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RISK MANAGEMENT 101: An Introduction to Project Risk Management

Risk Management is one of the core skillsets within the wider profession of Project Management. Whether your project is purely predictive, or absolutely agile, you need to manage risk. We have plenty of videos on the topic, but this one is your basic introduction. Definition of Risk and Risk Management Risk: Uncertainty that has an impact on your project. Risk Management: the process of managing that uncertainty to control the impacts of risks on your project. It consists of: • Processes • Tools • Attitudes The Basic Risk Management Process? 1. Identify 2. Analyze 3. Plan 4. Action Review and Repeat Assessing Project Risk Two defining characteristics 1. Likelihood 2. Impact Plus the one most important additional characteristic • Proximity 6 Essential Strategies for Managing Project Risk 1. Eliminate the Risk 2. Reduce the Likelihood 3. Reduce the Impact 4. Transfer the Risk 5. Contingency Plan 6. Accept the Risk Key Tools and Templates 1: Risk Management Plan Two uses: (PMI) a plan for how you will run the risk management process A Plan for how you will manage a specific (usually substantial) risk Learn more at:    • How to Create a Risk Management Plan   2: Risk Register Learn more at:    • What to Put in Your Risk Register (Ri...   Learn More about Risk Management My book on Risk Management is 'Risk Happens!' 2nd Ed: https://geni.us/BN4bH 🎬 🎬 🎬 Our Risk Management Playlist    • Risk Management   Recommended Videos Selected video recommendations from our Risk Management Playlist: 🎬 What to Put in Your Risk Register (Risk Log)    • What to Put in Your Risk Register (Ri...   🎬 4 Types of Project Risk - Different Forms of Uncertainty    • 4 Types of Project Risk - Different F...   🎬 How to Create a Risk Management Plan    • How to Create a Risk Management Plan   🎬 How to Do Risk Management in Agile Projects    • How to Do Risk Management in Agile Pr...   🎬 Risk Identification: How to Identify Project Risks    • Risk Identification: How to Identify ...   🎬 Top 5 Ways to Remove a Risk Entirely    • Top 5 Ways to Remove a Risk Entirely   🎬 PMI-RMP: PMI’s Risk Management Professional Certification - with Harry Hall    • PMI-RMP: PMI’s Risk Management Profes...   🎒 A while back, I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list. https://kit.co/MikeClayton/what-a-pro... Note that the links are affiliated. 🎬 For more great Project Management videos, please subscribe to this channel:    / @onlinepmcourses   🎁 For all our great Project Management articles and resources, please check out the OnlinePMCourses website: https://onlinepmcourses.com/ 🏛 For basic Management Courses - free training hosted on YouTube, with 2 new management lessons a week, check out our sister channel, Management Courses:    / managementcourses   🎓 For more of our Project Management videos in themed collections, join our Free Academy of Project Management: https://onlinepmcourses.com/free-acad... ⏱ Chapter Markers... 00:00 - Risk Management - Basic Introduction 00:31 - What is Risk? 00:55 - What is Risk Management? 01:59 - Identifying project risks 02:24 - Analyzing project risks 04:48 - 6 core strategies for handling a risk 07:18 - Key risk management tools and templates 07:29 - Risk Management Plan 08:31 - Risk register 10:12 - The importance of Risk Management 10:24 - Risk Management certifications 10:45 - Risk Happens! 10:59 - Concluding remarks #ProjectRiskManagement #ProjectManagement #RiskManagement