Risk Management 101: An Introduction to Project Risk Management

Risk Management is one of the core skillsets within the wider profession of Project Management. Whether your project is purely predictive, or absolutely agile, you need to manage risk. We have plenty of videos on the topic, but this one is your basic introduction.

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What are Risk and Risk Management?

Risk: ‘Uncertainty that has an impact on your project.’

Risk Management: ‘The process of managing that uncertainty to control the impacts of risks on your project.’ It consists of:

• Processes
• Tools
• Attitudes

What is the Basic Risk Management Process?

1. Identify
2. Analyze
3. Plan
4. Action

Review and Repeat

How do We Assess Project Risk?

Two defining characteristics

1. Likelihood
2. Impact

Plus the one most important additional characteristic

• Proximity

What can We do about a Project Risk?

There are six essential project risk management strategies:

1. Eliminate Risk
2. Reduce Likelihood
3. Reduce Impact
4. Transfer
5. Contingency Plan
6. Accept and respond if…

What are the Key Tools and Templates?

1: Risk Management Plan

Two uses:

• (PMI) a plan for how you will run the risk management process
• A Plan for how you will manage a specific (usually substantial) risk

Learn more about How to Create a Risk Management Plan

2: Risk Register

Learn more about What to Put in Your Risk Register (Risk Log)

Learn More about Project Risk Management

My book on Risk Management is
‘Risk Happens! Managing Risk and Avoiding Failure in Business Projects’ New 2nd Edition Revised and Enlarged.

‘I am a PM of 10+ years and I have never found such a concise read on risk management that provided so much valuable information.’

Learn more about Risk Happens! 2nd Edition.

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Recommended Videos to Help with Risk Management

We have a full Risk Management Playlist on YouTube.

Here are some carefully selected video recommendations for you:

• How to Create a Risk Management Plan
• What to Put in Your Risk Register (Risk Log)
• 4 Types of Project Risk – Different Forms of Uncertainty
• How to Do Risk Management in Agile Projects
• Risk Identification: How to Identify Project Risks
• 5 Ways to Remove a Risk Entirely | Video
• PMI-RMP: PMI’s Risk Management Professional Certification – with Harry Hall

Recommended Articles to Help with Risk Management

• Ultimate Guide to Project Risk Management
• 10 Step Risk Management Kick-off for Your Project
• Indispensable Guide to the Sources of Project Risk
• The Project Manager’s Guide to Simple Risk Analysis
• Risk Response Strategies: Full & Revised Roundup
• Uncertainty Performance Domain: How to Deal with Risk in a VUCA Context
• How to Build a Robust Project Risk Culture [8 Steps]

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What Kit does a Project Manager Need?

I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list. I added my own. 

Check out the Kit a Project Manager needs

Note that the links are affiliated.

Learn Still More

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For more of our Project Management videos in themed collections, join our Free Academy of Project Management.

For more of our videos in themed collections, join our Free Academy of Project Management.