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What is PMP® ?

PMP®  or Project Management Professional is a project manager certification, offered by the Project Management Institute (PMI®).  Project Management Professional is the gold standard of project management and is the most desired as well as recognized professional certificate for Project Management.A Project Management Professional is an experienced project manager who is certified and trained to direct teams toward a project goal. Being PMP® certified is recommended as it helps project managers in their career growth by making them eligible to apply for the best roles in the top companies globally. They stay abreast with the new technologies, network with other certified colleagues of their same field, and stumble upon the best projects prospects.PMPs lead projects in almost every country, without focusing on a particular geography or domain, making PMP® truly global.An overview of PMP® certificationPMP® certified professionals demonstrate that a project manager possesses the knowledge, skill set, and experience to manage their projects and bring them to successful completion. They compile work from associative teams to form a final product that fits according to the client’s demands.By being PMP® certified, managers validate their knowledge, experience, and training, along with their ability to initiate, plan, execute, monitor, and control all the other factors involved in a corporate project.A PMP® certification helps a professional in the following ways:Grow in the role of project managerGives them a hike in their salary Stand apart from the other project managersHandle projects globallyGet value from your organization.What is the role of PMI? What does it do?Project Management Institute (PMI®), is a professional organisation for project management. It serves more than 2.9 million professionals, with 500,000 members in over 208 countries and territories around the world.It provides services in the development of standards, research, education, publication, hosting conferences and training sessions, networking opportunities in local chapters and providing accreditation in project management.It is recommended to be PMP-certified as it helps you to stay leveled up with the new developments, communicate in a better way with the employers and build a network with certified colleagues.PMP® HandbookThe Project Management Institute (PMI) has published a Project Management Professional (PMP®) Credential handbook. It holds and explains everything that one needs to know about the process of taking the PMP® examination and to become PMP® certified.It discusses the PMP® Eligibility, PMP® Exam Information, PMP® Exam Day and what one should do after the PMP® exam.Who all can apply for PMP® Certification?If you love to manage projects, make sure that everything and everyone is working with the best of their ability, and wish to be continued to be challenged in your career, then you are a desired candidate for PMP® Certification.Candidates wishing to be PMP®certified must meet certain educational and professional experience requirements in order to be eligible for PMP® certification. The following states the eligibility requirements:A four-year degree along with the following requirements:Minimum 36 months (3 years) of Professional Project Management experience4,500 hours of work in directing or leading projects.Minimum of 35 hours of Project Management education.A high school diploma along with the following requirements:Minimum 60 months (5 years) of Professional Project Management experience7,500 hours of work experience in project management.Minimum of 35 hours of Project Management education.All project management working experience should be augmented within the last eight years consecutively before you submit your application.How do I become PMP® certified? What is the examination process?Once the candidate has gained eligibility, he/she can now take the PMP®  certification examination within one year of the eligibility period. Candidates can opt for a computer-based test at nearby Prometric testing centre. The paper-based option is also available for locations with no Prometric testing centres.The candidate must answer 200 multiple-choice questions. 25 questions out of these 200 questions are pre-released ones, hence they are not included in the exam scoring. The final score of the examination is calculated based on the rest of the 175 questions. The candidates are allotted four hours to complete the centre-based examination.The following video will give you a clear picture of the process of becoming a PMP® certified professional.What are PDUs? After being PMP® certified, you need to renew your credentials every three years from the day of becoming a PMP®. PMP® Renewal can be attained by earning 60 PDUs (Professional Development Unit)  in a three-year period of time. This comes under the Continuing Certification Requirements (CCR) program, with the aim to maintain active certification status. The three year period is often referred to as a CCR Cycle. PDU RenewalThere are multiple options by which you can earn PDUs. You can choose to attend courses, seminars, webinars, or volunteer for the same. The main motive of PMP® renewal is to keep you updated with the current profession and also make a contribution back to the profession. The added advantage is the fact that you need not write the exam all over again! How is PDU Renewal beneficiary?In order to keep the PMP® practitioners updated with the changes in tools and techniques, PDUs renewal was introduced by PMI®. It reflects the knowledge, skills and tasks that project management professionals perform on a daily basis. This is done so that one doesn’t stay stuck to the tools and techniques that were introduced 30 years ago when the PMP® exam first came into existence. What is the cost of PMP®Certification?The overall cost of PMP® certification depends on different factors like PMP exam certification fee, the exam preparation courses and study guides. A set of possible expenses that you may be exposed to for acquiring a PMP® certification are mentioned below:FEE TYPECOSTPMI Annual Membership$139PMP Exam Testing FeeNon-PMI Members$555PMI Members$405PMI® offers the Project Management Professional Certification Examination for PMI® members as well as non-PMI members. The cost of examination for a PMI member is $405 (USD), while that for a non-PMI member is $555 (USD).The PMI® membership fee costs around  $129(USD) for new members, with an additional $10(USD) as a one-time application fee. This membership is valid for one year and needs to be renewed annually with a fee of $129(USD).To prepare yourself well for the PMP® examination, you can refer to many resources. PMBOK Guide (Project Management Body of Knowledge) which is issued by PMI®, covers most of the topics on which the questions are based on. Hence, it is an essential part of your preparation. The hard copy of the same is available for $70 and for PMI® members, it can be accessed for free as a soft copy (available on the PMI® website after becoming a member of PMI).Can I request for a refund for my PMP Certification? If yes, then how?To avail a refund for the PMP® certification, the candidate must make a request to the PMI® at least 30 days prior to the exam eligibility expiration date., though it will retain a processing fee of $100 (USD) if the candidate has not yet scheduled or taken the exam. The application will be closed and the eligibility period will no longer be valid after the refund has been processed.Also, a candidate can request for a refund if their application gets rejected or they fail an audit. PMI® will not provide the candidate with a refund in any of the following cases:If the candidates’ one year eligibility period has expired and he/she has not scheduled an examination, the whole fee amount will be forfeited. If the candidate still wishes to obtain the certification, he/she will have to reapply and submit the affiliated fee again. If the candidate has scheduled an examination but failed to take it, nor provided PMI® with the necessary cancellation or rescheduling notification, the whole fee will be forfeited. Benefits of PMP certification:Project Management is a challenging career, and as a PMP® certified practitioner, you will be able to face and overcome new challenges. There are various benefits that a PMP® certified professional comes across. To name a few:  Being PMP® certified will give your career an extra boost by making you eligible for the best roles in the top companies globally.Those with a PMP® certification garner a higher salary (20% higher on average) than those without a PMP® certification.The rigorous training and coursework of PMP® will help you to increase your versatility and expand your skill set.Being PMP® certified add credibility to your resume, making you stand out than the rest of the candidates.There is a global community for PMP certification holders where you can reach out to other project managers of the same field across the globe, helping you to expand your market and scope while at the same time, keep yourself up to date with the technology.PMP® certified project managers get hold of better job opportunities as they have knowledge, experience, and training for the same. They showcase better performance as compared to the non-certified managers.The standards for PMP® exams are higher than the other project management exams. With your skills and knowledge, you can work in a much more efficient manner.Being PMP® Certified can help you get challenging roles as the certification signifies your dedication to project management. Also, you will be trained to face such challenges in your day to day life.Career growth and opportunities with PMP:According to a survey conducted by PMI®, professionals with PMP® certification get a 20% hike in their salary as compared to a project manager who is not certified. The demand-supply equation for PMP® certified professionals is still tilted more towards the demand side. Hence, being credentialed acts as a major advantage. For the States, it is anticipated that the demand for project management professionals will upsurge to an estimate of 700,000 jobs by 2020. Project Management Professionals are found to be leading major projects in nearly every top organisation around the globe. PMP® professionals need not focus on a particular industry, domain or geography, making PMP® global on a true basis. A PMP® professional can work for any industry, in any location. They are known for their practices and coordination of projects in multiple and diverse industries, including government, IT sector, construction, energy/utilities, retail, digital media, healthcare, finance, etc.Learn more about the scope and growth as a PMP® certified professional by sharing your views and queries with the professionals in the field.
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What is PMP® ?

6272
What is PMP® ?

PMP®  or Project Management Professional is a project manager certification, offered by the Project Management Institute (PMI®).  Project Management Professional is the gold standard of project management and is the most desired as well as recognized professional certificate for Project Management.

A Project Management Professional is an experienced project manager who is certified and trained to direct teams toward a project goal. Being PMP® certified is recommended as it helps project managers in their career growth by making them eligible to apply for the best roles in the top companies globally. They stay abreast with the new technologies, network with other certified colleagues of their same field, and stumble upon the best projects prospects.

PMPs lead projects in almost every country, without focusing on a particular geography or domain, making PMP® truly global.

An overview of PMP® certification

PMP® certified professionals demonstrate that a project manager possesses the knowledge, skill set, and experience to manage their projects and bring them to successful completion. They compile work from associative teams to form a final product that fits according to the client’s demands.

By being PMP® certified, managers validate their knowledge, experience, and training, along with their ability to initiate, plan, execute, monitor, and control all the other factors involved in a corporate project.

A PMP® certification helps a professional in the following ways:

  • Grow in the role of project manager
  • Gives them a hike in their salary 
  • Stand apart from the other project managers
  • Handle projects globally
  • Get value from your organization.

What is PMP Certification

What is the role of PMI? What does it do?

Project Management Institute (PMI®), is a professional organisation for project management. It serves more than 2.9 million professionals, with 500,000 members in over 208 countries and territories around the world.

It provides services in the development of standards, research, education, publication, hosting conferences and training sessions, networking opportunities in local chapters and providing accreditation in project management.

It is recommended to be PMP-certified as it helps you to stay leveled up with the new developments, communicate in a better way with the employers and build a network with certified colleagues.

PMP® Handbook

The Project Management Institute (PMI) has published a Project Management Professional (PMP®) Credential handbook. It holds and explains everything that one needs to know about the process of taking the PMP® examination and to become PMP® certified.

It discusses the PMP® Eligibility, PMP® Exam Information, PMP® Exam Day and what one should do after the PMP® exam.

Who all can apply for PMP® Certification?

If you love to manage projects, make sure that everything and everyone is working with the best of their ability, and wish to be continued to be challenged in your career, then you are a desired candidate for PMP® Certification.

Candidates wishing to be PMP®certified must meet certain educational and professional experience requirements in order to be eligible for PMP® certification. The following states the eligibility requirements:

A four-year degree along with the following requirements:

  • Minimum 36 months (3 years) of Professional Project Management experience
  • 4,500 hours of work in directing or leading projects.
  • Minimum of 35 hours of Project Management education.

A high school diploma along with the following requirements:

  • Minimum 60 months (5 years) of Professional Project Management experience
  • 7,500 hours of work experience in project management.
  • Minimum of 35 hours of Project Management education.

All project management working experience should be augmented within the last eight years consecutively before you submit your application.

How do I become PMP® certified? What is the examination process?

Once the candidate has gained eligibility, he/she can now take the PMP®  certification examination within one year of the eligibility period. Candidates can opt for a computer-based test at nearby Prometric testing centre. The paper-based option is also available for locations with no Prometric testing centres.

The candidate must answer 200 multiple-choice questions. 25 questions out of these 200 questions are pre-released ones, hence they are not included in the exam scoring. The final score of the examination is calculated based on the rest of the 175 questions. The candidates are allotted four hours to complete the centre-based examination.

The following video will give you a clear picture of the process of becoming a PMP® certified professional.

What are PDUs? 

After being PMP® certified, you need to renew your credentials every three years from the day of becoming a PMP®. PMP® Renewal can be attained by earning 60 PDUs (Professional Development Unit)  in a three-year period of time. This comes under the Continuing Certification Requirements (CCR) program, with the aim to maintain active certification status. The three year period is often referred to as a CCR Cycle. 

PDU Renewal

There are multiple options by which you can earn PDUs. You can choose to attend courses, seminars, webinars, or volunteer for the same. 

The main motive of PMP® renewal is to keep you updated with the current profession and also make a contribution back to the profession. The added advantage is the fact that you need not write the exam all over again! 

How is PDU Renewal beneficiary?

In order to keep the PMP® practitioners updated with the changes in tools and techniques, PDUs renewal was introduced by PMI®. It reflects the knowledge, skills and tasks that project management professionals perform on a daily basis. This is done so that one doesn’t stay stuck to the tools and techniques that were introduced 30 years ago when the PMP® exam first came into existence. 

What is the cost of PMP®Certification?

The overall cost of PMP® certification depends on different factors like PMP exam certification fee, the exam preparation courses and study guides. A set of possible expenses that you may be exposed to for acquiring a PMP® certification are mentioned below:

FEE TYPE
COST
PMI Annual Membership
$139
PMP Exam Testing FeeNon-PMI Members$555
PMI Members$405

PMI® offers the Project Management Professional Certification Examination for PMI® members as well as non-PMI members. The cost of examination for a PMI member is $405 (USD), while that for a non-PMI member is $555 (USD).

The PMI® membership fee costs around  $129(USD) for new members, with an additional $10(USD) as a one-time application fee. This membership is valid for one year and needs to be renewed annually with a fee of $129(USD).

To prepare yourself well for the PMP® examination, you can refer to many resources. PMBOK Guide (Project Management Body of Knowledge) which is issued by PMI®, covers most of the topics on which the questions are based on. Hence, it is an essential part of your preparation. The hard copy of the same is available for $70 and for PMI® members, it can be accessed for free as a soft copy (available on the PMI® website after becoming a member of PMI).

Can I request for a refund for my PMP Certification? If yes, then how?

To avail a refund for the PMP® certification, the candidate must make a request to the PMI® at least 30 days prior to the exam eligibility expiration date., though it will retain a processing fee of $100 (USD) if the candidate has not yet scheduled or taken the exam. The application will be closed and the eligibility period will no longer be valid after the refund has been processed.

Also, a candidate can request for a refund if their application gets rejected or they fail an audit. 

PMI® will not provide the candidate with a refund in any of the following cases:

  • If the candidates’ one year eligibility period has expired and he/she has not scheduled an examination, the whole fee amount will be forfeited. If the candidate still wishes to obtain the certification, he/she will have to reapply and submit the affiliated fee again. 
  • If the candidate has scheduled an examination but failed to take it, nor provided PMI® with the necessary cancellation or rescheduling notification, the whole fee will be forfeited. 

Benefits of PMP certification:

Project Management is a challenging career, and as a PMP® certified practitioner, you will be able to face and overcome new challenges. There are various benefits that a PMP® certified professional comes across. To name a few:  

  • Being PMP® certified will give your career an extra boost by making you eligible for the best roles in the top companies globally.
  • Those with a PMP® certification garner a higher salary (20% higher on average) than those without a PMP® certification.
  • The rigorous training and coursework of PMP® will help you to increase your versatility and expand your skill set.
  • Being PMP® certified add credibility to your resume, making you stand out than the rest of the candidates.
  • There is a global community for PMP certification holders where you can reach out to other project managers of the same field across the globe, helping you to expand your market and scope while at the same time, keep yourself up to date with the technology.
  • PMP® certified project managers get hold of better job opportunities as they have knowledge, experience, and training for the same. They showcase better performance as compared to the non-certified managers.
  • The standards for PMP® exams are higher than the other project management exams. With your skills and knowledge, you can work in a much more efficient manner.
  • Being PMP® Certified can help you get challenging roles as the certification signifies your dedication to project management. Also, you will be trained to face such challenges in your day to day life.

Career growth and opportunities with PMP:

According to a survey conducted by PMI®, professionals with PMP® certification get a 20% hike in their salary as compared to a project manager who is not certified. The demand-supply equation for PMP® certified professionals is still tilted more towards the demand side. Hence, being credentialed acts as a major advantage. For the States, it is anticipated that the demand for project management professionals will upsurge to an estimate of 700,000 jobs by 2020. 

Project Management Professionals are found to be leading major projects in nearly every top organisation around the globe. PMP® professionals need not focus on a particular industry, domain or geography, making PMP® global on a true basis. A PMP® professional can work for any industry, in any location. They are known for their practices and coordination of projects in multiple and diverse industries, including government, IT sector, construction, energy/utilities, retail, digital media, healthcare, finance, etc.

Learn more about the scope and growth as a PMP® certified professional by sharing your views and queries with the professionals in the field.

KnowledgeHut

KnowledgeHut

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KnowledgeHut is an outcome-focused global ed-tech company. We help organizations and professionals unlock excellence through skills development. We offer training solutions under the people and process, data science, full-stack development, cybersecurity, future technologies and digital transformation verticals.
Website : https://www.knowledgehut.com

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Top 8 Qualities of a Successful Project Manager

Projects are temporary endeavors carried out to achieve the desired goal which could be a product, service, or result. Industry experts believe that a good project manager is one of the top contributors to a project’s success.  A project manager is a crucial link between the project sponsor or client and the team that’s involved in executing the project. In most organizations, 71% of projects fail. Lack of adequate experienced professionals, right from a project manager to project team members is one of the main reasons why most projects fail. What does it take to become a good project manager? Across organizations, there are some key attributes every good project manager has. Below are the top 8 essential attributes of a successful project manager:  1. They are visionaries A competent project head should be a visionary who can foresee the direction the project takes even before it is executed. The desired goals can be achieved only when project managers articulate the vision of what must be done during project execution clearly to their team members.  2. They are astute planners Planning should be second in nature for project managers. They should be able to assess and decide the demands of their project even before it starts. They should also be able to drive a project to completion within the stipulated budget and timelines. In case of any hiccups, they should also have the agility to divert and devise a new plan of action seamlessly. 3. They are dependable Since project managers are professionals who will need to interact with both stakeholders and team members in a project, they should be dependable to the tee. Their competence and work ethic should inspire both the stakeholders and team members to rely on each other without any fail. 4. They are competent and highly experienced A skilled project manager should stand out for his/her credentials in project management. Credentials andproject management certifications like PMP or CAPM, etc can help validate the competence of a project manager as someone who can handle any project in any industry. It also asserts their prowess in project management to the employers, stakeholders, colleagues, and team members. 5. They lead by example without micromanaging Any good project manager will simply not micromanage. Project management gives employees the liberty to take ownership of their tasks in the project while adhering to deadlines. Project managers who trust their team members to do an efficient job ensure that they are not bogged down by unnecessary distractions. These managers prefer to get weekly updates and do quality assurance checks regarding the projects rather than nit-pick. This approach will help groom a confident and self-assured team capable of handling any project. 6. They are effective communicators People skills are mandatory to become an efficient project manager. It is their daily habit to spell out goals, strategies, responsibilities, expectations, and performance. They would also have to delegate activities among team members. Hence, a good project manager must be a clear and effective communicator. 7. They are pros at troubleshooting Every project would have a fair share of potential risks associated with it.  An experienced project manager would have the wisdom to predict impending obstacles and do the needful. While executing a project, a project manager should be able to resolve unexpected hiccups that arise. 8. They have high emotional intelligence Only emotionally intelligent individuals can tackle the rigors that come with being a project manager. In situations where the team’s morale needs a boost, an emotionally intelligent project manager would be able to act accordingly. From staying calm under stress to handling various untoward issues, demand a high degree of emotional intelligence. Earning the relevant certifications is not the only important aspect of being a project manager. The above key attributes are a must-have for aspiring project managers out there. Acquire the above attributes and relevant certifications and pursue a project management career of your dreams! 
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Importance and Benefits of The Project Charter

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Risk vs Issues [ Based on Various Factors ]

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There should also not be any possibility of re-occurrences in a different form, in order to bring it to a permanent closure.  In case of a re-occurrence then such events will be treated as “risks” because risks are future focused. They will be documented in the “risk register” and then sufficient risk response plans should be identified to cover those possible future risks. What are the types of risks in Project Management? Risks in projects are inclusive of both internal risks that are associated with the successful completion of each project as well as the risks that are beyond the project team’s control. The following are a few of the most common project risks: Cost risk: This refers to the escalation of project costs as a result of poor cost estimating accuracy and scope creep. Schedule risk: This refers to the risk of activities taking longer than expected. 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This also includes liquidity and credit risks. Legal risks: These risks arise because of legal and regulatory obligations which include contract risks and litigation brought against the organisation. External hazards risks: These risks are incurred due to storms, floods, and earthquakes. Other than these, vandalism, sabotage, terrorism, labor strikes, and civil unrest are responsible for such type of risks. What is the importance of risk identification? The most important step in risk management is identifying risks. It involves generating a comprehensive list of threats and opportunities which are based on events that might prevent, enhance, accelerate, degrade, or delay the achievement of your objectives. You can’t manage risk without identifying it. But how to identify risks? One of the key steps in a proactive risk management process is to identify risks. You must look at the following sources in order to identify your project risk: Sources Description Risk registers and risk reports Provide a foundation for the evaluation of existing risks and their potential risk to an objective. Issues log It comprises of the issues and the actions considered to resolve them. Analyze the issues that were formally identified as risks. Audit reports These are the independent view of adherence to regulatory guidelines which include a review of compliance preparations, access controls, security policies, and risk management. Business Impact Analysis (BIA) It is a detailed risk analysis that is done in order to examine the nature and extent of disruptions and the likelihood of resulting consequences. Internal & external reviews These reviews are undertaken in order to evaluate the adequacy, suitability, and effectiveness of the department’s systems, and to plan for the scope of improvement.   Perspectives for Risk Management   It is important to realise the perspectives for risk management and evaluate them during a program’s life continuously in order to anticipate risks at an early stage and tackle issues appropriately. Few of the risk management perspectives are as follows: Strategic level: The interdependencies of the program with other initiatives, its outcomes, and benefits realisation are affected by the strategic level changes. These changes are driven by: External factors like political, economic, social, legislative, environmental, and technical Internal political pressure Inter-program dependencies Working with third-party suppliers along with other cross-organisational initiatives can be grouped under this level. Program level: The focus of a program is to deliver benefits to an organisation that positively or negatively affects both internal and external stakeholders. Risk Management for a program must be designed to work across organisational boundaries to ensure effective engagement of stakeholders and accommodation of different interests. The principal areas of risk and issues within a program are driven by: Aggregating project threats Lack of direction from the group of leaders Lack of clarity about expected benefits and buy-in from stakeholders Complexity of outcomes You should also consider the compilations associated with working across the organisational boundaries as another factor Availability of resource Lack of certainty about funding This also includes unrealistic timelines that increase program delivery risks. Project level: Project outputs help in delivering the outcomes and benefits within a program. Focusing on the risk and issue management on project perspective is important Areas leading to the rise of project risks and issues, resource constraints, scheduling issues, and scope creep It may lead to issues and risks if the project is unsure of what it is delivering. Operational level: The transition of a project to new ways of working and new systems can lead to further sources of risk as projects deliver the outputs. The following areas can be included in the operational level perspectives: The quality of the benefit-enabling outputs from projects within program Cultural and organisational issues Output transfer to operations and the ability to cope with new ways of working The risks can further be identified in stakeholder support Industrial relations Availability of resources to support changes.   Early warning indicators for risks in project management The early warning indicators for project management can be defined as follows: In order to anticipate potential problems, there needs to be proactive risk management. These indicators offer advance warning about trends or events that can affect the outcomes of the program adversely. The sensitive risks can be tracked with the help of these indicators. Few of the early warning indicators are delays in delivery of expected or planned benefits, requests to change key program information, increase in aggregated risks, changes to organisational services, structure, and processes. Further, these indicators should be able to measure valid indicators, reviewed on a regular basis, and they should use accurate information. This ensures the effective functioning of the early warning indicators. The other methods which can be deployed to evaluate risks are as follows: Record the weighted average of the anticipated impact through the calculation of estimated monetary value. Calculate the accepted discount rate through the net present value calculation. Aggregate the risks together using a simulation technique through risk model. To conclude An experienced and certified project manager knows that every project involves identifying and managing project risks and project issues. Further, they are aware of the fact these risks and issues can be responsible for knocking a project off its track and divert the focus of the team away from fulfilling their responsibilities and goal achievements. This blog will help you to differentiate between project risk and project issues along with the key steps for identifying the risks. You will also understand the importance of risk identification and the perspectives of risk management. The blog also throws light on the early warning indicators to realise the risks in project management. This information will surely help you to realise the upcoming risk and avoid it for a smooth continuation of your project.
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Risk vs Issues [ Based on Various Factors ]

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