Learn how to identify and describe the risks associated with your project.
- You've heard the saying,…if anything can go wrong, it probably will.…Every project faces risks…and as a project manager, you need to think about that,…prepare for it and then manage those risks effectively.…In this video, we'll see how to define project risks…so that you can manage them and keep your project on track.…To start with, let me explain what I mean when I say a risk.…
The official definition of risk…from the Project Management Institute…is an uncertain event or condition…that if it occurs has a positive or negative effect…on a project's objectives…but for most practical purposes,…a risk is something that could go wrong.…The thing that's really important for a project manager…is to decide which risks are most relevant…so they can develop a risk management plan.…
One useful approach is to classify risks…into three categories.…Global, local and systemic risks.…Let's start with global risks.…A global risk is something that happens in the world…around your organization…and it's completely beyond your control.…
Instructor Daniel Stanton begins the course by reviewing the key skills highlighted in the Project Management Institute (PMI) Talent Triangle, and explaining how strategy and business management fit into your professional development. Next, he explains how to align your project with the priorities of your organization, and effectively communicate the goals, benefits, and risks of your project to your stakeholders. Then, he walks through the different business functions in an organization, including marketing and sales, supply chain management, human resources, and information technology. To wrap up, Daniel explains how to leverage your business acumen to collaborate effectively with individuals throughout your organization.
Lynda.com is a PMI Registered Education Provider. This course qualifies for professional development units (PDUs). To view the activity and PDU details for this course, click here.
The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.
- Identify the role of business acumen in the PMI Talent Triangle.
- Recognize that projects are how businesses implement changes.
- Explore the characteristics of a SMART goal.
- List several business benefits of good customer service.
- Identify common financial documents.
- Review common financial analysis methods.
- Recall the three common approaches to continuous process improvement.
- Identify the differences between strategic, tactical, and operational goals.