From the course: Project Management Foundations: Small Projects
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Identify risks
From the course: Project Management Foundations: Small Projects
Identify risks
- [Instructor] An important part of project planning is to identify what could go wrong and how you would handle those problems. That way, if those risks actually occur, you can implement your solutions without a big adrenaline rush. Work with everyone on your team to identify risks. If you have colleagues who've worked on similar projects, ask them what risks they identified or experienced. Here's a risk spreadsheet for the sample project, which you can find in the exercise files. If you end up with a long list of risks, don't panic. You don't have to worry about or even plan for all of them. Start by estimating the likelihood that the risks will occur and the impact they would have if they do. An easy approach is to rate probability as likely, somewhat likely, and unlikely, and impact as large, medium, or small. For example, with the sample project, suppose a construction delay is very likely and it would have a large impact because it pushes the finish date out. For every likely…
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