
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Wayne,

I normally respond to questions in the forum but I'm on vacation this week. On Hawaii!
Until Next Time,
Cornelius Fichtner, PMP, CSM
President, OSP International LLC

Re:Define Activity Duration - Reserve 4 years 5 months ago #2876

  • Wayne Masliuk
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Hi Cornelius,

I hope you are enjoying your vacation.

I did not mean to step on any toes here. My apologies if I responded out of line.

I have enjoyed the prep-cast and sit for my PMP exam next week. Any last minute advice??? I am all ears.

Regards,
Wayne

Re:Define Activity Duration - Reserve 4 years 5 months ago #2877

  • Cornelius Fichtner
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Wayne,

No worries! I'm not easily offended at all and you haven't spoken out of turn. We got back from Hawaii last night and I still have the island feeling. So "we're cool"... B)

If you are taking your exam next week then my recommendation consists of 3 words: Practice. Practice. Practice.

Make sure that you have a good exam simulator and that you take as many simulated exams as possible at this time. Each practice exam you take will increase your confidence and experience in taking the exam.
Until Next Time,
Cornelius Fichtner, PMP, CSM
President, OSP International LLC

Re:Define Activity Duration - Reserve 4 years 5 months ago #2878

  • Wayne Masliuk
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Those three words have been my life for the last six months. I am currently working through your exam series, as well as Andy Crowe's book. I will be taking the last 5 exams in the next 3 days. Thanks for the advice.
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