Podcast
Business Exam Prep
Hosted by Ran Chen, EA, CFP® · EN
Business Exam Prep is a free, daily podcast by OpenExamPrep covering the most in-demand business and management certification exams — including PMP, CAPM, Six Sigma, FPC (Payroll), CMP, and more. Each 5-minute episode breaks down one exam topic with concrete examples, common exam traps, and memory tricks to help you pass on your first attempt. No fluff, no filler — just the concepts you need to know, explained the way the exam tests them. This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP designation. He is passionate about opening access to high-quality exam preparation for everyone. For free practice questions, AI-powered explanations, flashcards, and full study guides, visit https://open-exam-prep.com/ Subscribe and listen daily — your certification is closer than you think.
77episodes
Episodes
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PRINCE2 Exam Prep 36, Progress Reports — Highlight, Checkpoint, End Stage
Jun 600:03:05Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The distinct audiences and purposes of Checkpoint, Highlight, and End Stage reports in PRINCE2. - That Checkpoint Reports flow from Team Managers to the Project Manager, detailing Work Package progress. - That Highlight Reports are regular, time-driven summaries from the Project Manager to the Project Board, used when the stage is within tolerance. - That the End Stage Report is a retrospective review of a completed stage, used by the Project Board to authorize the next stage. - How the Communication Management Approach document defines the timing and format for all project reports. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
Transcribe →PRINCE2 Exam Prep 35, Progress Practice — Tolerances by Aspect
Jun 500:03:36Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - That PRINCE2 tolerances apply to six specific aspects: Cost, Time, Quality, Scope, Benefits, and Risk. - The hierarchy of tolerance setting, from Corporate to the Project Board, the Project Board to the Project Manager, and the Project Manager to the Team Manager. - The critical concept that an exception is triggered by a *forecasted* breach of tolerance, not an actual one, which is central to the 'Manage by Exception' principle. - How to spot common exam traps, such as overlooking non-financial tolerances like scope and quality or confusing stage-level and project-level authority. - The mnemonic "Can The Queen See Big Rabbits?" to quickly recall the six tolerance aspects during your exam. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
Transcribe →PRINCE2 Exam Prep 34, Configuration Management Essentials
Jun 400:03:04Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The five core activities of PRINCE2 configuration management are Planning, Identification, Control, Status Accounting, and Verification/Audit. - The Configuration Management Strategy is the key document created during initiation that defines how all project products will be tracked and controlled. - A 'baseline' is a formally approved version of a product; any changes to it must go through a formal change control procedure to prevent scope creep. - Each product is tracked using a Configuration Item Record, which details its unique identifier, version, status, owner, and relationships to other items. - Verification and audit are crucial for ensuring the configuration records accurately reflect the actual state of the products, which is distinct from quality control. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
Transcribe →PRINCE2 Exam Prep 33, Change Control Procedure and Issue Register
Jun 300:03:01Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The five steps of the PRINCE2 change control procedure: Capture, Examine, Propose, Decide, and Implement. - How the Issue Register is used to formally log and track requests for change, off-specifications, and other project issues. - The distinct roles and decision-making power of the Project Manager, Change Authority, and Project Board based on project tolerances. - Why a separate change budget is essential for funding approved changes and how it differs from cost tolerance. - The critical link between implementing a change and updating the corresponding Configuration Item Records. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
Transcribe →PRINCE2 Exam Prep 32, Issues Practice — Issue Types and Recording
Jun 200:03:23Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The three official PRINCE2 issue types: Request for Change, Off-Specification, and Problem/Concern. - The critical difference between recording informal issues in the Daily Log versus formal issues in the Issue Register. - The purpose of an Issue Report as the formal document for analyzing and presenting an issue for decision. - The four possible decisions that can be made on an issue: approve, reject, defer, or request more information. - A common exam trap of confusing the Daily Log with the Issue Register and when to use each. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
Transcribe →PRINCE2 Exam Prep 31, Risk Responses — Avoid, Reduce, Transfer, Accept, Share
Jun 100:03:22Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The six appropriate PRINCE2 risk responses for threats: Avoid, Reduce, Fallback, Transfer, Accept, and Share. - The four appropriate PRINCE2 risk responses for opportunities: Exploit, Enhance, Share, and Reject. - How to select a risk response that is proportionate to the severity of the risk, a key exam concept. - The critical difference between the Risk Owner (accountable) and the Risk Actionee (responsible for execution). - A mnemonic to help you remember the six threat responses for your exam: AS RAFT (Avoid, Share, Reduce, Accept, Fallback, Transfer). For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
Transcribe →PRINCE2 Exam Prep 30, Risk Register and Risk Identification
May 3100:03:00Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The nine essential components of a PRINCE2 Risk Register, from identifier to actionee. - The critical difference between a Risk Owner (accountable for the risk) and a Risk Actionee (responsible for the response), a common exam trap. - Four key risk identification techniques tested on the exam: brainstorming, lessons learned, Risk Breakdown Structure, and prompt lists. - Why risk identification is a continuous and iterative activity throughout the project lifecycle, not a one-off task. - A mnemonic to easily remember the columns of the Risk Register: 'I Describe Problems In Proximity, Responding So Owners Act.' For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
Transcribe →PRINCE2 Exam Prep 29, Risk Practice — Risk Management Approach
May 3000:02:59Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The Risk Management Approach defines the 'how-to' for project risk, while the Risk Register lists the specific 'what' of each risk. - The Project Manager creates the Risk Management Approach during initiation, but it must align with corporate policies and be approved by the Project Board. - This document establishes the specific procedures, tools, techniques, and reporting standards for managing risk throughout the project. - It contains the risk budget, a separate fund exclusively for financing responses to threats and opportunities, which cannot be used for scope changes. - The Risk Management Approach is a dynamic document that is reviewed and potentially updated at the boundary of each management stage. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
Transcribe →PRINCE2 Exam Prep 28, Quality Reviews and the Quality Method
May 2900:03:22Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The three distinct roles in a PRINCE2 Quality Review are the Chair, Presenter, and Reviewer. - A Quality Review follows a strict three-step process: Preparation, Review Meeting, and Follow-up. - Product sign-off occurs only after all follow-up actions are completed and verified, not at the conclusion of the review meeting. - The Quality Review technique is a specific product-focused check, distinct from the broader, ongoing Project Assurance function. - The PRINCE2 Quality Method encompasses various techniques beyond reviews, including inspection, testing, and demonstration. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
Transcribe →PRINCE2 Exam Prep 27, Quality Register and Product Description
May 2800:03:00Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - A Product Description defines measurable quality criteria and tolerances for a specific product. - The Quality Register acts as a comprehensive log, or diary, for all planned and completed quality activities, not just failures. - A common PRINCE2 exam trap is confusing the individual Product Description with the overall Project Product Description. - The relationship between the two documents: Product Descriptions set quality standards, and the Quality Register tracks the results of checking against those standards. - How to use the mnemonic "Purple Cars Drive Quietly To Meet Residents" to recall the essential components of a Product Description. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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