By definition, a risk is an event that may or may not happen. However, since a project already faces a significant degree of uncertainty due to its singular and unique nature, we have a professional and managerial duty to do all we can to lower the chances of negative impacts on the project and to minimize the damage that will result from materialized risks.
It is therefore imperative to systematically identify and evaluate all the potential risks in a given project and develop ways to mitigate each. This process is documented and monitored using a 'Risk Management Plan'.
The Risk Management Plan is developed on an ongoing basis—from the day the project is initiated until its completion. The purpose of this plan is to provide the project managers and stakeholders with reliable information regarding anything that might pose a risk to the project and to offer ways of managing those risks.
The process begins with identifying events that might negatively affect the project or its goals. Next, the odds that these events will occur as well as the impact they will have on the project are estimated. Finally, appropriate strategies for managing and mitigating both the risk and the possible ensuing problems are developed.
Risk management plans should be constantly monitored and updated, since the risks a project is exposed to are not static. New risks are constantly identified, whereas risks that have been previously identified change: become more or less relevant, gain in impact, solidify into problems, etc.
In this course, you will learn what true risks are, how to identify them, how to evaluate them, how to develop responses to handle them, and how to monitor and communicate them. We will cover the full risk management process and offer you a practical tool to manage your project's risk management plan. This tool is a must-have tool for any project manager and for anyone required to manage risks in any area of life, business or work.
Daniel is an experienced project manager, a licensed industrial management engineer and holder of the Project Management Practitioner Certification of the Project Management Institute (PMI), the most widely recognized international association of project managers. He is a senior lecturer and consultant in the field and a specialist in standardizing project management processes, forming teams to manage projects and project portfolios, and implementing support tools that provide organizations with the capacity to manage projects effectively while meeting the organization’s goals and objectives.
With Hamutal Weisz, he wrote the unique book about project management called "Being a Project Manager - a Different Different Book on Project Management".