Time
5 hours 14 minutes
Difficulty
Intermediate
CEU/CPE
10

Video Description

This lesson focuses on planning risk responses. Risk response includes strategies to cope with negative risk or threats and the appropriate response. [toggle_content title="Transcript"] The next process is plan risk response. This is the last process in planning. Identifying risk is the process that creates the project management plan updates and project document updates. The inputs are risk management plan, and risk register. The tools used are strategies for negative risk response, risks or threats, strategies for positive risks or threats, contingent response strategies and expert judgement. With negative risks, these are associated with avoidance, transference, mitigation and acceptance. Avoidance, with this strategy you are trying to eliminate risk altogether. You don't like risks, you want that risk to be gone. Transference is giving it to a third party. When my wife and I were working on our basement, our project was re-doing drywall. I didn't want the risk of redoing drywall so I was going to meet her quality check. We ended up hiring a third party and I transferred that risk to them. Mitigation is trying to minimize that risk. You are accepting that the risk is going to happen but you are trying to reduce the impact for it. Acceptance, is you know that risk is going to occur, you accept it. Positive, there is exploitation, remember positives are good risks. With exploitation you want to make sure this risk which is positive is going to happen. You'll probably put your best person on the team to ensure whatever it is going to happen. Enhancing, you are trying to take this positive risk and expand upon it. You are putting more sales people on it. You are putting whatever it is to make sure that none of this occur. You are going to profit more out of it. Sharing is supporting this positive risk within the company. If you can think of government proposals you have multiple companies teaming up. There are sharing this risk that could occur which could make them a lot of money. Acceptance is knowing that it is going to occur and just moving on. Contingency response, strategies...that is looking at the risk and trying to figure out if this risk occurs, how am I going to respond to this. What is my back up plan. Expert judgement is just having the expertise in that area and being able to plan risk response to that expertise. [/toggle_content]

Video Transcription

00:04
it's the next process is planned. Risk response. This is the last process in planning. Identified risk is the process that creates the project mansion plan updates and project document updates.
00:15
The inputs are risk mansion plan and risk register
00:20
the tools used Our strategies for negative first response
00:24
are risks or threats,
00:26
strategies for positive wrists or threats,
00:29
contingent response strategies and expert judgment.
00:33
So
00:34
with, um, negative are negative forests.
00:38
Uh, these air associate with avoidance, transference, mitigation and acceptance.
00:44
So avoidance
00:47
with this strategy, you're trying thio, um,
00:51
basically eliminate risk altogether. Your
00:54
you don't like risk. You want that risk to be gone?
00:58
Um,
01:00
transference is
01:02
giving it to 1/3 party. So,
01:03
um,
01:06
when my wife and I were working on our basement, our project was redoing drywall. I don't want the risk of doing drywall because it was gonna meet her quality check. So, um, we ended up
01:19
hiring 1/3 party, and I transfer that risk to them.
01:23
Um,
01:23
mitigation mitigation is trying to minimize that
01:27
risk. So you're accepting that the risk is gonna happen, but you're tryingto reduce the impact for it.
01:33
And acceptance is, you know, that's a risk. Is gonna occur. You accept,
01:38
uh,
01:38
you accept it?
01:41
Positive. So there's exploitation.
01:45
Remember? Positive fire. Good risk. So
01:48
with exploitation, you want to make sure that this risk, which is positive, is gonna happen. So you probably put your best person on this team to ensure whatever it is it's gonna happen
01:59
enhancing.
02:00
You are trying Thio,
02:04
take this positive risk and expand upon it. So you're putting Maur sells people on it. You're
02:09
putting whatever it is to make sure that not only this is occur, um, you're gonna
02:15
profit more out of it.
02:19
Sharing
02:20
is,
02:22
ah, splitting this positive risk with another company. So
02:25
you could think of government proposals. You'll have multiple companies teaming up.
02:30
They're sharing this positive virus that could occur, which could make him both money.
02:36
And acceptance is
02:38
knowing that it's gonna occur. And you just move on.
02:42
Um,
02:43
contingency response strategies that is looking at the risk and trying to figure out this risk occurs
02:49
was my
02:51
How am I gonna respond to this? What's my backup plan?
02:53
Expert judgment is just, um,
02:57
having the expertise in that area and, um,
03:00
being on the planet risk response with that expertise

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