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

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