Project Management:Corporate Training 

Introduction 

The benefits of risk management in projects is huge. You can gain a lot of money if you deal with uncertain project events in a proactive manner. The result will be the impact of project threats and seizing the opportunities occuring. This allows you to deliver your project on time, on budget and with the quality results your project sponsor demands. Also your team members will be much happier if they do not enter a "fire fighting" mode needed to repair the failures that could have been prevented.

Absorb Activity:  

Take a look at this video 

https://www.youtube.com/watch?v=BLAEuVSAlVM

Do and Connect Activity: 

Read this article and write a short paragraph summarizing the text.

https://hbr.org/2012/06/managing-risks-a-new-framework

Resources: 

https://www.projectsmart.co.uk/10-golden-rules-of-project-risk-management.php

http://www.marquette.edu/riskunit/riskmanagement/whatis.shtml

Test: 

Please click on this link and take the test.

https://docs.google.com/forms/d/1qKgNl6LXW5DrzsK_6RsPgWLDBbdYGSh8W1cM6UJQcT4/viewform

Summary

Risk management is the art of using lessons from the past to mitigate misfortune and exploit future opportunities — in other words, the art of avoiding the stupid mistakes of yesterday while recognizing that nature can always create new ways for things to go wrong. True risk management is about much more than numbers; it is the art of using numbers and quantitative tools to actually manage risk. Risk is a central, maybe the central, component of managing a financial organization. But risk management has something of a split personality. Managing risk is as much the art of managing people, processes, and institutions as it is the science of measuring and quantifying risk. A Practical Guide to Risk Management addresses that split personality — one side soft management skills, the other side hard mathematics — with an emphasis on how to think about risk. There are two preliminary issues before turning to risk management itself. The first is to recognize the importance of a consistent risk framework throughout the organization. The second is to think carefully about risk, randomness, and uncertainty.