Managing risk in practice (2016) - REPLACEMENT VIDEO

David Hillson delivered a half-day risk workshop in Tehran in February 2016 for about 200 project management professionals. In this extract from the introduction, he outlines the basic principles of risk and summarises the risk process, before focusing on how to identify real risks and develop effective responses.
[A previously-uploaded version of this video became corrupted and has been withdrawn.]

[@AntuNeelesh]

Fantastic lecture !! Indeed risk is uncertain, probabilistic, includes opportunities and threats and is between the cause and its effect. Risk affects the "intended objectives" either positively or negatively. I loved your "meta-language" i.e. "As a result of an may occur which would lead to 😇 P.S. -- I am surprised that after 19 months of its upload, my comment is the 1st comment here !!

[@Risk-Doctor]

Thanks Antu, I'm glad the see that you've got it! These are the basic facts about risk that we need to understand if we want to identify and manage the real isks. By the way, this presentation was initially recorded and uploaded in 2016, but it became corrputed, so I uploaded a replacement in 2022. Sadly, all the original comments ere lost, and we've started again. That's why you're the first - and thanks for your comment!!

[@justinbhim809]

Very good.

[@Risk-Doctor]

Thanks Justin, I'm glad you like this one.

[@sultanjemal3951]

Very interesting

[@Risk-Doctor]

Thanks, I'm glad you liked it!

[@dagwould]

I disagree that 'risk' can include positives. It is a nonsensical application of the everyday concept of risk. We avoid risks. We don't seek them. We don't apply for a job, and consider the 'risk' of getting it, or the even more remote 'risk' of being promoted within the month of starting on the job. Risks are calcuable, because they are adverse to the operation of a known, or knowable system, largely. Unexpected benefits are completely indeterminate and not work considering.

[@Risk-Doctor]

Thanks for sharing your perspective. Actually the idea that "risk" is a double-sided concept including both opportunity and threat is widely accepted, and it is embodied in all the international risk management standards, as well as being implemented by leading organisations and businesses. In financial risk for example, it's self-evident that the value of an investment or the price of a share can go up as well as down. In other forms of risk management, there are many upside uncertainties that may or may not occur, but which would benefit us if they did happen - and we can (and should) identify these and pursue them proactively. In fact upside risks are calculable in just the same way as downside risks, as variations from a base case - opportunities offer the possibility of positive variation. If you deny the existence of upside risk and view them as "not worth considering", you're closing your eyes to the possibility of unexpected upside - why would you do that?