All language subtitles for KU PMGT 823 Session 6 (Part A)- Implementing Risk Responses- Strategies and Execution

Hi everyone and welcome to session 6 of
PMGT 823, Project Risk Management.

In this session, we will focus on
implementing risk responses.

This is an important part of the course
where we will explore how to turn our

risk strategies into real actions.

So let's get started together.

In this part of Module 6, we will focus
on applying risk response strategies and

making sure they are carried out
effectively.

We will see how teams can translate
plans into real actions and handle

and opportunities.

A strong execution is key to keeping our
projects on track and resilient.

Just like in our previous sessions,
let's take a look at the fundamental

management processes.

After defining how to manage risk,
identifying them, and analyzing their

potential impacts, it is now time to
move on to implementing the risk

This step is essential to make sure our
planned strategies actually protect the

project.

In earlier lessons, we explored how to
identify, analyze, and plan for risks.

However, risk management does not stop
at planning.

In this session, we will focus on
putting those plans into actions during

implementation phase.

By implementing risk responses, we make
sure that our planned strategies are

actually carried out to address threats
or take advantage of opportunities.

This helps keep the project on track and
supports its overall objectives.

Managing risks begins with a prioritized
risk register so that you know which

risks deserve action.

You usually focus on higher -scoring
risks, those with serious consequences,

even low -priority risks that can be
handled with simple and low -cost

At the same time, you decide which risks
do not need action, like significant

risks with no practical response or
cases where response would cost more

the benefit.

Some minor risks may also be accepted
without any advanced action.

Okay, let's take a look at this table.

When it comes to implementing risk
responses, there are specific inputs,

and techniques, and outputs to keep in
mind. We rely on documents like the

project management plan, the risk
register, and lessons learned to guide

actions. To carry out responses
effectively, we use tools like expert

interpersonal skills, and project
management systems.

As a result, we produce outputs like
change requests, updates to project

documents, and records of how risks were
handled.

These elements work together to ensure
risk responses are executed

Now let's focus on key inputs of this
process which the project team needs to

rely on to implement risk responses
successfully.

These inputs help guide their actions
and ensure everything stays aligned with

the overall risk management plan.

Important inputs include the risk
management plan itself, the risk

risk report, lessons learned from
previous projects, and organizational

assets, or OPAs.

Together, these resources provide a
strong foundation for executing

effectively and consistently.

Implementing risk responses is always a
team effort that depends on clear roles

and good coordination.

Each person plays an important part in
making sure responses happen effectively

and on time.

The first role belongs to project
manager that leads the work and ensures

everything is integrated.

Risk owners monitor and manage specific
risks while team members carry out daily

risk response tasks.

Stakeholders provide feedback and
resources.

And in addition, the PMO or risk
specialists can help with tools and

needed.

In agile environments, the team itself
takes on these responsibilities and can

react quickly to emerging risks
throughout the frequent stand -ups and

iterations.

How about tools and techniques that we
usually apply for implementing risk

responses? Well, successfully putting
risk responses into action takes more

just a good plan.

Teams need to use a mix of expert
judgment, interpersonal skills, and

management systems to make sure those
actions really happen.

Expert judgment brings in valuable
experience and insights while team

like leadership and negotiation help
coordinate people effectively.

Project management information systems
support scheduling, tracking, and

reporting so that everyone stays
aligned.

These combined tools and techniques
create a solid base for implementing

responses in a smooth and controlled
way.

Sometimes, while risk responses are
being implemented, changes to the

plan, schedule, scope, or budget become
necessary.

These adjustments must go through a
formal change control process to keep

everything consistent and well
documented.

Any new risks or updates to strategies
should be handled with proper change

requests, then reviewed and approved.

Once approved, these changes should be
documented and shared with all

stakeholders so everyone stays on the
same page.

But the story is different in agile
projects.

In agile projects, due to their natures,
changes are often managed more flexibly

through backlog updates and frequent
team discussions, which makes them

to integrate into short delivery cycles.

In this example, we see how Laura
managed the transition to a new cloud

ERP system at a manufacturing company.

She identified two major risks during
planning, data incompatibility and

employee resistance to the new system.

To address these, Laura used mitigation
and avoidance strategies, such as hiring

an expert consultant and running early
training sessions.

During implementation, some data errors
came up, but the team quickly resolved

them. thanks to the solid preparation
and strong communication.

Lara also handled a change request to
extend support after launch and update

risk register to keep everything
documented.

The project finished on a schedule and
served as a valuable model for future

initiatives.

This brings us to the end of part A of
our session on implementing risk

responses. If you have any questions,
feel free to email me or share them in

Q &A launch discussion board.

When you are ready, please continue to
part B.

Thank you very much again for watching
this video.