Project Risk Management - How to Manage Project Risk
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- เผยแพร่เมื่อ 28 ม.ค. 2020
- When you are managing a project, risk is always with you. So, Project Risk Management is a fundamental discipline.
Project Risk Management one of the 10 Knowledge Areas in the PMBOK Guide 6th Edition and one of the 7 themes of PRINCE2.
So, in this video, I'll give you a comprehensive introduction to my tips for how to manage project risk.
For more information, we have lots of articles about risk management on our website. But the one to start with is our:
Ultimate Guide to Project Risk Management
onlinepmcourses.com/ultimate-...
My introductory book to Project Management is How to Manage a Great Project (published by Pearson): geni.us/4Iz6M (affiliated link).
#ProjectManagement #RiskManagement #ProjectRisk
![Project Risk Management Briefing [Video Compilation]](http://i.ytimg.com/vi/LC0jB1vL5xI/mqdefault.jpg)
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Great video on risk management. It's really important to spot risks early and have a good plan to handle them. I like how you talked about always watching for risks and keeping the team informed. Good risk management helps keep projects on track and makes the team stronger.
Thank you very much. Yes indeed - risk management is a team effort - and also a team-building activity.
I appreciate that you're able to condense what was a 2 hour class lecture into a 11 min video. Thank you!
You're very welcome!
98
Thank you Mike Clayton for a great shot clear delivery on project risk subject. It is a pleasure to learn from enthusiastic knowledgeable people.
That's my pleasure!
I love the simplisty with which you explain. You are a great teacher. I would love to learn more from you.
Wow, thank you!
Loads more videos for you whenever you're ready.
Every video is a learning experience about different aspects of Project Management. Thank you for your excellent videos and teaching and training style.
You're very welcome.
Thanks for such an informative overview of Risk Management. It was very beneficial in my learning process.
You're very welcome.
WOw, u just basically simplified an intricate concept for me. Thank you. IT strengthens my foundation as I am studying for Business related courses.
Glad it was helpful!
Beautifully summarized the project risk management in a short video. Great video !!
Thank you. Much appreciated!
This man speaks incredibly clearly. Very good video.
I appreciate that, Mamun.
This lecture has helped me to clear my doubts and I have a better understanding of my subject. I appreciate the enthusiasm you’ve given me for the course. It would be great if you can add some great examples next time.
Thank you very much.
The examples and strategies shared are incredibly practical. This really helped me with my stock market work, Thanks for sharing this valuable insight! Looking forward to more content like this.
I am glad this has helped you and that these basics of Risk Management are so widely applicable.
Both your channels have helped me immensely in several courses for my Bachelors degree. I can't express my gratitude enough for someone like you, who provides all this high quality content for free!
Wow, thank you!
very informative vedio, simple and clear.
Thank you.
This video helps me to know about the importance of risk management that it is a core part of project management to stay in control of projects . I also learned the four steps of risk management which are identify risks, analyze risks, develop a risk management plan, implement and monitor the plan. In risk management plan, there are six core strategies which I find difficult before but after watching this video, these are very interesting and easy.Last thing that I learned from this video is if we do well, risk management becomes a part of our regular project management routine and we will also stay in control of our risks.You are really talented as you explained very well.
Thank you very much. It's great to hear that my video has helped you.
Thank you for bringing the energy and enthusiasm in this lecture. I engaged and completely engrossed in your lecture, which seem to fly by far too quickly. You really are so talented because as you explained about the project risks, this becomes too easy to get. Please keep sharing these informative videos.
Thank you so much!
Great vídeo. Simple and clear. Thank you.
You're very welcome.
This guy has actually helped me change my career just from making TH-cam videos. What a legend
Wow! Thank you, LC. I just aim to help people learn. If you've used that to change your career, I'm delighted for you.
However, the strapline for my OnlinePMCourses website is 'Build Your Project Career'. So, it's great that I have helped you to do that: onlinepmcourses.com
Thanks Mike - great guidance!
You're very welcome!
Yes Done Dr Mike. Thanks a Millions.
You're welcome.
Perfect explanation of RM, absolutely useful 👌👌👏👏👏
Glad it was helpful!
Full of gems... Thank you much.
You are very welcome.
Wow! Thank you....very well explained
You are welcome! Thank you.
Perfectly explained!
Thank you!
clear & concise 🎉
Thank you.
Useful explanation👍.Thank you for this video😊.
You're very welcome!😃
Great Job. Thank you so much
Cheers VPMPA
Very instructive and clear
Thank you, Eric.
Great video. Thanks!
Thanks - you're welcome.
This helped. Thanks much!
Thank you for letting me know.
Nice Video Mike... Helpful. if you could make some of those topics: how to do budget/cost analysis, how to set project timeline, how or the process to hande over project to client, budget control how to do, project conflicts, how to plan a project from day 1, how to minimise payment variation. Thank you.
Sudip - thank you. Project Cost Management is already scheduled - keep an eye out on 20 Feb!
Thank you for the ideas on all the rest. I'll add them to my (long) list.
one of the best explanations.
Thank you.
GOOD EXPLANATION OF RISK MANAGEMENT
Thank you.
Thank u so much! A great tutor for a begineer like me 🙏🏻
You're very welcome, Gabby.
Thank you so much
Well explain
Thanks, Mary.
Wow this is great explanation for beginners
Thank you, Grant.
Very useful explanation. What would be the difference between probability and likelihood? Can we use probability to measure uncertainty?
Likelihood is a 'less jargony' way of labeling probability But you should avoid trying to estimate probability unless you:
a. have a sophisticated understanding of statistics and probability theory, and
b. have a decent data set to work from
Of course we can use probability to measure uncertainty. But most project managers don't have the skills to do so - and the nature of projects (as unusual/unique activities) means we are unlikely to have access to enough data to render our estimates robust. Therefore we would be likely to succumb to the precision error: believing our precise figure is therefore accurate (and so, reliable). Precision and accuracy are two very different things!
Thank you so much Mike
You're very welcome.
awesome explanation, very useful :)
Thank you, Nishant.
Sir, covered 75% of ur videos, jumped 70 to 75..love them..thank u for uploading..is there any chance if u can come.up with series which will detail EVM, CPM with examples
Nice idea...
For the time being:
What is EVM (video): th-cam.com/video/sAZZ5av9kk0/w-d-xo.html
EVM detailed article: onlinepmcourses.com/earned-value-primer/
What is CPM (video): th-cam.com/video/rxGcV0tuxRU/w-d-xo.html
@@Onlinepmcourses Sir already watched these videos
@@ravitej9300 That's great. The reply was as much for other people reading the thread as for you!
Excellent explanation
Thank you.
Very well explained
Thank you.
Well done
Thank you!
That’s a great explanation.Please prof Mike I wanna get in touch with you because I’m a Master student and I want to write a paper about project risk management.Could you please guide me?
Thank you Abdullah.
If you head over to OnlinePMCourses.com, you'll be able to contact me from there.
Very helpful video...thanks for explaining the risk management in detail..Could you please let me know if the 4th process 'Action' can also be called risk response?
Yes - but I could also describe the plan as a response. In total, your response to a risk is to plan what you will do - allocate the responsibility - take action - monitor the outcomes of your action - and repeat until the risk is reduced to the level of acceptance.
@@Onlinepmcourses Thanks very much
@@ramu2214 You're more than welcome.
thanks
You're welcome.
Hi Mike, your stuff is awesome, I want to use some of your videos in my training materials and project management methodology, how would I do this I would obviously reference you. Do you have any copyright statements etc that I can use or permissions that I need to gain?
Kevin, Get in touch with me (mike@onlinepmcourses.com) and let me know exactly what you want to do and how you want to use my videos.
Thanks
No problem.
very good and informative. do you have guidance on how to to project risk management in technology projects delivered in Agile?
Great idea Amlesh. I don't have anything on the channel or my website about risk for agile in particular. I have just edited a video on Story Points (in agile) that alludes to risk in scaling story points. But I will add your idea to my backlog of future videos.
@@Onlinepmcourses Thank You. looking forward to your video someday.
Hello sir I am pursuing PhD in Sustainable Project Management . Please make a video on this subject.
Ok I will try. In the meantime, take a look at this article on my website: onlinepmcourses.com/green-project-management-ready-to-think-sustainably/
@@Onlinepmcourses thanku very much
In the strategies, what's the difference between "Reduce the impact" and "Contingency plan"? Isn't the contingency plan what is done to reduce the impact?
Reduce the impact: what can you do, in advance, to mean that, if this happens, the impact is lessened? (Example - wear seatbelts to reduce the impact of a vehicle crash)
Contingency plan: what can you prepare so that, if the risk occurs, you can handle it? (Example - keep a first aid kit, some tools, a flashlight, and a fire extinguisher in your car - these won't make the crash less bad, but will help you deal with the immediate consequences)
@@Onlinepmcourses Thank you!!
@@DodaGarcia No worries!
🙏🏽🙏🏽🙏🏽🙏🏽🙏🏽🙏🏽
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Great explanation. It makes PRM look easier than most people think it is. Note: There is background noise while you're speaking that is a bit annoying... Consider finding its source and remove it!. Thank you!
Thank you Dennis.
Remove the background noise! Lol. I record in a domestic home and there has been building work nearby over several periods in the last couple of years (including today) and we are on a flight path for civilian aircraft and for military practice flights. I think the software's efforts are pretty good but yes - some noise does get through on some videos - for which I apologize. But I do already work hard to remove as much noise as I can.
@@Onlinepmcourses I think Dennis was referring to the sound of digital artifacts which can be heard clearly especially in headphones whenever your speaking. Its like a washy low volume distortion that can be fixed with a higher quality IO. Nothing to do with military practice flights ;)
@@rjcremix My apologies. Sadly I don't have the budget to upgrade my kit to pro level. But what do you use, Rick?
@@Onlinepmcourses No apologies necessary Mike :) I am an audio engineer so my setup is perhaps not viable for you, but there are many entry level options that can produce quality sound. Something like the Focusrite 2i2 scarlett with a condenser microphone will allow you to control gain and achieve a more natural vocal. For "out of shot" microphones the Rhode video mic pro can be gained fairly high with little to no audible distortion.
@@rjcremix OK, let's geek. I use a Samson C02 into a Zoom H5. But sometimes the laptop fan comes on and other noise... I have a simple audio cleanup program that reduces the noise, which I use if there seems too much. Maybe it's that which introduced the artifacts.
5:54
Risk assessment.
ZOV!
Thank you, I think
Nice video! Just funny how he uses rubbish rubbishy.
Er, thanks?
'Rubbish, rubbishy'? What?