Decision tree analysis is used to calculate the average outcome when the future includes scenarios that may or may not happen. There are numerous ways to share information among project stakeholders. What do you do. As you get to know the staff on the project, you become aware that five staff members are relatives of the previous project manager. The PMBOK guide does a clear job of describing decision trees on page 339, if you need additional background. Which of the following is true about risks? In a decision node, the input is the cost of each decision and the output is a decision … To practice your pre-exam and review each question with detail explanation, let try with our FREE Exam tool. The longer the bar, the greater was the risk presented. Cheers Therefore, right answer is B. A decision tree is a Perform Quantitative Risk Analysis technique. The decision tree describes a situation under consideration, the implications of each of the available choices, and the possible scenarios. Which of the following is the most efficient communication method? A decision tree is represented by a Decision Tree Diagram. The answer is as stated above. Which one is it? These are one of the techniques used when carrying out the process ‘perform quantitative risk analysis’, and is used as the first step in determining the uncertainties within the project in all of to get better information upon which to make a judgment. A decision tree is represented by a Decision Tree Diagram. A project manager prepared a display chart of sensitivity analysis for his project. The following list gives the most significant enterprise environmental factors considered during the Plan Stakeholder Engagement process except one. Decision tree analysis – and Expected Monetary Value Decision tree analysis – and Expected Monetary Value. For your preparation of the Project Management Institute® Risk Management Professional (PMI-RMP)® or Project Management Professional (PMP)® examinations, this concept is a must-know. In a decision node, the input is the cost of each decision and the output is a decision made. To practice your pre-exam and review each question with detail explanation, let try with our FREE Exam tool. You have just taken over a project from another project manager about six months into a 12-month project. Expected monetary value (EMV) analysis is the foundational concept on which decision tree … The decision tree describes a situation under consideration, the implications of each of the available choices, and the possible scenarios. Such a chart is likely to be: Which of the following is neither an input nor an output of the Direct and Manage Project Work process? PMP Decision Tree Questions. PMP Solution 17. A project manager has decided to use a decision tree to make a build or upgrade analysis. Criteria are prioritized and weighted before being applied to all available alternatives to obtain a mathematical score for each alternative. Sensitivity analysis helps to determine which risks have the most potential impact on the project. The build requires an investment of $ 200 M (where M represents million). On the PMP exam, you may be asked to analyze an existing decision tree. Here is break down : Apply the EVM equation : Project A. A Decision Tree Diagram shows how to make a decision among alternative capital strategies known as: While applying the logical relationships to the project activities, a project manager must be careful not to: The enterprise environmental factors play an important role during the development of the project stakeholder engagement plan. On the build decision branch, there is a 60% probability of strong demand (yielding a revenue of $ 400 M) and a 40% probability of weak demand (yielding a revenue of $150 M). Decision tree analysis is used to calculate the average outcome when the future includes scenarios that may or may not happen. [PMBOK 6th edition, Page 435] [Project Risk Management]. . The diagram contained a series of bars with the length of the bars corresponding to the risk impact on the project. Multicriteria decision analysis uses a Decision Matrix to provide a systematic analytical approach to evaluate the requested changes according to a set of predefined criteria. A summary milestone schedule would normally be part of which document. A decision tree is a Perform Quantitative Risk Analysis technique. -$650,000 +(56% *×1,800,000 ) + (-44% of the $900,000) = -$38,000 What are a decision node’s inputs and outputs? PMP Solution 39. For this problem, build your own decision tree to confirm your understanding. Decision tree analysis is used to calculate the average outcome when the future includes scenarios that may or may not happen.

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