Risk management is one of the core competencies in project management. Whether your project is purely predictive or fully agile, you need to manage risk. We have many videos on this topic, but this is your basic introduction.

Definition of risk and risk management
Risk: Uncertainty that affects your project.
Risk management: the process of managing this uncertainty to control the impact of risks on your project. It consists of:
• Processes
• Tools
• Settings

The basic risk management process?
1. Identify
2. Analyze
3. Plan
4. Action
Check and repeat

Assessment of project risk
Two crucial features
1. Probability
2. Impact
Plus the most important additional feature
• Vicinity

6 basic strategies for project risk management
1. Eliminate the risk
2. Reduce the likelihood
3. Reduce the impact
4. Transfer of risk
5. Emergency plan
6. Accept the risk

Important tools and templates
1: Risk management plan
Two uses:
– (PMI) a plan on how you will carry out the risk management process
– A plan on how you will manage a specific (usually significant) risk
Learn more at: https://youtu.be/9MAHX2Wv8pk
2: Risk register
Learn more at: https://youtu.be/vkEPGFVVwfM

Learn more about risk management
My book on risk management is
“Risks happen!” 2nd edition: https://geni.us/BN4bH

Our risk management playlist
https://www.youtube.com/playlist?listPLsz8d8r2a995J2pzE1gifZoh8J0Ky7oZQ

recommended videos
Selected video recommendations from our Risk Management Playlist:
What you should enter in your risk register (risk protocol)
https://youtu.be/vkEPGFVVwfM
4 Types of Project Risks – Different Forms of Uncertainty
https://youtu.be/iOFjmR3-sqk
How to create a risk management plan
https://youtu.be/9MAHX2Wv8pk
How risk management works in agile projects
https://youtu.be/f3SY_lM7Hhs
Risk identification: How to identify project risks
https://youtu.be/iELLdd6Yr4Y
The 5 best ways to completely eliminate a risk
https://youtu.be/I5V-bhSagBk
PMI-RMP: PMI’s Risk Management Professional Certification – with Harry Hall
https://youtu.be/3AqaGASVcE4

A while ago I asked project managers in some forums what material things they needed for their work as project managers. The answers were great. I compiled their answers in a kit list.
https://kit.co/MikeClayton/what-a-project-manager-needs
Please note that the links are affiliate links.

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All of our great articles and resources on project management can be found on the OnlinePMCourses website: https://onlinepmcourses.com/

Basic Management Courses – free training on YouTube with 2 new management lessons per week – can be found on our sister channel Management Courses: http://youtube.com/c/managementcourses

You can find more of our project management videos in thematic collections in our free academy of project management: https://onlinepmcourses.com/free-academy-of-project-management/

Chapter markers …
00:00 – Risk Management – Basic Introduction
00:31 – What is risk?
00:55 – What is risk management?
01:59 – Identify project risks
02:24 – Analyze project risks
04:48 – 6 core strategies for managing risks
07:18 – Important tools and templates for risk management
07:29 – Risk management plan
08:31 – Risk register
10:12 – The importance of risk management
10:24 – Risk management certifications
10:45 am – Risks exist!
10:59 – Closing remarks

#ProjectRiskManagement #ProjectManagement #RiskManagement

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