This video explains methods for qualifying and quantifying your risks, to determine which specific risks you should examine further and incorporate into your overall risk management plan.
- All these risks, it's just too much.…They're making me crazy.…How could you manage a project…without spending 120% of your time managing risk?…The answer is perform a qualitative risk analysis…to prioritize your risks.…To do so, perform a quick high-level assessment…of their probability and impact.…Here's my approach.…First, assess the impact of each risk.…Determine if each risk would have a high,…medium, or low project impact.…
The impacts you consider should include cost,…schedule, and deliverable quality.…Second, do the same for probability, high, medium, or low.…Keep it simple.…The point is to get a quick high-level ranking…for all your risks.…It's a filter to help you work out which risks…are worth spending your time on.…Now, the next step, sort the results.…This will give you a high-level reference…for which risks need to be examined further.…
You'll want to address your high probability,…high-impact risks first, then look at your risks…rated with lower probabilities and impacts.…For all of your risks with low ratings,…
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.