PM ‐ Lec 5 - RenadShamrani/test GitHub Wiki

Lecture 5: Risk Management

Simplified with Emojis & Mind Maps!

1. What is Risk?

  • 🎲 Uncertain Event: Can have positive or negative impact.
  • 📉 Negative Risk: Delays, accidents, cost overruns.
  • 📈 Positive Risk: Unexpected benefits (e.g., price drops).

2. Risk Management Process

  1. 🔍 Identify Risks: List potential risks.
  2. 📊 Assess Risks: Evaluate probability & impact.
  3. 🛠️ Respond to Risks:
    • Mitigate: Reduce likelihood/impact.
    • Avoid: Change plans to eliminate risk.
    • Transfer: Pass risk to another party (e.g., insurance).
    • Accept: Live with the risk.
  4. 📉 Control Risks: Monitor & adjust plans.

3. Risk Response Strategies

  • 🛡️ Mitigate: Reduce risk (e.g., add more resources).
  • 🚫 Avoid: Eliminate risk (e.g., use proven technology).
  • 📤 Transfer: Shift risk (e.g., insurance).
  • ✅ Accept: Do nothing (e.g., low-impact risks).

4. Contingency Planning

  • 📝 Backup Plan: Actions to take if risk occurs.
  • 💰 Contingency Funds: Money set aside for risks.

Mind Map Recap

Risk Management  
├── Risk (🎲📉📈)  
├── Process (🔍📊🛠️📉)  
├── Strategies (🛡️🚫📤✅)  
└── Contingency (📝💰)

Key Takeaway:

Identify, assess, and respond to risks to keep your project on track! 🚀