Real-time Strategies for Identifying and Mitigating Project Risk

Every project is risk-prone and risk complexity and treatment vary from project to project. Risk management is an iterative process and this course will teach you how to approach it proactively to eliminate or reduce the impact risks may have.
Course info
Rating
(10)
Level
Beginner
Updated
Sep 10, 2018
Duration
1h 36m
Table of contents
Description
Course info
Rating
(10)
Level
Beginner
Updated
Sep 10, 2018
Duration
1h 36m
Description

There is not a single project nor a single industry that is risk-free. This course, Real-time Strategies for Identifying and Mitigating Project Risk, will help you learn how to approach the risk management process proactively. First, you will discover that risk management is an iterative process. Next, you will learn how to evaluate risks, create a probability and impact matrix, and set priorities for each evaluated risk. Finally, you will determine the way to come up with a plan B and define the contingency budget. When you are finished with this course, you will have a foundational knowledge of the risk management process and its influence on the project/product development.

About the author
About the author

Milena Pajic has more than a decade-long career in IT industry, leading distributed teams and managing projects on the international level. Software developer by education, she dug deep into the code, earned significant hands-on experience and learned the rules of the game

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Section Introduction Transcripts
Section Introduction Transcripts

Course Overview
Hi all, my name is Milena Pajic. Thank you for joining me on my course, Real-time Strategies for Identifying and Mitigating Project Risk. I am a Master of Computer Science, PMP Certified Professional, Professional Scrum Master, and a true Kanban evangelist. My mission is to drive teams towards successful deliveries. Certainly, we are all aware that there are neither risk-free projects nor industries. Risk complexity and impact vary from project to project, and so does their treatment. This course will help you learn how to approach the risk management process proactively and iteratively. Some of the main topics that we will cover include identifying risks and developing a risk registry for a project, evaluating risks and creating a probability and impact matrix, creating a risk mitigation plan, and developing a contingency plan, or plan B. By the end of this course, you will have a solid foundation of how to monitor and manage risk and be aware of its influence on the project or product development. The audience that is in or close to IT, IT business professionals familiar with project or product management basics, junior managers looking to move their career in IT project or product management direction can benefit from the real-life examples and scenarios. We'll follow a software product development team through each project iteration and see the tangible outcomes that you could apply to your project. I truly hope you'll find this course valuable and adapt the principles of iterative risk management, and embrace the opportunity to expand your skillset.

Evaluating Risks
Hi and welcome to Evaluating Risks, a module from the course, Real-time Strategies for Identifying and Mitigating Project Risk, at Pluralsight. In this module, after the potential risks have been identified and the risk registry created, you will see how our project team will evaluate the two previously identified risks based on two criteria, the probability that risk will happen, and the impact each risk can have on the project realization. You will learn how to create a probability and impact matrix in order to perceive the severity of the potential loss to the project. I will show you the template that I use most often in my projects and explain in detail how it improves my team's performance. Risk evaluation is recommended to be performed by the whole team, just like risk identification process. Different experiences and point of view each team member brings to the table is extremely valuable.

Creating Risk Mitigation Plan
Welcome to Creating Risk Mitigation Plan, a module from the course Real-time Strategies for Identifying and Mitigating Project Risk, at Pluralsight. In this module, we are going to be talking about the risk mitigation plan which serves to reduce the impacts of each registered risk. After the risk has been identified and evaluated, we'll follow the Globomantics development team through defining the steps and actions towards the creation of the risk mitigation plan. The team will have more interactions with end users to get valuable feedback for the developed product. Most certainly, this feedback will cause some adaptation of the product, thus influencing the risk registry and bringing new risks to be addressed. I hope you'll join me on this journey to laying out risk mitigation plan creation.

Contingency Planning
Welcome to Contingency Planning, a module from the course, Real-time Strategies for Identifying and Mitigating Project Risk, at Pluralsight. My name is Milena Pajic, and thank you for taking this journey with me. So far, we have been following our Globomantics team with David, the Technology Project Manager throughout the process of identifying and evaluating risks and creating a mitigation plan for their project. Just to refresh our memory, Globomantics is customizing a bike-sharing solution for a customer and comes across various obstacles in the project. The team is experienced, but it is the first time for David to take on the role of the Technology Project Manager. He is doing pretty well and has a continuous support from the team, which adds great value to the project. Practicing agile methodology and working in short iterative cycles, the team manages to meet the estimates and is currently entering the last iteration planning. In this module, you will learn what the contingency plan is and what it means for the project, how to develop such a plan, how to maintain it and how to define the budget for it.

Course Wrap Up
Hi, my name is Milena Pajic and welcome to the last module, A Course Wrap-up, from the course, Real-time Strategies for Identifying and Mitigating Project Risk. In the previous four modules we have covered the process of risk management in an agile environment and saw some real-life examples that the software solution development team actually experienced on their project. These examples are the most common ones in software development, and I have personally faced these challenges on the projects I have been leading. Just to recall briefly, our Globomantics team is working on the customization of the bike-sharing solution for big cities. They are a group of experienced engineers, but the Technology Project Manager, David, takes on this role for the first time in his career. He is working hard to meet the customer's expectations and run the project efficiently. Thus, he takes all of the processes seriously and teaches us how to approach risk management properly. After we complete this module, you'll have a better understanding of the risk management puzzle and the steps each activity considers. Also, I would like to emphasize again that the iterative approach must be taken into account and that managing risks justly means taking these steps at every iteration, even to sum things up. Let's just go briefly over the process, and then over each risk to cover its management.