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Chapter 11 in the Pinback guide is all about risk management and a lot of processes here in risk management.

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So make certain you know these terms.

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So here are the important terms you must know some different levels of risk.

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Remember we have individual project level individual project risk so individual risk but also the overall

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project risk the odds of the project being successful.

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Our goal and risk identification is to identify risk our goals in qualitative and quantitative analysis

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is to see what our risk exposure is.

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So one of the threats and opportunities associated with those risks that all risk are negative.

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So we could have positive risk as well.

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Some propolis this is something that seems like it could be a really good exam question.

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So you have this vodka.

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The U.S.A. is a volatile uncertain complexity or ambiguous that helps you define risk anti-cop technical

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environmental commercial operational political that makes you think about what risk would be in those

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areas.

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And Passau political economic social technological legal and environmental.

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So those are some promp list to help you think about and have the project team think about where our

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risk in the project remember our probability impact matrix of the risk probability times impact gives

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a score.

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This is qualitative using an ordinal scale.

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We do the same thing but we do this in quantitative where we really study we have evidence of that probability

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and we really study it.

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We look at the impact and that tells us our expected monetary value.

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You sum up that expected monetary value if that helps you find your contingency reserve pay attention

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that some of those impacts could be positive.

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So that could change the expected monetary value these are negative.

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But look at Risk see is positive also in risk management we talked about negative and positive responses

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so negative you could escalate it avoid it transfer it mitigate it or accept it.

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And then we had positive risk events never we had escalate.

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We have exploiting sharing and enhancing and accepting.

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So those are positive risks.

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So no those risks know the characteristics of those.

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If you need a little brush up it's Chapter 11 in the Pinback or go back and watch our course on risk

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management.

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All right great job.

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Keep moving forward.