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Hello everyone and welcome to PMGT 823,
Project Risk Management.
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In this session, we are going to focus
on one of the most practical and
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-driven steps in risk management, that
is planning risk responses.
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This is Session 5, Part A, and it is all
about exploring the strategies we use
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to respond to risks effectively.
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Let's dive in.
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In this part of Module 5, we will focus
on two important aspects of risk
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response, selecting the right strategies
and turning them into concrete action
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plans. We will explore how to choose
appropriate responses for different
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of risks, and then how to ensure those
responses are clearly defined, assigned,
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and ready to implement.
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Let's quickly review the seven main risk
management processes.
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In this session, we are focusing on step
five, which is planning risk responses.
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This step helps us choose the right
strategies and actions to address
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risks. It builds on the previous
analysis and prepares the team for
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action.
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Once we have identified, analyzed, and
prioritized the risk, the next step is
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decide how we want to respond to them.
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Planning risk responses means developing
specific strategies and actions to deal
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with both individual and overall project
risks.
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The goal is to reduce risk and also take
advantage of opportunity and keep the
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project moving forward even when things
are uncertain.
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A good response plan supports the
project objectives, is agreed upon by
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stakeholders, and has a clear owner
responsible for carrying it out.
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The purpose of planning a risk response
is to be proactive.
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We want to eliminate treats before they
occur and make sure opportunities are
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actually realized.
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We also try to reduce the likelihood or
impact of negative risks and increase
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the chance of positive outcomes.
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But not all risks can be fully avoided.
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For those, we prepare a contingency plan
if the risk happens and a fallback plan
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in case the first risk plan does not
work as expected.
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A risk response strategy helps the team
decide how to act after a risk has been
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identified and analyzed.
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As we mentioned earlier, these
strategies can be applied to both
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overall project risk.
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They should be chosen based on how
serious the risk is, whether the
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practical, and whether the stakeholders
agree.
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And of course, every strategy should be
realistic, cost -effective, and assigned
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to someone who is accountable for making
it happen.
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Treats are uncertain events that can
negatively impact project goals.
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Choosing the right response strategy is
key to minimizing their effect.
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The choice depends on the severity of
the treat, available resources, and how
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much risk stakeholders are willing to
tolerate.
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Here are the main strategies for
managing them.
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Avoid means changing the project plan to
eliminate the treat entirely.
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Mitigate involves reducing the
likelihood or impact of the risk.
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Transfer shifts the risk to a third
party, like an insurance company or even
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outsourcing it.
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Accept means acknowledging the risk
without taking action unless it occurs,
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often with a reserve in place.
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An exploit is used when the risk falls
outside of the project team's authority
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and needs to be handled at a higher
level.
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So as you can see, each strategy
involves a different level of effort,
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and remaining risk.
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Choosing widely helps you to stay on
track despite...
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having uncertainties in your project.
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Let's walk through a real -life example.
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Alex is managing the construction of a
new education center.
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When he noticed that traffic might delay
material deliveries, he avoided the
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risk by changing the delivery route.
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Later, when heavy rain was expected, he
took steps to reduce the impact.
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He ordered materials ahead of time and
made sure there was enough space to
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them.
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Related to expensive equipment, Alex
transferred the risk by getting
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and using subcontractor services.
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He also accepted a small delay in
paperwork and escalated a legal issue
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outside of his authority.
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By choosing the right strategy for each
situation, Alex kept the project moving
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forward and handled uncertainty with
confidence.
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Opportunities are uncertain events that
could have a positive impact on the
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project. Just like tweets, they need
proactive planning, but the goal here is
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increase benefits instead of avoiding
harm.
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The strategy you choose should reflect
the value, urgency, and alignment with
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the stakeholder and project goals.
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Here, you can see some strategies for
managing opportunities.
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Exploit means taking direct steps to
make sure the opportunity happens.
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This could include allocating resources
or adjusting the schedule to fully
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capture the benefit.
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Enhance involves increasing the
likelihood or positive impact of the
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opportunity. You may improve a process
or add a feature that boosts its value.
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Share is about partnering with a third
party to jointly benefit from the
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opportunity. For example, co -developing
a product with a vendor or a
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stakeholder.
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Accept means recognizing the opportunity
but not taking proactive steps. You
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simply monitor the situation and take
advantage of it if it naturally occurs.
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And finally, escalate is used when the
opportunity is outside of the project's
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scope. You refer it to a higher -level
program or portfolio manager to make the
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most of it.
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Choosing the right strategy helps turn
potential advantages into real project
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gains.
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Here is an example that shows how
opportunity strategies work in action.
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Morgan is leading the development of a
city government app.
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When a tech startup offered to test
their tool for free, she took advantage
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the exposure and used an exploit
strategy.
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Later, she redesigned parts of the app
to better support people with
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disabilities, applying an enhanced
strategy.
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She also formed a partnership with a
specialized AI company, which shows a
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shared approach.
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In some cases, like the uncertain chance
to present at a global event, she
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simply accepted the situation without
taking extra action.
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And when a big decision came up that was
outside of the team's control, she
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escalated it to the city officials.
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Her choices helped keep the project
moving in the right direction.
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Once a risk -response strategy is
chosen, it needs to be turned into clear
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actionable steps.
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These actions should be practical,
measurable, and part of the overall
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plan. A strong response explains what
needs to be done, who will do it, when
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will be happened, and how success will
be tracked.
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You should define the timeline and
budget and consider backup actions if
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Also, don't forget to look for new risks
that might come from the response
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itself.
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If this process is vague or incomplete,
it can cause delays, confusion, or even
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inaction.
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risk response needs a clear owner who is
responsible for making sure it gets
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done. These owners are often subject
matter experts or trusted members of the
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project team. When responsibility is
clearly assigned, follow -through
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much more likely.
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Ownership should also be documented in
the risk register so everyone knows who
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is accountable.
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This helps reduce confusion and ensures
that actions are actually implemented.
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and that brings us to the end of part a
on planning risk responses if you have
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any questions feel free to ask in part b
we will continue with additional tools
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and examples to support your planning
process thank you very much again for
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watching this video and i'll see you in
the next part
11550
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