Join Bob McGannon for an in-depth discussion in this video Categorizing and consolidating risks, part of Project Management Foundations: Risk .
There is benefit to having a large number of risks,…identified for your project,…but managing an extensive number of risks,…can be awkward and cumbersome.…With lots of groceries, it is good to sort things out.…Place items in separate bags…for the freezer, fridge, and pantry.…Be organized when you get home.…The same pertains to risks on your project.…How will you ensure your risks are well organized,…so you can manage them?…Categorizing risks for your project is a great way…to ensure you are well organized.…
Let me share some typical ways to categorize risks,…and some tips for using those categories wisely.…My first suggestion for categorizing risks is by looking…at the triple constraints of time, scope, and costs,…as well as quality and resources.…Look at how your risks may impact your project,…and identify any budget, schedule,…personnel, and requirements risks.…Try to find any risks that have some common causes.…For example, one common area for risks…might be that you don't have enough people,…or you lack people with the relevant skills.…
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- Define positive and negative risk.
- Explain how to incorporate risk management into your project.
- List the components of a risk plan.
- Identify risk-identification methods.
- List common risk responses.