Not all risks can be analyzed from data you can pragmatically collect. Variability of outcomes and ambiguous processes, from external to your business, can have a significant impact on your risk profile. This video defines these risk elements and provides
- Not knowing what you need to know can be stressful.…Not even knowing what you don't know can be distressing.…Let's look at two categories of project risk…that involve things you don't fully know.…These risks can create problems if they're not considered.…The first is variability risk.…This is risk that comes from variables in your environment…that always exist, but over which you have no control.…
For example, weather can have a significant impact…on the schedule of a construction project.…While you might target a time of year…when the weather's more cooperative,…weather will always vary.…The second category is ambiguity risk.…In contrast with variability risks…where you know something will happen…but the results will vary, like the weather,…ambiguity risks deal with unknown factors…about what will happen in the future.…Examples of this are legislation that may be signed into law…during the course of your project that require changes,…new technical inventions that may improve…or detract from your project,…or a new product that may be introduced by a competitor…
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.