All language subtitles for KU PMGT 823 Session 5 (Part B)- Contingency Planning and Risk Documentation

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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 --> 00:00:07,390 Hi everyone and welcome to Part B of Session 5 in PMGT 823, Project Risk 2 00:00:07,390 --> 00:00:11,430 Management. In this part, we will continue exploring the plan risk 3 00:00:11,430 --> 00:00:15,470 process with a focus on contingency planning and risk documentation. 4 00:00:16,070 --> 00:00:17,290 Let's dive into it. 5 00:00:20,250 --> 00:00:24,490 In this part of Module 5, we will explore how to prepare backup plans for 6 00:00:24,490 --> 00:00:28,710 uncertain situations and how to document risk responses clearly within the 7 00:00:28,710 --> 00:00:33,150 project. Both of these are key to making sure your plans are understood and 8 00:00:33,150 --> 00:00:34,390 successfully carried out. 9 00:00:37,650 --> 00:00:42,570 A contingent response strategy is a backup plan that only gets activated if 10 00:00:42,570 --> 00:00:43,790 certain conditions happen. 11 00:00:44,230 --> 00:00:48,630 These strategies are useful when the team expected enough warning to act in 12 00:00:48,630 --> 00:00:52,190 time. The condition that triggers the response is known as a trigger. 13 00:00:52,530 --> 00:00:55,430 These strategies are also called conditional responses. 14 00:00:56,270 --> 00:01:00,010 Triggers can include things like missed deadlines, quality issues, or vendor 15 00:01:00,010 --> 00:01:03,870 delays. They help the team stay ready without committing too many resources 16 00:01:03,870 --> 00:01:04,870 upfront. 17 00:01:08,390 --> 00:01:12,410 Contingency plans are common in projects where there is uncertainty, but it can 18 00:01:12,410 --> 00:01:13,410 be anticipated. 19 00:01:13,570 --> 00:01:17,970 These plans help teams get ready for possible disruptions by defining actions 20 00:01:17,970 --> 00:01:18,970 ahead of time. 21 00:01:19,280 --> 00:01:23,260 For example, a construction team might prepare a backup supplier in case the 22 00:01:23,260 --> 00:01:25,960 primary vendor fails to deliver materials on time. 23 00:01:26,200 --> 00:01:31,280 A software team may assign a backup developer in case a key engineer leaves. 24 00:01:31,280 --> 00:01:36,000 a logistics company might plan a backup route in case of road closures or other 25 00:01:36,000 --> 00:01:40,660 local disruptions. These examples show how planning ahead helps teams stay on 26 00:01:40,660 --> 00:01:42,380 track even when surprises happen. 27 00:01:45,640 --> 00:01:49,660 this table shows some common project triggers along with suggested 28 00:01:49,660 --> 00:01:54,220 plans each trigger represents a specific situation that could lead to a risk 29 00:01:54,220 --> 00:01:59,120 like technology failures or a shortened project timeline instead of just listing 30 00:01:59,120 --> 00:02:03,320 the possible outcomes this version focuses on what the team can actually do 31 00:02:03,320 --> 00:02:08,259 response for example if a key technology fails the team might use a backup 32 00:02:08,259 --> 00:02:12,500 option they have already tested or if their schedule is compressed they can 33 00:02:12,500 --> 00:02:16,560 identify tasks to scratch crash, and prepare extra resources in advance. 34 00:02:16,920 --> 00:02:21,300 These plans help the team stay ready without overcommitting and ensure the 35 00:02:21,300 --> 00:02:24,180 project keeps moving even when things do not go as expected. 36 00:02:27,420 --> 00:02:31,800 Both contingency and fallback plans are reactive strategies used in uncertain 37 00:02:31,800 --> 00:02:34,640 situations. But what are the differences between them? 38 00:02:35,040 --> 00:02:39,500 Well, a contingency plan is triggered when a specific condition happens and 39 00:02:39,500 --> 00:02:41,380 answers the question, what if this occurs? 40 00:02:42,120 --> 00:02:46,600 But a fallback plan is used when the original response fails and answers what 41 00:02:46,600 --> 00:02:47,680 nothing goes as planned. 42 00:02:48,040 --> 00:02:52,200 Together, they provided layered protection against risk and uncertainty. 43 00:02:52,920 --> 00:02:57,440 Both plans should clearly define resources, timing, and the path for 44 00:03:00,300 --> 00:03:04,660 Sometimes when we respond to a risk, we might unintentionally create new risks. 45 00:03:04,840 --> 00:03:08,600 These are called secondary risks, and they happen as a direct result of the 46 00:03:08,600 --> 00:03:09,600 response itself. 47 00:03:10,270 --> 00:03:13,250 Some tweets may also remain even after we have taken action. 48 00:03:13,630 --> 00:03:18,030 These are called residual risks, and they reflect what is left over after the 49 00:03:18,030 --> 00:03:19,030 response is complete. 50 00:03:19,310 --> 00:03:24,030 Both secondary and residual risks should be documented and accessed, like any 51 00:03:24,030 --> 00:03:25,190 other risk in the project. 52 00:03:28,870 --> 00:03:33,330 Once you define your response triggers and new risks, you need to update the 53 00:03:33,330 --> 00:03:35,290 risk register and other related documents. 54 00:03:35,960 --> 00:03:39,860 This helps the whole team stay aligned and ensure everyone is working with the 55 00:03:39,860 --> 00:03:40,860 most current information. 56 00:03:41,980 --> 00:03:46,580 You should update the risk register with details like strategies, triggers, 57 00:03:46,960 --> 00:03:49,680 fallback plans, and secondary risks, if possible. 58 00:03:50,440 --> 00:03:55,500 The project schedule may also need change to reflect contingency 59 00:03:55,500 --> 00:03:59,400 resource calendars or team assignments should be adjusted if responsibilities 60 00:03:59,400 --> 00:04:00,400 shift. 61 00:04:04,560 --> 00:04:08,500 In this example, Daniel is leading a hospital renovation project and sharing 62 00:04:08,500 --> 00:04:09,860 lessons learned with his team. 63 00:04:10,220 --> 00:04:15,160 Early on, they identified a risk of delay in medical equipment delivery, so 64 00:04:15,160 --> 00:04:19,060 created a contingent response plan. The trigger was missing the shipping 65 00:04:19,060 --> 00:04:22,200 confirmation, and the response was to contact the backup supplier. 66 00:04:22,600 --> 00:04:26,700 They also had a fallback plan to borrow emergency stock from a university 67 00:04:26,700 --> 00:04:28,660 warehouse in case the first plan failed. 68 00:04:29,400 --> 00:04:33,580 Fortunately, the main plan worked, but knowing they had a fallback increased 69 00:04:33,580 --> 00:04:34,580 their confidence. 70 00:04:34,800 --> 00:04:39,320 Later, they discovered a secondary risk when the backup supplier was unfamiliar 71 00:04:39,320 --> 00:04:40,860 with the hospital procedures. 72 00:04:41,420 --> 00:04:45,920 This caused delays and required extra training, which they document as a new 73 00:04:45,920 --> 00:04:49,820 risk. Daniel explains how they updated the risk register. 74 00:04:50,320 --> 00:04:53,520 project schedule, and resource assignments to reflect all changes. 75 00:04:53,800 --> 00:04:58,460 He ends by saying not everything went exactly as planned, but planning ahead 76 00:04:58,460 --> 00:05:01,380 keeping documents updated helped keep things on track. 77 00:05:04,200 --> 00:05:06,520 And this brings us to the end of Part B. 78 00:05:07,000 --> 00:05:11,060 we have explored how to design contingency and fallback plans and how 79 00:05:11,060 --> 00:05:15,420 project documents as new risks emerge if you have any questions feel free to 80 00:05:15,420 --> 00:05:18,960 send an email or share them on the discussion board thank you very much 81 00:05:18,960 --> 00:05:22,560 for watching this video and when you are ready please continue to part c 7686

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