Would you like to inspect the original subtitles? These are the user uploaded subtitles that are being translated: 1 1 00:00:01,210 --> 00:00:03,610 Let's summarize the six steps of the standard 2 2 00:00:03,610 --> 00:00:05,673 PMBOK risk management process. 3 3 00:00:06,760 --> 00:00:08,603 First, risk planning. 4 4 00:00:09,610 --> 00:00:12,530 Your organization should have a standard process document 5 5 00:00:12,530 --> 00:00:15,340 that describes their risk management process. 6 6 00:00:15,340 --> 00:00:20,080 Ideally, basically the material in this section. 7 7 00:00:20,080 --> 00:00:22,013 Second, identification. 8 8 00:00:22,910 --> 00:00:26,150 Get together and brainstorm with your core project team, 9 9 00:00:26,150 --> 00:00:29,970 use a historical risk checklist to jog your memory, 10 10 00:00:29,970 --> 00:00:31,680 review lessons learned reports, 11 11 00:00:31,680 --> 00:00:34,283 and list every risk the team can think of. 12 12 00:00:35,660 --> 00:00:38,313 Then, qualitative analysis. 13 13 00:00:39,330 --> 00:00:44,300 Score the risks one to five for probability and impact, 14 14 00:00:44,300 --> 00:00:47,310 rank them by probability times impact, 15 15 00:00:47,310 --> 00:00:49,630 and shortlist them to the most significant. 16 16 00:00:49,630 --> 00:00:51,803 Five minimum to 10 maximum. 17 17 00:00:53,060 --> 00:00:56,290 Then, quantitative analysis. 18 18 00:00:56,290 --> 00:00:58,670 Put real numbers on the shortlisted risks 19 19 00:00:58,670 --> 00:01:02,460 by estimating their probability, time, and cost, 20 20 00:01:02,460 --> 00:01:06,020 and calculating the expected probability times cost, 21 21 00:01:06,020 --> 00:01:08,063 and probability times time. 22 22 00:01:09,300 --> 00:01:11,293 Then response planning. 23 23 00:01:12,130 --> 00:01:14,830 Assign an owner, whoever is closest to the risk, 24 24 00:01:14,830 --> 00:01:18,150 to manage it, plan what you can do to avoid 25 25 00:01:18,150 --> 00:01:19,519 or mitigate the risk 26 26 00:01:19,519 --> 00:01:22,100 and then baseline a final risk register 27 27 00:01:22,100 --> 00:01:23,100 in the project plan. 28 28 00:01:24,400 --> 00:01:27,053 And then finally, monitoring and control. 29 29 00:01:27,950 --> 00:01:30,930 Manage the risks as you progress through the project, 30 30 00:01:30,930 --> 00:01:34,270 take action and use some of the risk budget as necessary, 31 31 00:01:34,270 --> 00:01:37,030 and formally review the risks and report the status 32 32 00:01:37,030 --> 00:01:37,973 at least monthly. 33 33 00:01:39,340 --> 00:01:41,923 Let's look at each of these steps in more detail. 34 34 00:01:44,930 --> 00:01:46,610 Here's a one-page flowchart 35 35 00:01:46,610 --> 00:01:48,960 of the entire risk management planning process. 36 36 00:01:49,890 --> 00:01:53,900 It includes the positive risks, or opportunities as well 37 37 00:01:53,900 --> 00:01:56,710 which we will cover at the end of the section. 38 38 00:01:56,710 --> 00:01:58,560 The main point of the process is 39 39 00:01:58,560 --> 00:02:00,560 that you can often avoid risks, 40 40 00:02:00,560 --> 00:02:03,440 or significantly mitigate their probability or impact 41 41 00:02:03,440 --> 00:02:05,040 if you walk through this planning 42 42 00:02:05,040 --> 00:02:06,973 before starting the project. 43 43 00:02:08,470 --> 00:02:09,800 You can get a copy of this flowchart 44 44 00:02:09,800 --> 00:02:11,120 in the slides for the course 45 45 00:02:11,120 --> 00:02:12,820 available in the download section. 46 46 00:02:14,210 --> 00:02:15,560 Let's unwrap the process 47 47 00:02:15,560 --> 00:02:17,603 and take a closer look at each step. 4012