PMI: Risk Management Professional (Part 1) Tutorials
Understanding Risk Management / Risk Definitions
Subtitles of the Movie (PMI: Risk Management Professional (Part 1) / Understanding Risk Management / Risk Definitions)
In the previous movie we covered the Project Environment and the Internal and External factors that influence a project. Now that you understand what a Project Environment entails and what influencing factors to look for, there are a few Risk Definitions that I'd like to introduce to you early on in the course. These include: Risk; Issue; Risk Event; Risk Triggers; Risk Management Plan; Risk Register; RBS, or Risk Breakdown Structure; Probability; and, Impact. Although we've already defined what Project Risk is, I'd like to take a moment to clarify the difference between Risk and Issue. In an earlier movie we covered the definition of Risk according to the PMBOK Guide, which is an uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives. An Issue, on the other hand, is something that is occurring now in the present. You know about it, and it's being dealt with, and has been noted on the Issue Log. An Issue is a threat that has already materialized. A Risk Event is a description of the scenario that may occur if the risk were to materialize. Risk Triggers are signs, or indications, that a risk event is about to occur, or has already occurred. Other names for Risk Triggers include: risk symptoms or, warning signs. The Risk Management Plan, which we'll get into thoroughly within this course, is a document that describes how the Risk Management Processes will be carried out. More specifically, it describes how Risk Management will be planned, how risks will be identified, prioritized, analyzed, responded to, monitored, and controlled. A Risk Register, another document we'll be going through thoroughly in this course, is a document that contains all the Identified Risks, the results of Risk Analysis, the proposed Risk Responses, and the Current Status of the Risk, among a few other things. Risk Breakdown Structure is a hierarchical breakdown of risks, organized by risk categories and sub-categories. Through the RBS we can see the various areas and causes of potential risks. It looks similar to a company organizational chart. Probability is the likelihood that a risk will occur. And Impact is a result of the probability of the risk occurring in addition to the consequences of the risk. There are many other definitions we'll cover as we move through the course. These are just some of the terms you need to be aware of early on, and which we'll review occasionally. Next, we'll cover the various types of risk, which will also introduce you to new terms. And that wraps up this movie, a preliminary review of risk definitions.
Tutorial Information
| Course: | PMI: Risk Management Professional (Part 1) |
| Author: | Vanina Mangano |
| SKU: | 33982 |
| ISBN: | 1-935320-38-6 |
| Release Date: | 2009-04-08 |
| Duration: | 7 hrs / 109 lessons |
| Work Files: |
Yes |
| Captions: | No |
| Compatibility: |
Vista/XP/2000, OS X, Linux QuickTime 7, Flash 8 |
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