Join Bob McGannon for an in-depth discussion in this video Understanding your stakeholders' risk tolerance, part of Project Management Foundations: Risk.
Projects involve people, and people aren't all the same.…Those differences can be even more drastic…When dealing with the threats of risk.…So, you can hope that you will…pick up these differences as you go along,…or you can be more methodical…in understanding your stakeholders.…Personally, I recommend being more methodical.…The critical element to methodically understanding…how your stakeholders will react to risk,…is to understand their risk tolerance.…With that information, you can determine…the level of effort, focus, and attention…that's required in your risk management approach.…
There are two components to understanding…risk tolerance, the people element,…and the appraisal element.…Let's take a look at the people side of things.…First, be prepared for the fact…that your stakeholders, sponsors,…and the people on your project team…will each tolerate risk differently.…Some people are prepared to jump out of airplanes for fun.…Some people are cautious walking down stairs.…And there's everyone in between.…You need to take this into consideration…
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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.