Project risk management - part 1

In this lesson

1. 0:00 Project risk management introduction
2. 0:30 Risk versus uncertainty defined
3. 1:21 Five stages of risk management
4. 2:42 External and internal risk sources
5. 4:45 Quantifiable and unquantifiable risks
6. 6:36 Socially constructed risk explained
7. 8:14 Risk assessment matrix and TARA framework

About this lesson

quantifiable, unquantifiable, and socially constructed risks. The core of effective risk management lies in accurate assessment. You'll discover how to use the risk assessment matrix—a practical tool that evaluates risks across two key dimensions: likelihood and impact. This matrix produces four management strategies, remembered by the acronym TARA: transfer (high impact, low likelihood), avoid (high impact, high likelihood), reduce (high likelihood, low impact), and absorb (low impact, low likelihood). Understanding when and how to apply each strategy is essential for protecting your project from derailment. This foundation in project risk management is directly relevant to strategic and management case studies, where you'll encounter real-world scenarios requiring you to identify risks and recommend appropriate mitigation strategies. Mastering this framework will help you respond confidently to risk-related questions in your exams and apply these principles effectively in your professional role.

Duration: 12m