How To Manage Risks You Didn’t Know You Were Taking
Project risk covers more than uncertain future events. If you don’t recognise all the risks you end up taking them with your eyes shut. Find out what you're missing, and discover the other types of risk that affect your project, together with practical strategies for addressing them.
The definition of risk in the PMI PMBoK Guide risk chapter includes more than uncertain future events that would have a negative effect on achievement of project objectives. The definition starts with the phrase “A project risk is an uncertain event or condition…” If we limit our view of risk to only look at one part of the risk picture, we’ll end up taking risks without knowing it.
This presentation explores the other types of risk that are usually missed from the typical risk process. Drawing on leading thinking and current best practice, David Hillson explores the full range of project risks that need to be managed. These include sources of variability (“aleatoric risk”), ambiguity (“epistemic risk”), and emergence (“ontological risk”), as well as future uncertain events (“stochastic risk”). He also explains the new concept of “overall risk” which was introduced in the PMI Practice Standard on Project Risk Management (2009) but which is nearly always overlooked. Finally the presentation reminds practitioners not to forget risks with positive impacts.
With clear illustrative examples of each type of risk, and practical response strategies for managing them, this presentation will help you to identify all types of risk that might affect your projects, and offers ways for you to tackle them effectively.
Dr. David Hillson is an international risk consultant recognised as a ground-breaking thinker and expert practitioner in risk management, and he is a popular conference speaker and author on the subject. He has written nine major books on risk, as well as many papers. He has made several innovative contributions to the discipline which have been widely adopted.
NOTE: You must watch videos in their entirety and all the way through to the end for our system to record your viewing activity accurately. Learn more about PDUs on ProjectManagement.com.