Risk management in simple terms with some humor


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Risk Management is serious work and the terminology used is very complicated. It takes time to understand the concepts and put them to work as a project management practitioner. Thinking of Risk managements makes me remember two old sayings "'A stitch in time saves nine', and 'An ounce of prevention is worth a pound of cure'."

In line with this subtle humor, this presentation is an effort to explain risk management terminology in simple terms with some humor. Some may say that this is a spoof on project risk management.

Laugh, Smile and Enjoy.

Published in: Education

Risk management in simple terms with some humor

  1. 1. In simple terms
  2. 2. Self deprecating humor Kumar Kolaganti Project Manager,Visual Thinker, Information Designer www.kolaganti.com
  3. 3. Risks are uncertainties and can be both positive & negative. When risk events occur, they become “surprises.” Issues are obstacles, problems, or real concerns that are already hindering the progress of the project. Changes are alterations resulting in deviation from previously agreed upon standards.
  4. 4. Riskscan be accepted, avoided, mitigated, transferredor deferred. ? ? ? ??
  5. 5. High probability for an uncertainty to occur. Many times, we may have no control to stop it.
  6. 6. 19981992 2004 Singapore Belgium USAIndia Australia Malaysia Germany France
  7. 7. It was uncertainty and now it is certain and you can feel it.
  8. 8. It is how you address & implement all required changes. Changes can mean additional scope, cost and time (depends on your risk response).
  9. 9. I am not implying that “if you can't manage change, cover it up”. I chose a least invasive and cost effective change.
  10. 10. Risk Accept Avoid Mitigate Transfer Defer Once you identify where you have risk, you can easily decide how you want to handle it.
  11. 11. "Logic will get you from A to B. Imagination will take you everywhere." - Albert Einstein