title
PMP Risk Management | Project Risk Management Training | PMP Training Videos | PMP Tutorial

description
( PMP Certification Training - https://www.edureka.co/pmp-certification-exam-training ) Watch sample class recording: http://www.edureka.co/pmp?utm_source=youtube&utm_medium=referral&utm_campaign=project-risk-management-1 Project risk management is an important aspect of project management. According to the Project Management Institute's PMBOK Risk management is one of the ten knowledge areas in which a project manager must be competent. Project risk is defined by PMI as 'an uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives'. Get a more in-depth view of the concept by watching this video, which covers: 1. Introduction to Project Risk Management 2.Identify Risk 3.Risk Analysis 4.Plan Risk Management 5.Manage Stakeholder Engagement 6.Control Stakeholder Engagement Related Blogs: http://www.edureka.co/blog/introduction-to-project_management_office/?utm_source=youtube&utm_medium=referral&utm_campaign=project-risk-management-1 http://www.edureka.co/blog/an-introduction-to-pmbok-guide/?utm_source=youtube&utm_medium=referral&utm_campaign=project-risk-management-1 Edureka is a New Age e-learning platform that provides Instructor-Led Live, Online classes for learners who would prefer a hassle free and self paced learning environment, accessible from any part of the world. The topics related to ‘Project Risk Management’ have extensively been covered in our course ‘PMP Exam Preparation’. For more information, please write back to us at sales@edureka.co or call us at IND: 9606058406 / US: 18338555775 (toll free).

detail
{'title': 'PMP Risk Management | Project Risk Management Training | PMP Training Videos | PMP Tutorial', 'heatmap': [{'end': 1554.499, 'start': 1511.434, 'weight': 0.819}, {'end': 2285.197, 'start': 2247.389, 'weight': 0.739}, {'end': 2993.944, 'start': 2914.373, 'weight': 0.825}, {'end': 3310.466, 'start': 3233.203, 'weight': 1}], 'summary': 'Covers project risk management, discussing risk differentiation, response planning, quantitative and qualitative risk analysis, monte carlo simulation, and risk response strategies for negative and positive risks, including practical examples and calculations.', 'chapters': [{'end': 263.137, 'segs': [{'end': 88.907, 'src': 'embed', 'start': 3.516, 'weight': 1, 'content': [{'end': 10.678, 'text': 'So project risk management includes the process of conducting risk management, planning, identification, analysis,', 'start': 3.516, 'duration': 7.162}, {'end': 13.799, 'text': 'response planning and controlling risk on a project.', 'start': 10.678, 'duration': 3.121}, {'end': 24.883, 'text': 'The objective of project risk management are to increase the likelihood and impact of positive events and decrease the likelihood and impact of the negative events in a project.', 'start': 14.4, 'duration': 10.483}, {'end': 36.392, 'text': 'So the objective is to increase the likelihood and impact of the positive event and decrease the likelihood and impact of the negative event in the project.', 'start': 26.584, 'duration': 9.808}, {'end': 43.134, 'text': 'So here is the difference.', 'start': 41.454, 'duration': 1.68}, {'end': 47.176, 'text': 'Risk is an uncertain event or event that might happen in future.', 'start': 43.755, 'duration': 3.421}, {'end': 49.817, 'text': 'Issue is an event that has already occurred.', 'start': 47.196, 'duration': 2.621}, {'end': 56.87, 'text': 'Once risk is identified, its impact should be analyzed and the response plan should be prepared.', 'start': 51.266, 'duration': 5.604}, {'end': 61.794, 'text': 'Once the impact of issue is analyzed, the same should be resolved or escalated.', 'start': 57.691, 'duration': 4.103}, {'end': 64.997, 'text': 'There is no response plan to it.', 'start': 63.516, 'duration': 1.481}, {'end': 74.604, 'text': 'Again, just take a look of this response plan.', 'start': 67.919, 'duration': 6.685}, {'end': 77.627, 'text': 'We are not saying, we loosely use the term mitigate.', 'start': 74.685, 'duration': 2.942}, {'end': 82.593, 'text': 'But here we are not saying mitigate, we are saying response plan.', 'start': 78.564, 'duration': 4.029}, {'end': 88.907, 'text': 'Why we are saying response plan? We will see down the line why it is because there is a reason for it.', 'start': 82.994, 'duration': 5.913}], 'summary': 'Project risk management aims to increase positive events and decrease negative events by conducting risk management, planning, identification, analysis, and response planning.', 'duration': 85.391, 'max_score': 3.516, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M3516.jpg'}, {'end': 211.077, 'src': 'embed', 'start': 116.008, 'weight': 0, 'content': [{'end': 123.403, 'text': 'So project management plan, charter, stakeholder register, EEF and OPAs are the inputs.', 'start': 116.008, 'duration': 7.395}, {'end': 131.147, 'text': 'Analytical techniques, expert judgment, and meetings are the tools and techniques.', 'start': 126.645, 'duration': 4.502}, {'end': 134.768, 'text': 'And risk management plan is your output.', 'start': 131.807, 'duration': 2.961}, {'end': 149.956, 'text': 'So risk management plan may include methodology of the approach, tools, checklist, data source, classification model.', 'start': 142.912, 'duration': 7.044}, {'end': 152.474, 'text': 'roles and responsibilities.', 'start': 151.053, 'duration': 1.421}, {'end': 156.717, 'text': 'budgeting frequency to review risks.', 'start': 152.474, 'duration': 4.243}, {'end': 158.638, 'text': 'risk categories.', 'start': 156.717, 'duration': 1.921}, {'end': 163.481, 'text': 'definition of risk probability and impact.', 'start': 158.638, 'duration': 4.843}, {'end': 165.883, 'text': 'revised stakeholder tolerances.', 'start': 163.481, 'duration': 2.402}, {'end': 167.084, 'text': 'reporting formats.', 'start': 165.883, 'duration': 1.201}, {'end': 170.206, 'text': 'tracking risk breakdown structure as described below.', 'start': 167.084, 'duration': 3.122}, {'end': 177.531, 'text': 'Now all these are part of a risk management plan.', 'start': 174.589, 'duration': 2.942}, {'end': 189.603, 'text': 'So the first step that we do is we identify the risk.', 'start': 179.161, 'duration': 10.442}, {'end': 191.543, 'text': "Let's take an example.", 'start': 190.063, 'duration': 1.48}, {'end': 198.505, 'text': "Let's take an example.", 'start': 197.164, 'duration': 1.341}, {'end': 201.365, 'text': "Let's do an exercise.", 'start': 198.525, 'duration': 2.84}, {'end': 211.077, 'text': 'You have heard about Jim Corbett National Park.', 'start': 209.076, 'duration': 2.001}], 'summary': 'Risk management plan includes methodology, tools, roles, and responsibilities, and more.', 'duration': 95.069, 'max_score': 116.008, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M116008.jpg'}], 'start': 3.516, 'title': 'Project risk management', 'summary': 'Discusses project risk management, aiming to increase the impact of positive events and decrease the impact of negative events, differentiating risk and issue, emphasizing the importance of response planning. it also covers the process of conducting risk management for a project, emphasizing consistency and key components of a risk management plan.', 'chapters': [{'end': 88.907, 'start': 3.516, 'title': 'Project risk management', 'summary': 'Discusses project risk management, including the processes involved and the objectives, aiming to increase the likelihood and impact of positive events and decrease the likelihood and impact of negative events in a project, differentiating between risk and issue, and emphasizing the importance of response planning.', 'duration': 85.391, 'highlights': ['The objective of project risk management are to increase the likelihood and impact of positive events and decrease the likelihood and impact of the negative events in a project.', 'Risk is an uncertain event or event that might happen in future, whereas issue is an event that has already occurred.', 'Once risk is identified, its impact should be analyzed and the response plan should be prepared.', 'There is no response plan to issues; once the impact of an issue is analyzed, it should be resolved or escalated.', "Emphasizing the importance of response planning by using a specific term 'response plan' instead of 'mitigate', highlighting the reason behind it."]}, {'end': 263.137, 'start': 92.233, 'title': 'Project risk management plan', 'summary': 'Discusses the process of conducting risk management for a project, including inputs, tools and techniques, and outputs, emphasizing the importance of following a consistent risk management process and the key components of a risk management plan.', 'duration': 170.904, 'highlights': ['The risk management plan includes methodology of the approach, tools, checklist, data sources, classification model, roles and responsibilities, budgeting frequency to review risks, risk categories, definition of risk probability and impact, revised stakeholder tolerances, reporting formats, and tracking risk breakdown structure.', 'The project management plan, charter, stakeholder register, EEF, and OPAs are the inputs, while analytical techniques, expert judgment, and meetings are the tools and techniques used in risk management.', "The first step in risk management is to identify the risk, which involves understanding factors such as the famous tigers at Jim Corbett National Park and the project of planting a company's flag on a small hill within the park."]}], 'duration': 259.621, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M3516.jpg', 'highlights': ['The risk management plan includes methodology, tools, checklist, data sources, and roles and responsibilities.', 'The objective of project risk management is to increase the likelihood and impact of positive events and decrease the likelihood and impact of negative events.', 'Risk is an uncertain event or event that might happen in the future, whereas an issue is an event that has already occurred.', "The first step in risk management is to identify the risk, which involves understanding factors such as the famous tigers at Jim Corbett National Park and the project of planting a company's flag on a small hill within the park.", 'Once risk is identified, its impact should be analyzed, and the response plan should be prepared.']}, {'end': 1155.638, 'segs': [{'end': 447.484, 'src': 'embed', 'start': 363.427, 'weight': 0, 'content': [{'end': 366.909, 'text': 'We have identified the risks.', 'start': 363.427, 'duration': 3.482}, {'end': 372.333, 'text': 'Now let us do something.', 'start': 370.992, 'duration': 1.341}, {'end': 384.901, 'text': 'Let us say what is the probability and impact of this.', 'start': 375.555, 'duration': 9.346}, {'end': 401.221, 'text': "So let's say probability on a scale of 5.", 'start': 386.522, 'duration': 14.699}, {'end': 409.164, 'text': "So Tiger's probability is 5.", 'start': 401.221, 'duration': 7.943}, {'end': 420.608, 'text': "What is the impact on the project? Impact, let's keep it at 5 itself.", 'start': 409.164, 'duration': 11.444}, {'end': 444.441, 'text': 'The reason, wild animals 5, impact may be 4.', 'start': 425.003, 'duration': 19.438}, {'end': 447.484, 'text': 'Permission probability is less.', 'start': 444.441, 'duration': 3.043}], 'summary': "Identified risks, tiger's probability and impact is 5, project impact is 5, wild animals 5, permission probability is low.", 'duration': 84.057, 'max_score': 363.427, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M363427.jpg'}, {'end': 714.072, 'src': 'embed', 'start': 584.156, 'weight': 1, 'content': [{'end': 589.982, 'text': 'So now what we have done, what we have done is first of all we identified the risk.', 'start': 584.156, 'duration': 5.826}, {'end': 597.177, 'text': 'Once we identified the risk,', 'start': 595.356, 'duration': 1.821}, {'end': 615.471, 'text': 'we did a qualitative risk analysis where we put some kind of a qualitative analysis and we have given a score for probability and impact.', 'start': 597.177, 'duration': 18.294}, {'end': 632.208, 'text': 'Now once we have done that we have created a risk score.', 'start': 628.666, 'duration': 3.542}, {'end': 644.013, 'text': 'Now the point here is based on this risk score we need to take certain actions.', 'start': 634.549, 'duration': 9.464}, {'end': 649.996, 'text': 'Now all risks you cannot take action.', 'start': 646.714, 'duration': 3.282}, {'end': 663.478, 'text': 'So you as an organization will have some kind of a risk appetite and risk tolerance.', 'start': 656.229, 'duration': 7.249}, {'end': 668.905, 'text': 'Have you heard about these two terminologies risk appetite and risk tolerance?', 'start': 664.4, 'duration': 4.505}, {'end': 692.274, 'text': 'Have you heard about risk appetite and risk tolerance?', 'start': 689.332, 'duration': 2.942}, {'end': 698.619, 'text': 'So what is risk appetite??', 'start': 695.457, 'duration': 3.162}, {'end': 712.31, 'text': 'Seth says tolerance is the limit within which the risk is acceptable.', 'start': 708.587, 'duration': 3.723}, {'end': 712.531, 'text': 'okay,', 'start': 712.31, 'duration': 0.221}, {'end': 714.072, 'text': 'So what is risk appetite?', 'start': 712.871, 'duration': 1.201}], 'summary': 'Qualitative risk analysis done, risk score created. action based on risk score, considering risk appetite and tolerance.', 'duration': 129.916, 'max_score': 584.156, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M584156.jpg'}, {'end': 791.121, 'src': 'embed', 'start': 763.054, 'weight': 3, 'content': [{'end': 773.681, 'text': 'which is that how much of risk you will accept and how much of risk you will try and do something about it is your tolerance limit.', 'start': 763.054, 'duration': 10.627}, {'end': 780.796, 'text': 'Based on that what you also do is you create some kind of a risk matrix.', 'start': 774.562, 'duration': 6.234}, {'end': 791.121, 'text': "So let's say for example here we can create a simple matrix, high, medium and low.", 'start': 781.616, 'duration': 9.505}], 'summary': 'Determining risk tolerance and creating a risk matrix based on it.', 'duration': 28.067, 'max_score': 763.054, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M763054.jpg'}, {'end': 1000.9, 'src': 'embed', 'start': 964.884, 'weight': 4, 'content': [{'end': 972.471, 'text': 'These are all defined in your risk management plan and accordingly you will decide which one to respond.', 'start': 964.884, 'duration': 7.587}, {'end': 980.378, 'text': 'Now we say that tigers and wild animals are the ones which we will respond.', 'start': 973.031, 'duration': 7.347}, {'end': 988.191, 'text': "Now let's say these are the two risks that we have seen.", 'start': 983.107, 'duration': 5.084}, {'end': 1000.9, 'text': 'Now tell me what step you can take to avoid these or what step will you take? In this example, what step will you take? You can get a guide.', 'start': 988.791, 'duration': 12.109}], 'summary': 'The risk management plan will address responding to identified risks, such as tigers and wild animals, with specific steps outlined for avoidance or response.', 'duration': 36.016, 'max_score': 964.884, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M964884.jpg'}], 'start': 266.178, 'title': 'Project risks and responses', 'summary': 'Discusses the identification and assessment of project risks, including the probability and impact of each risk, with key highlights being the high probability and impact of tiger encounters and the lower probability and impact of food and water shortage, along with the concepts of risk appetite, risk tolerance, and risk response, outlining the process of identifying, analyzing, and responding to risks, along with the creation of a risk matrix and examples of risk responses.', 'chapters': [{'end': 579.692, 'start': 266.178, 'title': 'Project risks assessment', 'summary': 'Discusses the identification and assessment of various risks for a project, including the probability and impact of each risk, with key highlights being the high probability and impact of tiger encounters, as well as the lower probability and impact of food and water shortage.', 'duration': 313.514, 'highlights': ['The probability and impact of tiger encounters are rated as 5, highlighting the high risk associated with this factor.', 'Food and water shortage have a lower probability and impact, indicating a reduced risk compared to other factors.', 'The assessment includes probabilities and impacts for improper road navigation, weather conditions, sickness, and loss of communication, providing a comprehensive understanding of potential project risks.', 'The chapter emphasizes the importance of considering both the probability and impact of each risk in order to effectively address and mitigate potential challenges.']}, {'end': 1155.638, 'start': 584.156, 'title': 'Risk appetite, tolerance and response', 'summary': 'Discusses the concepts of risk appetite, risk tolerance, and risk response, outlining the process of identifying, analyzing, and responding to risks, along with the creation of a risk matrix and examples of risk responses.', 'duration': 571.482, 'highlights': ["The chapter explains the concepts of risk appetite and risk tolerance, highlighting the importance of understanding an organization's risk appetite and tolerance levels for effective risk management. It emphasizes the significance of comprehending an organization's risk appetite and tolerance levels to guide risk management decisions and actions.", 'The transcript outlines the process of creating a risk matrix based on risk scores, categorizing risks into high, medium, and low categories, providing a structured approach for risk assessment and response prioritization. It details the steps involved in creating a risk matrix based on risk scores, offering a structured approach for categorizing risks into high, medium, and low categories to prioritize risk responses.', 'The chapter provides examples of risk responses, such as using guides, guns, ammunition, and helicopters to mitigate and manage risks, demonstrating practical applications of risk response strategies in different scenarios. It offers practical examples of risk responses, including the use of guides, guns, ammunition, and helicopters to manage and mitigate risks in various situations.']}], 'duration': 889.46, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M266178.jpg', 'highlights': ['The probability and impact of tiger encounters are rated as 5, highlighting the high risk associated with this factor.', 'The chapter emphasizes the importance of considering both the probability and impact of each risk in order to effectively address and mitigate potential challenges.', "The chapter explains the concepts of risk appetite and risk tolerance, highlighting the importance of understanding an organization's risk appetite and tolerance levels for effective risk management.", 'The transcript outlines the process of creating a risk matrix based on risk scores, categorizing risks into high, medium, and low categories, providing a structured approach for risk assessment and response prioritization.', 'The chapter provides examples of risk responses, such as using guides, guns, ammunition, and helicopters to mitigate and manage risks, demonstrating practical applications of risk response strategies in different scenarios.']}, {'end': 1813.675, 'segs': [{'end': 1242.827, 'src': 'embed', 'start': 1190.145, 'weight': 0, 'content': [{'end': 1199.209, 'text': 'PMBOK says that risk management plan, cost management plan, schedule management plan, quality management plan, human resource management plan, scope,', 'start': 1190.145, 'duration': 9.064}, {'end': 1206.394, 'text': 'baseline activity, cost estimate, activity duration estimate, stakeholder register, project document, EEF and OPA.', 'start': 1199.209, 'duration': 7.185}, {'end': 1207.815, 'text': 'all of these are input for risk.', 'start': 1206.394, 'duration': 1.421}, {'end': 1214.419, 'text': 'So every activity, every area of project management can have some risk.', 'start': 1208.155, 'duration': 6.264}, {'end': 1216.5, 'text': "That's why all of them are inputs.", 'start': 1214.779, 'duration': 1.721}, {'end': 1219.532, 'text': 'And what is the tool and technique?', 'start': 1218.211, 'duration': 1.321}, {'end': 1228.938, 'text': 'You do documentation review, you do information gathering, you do checklist analysis, you do assumption analysis, you can use diagramming techniques,', 'start': 1219.932, 'duration': 9.006}, {'end': 1232.821, 'text': 'you can do SWOT analysis and you have your expert judgment.', 'start': 1228.938, 'duration': 3.883}, {'end': 1236.883, 'text': 'And what you get is a risk register.', 'start': 1234.202, 'duration': 2.681}, {'end': 1242.827, 'text': 'So what we defined here at the beginning is your risk register.', 'start': 1237.324, 'duration': 5.503}], 'summary': 'Pmbok outlines various inputs and tools for risk management, resulting in a comprehensive risk register.', 'duration': 52.682, 'max_score': 1190.145, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M1190145.jpg'}, {'end': 1304.403, 'src': 'embed', 'start': 1275.561, 'weight': 2, 'content': [{'end': 1282.765, 'text': 'you look at the project scope statement and project management plan, you look at the dependencies, constraints and assumptions,', 'start': 1275.561, 'duration': 7.204}, {'end': 1289.868, 'text': 'you look at the estimates, budgets and schedule, and by analyzing all of these, you identify the risks.', 'start': 1282.765, 'duration': 7.103}, {'end': 1293.27, 'text': 'So risk identification is an important activity.', 'start': 1290.288, 'duration': 2.982}, {'end': 1297.379, 'text': 'Checklist analysis.', 'start': 1296.158, 'duration': 1.221}, {'end': 1304.403, 'text': 'Risk checklists are developed based on past experience and historical information.', 'start': 1300.441, 'duration': 3.962}], 'summary': 'Risk identification is crucial by analyzing project scope, plan, estimates, budget, and schedule to develop checklists based on past experience.', 'duration': 28.842, 'max_score': 1275.561, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M1275561.jpg'}, {'end': 1490.161, 'src': 'embed', 'start': 1459.804, 'weight': 3, 'content': [{'end': 1463.125, 'text': 'Risk probability and impact assessment, that is exactly what we have done.', 'start': 1459.804, 'duration': 3.321}, {'end': 1469.447, 'text': 'Probability and impact matrix, so this figure is the probability and impact matrix.', 'start': 1463.545, 'duration': 5.902}, {'end': 1478.049, 'text': 'Risk data quality assessment, risk categorization, this high, medium, low is your risk categorization.', 'start': 1470.067, 'duration': 7.982}, {'end': 1482.89, 'text': 'These are all your tools and techniques.', 'start': 1479.249, 'duration': 3.641}, {'end': 1490.161, 'text': 'risk urgency assessment, that is when will this risk happen and expert judgment are your tools and techniques.', 'start': 1483.855, 'duration': 6.306}], 'summary': 'Risk management process includes probability and impact assessment, risk categorization, and urgency assessment.', 'duration': 30.357, 'max_score': 1459.804, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M1459804.jpg'}, {'end': 1554.499, 'src': 'heatmap', 'start': 1511.434, 'weight': 0.819, 'content': [{'end': 1515.679, 'text': 'The next step is quantitative risk analysis.', 'start': 1511.434, 'duration': 4.245}, {'end': 1526.273, 'text': 'So if you look at it, what we did, we have found risk score by multiplying probability of the risk event into impact of the risk event.', 'start': 1517.281, 'duration': 8.992}, {'end': 1546.571, 'text': 'And what we create is we also create a risk breakdown structure so that we are sure that we have taken each and every considered each and every area from where risk can happen.', 'start': 1531.835, 'duration': 14.736}, {'end': 1553.117, 'text': 'So there can be technical, there can be external, there can be organization, there can be project management, there can be other steps,', 'start': 1546.891, 'duration': 6.226}, {'end': 1554.499, 'text': 'also depending on your project.', 'start': 1553.117, 'duration': 1.382}], 'summary': 'Quantitative risk analysis involves multiplying probability by impact to create risk score and considering various risk areas.', 'duration': 43.065, 'max_score': 1511.434, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M1511434.jpg'}, {'end': 1546.571, 'src': 'embed', 'start': 1517.281, 'weight': 6, 'content': [{'end': 1526.273, 'text': 'So if you look at it, what we did, we have found risk score by multiplying probability of the risk event into impact of the risk event.', 'start': 1517.281, 'duration': 8.992}, {'end': 1546.571, 'text': 'And what we create is we also create a risk breakdown structure so that we are sure that we have taken each and every considered each and every area from where risk can happen.', 'start': 1531.835, 'duration': 14.736}], 'summary': 'Risk score calculated by multiplying probability and impact. risk breakdown structure ensures comprehensive risk coverage.', 'duration': 29.29, 'max_score': 1517.281, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M1517281.jpg'}, {'end': 1713.167, 'src': 'embed', 'start': 1660.816, 'weight': 4, 'content': [{'end': 1665.878, 'text': 'Now pure risk is only the negative outcome, the one that we know mostly.', 'start': 1660.816, 'duration': 5.062}, {'end': 1673.921, 'text': 'What is business risk? Business risk is both positive and negative risk.', 'start': 1666.658, 'duration': 7.263}, {'end': 1679.424, 'text': 'Now we wanted an example of a positive risk.', 'start': 1676.082, 'duration': 3.342}, {'end': 1708.644, 'text': 'Suppose, while working, one of the developers creates a particular piece of code which now can be used by multiple programmers,', 'start': 1683.706, 'duration': 24.938}, {'end': 1713.167, 'text': 'and it will reduce the overall time of the project.', 'start': 1708.644, 'duration': 4.523}], 'summary': "Business risk includes positive and negative outcomes. for example, a developer's code could save time for multiple programmers.", 'duration': 52.351, 'max_score': 1660.816, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M1660816.jpg'}, {'end': 1813.675, 'src': 'embed', 'start': 1784.84, 'weight': 5, 'content': [{'end': 1793.185, 'text': 'So project manager team members, risk management team, customers, subject matter experts, end users and other project management experts.', 'start': 1784.84, 'duration': 8.345}, {'end': 1799.148, 'text': 'all of them comes into these meetings for identifying risks.', 'start': 1793.185, 'duration': 5.963}, {'end': 1805.631, 'text': 'So this is the kind of matrix that I was talking about.', 'start': 1802.97, 'duration': 2.661}, {'end': 1813.675, 'text': 'So you can create this probability impact matrix and you can say what is high, what is medium, what is low.', 'start': 1806.091, 'duration': 7.584}], 'summary': 'Various stakeholders identify risks using a probability impact matrix in project meetings.', 'duration': 28.835, 'max_score': 1784.84, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M1784840.jpg'}], 'start': 1157.519, 'title': 'Pmbok risk management and qualitative analysis', 'summary': 'Provides an overview of pmbok risk management plan, emphasizing the continuous nature of risk assessment. it further delves into qualitative risk analysis, encompassing tools and techniques, risk categorization, and stakeholder involvement.', 'chapters': [{'end': 1424.012, 'start': 1157.519, 'title': 'Pmbok risk management overview', 'summary': 'Discusses the pmbok risk management plan, including the inputs, tools and techniques, and the continuous nature of risk assessment at different phases of the project.', 'duration': 266.493, 'highlights': ['The PMBOK risk management plan includes inputs such as risk management plan, cost management plan, schedule management plan, quality management plan, human resource management plan, scope, baseline activity, cost estimate, activity duration estimate, stakeholder register, project document, EEF and OPA.', 'The tool and techniques for risk management include documentation review, information gathering, checklist analysis, assumption analysis, diagramming techniques, SWOT analysis, and expert judgment, resulting in a risk register.', 'Risk identification involves SWOT analysis, document review, and checklist analysis, with the understanding that risk assessment is a continuous process at different phases of the project.']}, {'end': 1813.675, 'start': 1426.872, 'title': 'Qualitative risk analysis and risk categorization', 'summary': 'Discusses qualitative risk analysis, including tools and techniques such as cause and effect diagram, risk probability and impact assessment, and risk breakdown structure, aiming to categorize risks into high, medium, and low and prioritize them for further management. it also explains the concept of pure risks, business risks, and positive risks, and how various stakeholders are involved in identifying risks.', 'duration': 386.803, 'highlights': ['The chapter emphasizes the use of qualitative risk analysis, including tools like cause and effect diagram and risk probability and impact assessment, to categorize risks into high, medium, and low, and prioritize them for further management.', 'The concept of pure risks, business risks, and positive risks is explained, providing examples of positive risks such as the creation of reusable code and the identification of additional projects that can benefit the organization.', 'Stakeholders such as project manager team members, risk management team, customers, subject matter experts, end users, and other project management experts are involved in identifying risks during meetings.', 'The chapter also discusses the creation of a risk breakdown structure to ensure that all potential risk areas are considered and the use of a probability impact matrix to categorize risks into high, medium, and low.', 'The definition and examples of pure risks, business risks, and positive risks are provided, illustrating the distinction between negative outcomes, both positive and negative risks, and opportunities that arise during a project.']}], 'duration': 656.156, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M1157519.jpg', 'highlights': ['The PMBOK risk management plan includes various inputs such as risk management plan, cost management plan, schedule management plan, quality management plan, human resource management plan, scope baseline activity, cost estimate, activity duration estimate, stakeholder register, project document, EEF, and OPA.', 'The tool and techniques for risk management include documentation review, information gathering, checklist analysis, assumption analysis, diagramming techniques, SWOT analysis, and expert judgment, resulting in a risk register.', 'Risk identification involves SWOT analysis, document review, and checklist analysis, emphasizing that risk assessment is a continuous process at different phases of the project.', 'The chapter emphasizes the use of qualitative risk analysis, including tools like cause and effect diagram and risk probability and impact assessment, to categorize risks into high, medium, and low, and prioritize them for further management.', 'The concept of pure risks, business risks, and positive risks is explained, providing examples of positive risks such as the creation of reusable code and the identification of additional projects that can benefit the organization.', 'Stakeholders such as project manager team members, risk management team, customers, subject matter experts, end users, and other project management experts are involved in identifying risks during meetings.', 'The chapter also discusses the creation of a risk breakdown structure to ensure that all potential risk areas are considered and the use of a probability impact matrix to categorize risks into high, medium, and low.', 'The definition and examples of pure risks, business risks, and positive risks are provided, illustrating the distinction between negative outcomes, both positive and negative risks, and opportunities that arise during a project.']}, {'end': 2353.418, 'segs': [{'end': 1881.164, 'src': 'embed', 'start': 1817.217, 'weight': 0, 'content': [{'end': 1819.698, 'text': 'Then we come to the qualitative risk analysis.', 'start': 1817.217, 'duration': 2.481}, {'end': 1823.702, 'text': 'Remember quantitative risk analysis.', 'start': 1820.658, 'duration': 3.044}, {'end': 1829.628, 'text': 'Remember quantitative risk analysis cannot be done without doing qualitative risk analysis.', 'start': 1824.202, 'duration': 5.426}, {'end': 1835.335, 'text': 'So for quantitative risk analysis to be done, qualitative risk analysis has to be done.', 'start': 1830.189, 'duration': 5.146}, {'end': 1843.419, 'text': 'Now quantitative risk analysis is actually using Monte Carlo simulation.', 'start': 1838.095, 'duration': 5.324}, {'end': 1854.046, 'text': 'So here what we do is we use statistical methods and statistical tools,', 'start': 1844.319, 'duration': 9.727}, {'end': 1867.155, 'text': 'software like there is a product which does Monte Carlo simulation and we use that for identifying, for finding the probability impact of the risks.', 'start': 1854.046, 'duration': 13.109}, {'end': 1881.164, 'text': 'So these are used for things like this Mars, the vehicle that has gone to the Mars and for all these rockets and rocket science and all these things.', 'start': 1867.695, 'duration': 13.469}], 'summary': 'Qualitative and quantitative risk analysis are essential for identifying the probability impact of risks, often used in space exploration like mars missions and rocket science.', 'duration': 63.947, 'max_score': 1817.217, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M1817217.jpg'}, {'end': 1933.667, 'src': 'embed', 'start': 1904.76, 'weight': 3, 'content': [{'end': 1922.357, 'text': 'So the process of numerically analyzing the effect of identified risk on overall project objective is being done by quantitative analysis and it is done using a tool called Monte Carlo simulation.', 'start': 1904.76, 'duration': 17.597}, {'end': 1931.585, 'text': 'So risk management, cost management, schedule management plan, risk register, EF and OPR inputs, data gathering and representation technique,', 'start': 1922.798, 'duration': 8.787}, {'end': 1933.667, 'text': 'quantitative risk analysis and modeling.', 'start': 1931.585, 'duration': 2.082}], 'summary': 'Quantitative analysis using monte carlo simulation for risk management, cost management, and schedule management plan.', 'duration': 28.907, 'max_score': 1904.76, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M1904760.jpg'}, {'end': 2047.207, 'src': 'embed', 'start': 2024.772, 'weight': 5, 'content': [{'end': 2033.316, 'text': 'So what it means is that you identify different uncertainties, but you take one uncertainty at a time, assuming the other things are constant,', 'start': 2024.772, 'duration': 8.544}, {'end': 2036.618, 'text': 'and then you see what is the impact of that particular uncertainty.', 'start': 2033.316, 'duration': 3.302}, {'end': 2047.207, 'text': 'Expected monetary value analysis, so the EMV value of a project or event is based on the probability of outcome that are uncertain.', 'start': 2038.863, 'duration': 8.344}], 'summary': 'Emv analysis helps measure impact of uncertainties on project outcomes.', 'duration': 22.435, 'max_score': 2024.772, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M2024772.jpg'}, {'end': 2123.517, 'src': 'embed', 'start': 2085.201, 'weight': 4, 'content': [{'end': 2089.422, 'text': 'And decision trees are used for finding out EMV.', 'start': 2085.201, 'duration': 4.221}, {'end': 2098.676, 'text': 'Modeling and simulation, we have already talked about it.', 'start': 2095.853, 'duration': 2.823}, {'end': 2104.741, 'text': 'So simulations are used to identify the potential impact and uncertainty specified at project level.', 'start': 2099.797, 'duration': 4.944}, {'end': 2110.706, 'text': 'So simulations are typically performed using the Monte Carlo technique.', 'start': 2106.623, 'duration': 4.083}, {'end': 2123.517, 'text': 'The Monte Carlo technique actually started off to find the probability of how many wins might happen in a casino.', 'start': 2111.107, 'duration': 12.41}], 'summary': 'Decision trees and monte carlo technique used for simulations to identify potential impact and uncertainty at project level.', 'duration': 38.316, 'max_score': 2085.201, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M2085201.jpg'}, {'end': 2285.197, 'src': 'heatmap', 'start': 2247.389, 'weight': 0.739, 'content': [{'end': 2285.197, 'text': 'Is this clear? Are we clear on this calculation? Same thing, now we are looking at it in terms of a positive scenario.', 'start': 2247.389, 'duration': 37.808}], 'summary': 'Clarifying calculation in positive scenario.', 'duration': 37.808, 'max_score': 2247.389, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M2247389.jpg'}], 'start': 1817.217, 'title': 'Quantitative risk analysis and monte carlo simulation', 'summary': 'Discusses the necessity of qualitative risk analysis, emphasizes the use of monte carlo simulation for identifying probability impact of risks in complex projects, and introduces quantitative risk analysis techniques including monte carlo simulation, decision tree analysis, and expected monetary value analysis with practical examples and calculations.', 'chapters': [{'end': 1904.38, 'start': 1817.217, 'title': 'Quantitative risk analysis and monte carlo simulation', 'summary': 'Explains the necessity of qualitative risk analysis before quantitative risk analysis, emphasizing the use of monte carlo simulation, a statistical method, and software for identifying the probability impact of risks, especially in complex projects like mars missions and rocket science.', 'duration': 87.163, 'highlights': ['Quantitative risk analysis depends on qualitative risk analysis as it cannot be done independently, emphasizing the necessity of qualitative risk analysis to precede quantitative risk analysis.', 'Monte Carlo simulation is used for identifying the probability impact of risks, particularly in complex projects like Mars missions and rocket science, showcasing its relevance in practical applications.', 'Statistical methods and tools, such as the Monte Carlo simulation software, are utilized for quantitative risk analysis, highlighting the practical application of these methods in risk assessment.']}, {'end': 2353.418, 'start': 1904.76, 'title': 'Quantitative risk analysis', 'summary': 'Introduces quantitative risk analysis techniques including monte carlo simulation, decision tree analysis, and expected monetary value analysis, which are used to assess the impact and uncertainty of risks on project objectives, with examples and calculations provided.', 'duration': 448.658, 'highlights': ['Monte Carlo simulation is a tool used for numerically analyzing the effect of identified risks on project objectives. Monte Carlo simulation is used to analyze the effect of identified risks on project objectives.', 'Decision tree analysis is a technique used for evaluating different scenarios and their impact on project decisions, considering the probabilities and outcomes. Decision tree analysis is utilized to evaluate different scenarios and their impact on project decisions.', 'Expected monetary value (EMV) analysis is used to calculate the value of a project or event based on the probability of uncertain outcomes, with positive values for opportunities and negative values for risks. Expected monetary value (EMV) analysis calculates the value of a project or event based on the probability of uncertain outcomes, with positive values for opportunities and negative values for risks.']}], 'duration': 536.201, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M1817217.jpg', 'highlights': ['Quantitative risk analysis depends on qualitative risk analysis as it cannot be done independently, emphasizing the necessity of qualitative risk analysis to precede quantitative risk analysis.', 'Monte Carlo simulation is used for identifying the probability impact of risks, particularly in complex projects like Mars missions and rocket science, showcasing its relevance in practical applications.', 'Statistical methods and tools, such as the Monte Carlo simulation software, are utilized for quantitative risk analysis, highlighting the practical application of these methods in risk assessment.', 'Monte Carlo simulation is a tool used for numerically analyzing the effect of identified risks on project objectives.', 'Decision tree analysis is a technique used for evaluating different scenarios and their impact on project decisions, considering the probabilities and outcomes.', 'Expected monetary value (EMV) analysis is used to calculate the value of a project or event based on the probability of uncertain outcomes, with positive values for opportunities and negative values for risks.']}, {'end': 2789.848, 'segs': [{'end': 2451.577, 'src': 'embed', 'start': 2354.339, 'weight': 0, 'content': [{'end': 2358.182, 'text': 'You can avoid, you can transfer, you can mitigate or you can accept.', 'start': 2354.339, 'duration': 3.843}, {'end': 2379.013, 'text': 'What does avoidance mean? Now in our example, what we have seen is we have talked about helicopter.', 'start': 2358.682, 'duration': 20.331}, {'end': 2385.074, 'text': 'That is basically a avoidance strategy.', 'start': 2381.353, 'duration': 3.721}, {'end': 2387.894, 'text': 'We are not taking that path itself.', 'start': 2385.274, 'duration': 2.62}, {'end': 2394.116, 'text': 'We are taking a completely different path and avoiding all these risks.', 'start': 2388.915, 'duration': 5.201}, {'end': 2400.077, 'text': 'That is your avoidance response.', 'start': 2394.776, 'duration': 5.301}, {'end': 2405.278, 'text': 'What is transfer? Give me an example of a risk transfer.', 'start': 2402.477, 'duration': 2.801}, {'end': 2410.89, 'text': 'We all have transferred our risk in our life.', 'start': 2406.949, 'duration': 3.941}, {'end': 2422.874, 'text': 'Give me one example of that most common risk transfer that anybody has done, or rather everybody has done.', 'start': 2412.031, 'duration': 10.843}, {'end': 2427.075, 'text': 'Not bank.', 'start': 2426.555, 'duration': 0.52}, {'end': 2433.497, 'text': 'Yes, outsourcing is one example.', 'start': 2431.256, 'duration': 2.241}, {'end': 2440.372, 'text': 'Outsourcing is transferring your risk to your vendor.', 'start': 2437.19, 'duration': 3.182}, {'end': 2442.273, 'text': "That's fine.", 'start': 2441.812, 'duration': 0.461}, {'end': 2445.054, 'text': "But I want, I'm looking for another answer.", 'start': 2442.773, 'duration': 2.281}, {'end': 2451.577, 'text': 'No, no, no.', 'start': 2445.074, 'duration': 6.503}], 'summary': 'Risk management strategies include avoidance, transfer, and mitigation. outsourcing is a common example of risk transfer.', 'duration': 97.238, 'max_score': 2354.339, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M2354339.jpg'}, {'end': 2596.997, 'src': 'embed', 'start': 2523.725, 'weight': 1, 'content': [{'end': 2531.926, 'text': 'Mitigate means you take certain action to reduce the impact or the probability of the project.', 'start': 2523.725, 'duration': 8.201}, {'end': 2548.11, 'text': 'So suppose there is a So in our example, taking this gun or fencing are example of mitigation strategy.', 'start': 2532.487, 'duration': 15.623}, {'end': 2556.458, 'text': 'And finally we have accept, means there are certain risks.', 'start': 2552.034, 'duration': 4.424}, {'end': 2559.66, 'text': 'which you cannot do anything about it.', 'start': 2557.338, 'duration': 2.322}, {'end': 2569.628, 'text': 'So you have to just accept it if and when that risk happens, then you will see what action that you need to take on that issue.', 'start': 2560.28, 'duration': 9.348}, {'end': 2577.173, 'text': 'So that is your four strategy for negative risk.', 'start': 2571.729, 'duration': 5.444}, {'end': 2583.148, 'text': 'there are certain strategy for positive risks.', 'start': 2579.485, 'duration': 3.663}, {'end': 2591.933, 'text': 'First is exploit, that is you will try to see how you can get more advantage of it.', 'start': 2584.108, 'duration': 7.825}, {'end': 2596.997, 'text': 'Number two is share.', 'start': 2595.516, 'duration': 1.481}], 'summary': 'Mitigation reduces impact/probability. accept unavoidable risks. four strategies for negative risk, two for positive risks.', 'duration': 73.272, 'max_score': 2523.725, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M2523725.jpg'}, {'end': 2789.848, 'src': 'embed', 'start': 2708.874, 'weight': 3, 'content': [{'end': 2713.479, 'text': 'So common guiding principles for risk response strategies for opportunities are timely.', 'start': 2708.874, 'duration': 4.605}, {'end': 2717.384, 'text': 'effort should be appropriate to severity.', 'start': 2713.479, 'duration': 3.905}, {'end': 2720.007, 'text': 'one response can address multiple risks.', 'start': 2717.384, 'duration': 2.623}, {'end': 2722.57, 'text': 'more than one response can address same risk.', 'start': 2720.007, 'duration': 2.563}, {'end': 2725.633, 'text': 'by addressing the root cause, more than one risk can be addressed.', 'start': 2722.57, 'duration': 3.063}, {'end': 2728.577, 'text': 'involve all relevant stakeholders when selecting strategies.', 'start': 2725.633, 'duration': 2.944}, {'end': 2739.315, 'text': 'So common response is acceptance.', 'start': 2737.714, 'duration': 1.601}, {'end': 2745.741, 'text': 'Passive acceptance requires no action leaving the project team to deal with the impact of the threat or opportunities as they occur.', 'start': 2739.856, 'duration': 5.885}, {'end': 2754.548, 'text': 'The most common active acceptance strategy is to establish a contingency reserve, including amount of time,', 'start': 2746.661, 'duration': 7.887}, {'end': 2760.132, 'text': 'money or resource to handle known or even sometimes potential unknown threats or opportunities.', 'start': 2754.548, 'duration': 5.584}, {'end': 2766.017, 'text': 'Remember we had talked about reserves and we had talked about contingency reserve and management reserve.', 'start': 2760.873, 'duration': 5.144}, {'end': 2769.478, 'text': 'Now, contingency reserve is for known unknowns.', 'start': 2766.577, 'duration': 2.901}, {'end': 2774.961, 'text': 'that is only where we know that certain these kind of risks happens.', 'start': 2769.478, 'duration': 5.483}, {'end': 2779.483, 'text': 'that is known unknown, whereas management reserves are for the unknown unknowns.', 'start': 2774.961, 'duration': 4.522}, {'end': 2789.848, 'text': 'So, we use these reserves to take care of the effect of the risk.', 'start': 2780.804, 'duration': 9.044}], 'summary': 'Common risk response strategies include timely action, appropriate effort, and involving stakeholders. contingency reserve for known unknowns and management reserve for unknown unknowns are utilized.', 'duration': 80.974, 'max_score': 2708.874, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M2708874.jpg'}], 'start': 2354.339, 'title': 'Risk management and response strategies', 'summary': 'Discusses risk management strategies like avoidance, transfer, mitigation, and acceptance, and risk response strategies for negative and positive risks, including examples and the establishment of contingency reserves for known and unknown risks.', 'chapters': [{'end': 2559.66, 'start': 2354.339, 'title': 'Risk management strategies', 'summary': 'Discusses risk management strategies including avoidance, transfer, mitigation, and acceptance, with examples such as using insurance for risk transfer and taking action to reduce impact or probability of a risk for mitigation.', 'duration': 205.321, 'highlights': ['The most common risk transfer strategy is taking insurance, which enables individuals to transfer their risk (quantifiable data: most common risk transfer strategy).', 'Mitigation involves taking action to reduce the impact or probability of a risk, such as using examples like taking a gun or fencing to mitigate risks (quantifiable data: examples of mitigation strategy).', 'Avoidance strategy involves taking a completely different path to avoid all risks (quantifiable data: example of avoidance strategy).', 'Acceptance of risks refers to situations where there are certain risks that one cannot do anything about (quantifiable data: explanation of acceptance strategy).']}, {'end': 2789.848, 'start': 2560.28, 'title': 'Risk response strategies', 'summary': 'Discusses strategies for both negative and positive risks, such as avoidance, sharing, and acceptance, including the establishment of contingency reserves for known and unknown risks.', 'duration': 229.568, 'highlights': ['The chapter explains the strategies for negative and positive risks, including exploit, share, enhance, avoid, transfer, mitigate, and accept, with specific actions to reduce impact or probability.', 'It emphasizes the establishment of contingency reserves for known risks and management reserves for unknown risks, to handle the impact of threats or opportunities.', 'The common guiding principles for risk response strategies for opportunities include timely and appropriate effort, involvement of relevant stakeholders, and addressing the root cause of multiple risks.']}], 'duration': 435.509, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M2354339.jpg', 'highlights': ['The most common risk transfer strategy is taking insurance, which enables individuals to transfer their risk (quantifiable data: most common risk transfer strategy).', 'The chapter explains the strategies for negative and positive risks, including exploit, share, enhance, avoid, transfer, mitigate, and accept, with specific actions to reduce impact or probability.', 'Mitigation involves taking action to reduce the impact or probability of a risk, such as using examples like taking a gun or fencing to mitigate risks (quantifiable data: examples of mitigation strategy).', 'It emphasizes the establishment of contingency reserves for known risks and management reserves for unknown risks, to handle the impact of threats or opportunities.', 'Avoidance strategy involves taking a completely different path to avoid all risks (quantifiable data: example of avoidance strategy).', 'The common guiding principles for risk response strategies for opportunities include timely and appropriate effort, involvement of relevant stakeholders, and addressing the root cause of multiple risks.', 'Acceptance of risks refers to situations where there are certain risks that one cannot do anything about (quantifiable data: explanation of acceptance strategy).']}, {'end': 3490.889, 'segs': [{'end': 2819.54, 'src': 'embed', 'start': 2791.563, 'weight': 0, 'content': [{'end': 2797.947, 'text': 'There is a question to repeat the strategy for opportunity, the positive risks.', 'start': 2791.563, 'duration': 6.384}, {'end': 2801.409, 'text': 'So, what we are saying is one strategy is to exploit.', 'start': 2798.607, 'duration': 2.802}, {'end': 2810.174, 'text': 'See, what is the idea of the opportunity? The idea of opportunity is to like for negative, we are trying to reduce the impact and probability.', 'start': 2801.729, 'duration': 8.445}, {'end': 2813.916, 'text': 'For opportunity, we are trying to increase the impact or probability.', 'start': 2810.534, 'duration': 3.382}, {'end': 2819.54, 'text': 'So, to do that, what we are trying to do? One, we need to try and exploit more.', 'start': 2814.677, 'duration': 4.863}], 'summary': 'Exploit more to seize opportunities, increase impact or probability.', 'duration': 27.977, 'max_score': 2791.563, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M2791563.jpg'}, {'end': 2993.944, 'src': 'heatmap', 'start': 2914.373, 'weight': 0.825, 'content': [{'end': 2923.137, 'text': 'And finally is acceptance where you cannot do anything, you quietly accept whatever opportunity that has come and you gain that much only.', 'start': 2914.373, 'duration': 8.764}, {'end': 2941.325, 'text': 'So, avoid, transfer, mitigate, accept.', 'start': 2936.943, 'duration': 4.382}, {'end': 2956.373, 'text': 'These are the four things that we have.', 'start': 2954.872, 'duration': 1.501}, {'end': 2966.771, 'text': 'seen What we also need to understand two more concepts is secondary risk and residual risk.', 'start': 2959.545, 'duration': 7.226}, {'end': 2972.055, 'text': 'Now what is secondary risk? Risk that comes from a response you have to another risk.', 'start': 2967.331, 'duration': 4.724}, {'end': 2982.284, 'text': 'Remember, we looked at the helicopter and because of helicopter we have additional risk of the weather condition, because if the weather is not good,', 'start': 2972.476, 'duration': 9.808}, {'end': 2993.944, 'text': 'you cannot take the helicopter up to the hill or if there is no landing site, then you cannot drop a person or land the helicopter to do the work.', 'start': 2982.284, 'duration': 11.66}], 'summary': 'Risk management involves avoid, transfer, mitigate, accept. secondary risk arises from a response to another risk.', 'duration': 79.571, 'max_score': 2914.373, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M2914373.jpg'}, {'end': 2972.055, 'src': 'embed', 'start': 2936.943, 'weight': 1, 'content': [{'end': 2941.325, 'text': 'So, avoid, transfer, mitigate, accept.', 'start': 2936.943, 'duration': 4.382}, {'end': 2956.373, 'text': 'These are the four things that we have.', 'start': 2954.872, 'duration': 1.501}, {'end': 2966.771, 'text': 'seen What we also need to understand two more concepts is secondary risk and residual risk.', 'start': 2959.545, 'duration': 7.226}, {'end': 2972.055, 'text': 'Now what is secondary risk? Risk that comes from a response you have to another risk.', 'start': 2967.331, 'duration': 4.724}], 'summary': 'Four risk management strategies: avoid, transfer, mitigate, accept. secondary risk arises from response to another risk.', 'duration': 35.112, 'max_score': 2936.943, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M2936943.jpg'}, {'end': 3310.466, 'src': 'heatmap', 'start': 3215.848, 'weight': 3, 'content': [{'end': 3220.15, 'text': 'So you bring a flare gun and rescue beacon in case it fails.', 'start': 3215.848, 'duration': 4.302}, {'end': 3231.114, 'text': 'Mitigate. So how do you control risk?', 'start': 3225.892, 'duration': 5.222}, {'end': 3239.548, 'text': 'You control risk by conducting risk assessment at regular intervals,', 'start': 3233.203, 'duration': 6.345}, {'end': 3250.157, 'text': 'by doing variance and trend analysis and by doing reserve analysis to see how much of reserve is already eaten away by these risks and how much is pending,', 'start': 3239.548, 'duration': 10.609}, {'end': 3253.5, 'text': 'as opposed to how much of work has been done in the project.', 'start': 3250.157, 'duration': 3.343}, {'end': 3264.95, 'text': 'So, more risk monitoring tools and techniques are risk audits, technical performance measurement, and status meetings.', 'start': 3256.986, 'duration': 7.964}, {'end': 3274.375, 'text': 'So, you do risk audit to monitor and control, you do technical performance measurement on a regular basis, and you do status meetings.', 'start': 3265.57, 'duration': 8.805}, {'end': 3278.197, 'text': 'Now, based on that, let us answer these questions.', 'start': 3275.775, 'duration': 2.422}, {'end': 3289.151, 'text': 'At every milestone you do a new round of identify risk and make sure that the risk in your risk register still apply to the project.', 'start': 3279.224, 'duration': 9.927}, {'end': 3301.299, 'text': 'This is reassessment.', 'start': 3300.058, 'duration': 1.241}, {'end': 3310.466, 'text': 'You check to make sure that you have all of the features developed in your project that you had planned when you reach the feature-complete milestone.', 'start': 3303.683, 'duration': 6.783}], 'summary': 'Risk control involves regular risk assessments, variance analysis, reserve analysis, and monitoring tools like risk audits, technical performance measurement, and status meetings.', 'duration': 62.349, 'max_score': 3215.848, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M3215848.jpg'}, {'end': 3345.295, 'src': 'embed', 'start': 3310.826, 'weight': 6, 'content': [{'end': 3316.188, 'text': 'When you find that you are missing one of the planned features, you realize that a new risk has shown up.', 'start': 3310.826, 'duration': 5.362}, {'end': 3321.229, 'text': 'You missed one of the required features in your functional specification.', 'start': 3316.548, 'duration': 4.681}, {'end': 3330.733, 'text': 'This is a technical performance measurement.', 'start': 3328.672, 'duration': 2.061}, {'end': 3345.295, 'text': 'take a look at the number of defects you have found in your project per phase and find that it is higher in the project than it has been in most other projects that the company is doing.', 'start': 3334.488, 'duration': 10.807}], 'summary': 'Missing planned feature leads to higher defect rate in project, showing new risk.', 'duration': 34.469, 'max_score': 3310.826, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M3310826.jpg'}, {'end': 3428.441, 'src': 'embed', 'start': 3398.223, 'weight': 5, 'content': [{'end': 3405.506, 'text': 'You check to make sure that you have enough money to cover the rest of the risk that might happen from here on out in the project.', 'start': 3398.223, 'duration': 7.283}, {'end': 3411.469, 'text': 'This is reserve analysis.', 'start': 3410.228, 'duration': 1.241}, {'end': 3424.278, 'text': 'So plan risk response, purpose of developing options and actions to enhance opportunities and to reduce threats.', 'start': 3418.075, 'duration': 6.203}, {'end': 3428.441, 'text': 'So risk management plan and risk register are your inputs.', 'start': 3425.799, 'duration': 2.642}], 'summary': 'Manage project risks by analyzing reserves and developing response plans.', 'duration': 30.218, 'max_score': 3398.223, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M3398223.jpg'}], 'start': 2791.563, 'title': 'Risk response strategies and risk management', 'summary': 'Covers risk response strategies for opportunity and discusses secondary and residual risks, along with risk management, mitigation strategies, and examples of risk responses such as mitigation, avoidance, transfer, and acceptance.', 'chapters': [{'end': 3063.111, 'start': 2791.563, 'title': 'Risk response strategies and secondary risk', 'summary': 'Explains risk response strategies for opportunity, including exploit, share, enhance, and accept, and discusses secondary and residual risks in risk assessment.', 'duration': 271.548, 'highlights': ['The strategy for opportunity involves exploit, share, enhance, and accept, aiming to increase the impact or probability of positive risks. The strategy for opportunity involves exploit, share, enhance, and accept, aiming to increase the impact or probability of positive risks.', 'Explain the concept of secondary risk as risks that arise from a response to another risk, and residual risk as the remaining risk after implementing risk responses. Explain the concept of secondary risk as risks that arise from a response to another risk, and residual risk as the remaining risk after implementing risk responses.']}, {'end': 3490.889, 'start': 3064.292, 'title': 'Risk management and mitigation', 'summary': 'Discusses risk management and mitigation strategies, including examples of risk responses such as mitigation, avoidance, transfer, and acceptance, along with tools and techniques for risk assessment and control.', 'duration': 426.597, 'highlights': ['The chapter explains various risk responses such as mitigation, avoidance, transfer, and acceptance, with examples like using slip-resistant footwear for slippery conditions as a mitigation strategy.', 'It details the process of conducting risk assessment at regular intervals, doing variance and trend analysis, and reserve analysis to monitor and control risks in the project.', 'The transcript also highlights the use of risk audits, technical performance measurement, and status meetings as risk monitoring tools and techniques.', 'It emphasizes the importance of reassessment at every milestone and the impact of missing planned features on technical performance measurement, trend analysis, and reserve analysis.', 'The chapter also discusses the need for updating risk registers to include secondary risks and conducting reserve analysis to ensure adequate funds for future risk responses.']}], 'duration': 699.326, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bbi2diraL8M/pics/bbi2diraL8M2791563.jpg', 'highlights': ['The strategy for opportunity involves exploit, share, enhance, and accept, aiming to increase the impact or probability of positive risks.', 'Explain the concept of secondary risk as risks that arise from a response to another risk, and residual risk as the remaining risk after implementing risk responses.', 'The chapter explains various risk responses such as mitigation, avoidance, transfer, and acceptance, with examples like using slip-resistant footwear for slippery conditions as a mitigation strategy.', 'It details the process of conducting risk assessment at regular intervals, doing variance and trend analysis, and reserve analysis to monitor and control risks in the project.', 'The transcript also highlights the use of risk audits, technical performance measurement, and status meetings as risk monitoring tools and techniques.', 'The chapter also discusses the need for updating risk registers to include secondary risks and conducting reserve analysis to ensure adequate funds for future risk responses.', 'It emphasizes the importance of reassessment at every milestone and the impact of missing planned features on technical performance measurement, trend analysis, and reserve analysis.']}], 'highlights': ['The risk management plan includes methodology, tools, checklist, data sources, and roles and responsibilities.', 'The objective of project risk management is to increase the likelihood and impact of positive events and decrease the likelihood and impact of negative events.', 'The probability and impact of tiger encounters are rated as 5, highlighting the high risk associated with this factor.', 'The chapter emphasizes the importance of considering both the probability and impact of each risk in order to effectively address and mitigate potential challenges.', "The chapter explains the concepts of risk appetite and risk tolerance, highlighting the importance of understanding an organization's risk appetite and tolerance levels for effective risk management.", 'The tool and techniques for risk management include documentation review, information gathering, checklist analysis, assumption analysis, diagramming techniques, SWOT analysis, and expert judgment, resulting in a risk register.', 'The chapter emphasizes the use of qualitative risk analysis, including tools like cause and effect diagram and risk probability and impact assessment, to categorize risks into high, medium, and low, and prioritize them for further management.', 'Quantitative risk analysis depends on qualitative risk analysis as it cannot be done independently, emphasizing the necessity of qualitative risk analysis to precede quantitative risk analysis.', 'Monte Carlo simulation is used for identifying the probability impact of risks, particularly in complex projects like Mars missions and rocket science, showcasing its relevance in practical applications.', 'The most common risk transfer strategy is taking insurance, which enables individuals to transfer their risk (quantifiable data: most common risk transfer strategy).', 'The chapter explains the strategies for negative and positive risks, including exploit, share, enhance, avoid, transfer, mitigate, and accept, with specific actions to reduce impact or probability.', 'The strategy for opportunity involves exploit, share, enhance, and accept, aiming to increase the impact or probability of positive risks.', 'Explain the concept of secondary risk as risks that arise from a response to another risk, and residual risk as the remaining risk after implementing risk responses.', 'The chapter explains various risk responses such as mitigation, avoidance, transfer, and acceptance, with examples like using slip-resistant footwear for slippery conditions as a mitigation strategy.', 'The chapter emphasizes the importance of reassessment at every milestone and the impact of missing planned features on technical performance measurement, trend analysis, and reserve analysis.']}