Chapter 11 in the Pinback guide is all about risk management and a lot of processes here in risk management.
So make certain you know these terms.
So here are the important terms you must know some different levels of risk.
Remember we have individual project level individual project risk so individual risk but also the overall
project risk the odds of the project being successful.
Our goal and risk identification is to identify risk our goals in qualitative and quantitative analysis
is to see what our risk exposure is.
So one of the threats and opportunities associated with those risks that all risk are negative.
So we could have positive risk as well.
Some propolis this is something that seems like it could be a really good exam question.
So you have this vodka.
The U.S.A. is a volatile uncertain complexity or ambiguous that helps you define risk anti-cop technical
environmental commercial operational political that makes you think about what risk would be in those
areas.
And Passau political economic social technological legal and environmental.
So those are some promp list to help you think about and have the project team think about where our
risk in the project remember our probability impact matrix of the risk probability times impact gives
a score.
This is qualitative using an ordinal scale.
We do the same thing but we do this in quantitative where we really study we have evidence of that probability
and we really study it.
We look at the impact and that tells us our expected monetary value.
You sum up that expected monetary value if that helps you find your contingency reserve pay attention
that some of those impacts could be positive.
So that could change the expected monetary value these are negative.
But look at Risk see is positive also in risk management we talked about negative and positive responses
so negative you could escalate it avoid it transfer it mitigate it or accept it.
And then we had positive risk events never we had escalate.
We have exploiting sharing and enhancing and accepting.
So those are positive risks.
So no those risks know the characteristics of those.
If you need a little brush up it's Chapter 11 in the Pinback or go back and watch our course on risk
management.
All right great job.
Keep moving forward.