Identify how risk management increases the likelihood of project success.
- [Voiceover] Risk represents uncertainty. That means risks or events good or bad that may occur in the future. By managing project risk, you not only reduce the probability and impact of negative events, you're ready to take advantage of positive events that occur. The first step in project risk management is putting together a plan. Basically, you spell out how to perform risk management tasks in your project.
By planning for risk management, you ensure that there's enough time and resources set aside for these important tasks. With your risk management plan in place, the second step is to identify the risks the project could face. This isn't a once and done activity. You should revisit this step every so often to look for new risks that might arise as the work progresses. You may discover that your list of risks is overwhelmingly long.
The good news is, you don't have to manage every risk you've identified. That's why the next step is to analyze the probability that each risk might occur as well as its impact on the project if it does. That way you can prioritize risks to focus on the ones with the greatest probability and impact. There are many ways to handle risks like avoiding them, transferring the risk to someone else, that's what insurance is, mitigating the effect of the risk, coming up with contingency plans, and so on.
For each risk you manage, you decide how you're going to respond to the risk should it occur. The last step is monitoring risks. You keep an eye on them so you know right away if they occur. At that point, you jump in and implement the response you chose. Then you track the results to make sure the response is working. Managing risk is important throughout the entire life of a project. It helps reduce the negative impact of detrimental events and it also helps you make the most of positive ones.
Bonnie Biafore has always been fascinated by how things work and how to make things work better. In this course, she explains the fundamentals of project management, from defining the problem, establishing project goals and objectives, and building a project plan to managing team resources, meeting deadlines, and closing the project. Along the way, she provides tips for reporting on project performance, keeping a project on track, and gaining customer acceptance.
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.
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- Defining the components of a project
- What it takes to be a project manager
- Using project management software like Microsoft Project
- Managing project scope, budget, and schedule
- Managing project resources, including people
- Managing project risk
- Initiating a project
- Identifying and managing stakeholders
- Identifying requirements and deliverables
- Developing a project plan
- Building a project schedule
- Assigning resources to tasks
- Understanding the critical path
- Running the project
- Managing teams
- Monitoring performance
- Closing a project
Skill Level Beginner
Project Management Foundations: Communicationwith Doug Rose1h 47m Appropriate for all
Project Management Foundations: Budgetswith Bob McGannon1h 11m Appropriate for all
1. Getting to Know Project Management
2. Exploring Project Management Knowledge Areas
3. First Things First
How to develop requirements4m 19s
4. Developing a Project Plan
5. Building a Project Schedule
6. While You Run the Project
7. Working with Teams
8. Monitoring and Controlling Progress and Performance
9. Closing a Project
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