is there a silver lining in all of this? your thoughts on risk and uncertainty. Are they the same and if so, why? If not, how do they differ? What are some positive events around risk and/or uncertainty? Have you benefited from an uncertain environment at work or in your personal life?
Risk is inherent in any project. You cannot reduce risk to zero but you can plan for risk and plan your responses if a potential risk becomes a reality. Risk also brings a level of value — riskier investments provide more potential for reward than do less risky investments. Not all risk is managed in the same way. You will be introduced to new vocabulary: unknown unknowns, black swans, epistemic uncertainty to name a few! Risk is a broad and deep subject so we will be touching only the surface in this week’s module.
Read the Article: Types of Risk [FROM A FILE] for a deeper dive into the topic. This article and the reading from the Watt’s text will help you to develop the Risk Management Plan for your group project. The Risk plan involves several steps including identifying the risk, analyzing risk and then developing a management plan so you will have two weeks to complete this portion of the assignment. To stay on track, this week you should at identify at least 20 risks and prioritize the top 5. You can prioritize the risk by estimating the probability it will occur and multiplying it by the severity it will have on the project if it occurs. This is the impact level of that risk. Then rank the risks according to impact factor. Next week you can develop the management plan for those top 5 risks.