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Define and manage risks

In this tutorial, you will learn how to define a risk and use a strategy to counter that risk.
All projects have both expected and unexpected risks, from changes in schedules and human resources to environmental disasters. In the project initiation phase, a project manager defines the expected risks and the strategies to remove or reduce the impact of the risks. The project manager can also identify risks even during the development life cycle.

By identifying potential risks early, you can create more thoughtful solutions, which might save you time and money. For example, to plan for the risk of missing a deadline, you might create a contingency plan in which you remove a certain feature to stay within the schedule.

In this tutorial, you act as a project manager to address the potential risk of a user interface that is not intuitive. You will define the risk and then create a risk action to overcome the risk.

Learning objectives

After completing this tutorial, you can complete the following tasks:
  • Define a risk by identifying its probability, exposure, and impact.
  • Prepare your team members for expected risks.
  • Create risk actions to reduce the impact of risks or to overcome them.

Time required

60 minutes
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