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.…
Note: 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.