From the course: Business Acumen for Project Managers

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Define the risks of your project

Define the risks of your project

From the course: Business Acumen for Project Managers

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Define the risks of your project

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- You've heard the saying, if anything can go wrong, it probably will. Every project faces risks. And as a project manager, you need to think about that, prepare for it and then manage those risks effectively. To start with, let me explain what I mean when I say a risk. The official definition of risk from the Project Management Institute is an uncertain event or condition that if it occurs has a positive or negative effect on a project's objectives. But for most practical purposes, a risk is something that could go wrong. The thing that's really important for a project manager is to decide which risks are most relevant so they can develop a risk management plan. One useful approach is to classify risks into three categories, global, local and systemic risks. Let's start with global risks. A global risk is something that happens in the world around your organization, and it's completely beyond your control. Some…

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