Original subtitles

Hi everyone and welcome to session 6 of PMGT 823, Project Risk Management.

In this session, we will focus on implementing risk responses.

This is an important part of the course where we will explore how to turn our

risk strategies into real actions.

So let's get started together.

In this part of Module 6, we will focus on applying risk response strategies and

making sure they are carried out effectively.

We will see how teams can translate plans into real actions and handle

and opportunities.

A strong execution is key to keeping our projects on track and resilient.

Just like in our previous sessions, let's take a look at the fundamental

management processes.

After defining how to manage risk, identifying them, and analyzing their

potential impacts, it is now time to move on to implementing the risk

This step is essential to make sure our planned strategies actually protect the

project.

In earlier lessons, we explored how to identify, analyze, and plan for risks.

However, risk management does not stop at planning.

In this session, we will focus on putting those plans into actions during

implementation phase.

By implementing risk responses, we make sure that our planned strategies are

actually carried out to address threats or take advantage of opportunities.

This helps keep the project on track and supports its overall objectives.

Managing risks begins with a prioritized risk register so that you know which

risks deserve action.

You usually focus on higher -scoring risks, those with serious consequences,

even low -priority risks that can be handled with simple and low -cost

At the same time, you decide which risks do not need action, like significant

risks with no practical response or cases where response would cost more

the benefit.

Some minor risks may also be accepted without any advanced action.

Okay, let's take a look at this table.

When it comes to implementing risk responses, there are specific inputs,

and techniques, and outputs to keep in mind. We rely on documents like the

project management plan, the risk register, and lessons learned to guide

actions. To carry out responses effectively, we use tools like expert

interpersonal skills, and project management systems.

As a result, we produce outputs like change requests, updates to project

documents, and records of how risks were handled.

These elements work together to ensure risk responses are executed

Now let's focus on key inputs of this process which the project team needs to

rely on to implement risk responses successfully.

These inputs help guide their actions and ensure everything stays aligned with

the overall risk management plan.

Important inputs include the risk management plan itself, the risk

risk report, lessons learned from previous projects, and organizational

assets, or OPAs.

Together, these resources provide a strong foundation for executing

effectively and consistently.

Implementing risk responses is always a team effort that depends on clear roles

and good coordination.

Each person plays an important part in making sure responses happen effectively

and on time.

The first role belongs to project manager that leads the work and ensures

everything is integrated.

Risk owners monitor and manage specific risks while team members carry out daily

risk response tasks.

Stakeholders provide feedback and resources.

And in addition, the PMO or risk specialists can help with tools and

needed.

In agile environments, the team itself takes on these responsibilities and can

react quickly to emerging risks throughout the frequent stand -ups and

iterations.

How about tools and techniques that we usually apply for implementing risk

responses? Well, successfully putting risk responses into action takes more

just a good plan.

Teams need to use a mix of expert judgment, interpersonal skills, and

management systems to make sure those actions really happen.

Expert judgment brings in valuable experience and insights while team

like leadership and negotiation help coordinate people effectively.

Project management information systems support scheduling, tracking, and

reporting so that everyone stays aligned.

These combined tools and techniques create a solid base for implementing

responses in a smooth and controlled way.

Sometimes, while risk responses are being implemented, changes to the

plan, schedule, scope, or budget become necessary.

These adjustments must go through a formal change control process to keep

everything consistent and well documented.

Any new risks or updates to strategies should be handled with proper change

requests, then reviewed and approved.

Once approved, these changes should be documented and shared with all

stakeholders so everyone stays on the same page.

But the story is different in agile projects.

In agile projects, due to their natures, changes are often managed more flexibly

through backlog updates and frequent team discussions, which makes them

to integrate into short delivery cycles.

In this example, we see how Laura managed the transition to a new cloud

ERP system at a manufacturing company.

She identified two major risks during planning, data incompatibility and

employee resistance to the new system.

To address these, Laura used mitigation and avoidance strategies, such as hiring

an expert consultant and running early training sessions.

During implementation, some data errors came up, but the team quickly resolved

them. thanks to the solid preparation and strong communication.

Lara also handled a change request to extend support after launch and update

risk register to keep everything documented.

The project finished on a schedule and served as a valuable model for future

initiatives.

This brings us to the end of part A of our session on implementing risk

responses. If you have any questions, feel free to email me or share them in

Q &A launch discussion board.

When you are ready, please continue to part B.

Thank you very much again for watching this video.