Would you like to inspect the original subtitles? These are the user uploaded subtitles that are being translated: 1 1 00:00:01,280 --> 00:00:03,310 Before baselining the risk budget, 2 2 00:00:03,310 --> 00:00:07,253 first, get proactive and do some response planning, 3 3 00:00:08,160 --> 00:00:10,810 because you can often eliminate, 4 4 00:00:10,810 --> 00:00:13,610 or substantially decrease risks, 5 5 00:00:13,610 --> 00:00:16,880 either before you start, or once underway, 6 6 00:00:16,880 --> 00:00:19,720 if you just think about them a bit beforehand, 7 7 00:00:19,720 --> 00:00:22,343 one of the key values of risk planning. 8 8 00:00:24,400 --> 00:00:28,900 First, assign owners, the person closest to each risk, 9 9 00:00:28,900 --> 00:00:30,563 and best able to manage it. 10 10 00:00:31,840 --> 00:00:35,780 Then, identify which of the standard response approaches 11 11 00:00:35,780 --> 00:00:37,733 best applies to each risk. 12 12 00:00:38,980 --> 00:00:42,790 First, avoid, the best approach. 13 13 00:00:42,790 --> 00:00:45,660 See if you can prevent the risk completely 14 14 00:00:45,660 --> 00:00:48,320 by changing the project plan before you start, 15 15 00:00:48,320 --> 00:00:51,223 or put in place plans to try and avoid it once underway. 16 16 00:00:52,650 --> 00:00:56,170 Second, mitigate, the most common choice. 17 17 00:00:56,170 --> 00:00:57,970 Make the risk less bad 18 18 00:00:57,970 --> 00:01:01,630 by reducing the probability, and/or the impact 19 19 00:01:01,630 --> 00:01:04,390 by changing the project plan before you start, 20 20 00:01:04,390 --> 00:01:07,580 or put in place plans to mitigate it once underway. 21 21 00:01:07,580 --> 00:01:09,740 For example, you could move the risky event 22 22 00:01:09,740 --> 00:01:11,680 earlier in the schedule, 23 23 00:01:11,680 --> 00:01:12,720 increase the monitoring, 24 24 00:01:12,720 --> 00:01:15,300 so you can see the problem coming earlier, 25 25 00:01:15,300 --> 00:01:17,950 highlight the cause for senior management action, 26 26 00:01:17,950 --> 00:01:20,143 identify a backup vendor, et cetera. 27 27 00:01:21,820 --> 00:01:26,820 Third, transfer, really only feasible for financial risks. 28 28 00:01:27,290 --> 00:01:29,070 For example, buying insurance, 29 29 00:01:29,070 --> 00:01:32,020 so you can be reimbursed appropriately if the risk happens. 30 30 00:01:32,920 --> 00:01:35,130 And finally, accept. 31 31 00:01:35,130 --> 00:01:37,590 The probable impact of the risk is too low, 32 32 00:01:37,590 --> 00:01:39,610 or there is nothing you can do about it, 33 33 00:01:39,610 --> 00:01:41,350 so simply track the risk, 34 34 00:01:41,350 --> 00:01:44,003 and pay the time and money if it happens. 2951