PMI-RMP Certification Training - Level of Uncertainty

The video tutorial discusses the concept of uncertainty in project management, categorizing it into known knowns, known unknowns, and unknown unknowns. Known knowns are predictable issues, while known unknowns are identified risks with uncertain impacts. Unknown unknowns are unforeseen risks requiring management reserves. The tutorial emphasizes the importance of continuous risk identification to convert unknown unknowns into known unknowns, allowing better control and management. It also explains the use of contingency and management reserves to handle these risks effectively.

What are known knowns in the context of project management?

• Risks that are identified and can be planned for

• Unforeseen risks that arise during a project

• Risks that have a high probability of occurring

• Issues that are predictable and not considered risks

Which of the following best describes known unknowns?

• Risks that have already occurred

• Predictable issues that are not risks

• Identified risks with uncertain impact and probability

• Risks that are completely unforeseen

What is an example of a known unknown in project management?

• A vendor delay that is anticipated but not quantified

• An unexpected regulatory change

• A sudden change in project scope

• A predictable drop in team productivity

What are unknown unknowns in project management?

• Predictable issues that are not considered risks

• Risks that are identified but not yet quantified

• Unforeseen risks that are not initially identified

• Risks that have a high probability of occurring

Why is ongoing risk identification important in managing unknown unknowns?

• To eliminate all project risks

• To convert unknown unknowns into known unknowns

• To ensure project completion on time

• To increase project budget