4 Types of Project Risk - Different Forms of Uncertainty

The video explores the concept of risk and uncertainty, categorizing uncertainties into known knowns, known unknowns, unknown unknowns, and unknown knowns. It discusses how to manage each type, emphasizing probabilistic approaches for known knowns, research for known unknowns, discovery for unknown unknowns, and knowledge management for unknown knowns. Techniques like Monte Carlo simulation and pre mortem are highlighted for effective risk management.

Describe the role of Monte Carlo simulation in managing probabilistic risks.

What strategies can be employed to identify latent risks in a project?

What is the significance of the pre mortem approach in risk management?