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Another good video. A minor quibble with your terminology: what you’re describing is not actually called a “risk mitigation plan.” Instead, it’s known as a “risk response plan.” Within the response plan are typically 3 responses we can apply. One of these is indeed “mitigation,” which focuses on reducing the probability of the risk being realized, and/or on reducing the impact if it does occur. The other two primary responses are “transfer” (in which we strive to reduce the impact of the risk) and “avoid,” which focuses on reducing the probability of the risk. Technically speaking, there’s also a fourth response, which is “accept.” In a sense, this accepted risk state is the residual risk. Finally, it’s important to note that you’re focusing solely on negative risks, which is the right place to start, but there are also positive risks (a/k/a “opportunities”) that should be also addressed.
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Thanks for watching. 🌟 Don't forget to sign up for my Free Online Training and learn THE FAB FIVE FUNDAMENTALS OF PROJECT MANAGEMENT. Click here to register: www.slayprojectmanagement.com/webinar
Thanks for watching. 🌟 Don't forget to sign up for my Free Online Training and learn THE FAB FIVE FUNDAMENTALS OF PROJECT MANAGEMENT. Click here to register: www.slayprojectmanagement.com/webinar
Another good video. A minor quibble with your terminology: what you’re describing is not actually called a “risk mitigation plan.” Instead, it’s known as a “risk response plan.” Within the response plan are typically 3 responses we can apply. One of these is indeed “mitigation,” which focuses on reducing the probability of the risk being realized, and/or on reducing the impact if it does occur. The other two primary responses are “transfer” (in which we strive to reduce the impact of the risk) and “avoid,” which focuses on reducing the probability of the risk. Technically speaking, there’s also a fourth response, which is “accept.” In a sense, this accepted risk state is the residual risk. Finally, it’s important to note that you’re focusing solely on negative risks, which is the right place to start, but there are also positive risks (a/k/a “opportunities”) that should be also addressed.
So glad you like the video and your additional comment on risk planning and mitigation. Cheers!
Great video explaining inherent risk vs residual risk! Thank you!
Glad you liked it! Thanks for watching, cheers!
Very informative video!
Glad it was helpful! Thanks for watching, cheers!
Another good video Adriana. Chris M
Thanks so much Chris! Cheers.