Project Management - How to respond to project risks

Project Management - How to respond to project risks

This course is a result of 25 years of consulting project management experience, identifying, analyzing and assessing various project risks. This course will explain what a risk is, as well as what techniques can be used in order to respond to risks.

We will then examine the following risk responses: avoidance (involves avoiding the risk altogether or eliminating the cause of the risk event), transference (transferring the risk and the consequences of the risk to another party), mitigation (attempt to reduce the impact of the event by reducing the probability) and acceptance (not making any plans to avoid or mitigate the risk).

The course will then teach you how to create a “Risk Response Plan” by generating a table – based on a real-life project - with Risk Probabilities, Risk Impacts, Risk Scores and Risk Ratings. We will also explain the process of Impact vs. Probability matric generation in order to assign “High”, “Medium” or “Low” risk score values.

Later we will expand the table by adding “Response Type” (i.e. avoidance, transference, mitigation or acceptance) as well as “Response Description” columns.

I will also share sample risk lists from several projects I worked on and discuss them in detail.

Finally, I will share a universal “Risk Response Cheat Sheet” that you can use on all of your future projects.

Understand what a risk is, as well as what techniques can be used to respond to risks effectively.

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What you will learn

• What is a risk?
• How to respond to risks?
• How to create a Risk Response Plan

Rating: 4.75

Level: Beginner Level

Duration: 1 hour

Instructor: Jamal Moustafaev, BBA, MBA, PMP