Risk according to ISO: Effect of uncertainty on objectives. Risk according to PMI: Uncertain event/condition which, if it occurs, has one or more effects on project objectives. For me, these two definitions are quite different. PMI's definition makes a lot of sense for those who manage risks on projects.
Thanks for your comment Simão. I think both ISO and PMI definitions have important similarities - both include uncertainty and effect on objectives. The main difference is that the PMI definition is specific for projects, but the ISO definition is more generic.
Thanks for this question Mohammed. Please watch video #17 "How can risks be quantified?" in this playlist: th-cam.com/video/EdIjbpNdB34/w-d-xo.html I hope this addresses your question.
Great help Dr thanks a lot.Am preparing for PM exams, until i see ur video i thought i know ever thing about risk, sooner after i realised i knew nothing lol.
Hello, David. Just started watching your 100 videos and I'm excited. But before actually starting to watching your videos, I've read all the questions and couldn't find one related to hazard or the difference between a hazard and a risk. And most people confuse those two words as I suppose you know very well.
Hi, thanks for your interest in these videos. I hope you enjoy them. I'm sorry that we didn't include the difference between hazard and risk. Obviously we can't include every possible question on risk! So we tried to think of the main questions that would interest most people. Hazards are really only relevant in the safety risk world, so we didn't discuss it in this series. I'm sure you'll find plenty of useful topics here though!
A hazard is something that can cause harm, e.g. electricity, chemicals, working up a ladder, noise, a keyboard, a bully at work, stress, etc. A risk is the chance, high or low, that any hazard will actually cause somebody harm. For example, working alone away from your office can be a hazard. The risk of personal danger may be high. Electric cabling is a hazard. If it has snagged on a sharp object, the exposed wiring places it in a 'high-risk' category.
As per ISO 31010 - RISK is EFFECT of UNCERTAINTY on OBJECTIVES !! 🔥Waah, great !!
Thank you so much, I'm glad you agree!
Risk is uncertainty and effects on objectives. Makes sense.
Thank you.
Exactly!
Risk according to ISO: Effect of uncertainty on objectives. Risk according to PMI: Uncertain event/condition which, if it occurs, has one or more effects on project objectives. For me, these two definitions are quite different. PMI's definition makes a lot of sense for those who manage risks on projects.
Thanks for your comment Simão. I think both ISO and PMI definitions have important similarities - both include uncertainty and effect on objectives. The main difference is that the PMI definition is specific for projects, but the ISO definition is more generic.
Watching these 100 videos for 2nd round . Earlier for mapping in the chart. Now to see the exact flow of concepts. Thank you Doctor**.
Thanks Adikhari, I'm glad you enjyed these videos.
hi doctor , can you please advise how to perform risk quantification as it is one of the pain areas for every?
Thanks for this question Mohammed. Please watch video #17 "How can risks be quantified?" in this playlist: th-cam.com/video/EdIjbpNdB34/w-d-xo.html
I hope this addresses your question.
Great help Dr thanks a lot.Am preparing for PM exams, until i see ur video i thought i know ever thing about risk, sooner after i realised i knew nothing lol.
I'm glad it was useful for you.
Where can I find the best training provider in risk management? Thank you
It depends where you're based and what level of risk training you need. There is no one "best training provider", sorry!
Risk depend on objective.
Yes!
Hello, David. Just started watching your 100 videos and I'm excited. But before actually starting to watching your videos, I've read all the questions and couldn't find one related to hazard or the difference between a hazard and a risk. And most people confuse those two words as I suppose you know very well.
Hi, thanks for your interest in these videos. I hope you enjoy them. I'm sorry that we didn't include the difference between hazard and risk. Obviously we can't include every possible question on risk! So we tried to think of the main questions that would interest most people. Hazards are really only relevant in the safety risk world, so we didn't discuss it in this series. I'm sure you'll find plenty of useful topics here though!
Thanks for your reply.
Absolutely there are plenty of topics - more like a gold mine in terms of risk management.
A hazard is something that can cause harm, e.g. electricity, chemicals, working up a ladder, noise, a keyboard, a bully at work, stress, etc.
A risk is the chance, high or low, that any hazard will actually cause somebody harm.
For example, working alone away from your office can be a hazard. The risk of personal danger may be high. Electric cabling is a hazard. If it has snagged on a sharp object, the exposed wiring places it in a 'high-risk' category.