This video lists and defines the most commonly used approaches for responding to risks on your project, as a means of reducing the overall effect of those risks on your project.
- Project managers are like Superman…or Wonder Woman with bullets coming at them.…The bullets are risks and you want…to plan risk responses to the incoming bullets.…You could step out of the way, avoiding the risks.…You could use a shield to deflect…the bullets or mitigate the risk.…You could pick up a bad guy and put him…in the way of the bullets transferring the risk.…Or, having super powers, you could accept the risk…of being hit by the bullets if they won't harm you.…
While we aren't actually superheroes,…we do have the same variety of risk responses.…Let's take a close look.…Avoiding a risk means we eliminate it.…Whatever risk might be present,…we take action to make it irrelevant.…Let's say your project involves something out of fiberglass,…however, a risk exists that the fiberglass…might be too flexible so instead,…you and the team decide to make the component out of steel.…You avoided the risk by using steel.…
Another response, is to mitigate the risk.…You do so by reducing the probability…or reducing the impact of a risk occurring.…
Author
Bob McGannon
Released
12/13/2018Note: This course follows the latest guidance from Project Management Institute, Inc., as outlined the PMBOK® 6 Guide.
- Explore why dealing with risks needs to be part of the everyday process used to manage a project.
- Learn to outline the most common, pragmatic approaches to identifying risks specific to a project.
- Recall methods for qualifying and quantifying your risks to determine specific risks and manage their costs.
- Examine the primary considerations for a project risk plan and what components should be included in every plan.
- Assess techniques that help you identify the overall risk a project presents to your business.
- Examine several risk analysis and filtering examples that help ensure you've addressed individual risks properly on your project.
Skill Level Intermediate
Duration
Views
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Introduction
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Risk: The beast to tame1m 12s
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1. Create a Risk Plan
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Stakeholder's risk tolerance3m 15s
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2. Identify Project Risks
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Risk identification methods3m 22s
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Risk records and registers3m 25s
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3. Analyze Project Risks
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4. Respond to Project Risks
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Common risk responses3m 13s
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Write your risk plan3m 13s
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Understand risk triggers3m 17s
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5. Monitor and Control Project Risks
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Risk management in reporting3m 10s
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Assess overall project risk3m 25s
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Agile risk management3m 5s
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6. Risk Management in the Real World
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Risk identification3m 22s
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Risk analysis3m 16s
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Risk response3m 13s
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Conclusion
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Your risk management toolkit2m 26s
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Video: Common risk responses