What is Project Risk Management? Project Management in Under 5

The video tutorial explains project risk management, starting with the definition of risk as uncertainty affecting outcomes. It highlights why projects are inherently risky due to constraints and the novelty of tasks. The tutorial outlines a four-step risk management process: identifying, analyzing, prioritizing, and managing risks. It emphasizes the importance of continuous monitoring and control to ensure project success.

What are the two main characteristics of a risk?

• Cost and time

• Probability and impact

• Scope and quality

• Resources and budget

Why are projects considered inherently risky?

• They involve repetitive tasks

• They have unlimited resources

• They are constrained by time and budget

• They are always successful

What is the first step in the project risk management process?

• Analyzing risks

• Monitoring risks

• Identifying risks

• Prioritizing risks

What must be done after planning how to handle risks?

• Ignore the plan

• Reassess the budget

• Take action

• Extend the timeline

What is a key aspect of the risk management process?

• It is a one-time activity

• It is a linear process

• It only involves reporting

• It constantly cycles back on itself