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?
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.
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.
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"...
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
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.
Moderators: Yolanda Mabutas, Ahmed Amin, Scott Gillard, Mary Kathrine Padua, ERIC BARTLETT, Gail Freedman, Kevin Nason, Steven Mudrinich, PMP, Mark Wuenscher, PMP, John Wolverton, Tracy Shagnea, PMP, Jada Garrett
This interview with Simona Fallavollita (LinkedIn Profile) was recorded at the magnificient Project Management Institute (PMI)® Global Conference 2017 in Chicago, Illinois. We discuss the how, what, why and when of the changes that are coming to the PMP exam.