Join Bob McGannon for an in-depth discussion in this video Assessing and prioritizing analyzed risks, part of Project Management Foundations: Risk.
The science of risk management is fairly straightforward.…Prioritize your risks by potential impact…and manage your most significant project risks.…Many project managers do this…and believe they're on the right track.…And they usually are,…most of the time.…The problem is stakeholders…don't always think scientifically.…To effectively manage risks on your projects,…you need to consider stakeholder risk sensitivities…before you can say your risk analysis is complete.…
It's important to remember in any risk analysis…that your stakeholders, sponsors, and project team…may all tolerate risk differently.…In cases where your stakeholders…are very sensitive to some types of risk,…complete your risk analysis by incorporating that…into your risk management.…Here are the steps you can take to make sure…you and your risk sensitive stakeholders will be aligned…when it comes to managing your project risks.…First, split your risks into impact type.…
Time impacts, scope impacts, and cost impacts.…Once you've done this,…consider your stakeholders' or sponsors' tolerance…
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- Incorporating risk management into your project
- Identifying risk
- Categorizing risks
- Performing qualitative and quantitative risk analysis
- Building a risk-response plan
- Deciding when to execute a risk-response plan<br><br>
- The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.