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
2: Risk Register

Learn More about Risk Management
My book on Risk Management is

🎬 🎬 🎬 Our Risk Management Playlist

Recommended Videos
Selected video recommendations from our Risk Management Playlist:
🎬 What to Put in Your Risk Register (Risk Log)
🎬 4 Types of Project Risk - Different Forms of Uncertainty
🎬 How to Create a Risk Management Plan
🎬 How to Do Risk Management in Agile Projects
🎬 Risk Identification: How to Identify Project Risks
🎬 Top 5 Ways to Remove a Risk Entirely
🎬 PMI-RMP: PMI’s Risk Management Professional Certification - with Harry Hall

🎒 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.
Note that the links are affiliated.

⏱ 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

[Onlinepmcourses]

The latest in my '101' series will give you a full introduction to all the basics of Project Risk Management - in 12 minutes.

[Arshpreetkaur-yfxe]

I really liked this video as how he define risk has good or bad outcomes. He is having great knowledge about each every step of risk management. Through this video I understand how to identify and how to tackle risk by planning, then put some actions on it at the end how analyse the risk. Through this video he explains how to plan for managing risks. He also talked about all the strategies while planning to manage risk. Hats off to his knowledge. This video helps me alot to learn and understand.

[sicelolongo]

I love how you explained risk strategy -4- Transfer😂, I will always remember that one .

[cloudlandsoul]

Mike, why don't you create a PM course on Udemy or other platforms as well ? you have the most engaging ways to teach. I have been following you for a long now and whenever i get stuck on a particular topic, my mind usually jumps to, 'lets see what Mike has to say on this' and i always find the solution.