Video: 

Could you use a crystal ball for risk management?

Risks cannot be eliminated but they can be mitigated managed and intelligently avoided.

Crystal ball video

Video: Risk Assessment: Doing the Dishes.

Video: Project Risk Management: Plotting and Managing Risk in Projects.

This speaker talks about maintaining a risk register.

Step one is to get your risk list together - Many project managers simply email out to
their project team and ask their project team members to send them things they think
might go wrong on the project, in terms of a risk to the project. However, the best and
more efficient way would be to get the entire project team together some of the client’s
representatives on the project, and perhaps some of the vendors who might be
integrating with the project and conduct a risk identification session together.
RIS – risk identification session
The information collected in the risk register from the RIS should be used to categorize
and each risk identified should be assigned the likelihood and impact whether it’s high
medium or low.

Once the degree of likelihood and impact of each risk is identified you should start
developing your mitigation techniques, you should start from the high likelihood and
high-impact risks. Develop mitigation techniques for each of those items Start with your
most likely, highest impact risk and work down to your least likely, lowest impact risk to
develop those mitigation strategies. Spend your time wisely.

Once you’ve developed the mitigation techniques, then it is important to quantify the
cost of what that mitigation technique might be and quantify the impact in terms of the
dollar amount of the risks happening, what the cost might be to the project. Example of
buying insurance for an event

Once all the above steps are conducted and followed at the beginning of the project you
should go back and do the entire cycle at least weekly

It is registered isn’t something that you put away after you start the project it’s
something that you need to look at every week and make sure that you caught your
project team on board and updated for preventing the potential risks and turning them
into issues

Video: About Project Risk Management.

Risk management is the most profitable exercise

You can deal with risk but not ignore it – it is the most important part of project management
API matrix tool is used to identify the impact and probability of the risk which helps you to identify the
most critical risk and come up with the counter measures

You should keep on updating your risks as the project goes on as it’s a dynamic component and might
change based on the circumstance

Video: What Is Risk Management in Projects?

Triple constrain – School cost and time along with quality I called the triple constraint

PMP – Sub Plans – Time management plan

Scope management plan
Budget management plan
Quality next line change management plan next line issues management plan
Risk management plan

Risk Management Plan -

Process : who, what, when, how are identified to manage potential risks on the project
Tools: identify the various tools that would be used during the project phase example p.m. software XL
temperature etc.
Activities: The activities included in the Project Management Plan are identified here. It’s just all
the activities that we used to managers throughout the entire project those are:
Identifying risks : boosted involves identifying the activities that would have potential trusts
attached to them.
Detemining probability of the risk: this activity you need to understand what is the likelihood of
the said risk to occur

Evaluating Impact – what will be the impact of the risk on the project – huge or small

Planning Response – that if these risks do occur how do we respond to them

Documenting and Tracking of risk :

Communicating risk to the members of the team