Risk Management Part 2
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3 hours 24 minutes
Welcome back to the company of Project Plus P. K +0004
We are now into
our second part of risk management. Does your instructor Roberto Hilario
In our last section, we looked at the quantitative and qualitative analysis, and we did a quick calculation or estimation based on a mold vice. Now let's look at how we deal with risk. Remember, we're looking right now. I'm negative risk or threats.
There are different responses to risks.
The 1st 1 avoid avoidance means eliminating the costs off. The risk
mitigation is reducing the effects or the probability off the risk from happening
Transfer. That means you have 1/3 party
that takes over the responsibility off. Handling. The risk example is insurance
and acceptance is, um,
let it come and we'll deal with it whenever we get to the point.
But again, each specific answer to risk,
ah specific set off,
um, circumstances that leave towards it. This is not just arbitrarily determined. There are risks in where there's no worth to place any control on,
and therefore you would have an acceptance and there are risks and where is impossible to entirely cover it so it's impossible for boy,
so each circumstance will have a different playbook.
So let's look at the 1st 1 risk avoidance if I wear on soon pool. And there were two trampolines I voted to represent that I that I stopped. I don't go into and jump from any trampling I staying the low waters,
shallow waters and make sure that I don't, um
southerly no risk myself from jumping from Ah, hi.
Rhys Avoiders represents everything that you could do
eliminate risk our threats
from affecting the course of a project
Risk acceptance on the on the flip side is staking on risk.
Um, the chances off this going whale or not going well you are storming,
in a gaze. Off, off, off, off On enterprise, In a project,
there is the risk off a supplier from, you know, taking a break because they have a cease anywhere. Everybody takes, you know, vacation. And they all just close shop. So the risk would be that you either by ahead of time or you wait
until they come back,
uh, to the factory, and you accept how this will impact your costs. Your scope
in your budget
thing your time
another one is risk mitigation is any strategy that used to buffer the impact off a threat or to be ready for it wants it to happen.
Mitigation is probably one the most common approaches because although it requires investments in terms of time and money,
it also gives the sense off. Um, we are ready for the worst, but expecting the best
last one is Reese transfer. In this case,
um, usually an insurance company or 1/3 party is in charge off taking care off,
dealing with the risk that your project Ah, Hass,
this could be in the same self hiring 1/3 party company to perform specific tasks.
Um, in where there's some, um,
human risks. But they are experts, and we are not. So you transfer the risk and achieve in this way the goal that your project has as well as you eliminated from yourself. The risk
last but not least.
What if it's not a threat? What if it's an opportunity?
So this is also risk response strategies. So one of the approaches and I'ma start from the bottom left its acceptance. There's an opportunity religious accepted. If he comes,
another approach is exploiting is making sure that the opportunity
becomes a reality.
So exploiting these taking advantage of any we're playing with the stocks or with stocks market or something like that over or maybe playing poker, you're trying to influence how your opponent's play their hand
and you exploit that tours your advantage.
Another one is enhancing is in this way. It's not just exploiting is increasing the positive consequences off the opportunity when he comes
and finally sharing. Let's say that, um, you are producing, uh, some widget in conjunction with 1/3 party
and you have both realized that if you perform a specific task in a specific way, you would both save money.
So because it's not just you, us, the recipient, but that others their party asked the manufacturer. So you are both on a on a win win situation, therefore, is on opportunity where you share the benefits off a opportunity.
So with this, we have looked at the different strategies that we could use to deal with risk, looking forward to seeing you in the next section