All language subtitles for KU PMGT 823 Session 5 (Part A)- Risk Response Strategies and Action Planning

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Would you like to inspect the original subtitles? These are the user uploaded subtitles that are being translated: 1 00:00:02,510 --> 00:00:06,530 Hello everyone and welcome to PMGT 823, Project Risk Management. 2 00:00:06,870 --> 00:00:10,670 In this session, we are going to focus on one of the most practical and 3 00:00:10,670 --> 00:00:14,310 -driven steps in risk management, that is planning risk responses. 4 00:00:14,670 --> 00:00:19,310 This is Session 5, Part A, and it is all about exploring the strategies we use 5 00:00:19,310 --> 00:00:20,750 to respond to risks effectively. 6 00:00:21,050 --> 00:00:22,050 Let's dive in. 7 00:00:31,340 --> 00:00:35,220 In this part of Module 5, we will focus on two important aspects of risk 8 00:00:35,220 --> 00:00:39,660 response, selecting the right strategies and turning them into concrete action 9 00:00:39,660 --> 00:00:43,780 plans. We will explore how to choose appropriate responses for different 10 00:00:43,780 --> 00:00:48,660 of risks, and then how to ensure those responses are clearly defined, assigned, 11 00:00:48,920 --> 00:00:49,920 and ready to implement. 12 00:00:53,600 --> 00:00:56,900 Let's quickly review the seven main risk management processes. 13 00:00:57,530 --> 00:01:01,690 In this session, we are focusing on step five, which is planning risk responses. 14 00:01:02,290 --> 00:01:06,430 This step helps us choose the right strategies and actions to address 15 00:01:06,430 --> 00:01:10,870 risks. It builds on the previous analysis and prepares the team for 16 00:01:10,870 --> 00:01:11,870 action. 17 00:01:14,450 --> 00:01:18,930 Once we have identified, analyzed, and prioritized the risk, the next step is 18 00:01:18,930 --> 00:01:20,590 decide how we want to respond to them. 19 00:01:21,210 --> 00:01:25,270 Planning risk responses means developing specific strategies and actions to deal 20 00:01:25,270 --> 00:01:27,470 with both individual and overall project risks. 21 00:01:27,790 --> 00:01:32,670 The goal is to reduce risk and also take advantage of opportunity and keep the 22 00:01:32,670 --> 00:01:35,130 project moving forward even when things are uncertain. 23 00:01:35,970 --> 00:01:41,370 A good response plan supports the project objectives, is agreed upon by 24 00:01:41,370 --> 00:01:44,830 stakeholders, and has a clear owner responsible for carrying it out. 25 00:01:47,760 --> 00:01:50,820 The purpose of planning a risk response is to be proactive. 26 00:01:51,240 --> 00:01:55,420 We want to eliminate treats before they occur and make sure opportunities are 27 00:01:55,420 --> 00:01:56,420 actually realized. 28 00:01:56,640 --> 00:02:01,040 We also try to reduce the likelihood or impact of negative risks and increase 29 00:02:01,040 --> 00:02:02,380 the chance of positive outcomes. 30 00:02:03,040 --> 00:02:05,680 But not all risks can be fully avoided. 31 00:02:05,940 --> 00:02:11,160 For those, we prepare a contingency plan if the risk happens and a fallback plan 32 00:02:11,160 --> 00:02:14,020 in case the first risk plan does not work as expected. 33 00:02:17,800 --> 00:02:22,220 A risk response strategy helps the team decide how to act after a risk has been 34 00:02:22,220 --> 00:02:23,340 identified and analyzed. 35 00:02:23,720 --> 00:02:28,380 As we mentioned earlier, these strategies can be applied to both 36 00:02:28,380 --> 00:02:29,440 overall project risk. 37 00:02:30,140 --> 00:02:34,560 They should be chosen based on how serious the risk is, whether the 38 00:02:34,560 --> 00:02:36,860 practical, and whether the stakeholders agree. 39 00:02:37,140 --> 00:02:41,520 And of course, every strategy should be realistic, cost -effective, and assigned 40 00:02:41,520 --> 00:02:43,760 to someone who is accountable for making it happen. 41 00:02:46,540 --> 00:02:50,280 Treats are uncertain events that can negatively impact project goals. 42 00:02:50,500 --> 00:02:54,140 Choosing the right response strategy is key to minimizing their effect. 43 00:02:54,500 --> 00:02:59,040 The choice depends on the severity of the treat, available resources, and how 44 00:02:59,040 --> 00:03:01,200 much risk stakeholders are willing to tolerate. 45 00:03:01,600 --> 00:03:04,300 Here are the main strategies for managing them. 46 00:03:05,000 --> 00:03:08,680 Avoid means changing the project plan to eliminate the treat entirely. 47 00:03:09,620 --> 00:03:13,520 Mitigate involves reducing the likelihood or impact of the risk. 48 00:03:14,340 --> 00:03:19,120 Transfer shifts the risk to a third party, like an insurance company or even 49 00:03:19,120 --> 00:03:20,140 outsourcing it. 50 00:03:20,840 --> 00:03:25,160 Accept means acknowledging the risk without taking action unless it occurs, 51 00:03:25,360 --> 00:03:26,900 often with a reserve in place. 52 00:03:27,580 --> 00:03:31,560 An exploit is used when the risk falls outside of the project team's authority 53 00:03:31,560 --> 00:03:33,700 and needs to be handled at a higher level. 54 00:03:34,100 --> 00:03:38,300 So as you can see, each strategy involves a different level of effort, 55 00:03:38,420 --> 00:03:39,420 and remaining risk. 56 00:03:39,600 --> 00:03:43,160 Choosing widely helps you to stay on track despite... 57 00:03:43,520 --> 00:03:45,360 having uncertainties in your project. 58 00:03:49,140 --> 00:03:51,000 Let's walk through a real -life example. 59 00:03:51,500 --> 00:03:54,720 Alex is managing the construction of a new education center. 60 00:03:55,100 --> 00:03:59,320 When he noticed that traffic might delay material deliveries, he avoided the 61 00:03:59,320 --> 00:04:01,100 risk by changing the delivery route. 62 00:04:01,660 --> 00:04:06,200 Later, when heavy rain was expected, he took steps to reduce the impact. 63 00:04:06,740 --> 00:04:11,420 He ordered materials ahead of time and made sure there was enough space to 64 00:04:11,420 --> 00:04:12,420 them. 65 00:04:13,520 --> 00:04:17,440 Related to expensive equipment, Alex transferred the risk by getting 66 00:04:17,440 --> 00:04:19,180 and using subcontractor services. 67 00:04:19,940 --> 00:04:24,920 He also accepted a small delay in paperwork and escalated a legal issue 68 00:04:24,920 --> 00:04:26,040 outside of his authority. 69 00:04:26,700 --> 00:04:31,340 By choosing the right strategy for each situation, Alex kept the project moving 70 00:04:31,340 --> 00:04:33,940 forward and handled uncertainty with confidence. 71 00:04:37,900 --> 00:04:41,520 Opportunities are uncertain events that could have a positive impact on the 72 00:04:41,520 --> 00:04:46,280 project. Just like tweets, they need proactive planning, but the goal here is 73 00:04:46,280 --> 00:04:48,500 increase benefits instead of avoiding harm. 74 00:04:49,060 --> 00:04:53,560 The strategy you choose should reflect the value, urgency, and alignment with 75 00:04:53,560 --> 00:04:55,220 the stakeholder and project goals. 76 00:04:56,000 --> 00:04:59,020 Here, you can see some strategies for managing opportunities. 77 00:05:00,380 --> 00:05:04,240 Exploit means taking direct steps to make sure the opportunity happens. 78 00:05:04,540 --> 00:05:08,580 This could include allocating resources or adjusting the schedule to fully 79 00:05:08,580 --> 00:05:09,580 capture the benefit. 80 00:05:10,710 --> 00:05:14,510 Enhance involves increasing the likelihood or positive impact of the 81 00:05:14,510 --> 00:05:19,190 opportunity. You may improve a process or add a feature that boosts its value. 82 00:05:20,650 --> 00:05:24,750 Share is about partnering with a third party to jointly benefit from the 83 00:05:24,750 --> 00:05:28,970 opportunity. For example, co -developing a product with a vendor or a 84 00:05:28,970 --> 00:05:29,970 stakeholder. 85 00:05:30,400 --> 00:05:35,080 Accept means recognizing the opportunity but not taking proactive steps. You 86 00:05:35,080 --> 00:05:40,020 simply monitor the situation and take advantage of it if it naturally occurs. 87 00:05:40,580 --> 00:05:44,540 And finally, escalate is used when the opportunity is outside of the project's 88 00:05:44,540 --> 00:05:49,500 scope. You refer it to a higher -level program or portfolio manager to make the 89 00:05:49,500 --> 00:05:50,500 most of it. 90 00:05:50,560 --> 00:05:55,400 Choosing the right strategy helps turn potential advantages into real project 91 00:05:55,400 --> 00:05:56,400 gains. 92 00:05:59,500 --> 00:06:03,160 Here is an example that shows how opportunity strategies work in action. 93 00:06:03,560 --> 00:06:06,680 Morgan is leading the development of a city government app. 94 00:06:07,000 --> 00:06:11,560 When a tech startup offered to test their tool for free, she took advantage 95 00:06:11,560 --> 00:06:13,700 the exposure and used an exploit strategy. 96 00:06:14,620 --> 00:06:18,420 Later, she redesigned parts of the app to better support people with 97 00:06:18,420 --> 00:06:20,960 disabilities, applying an enhanced strategy. 98 00:06:21,560 --> 00:06:26,480 She also formed a partnership with a specialized AI company, which shows a 99 00:06:26,480 --> 00:06:27,480 shared approach. 100 00:06:28,040 --> 00:06:33,040 In some cases, like the uncertain chance to present at a global event, she 101 00:06:33,040 --> 00:06:35,960 simply accepted the situation without taking extra action. 102 00:06:36,340 --> 00:06:40,640 And when a big decision came up that was outside of the team's control, she 103 00:06:40,640 --> 00:06:42,300 escalated it to the city officials. 104 00:06:42,660 --> 00:06:46,400 Her choices helped keep the project moving in the right direction. 105 00:06:49,600 --> 00:06:54,240 Once a risk -response strategy is chosen, it needs to be turned into clear 106 00:06:54,240 --> 00:06:55,240 actionable steps. 107 00:06:55,840 --> 00:06:59,560 These actions should be practical, measurable, and part of the overall 108 00:06:59,560 --> 00:07:05,080 plan. A strong response explains what needs to be done, who will do it, when 109 00:07:05,080 --> 00:07:07,360 will be happened, and how success will be tracked. 110 00:07:07,920 --> 00:07:12,420 You should define the timeline and budget and consider backup actions if 111 00:07:12,820 --> 00:07:16,940 Also, don't forget to look for new risks that might come from the response 112 00:07:16,940 --> 00:07:17,940 itself. 113 00:07:18,400 --> 00:07:23,320 If this process is vague or incomplete, it can cause delays, confusion, or even 114 00:07:23,320 --> 00:07:24,320 inaction. 115 00:07:28,110 --> 00:07:31,910 risk response needs a clear owner who is responsible for making sure it gets 116 00:07:31,910 --> 00:07:37,010 done. These owners are often subject matter experts or trusted members of the 117 00:07:37,010 --> 00:07:41,610 project team. When responsibility is clearly assigned, follow -through 118 00:07:41,610 --> 00:07:42,770 much more likely. 119 00:07:43,430 --> 00:07:47,370 Ownership should also be documented in the risk register so everyone knows who 120 00:07:47,370 --> 00:07:48,370 is accountable. 121 00:07:48,470 --> 00:07:52,550 This helps reduce confusion and ensures that actions are actually implemented. 122 00:07:56,270 --> 00:08:00,490 and that brings us to the end of part a on planning risk responses if you have 123 00:08:00,490 --> 00:08:04,810 any questions feel free to ask in part b we will continue with additional tools 124 00:08:04,810 --> 00:08:08,630 and examples to support your planning process thank you very much again for 125 00:08:08,630 --> 00:08:10,870 watching this video and i'll see you in the next part 11550

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