Notwithstanding my comment below, this is a very helpful presentation. One technique I use is to 'cross' the RBS and the PESTLE categories (I use other, similar categories that are more project-based), and at high level, cross the RBS and the PBS/WBS. Then the risk sensitivity for the project outturn are identified as High, Low, Maybe for further analysis.
Be aware that the probability-impact grid has to recognize error margins. It becomes very easy for an error to push a risk across the decision margin without being detected. This will result in either under or over allocation or resources. See Tony Cox's paper on matrix errors in Risk Analysis journal.
The conflation of uncertainty and risk is unhelpful. Prince2 should clean this up as it borders on the nonsensical. Imagine, there's a risk that all the suppliers cut their prices and turn up early. How will we manage that risk? I just wonder what type of funny cigarettes the P2 people have been smoking. Oops. There's a risk that I might have more fun than I anticipated on my walk.
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Very well explained... highly interactive; much better than boring text book...
You are an actual legend
Notwithstanding my comment below, this is a very helpful presentation. One technique I use is to 'cross' the RBS and the PESTLE categories (I use other, similar categories that are more project-based), and at high level, cross the RBS and the PBS/WBS. Then the risk sensitivity for the project outturn are identified as High, Low, Maybe for further analysis.
Fantastic video, extremely informative!
I really like the way Dave explains it
same here !
These are a terrific resource - would be wonderful if they could be numbered in sequence. I find it hard to follow.
Great video!Thank you so much !!!
Be aware that the probability-impact grid has to recognize error margins. It becomes very easy for an error to push a risk across the decision margin without being detected. This will result in either under or over allocation or resources. See Tony Cox's paper on matrix errors in Risk Analysis journal.
Thank you very much! Very useful!
absolutely awesome..
Dave, is this on your website? I am signed up to some courses are these kind of video’s within the Prince2 foundation or practical courses?
The conflation of uncertainty and risk is unhelpful. Prince2 should clean this up as it borders on the nonsensical. Imagine, there's a risk that all the suppliers cut their prices and turn up early. How will we manage that risk? I just wonder what type of funny cigarettes the P2 people have been smoking.
Oops. There's a risk that I might have more fun than I anticipated on my walk.