Section: Volume D

Section: Volume B
Explanation:
11 PROJECT RISK MANAGEMENT
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Organizations perceive risk as the effect of uncertainty on projects and organizational objectives. Organizations and stakeholders are willing to accept varying degrees of risk depending on their risk attitude. The risk attitudes of both the organization and the stakeholders may be influenced by a number of factors, which are broadly classifed into three themes:
Risk appetite, which is the degree of uncertainty an entity is willing to take on in anticipation of a reward.

Risk tolerance, which is the degree, amount, or volume of risk that an organization or individual will withstand.

Risk threshold, which refers to measures along the level of uncertainty or the level of impact at which a

stakeholder may have a specific interest. Below that risk threshold, the organization will accept the risk. Above that risk threshold, the organization will not tolerate the risk.
For example, an organization's risk attitude may include its appetite for uncertainty, its threshold for risk levels that are unacceptable, or its risk tolerance at which point the organization may select a different risk response.
Positive and negative risks are commonly referred to as opportunities and threats. The project may be accepted if the risks are within tolerances and are in balance with the rewards that may be gained by taking the risks. Positive risks that offer opportunities within the limits of risk tolerances may be pursued in order to generate enhanced value. For example, adopting an aggressive resource optimization technique is a risk taken in anticipation of a reward for using fewer resources.

Section: Volume E
Explanation/Reference: https://4squareviews.com/2013/06/26/5th-edition-pmbok-guide-chapter-9-conflict-resolution/

Explanation/Reference:
Explanation:
6.6.2.2 Critical Path Method
The critical path method, which is a method used to estimate the minimum project duration and determine the amount of scheduling flexibility on the logical network paths within the schedule model. This schedule network analysis technique calculates the early start, early finish, late start, and late finish dates for all activities without regard for any resource limitations by performing a forward and backward pass analysis through the schedule network, as shown in Figure 6-18. In this example the longest path includes activities A, C, and D, and, therefore, the sequence of A-C-D is the critical path. The critical path is the sequence of activities that represents the longest path through a project, which determines the shortest possible project duration. The resulting early and late start and finish dates are not necessarily the project schedule, rather they indicate the time periods within which the activity could be executed, using the parameters entered in the schedule model for activity durations, logical relationships, leads, lags, and other known constraints.
The critical path method is used to calculate the amount of scheduling flexibility on the logical network paths within the schedule model.
On any network path, the schedule flexibility is measured by the amount of time that a schedule activity can be delayed or extended from its early start date without delaying the project finish date or violating a schedule constraint, and is termed "total float." A CPM critical path is normally characterized by zero total float on the critical path. As implemented with PDM sequencing, critical paths may have positive, zero, or negative total float depending on constraints applied. Any activity on the critical path is called a critical path activity. Positive total float is caused when the backward pass is calculated from a schedule constraint that is later than the early finish date that has been calculated during forward pass calculation. Negative total float is caused when a constraint on the late dates is violated by duration and logic. Schedule networks may have multiple near-critical paths.
Process: 6.6 Develop Schedule
Definition: The process of analyzing activity sequences, durations, resource requirements, and schedule constraints to create the project schedule model.
Key Benefit: The key benefit of this process is that by entering schedule activities, durations, resources, resource availabilities, and logical relationships into the scheduling tool, it generates a schedule model with planned dates for completing project activities.
Inputs
1. Schedule management plan
2. Activity list
3. Activity attributes
4. Project schedule network diagrams
5. Activity resource requirements
6. Resource calendars
7. Activity duration estimates
8. Project scope statement
9. Risk register
10.Project staff assignments
11.Resource breakdown structure
12.Enterprise environmental factors
13.Organizational process assets
Tools & Techniques
1. Schedule network analysis
2. Critical path method
3. Critical chain method
4. Resource optimization techniques
5. Modeling techniques
6. Leads and lags
7. Schedule compression
8. .Scheduling tool
Outputs
1. Schedule baseline
2. .Project schedule
3. Schedule data
4. Project calendars
5. Project management plan updates
6. Project documents updates