By this point you're developing a good foundation of what project risk entails, although we've just begun to scrape the surface. This movie will go through a standard approach to Risk Management. In theory, you already have a good idea of what it entails based on the section of Risk Management Framework and Overview of the Risk Knowledge Area within the PMBOK Guide, so this will seal your confidence and understanding a high level view of the Risk Management Process. Risk Management begins early on in the project when information is actually minimal. The reason is that it's At this stage, that uncovering and planning for risk can be at its greatest benefit and impact. Although you should be thinking of Risk Management from the start of the project, there are a couple of things that without, Risk Management cannot be as effective. First, Risk Management begins with a thorough and realistic view of the project, the project scope, and the project goals. If these items are not realistic then you may wind up fighting a losing battle. These items are always best addressed up front and as early as possible. This will sound obvious, but applying good project management is essential to Risk Management. Planning encompasses a big part of Project Management and it's through planning that risk can be reduced. Things like taking the time to identify your stakeholders, properly document and define the project, etcetera, goes a long way to reducing risk and creating an environment where a project can be successful. The groundwork now set, we can boil down the Risk Management process into five steps. These are: Risk Management Planning; Information Gathering and Risk Identification; Risk Assessment and Analysis; Risk Response Planning; and, Plan Execution. With a solid project foundation in place, you'll need to plan how you will manage risk with this first step. This is where the Risk Management plan is first created, where your strategy is put into place, and where risk is defined so that everyone involved is on the same page and following the same guidelines. Next comes Information Gathering and Risk Identification. There are several techniques for gathering and identifying risk, which we'll cover in this course. Risk Assessment and Risk Analysis will be important for the next step. Here you will identify the risk, the needs to be addressed those with the greatest amount of impact and those that just need to be placed on a watch list. Risk Response Planning is where risk is addressed. This is where options and actions of reducing the risk and enhancing the opportunities takes place. Work-around plans, strategies for mitigating risk, and developing contingency plans all encompass Risk Response Planning. Next comes executing the Risk Response Plan as well as monitoring the status of the plan, the risk, as well as always being on the look-out for a new risk, and those risks on the watch list that were previously low priority but that now need to be addressed. Something not mentioned but that occurs throughout all of the steps listed is Risk Documentation. Risk Documentation is a part of every single step beginning with initial Risk Planning all the way through Closing. At the closing of the project, Risk Data and Lessons Learned are documented and archived to be used in future projects. These steps offer a high-level view of Project Risk Management and one thing you'll notice in looking at the diagram is that the steps are iterative. Just as the PMBOK Guide notes of the Risk Management Processes, the steps occur multiple times within the project's life cycle. And that concludes this high-level look at Project Risk Management along with a standard five-step approach to managing risk.
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