Transcripts
1. Project Management course introduction: Welcome to the introduction
of this course. This course will show you all
that you need to know about project management in
theory and in real life. And also how to ace it
as a project manager. The project manager
for 20 years. I've also been a project
management coach for ten years. Now. I've also worked with
project managers myself, as a program manager, as a manager to
really understand what is expected of
project management to ensure that at the end of this course you are
project management expert. I will be using role of diagrams, templates,
example quizzes. Truly make sure
that the concepts are really understood
but at the same time, and we'll also highlight
the differences between the theory and the
real-life project manager. I will show you the challenges
that a project manager can face on a daily basis
and how to address them. I will show you how to
simplify things as well too. We become more efficient. In other words, I will show
you what is important, but it's hidden part
of this course, I will provide you a clear
step-by-step framework that if you use, you can really stand out
as a project manager. You can really Ace
project manager. Tell you if you stick to reach
your manager, your team, the business, they
would really love you for it when you have
people on your side. He told on healing project. Now, in the third
part, in part three, we will review on the high level some
methodologies so you can see how this course relates
to them and I will give you my opinion
on how important they are. I've already put all my 20 years experience
into this course. If you are interested
in project management, if you are interested in getting into project management
as a project manager. And maybe if you are
already a project manager out there and you really
want to step up your game. I think you will
benefit from it. But also if you work
with Project Manager, you can really understand
where they're coming from. And maybe also you can give
them a couple of tips. If you want to know
more about this course, there's a 15-minute
long overview. I know 15-minute is long, but I've created that for
those of you who are unsure, they want to take
this course or not. So you can really go into
more detail in any case. Thank you very much
for listening.
2. Let's get started!: Well, thank you so much for taking on this course. I really appreciate it and I hope it will be worth your while. So please don't hesitate any point in time if there's something that is unclear or if you want more, something added, as I will say, no conclusion as well if you want, if there's enough demand, I'm happy to add some topics. So if you haven't seen the course outline, the next video will provide you more detail on the overall course. But if you just want to dive straight into it, please go into the tips to review this course and there's some suggestion on some resources to print. And after you can go into the little story on the birth of project management. So thanks again and all the best to you and hope you get a lot from this.
3. Optional: Detailed course overview: So what follows is
a course outline. It's a bit long because I
want it to be very thorough. If you are still hesitating, if you're not sure if you want to purchase
this course or not. I thought that would help
even towards the end, there is a bit of
a comparison table based on your level if fuel that will tell you if the course is
suitable for you or not. Having said that if
you have already committed to the
program, to the course, this could be useful
if you'd like to have a thorough understanding
of what's ahead of you. But if not, feel
free just to skip it and go straight
to the next lecture. Welcome to the course overview. Before we get started
in course content, I just wanted to have a quick
overview of the philosophy. First, this five components,
if you like, that, I have put together to ensure
that the course is one, hopefully pleasant to follow, and two, that will
increase retention. So there is a practical view on concepts,
real-life scenarios. So that should make the
course easier to learn. So there'll be a lot of examples for obvious reasons
is always better. I've example or
sometime we don't fully grasp the concept, but as soon as the
example comes, yes, we see how it relates
to real-life. We will also show as much as
possible how to simplify. How can we can implement what
we have learned quickly? And I think also they will
make it easier to master. So at something simple, easier to understand,
easier to master. And then you can take it from
there in all of diagrams. And I think they
are great way to communicate a concept sometimes, so there'll be a lot of those. And finally, for part one, which is a course,
and part three, which is a standard,
there will be quizzes. Now that we've put
that behind us, course content, what
will you learn? We start off with
an introduction, some suggestions that I have
for you to take the course. So for instance, there is a road-map here that
what I call a roadmap. I know that some of you
like to look ahead. We're what's in a course. So they like to have printed out or put that
handy on your tablet so you can follow where we are at and the various functionalities. But some just prefer just
to take it step-by-step. So it will be
completely up to you. But I will suggest some
resources that you could print. We will review what I have called the birth
of project management. So it's something that
is completely personal. Don't quote me on it. It's how I imagined that the project
management was born. So I've done a little
story around that. And that would be a good
way to introduce you to project management and how the various phases of project
management were born. So that will lead
us to the phases of project management and the various activities
to project management. And after briefly, we'll provide a definition of
project management and the role of the
project manager. And we will finish
by a quiz already. So then we will move
on to part one. Part one is the course
of project management. So the structure is very simple. Project management is
divided in phases. So during this course, we will just go through
the phases more or less, will have an
overview beforehand. And after we review
the four phases, which are initiation, planning,
execution, and closing. And after we'll
do a review and a rapid within those phases, some concepts, topics,
tools will be explained. And I just wanted to
review those with you. So we won't go through
the full course. I just wanted to highlight what we will cover
amongst other things. So for each phase
that we will review, will discuss the phase purpose. We will provide the
key competence, what it means if the outcome
sold on the very high level. After we review the
project manager role for each one of those phases, review stakeholder management. That will be obviously like every all topics that
I'm running you through. Now, it will come back
for different phases. We will review who
are the stakeholders, review how we can classify them. And we'll review an
example on how to store this information and make a communication
plan out of these, we will review our
project structure. We'd have a few
slides around this. This is just one structure, but I think it's important
sometime when you're thrown into a project manager's role to understand the structure. So we'll have several
examples of structure. We will review risk management. We will review risk
severity, how to assess it, and we review a very precise
example of risk register. So how to structure
it properly and different types of outcome that we could have
for each risk listed. We'll review scope. The importance of scope. Why does he choose
for how to create it? We will review the
change control process. So that's not the whole
size of mentioning, but it's just to give
you an idea of how the course is structured in a different type of
slide you could have. So we'll talk about
the scheduling. I will provide some
suggestions how to build a schedule that
has done this out. We'd also provide
some suggested steps to build a schedule. Different representation
of a schedule. How to monitor schedule using
the MS Project software. What is a critical path? And now to quickly check
it on the schedule. We'll review obviously
cost and budget, which is also very
important part of project management that we suggest a very easy way to split to start to
get you started on a budget or real
review with you. A few of those examples, very concrete, very clear. Hopefully. We will review a
concept called Earned Value, which is which the project
management methodology like to discuss. But as you've seen, I'm just gonna go back
to that slide here. I'd just like to present
it extremely simply, initially after we go into
more complex examples. But always the example, always the concept
of having something practical and an example to
go, to go along with it. We will review
quality management. This is when usually you
start getting to sleep it up. I'm trying to make it as
interesting as possible. It is quite important, but it's true that when you, it's quite heavy
to learn when you go through all these
project management courses. So hopefully have simplified it and at the same time kept, kept it very practical
and complete a suppose. Provide a lot of
information here, highlighting the ones that
are really important. We will review also
obviously issue management. We some slides around this
and very clear example of issue register
with a template. Project meetings. So we will review also that
in part two where, where I give you my proper
way on how to manage project. But we will review in part one. Here the, you know, the the by the book way and the different types of meetings that you can, you can have. So there is also obviously templates that we will
review and discuss. We will also discuss
project reporting, which is very important to perception of a
project manager. So also we'll walk
through a template. We'll review a closing activity. So I'll put closing a bit
separate because it's something that is often rushed, but I'm hoping
that have provided a clear way for you to know really the key
components of these. And I'll explain why
it's something that you can use as an
opportunity to shine as a project manager
for the very reason I was providing before,
it's often rushed. So if you do it properly, then I think your stakeholders
will be impressed. We'd provide some templates,
or we've seen that. We've seen some
of the templates. There will be more and examples. Once again, this is just
to give you an example, there's a project
management plan, which is a document a
project manager creates. So I will give examples
of this stuff exactly. Take a project as an
example and exactly what you should put in
and you can put more, but the starting
point I think is very important. So that's it. So it's just that, that was just a quick overview of
some of the topics at two, you will see the soul. Before you commit
to this course, you know what, you'll get more or less
hopefully with this. So that was for part one. B2 is the framework to
really take part one and really take it to the
next level to really ACT. In my view, there will
be three components. The first component,
we will review the project management context. What is the context of the project manager when
he joined the company? Where does he or she
has to deal with? And after we will go
into the framework. So the framework
is not something fluffy, something very concrete. I will tell you exactly
what you need to do. Well, I will provide you
with examples and the likes, but it's, it's very,
it's very concrete. Sorry for laboring that point, but it's not something fluffy. That'd be nice if
you could do these, but just do a, b, c, d. And finally, we will
go into an interview tip. So I have interviewed a lot
of project managers and I have been interviewed obviously as a project manager as well. And I have done
the hard work and I know what works and
what doesn't work. So we can review this. So that's it for part two. Part three, methodologies. So part three, I put it towards the end so that you can see how this course fits in with the existing
methodologies if you like. Pnp and prints too, if you haven't heard of them, they are project
management methodologies. You, they're obviously
very long to take weeks to learn and they have very
thorough examiner likes. So obviously, I am not going to give you a PNP
and it prints two courses. So this is not the
purpose of this course. But I wanted to give you
some context to show you how this course relates to PNP and the prints too, more or less. The idea behind that was just to show you that it's
more or less the same. Old project management
methodologies are the same. So we'll review. So waterfall and agile, Waterfall being no by default method used for
project management. I will just go to that
very quickly and Agile, I will provide a little
bit more information. I will show you an example. We'll also, towards the end, provide a comparison
between Agile and Waterfall, the
pros and cons. So if you're wondering
what a fallen angel you can use both using the
palate, one of the core. So it's just a different way to deliver the work if you like. That seat, we only left
with one question. Is this course for you? This course is for
you if you want to understand
project management. If you want to become
a project manager, or if you want to perfect your
project management skills. Now, if we go into a
little bit more detail, if you, if you're like,
I don't know you, so I just just gonna go through different levels here and see if that, if that's
too much for you. So let's say you are a
beginner early man and you don't understand project
management at all. This course is
definitely for you. I mean, I'll take it really from the beginning
as I was saying, I was just giving you
a little story on how I imagined the project
management was born too. I think that you will
find that very useful. So there's three
parts in this course. So if you are a
beginner or lay man, I would suggest that you
start obviously with part one and after you do PO2 and
after you do part free. So this is for you if you
are in this category, if you're intermediate, I really think you're going
to learn from it as well. I'm putting all my
experience in this as a coach and as
a project manager. And you will I am sure you will
get something for part one, part two, part three. If you don't, then I will
gladly reimburse you. I think it's part of the of the terms of the course anyway. Now if you advanced, ma'am, Sure you could
learn from this as well. I really put some effort into putting a
framework together. So the part two, I would be surprised if you
don't get anything from this. But you could also get something from part
one and part three, I believe so actually, I'm quite interested if you
want to have a look. This is how I would really
suggest it potentially, potentially and years here. So that's it. So we went
from the course philosophy, grams, examples,
practical view, quizzes. To help you retain
information and relax. I provide a precise description
of the course content, which has three parts. The first part,
the course itself, the second part, know how to really take it
to the next level. And the third power to give
more a bit of a context of this course amongst all the project management
methodologies. And hopefully we finally
answer the question, is this cause for you or not?
4. Understanding Project Management via illustrative story: So the next few slides is
completely made up story. More targeted this time. Yeah, if you've never done
project management and I think it will introduce you to project management from
a different angle. What I found is in the project management methodologies
that tell you, yes, this is a four phases and the likes and this is the
purpose of each phase, but they don't tell you
how they came to light and why create them
to start with. Also, if you, if you a little bit familiar for
project management, I recommend that you
go through this. I don't think it's
hard to watch. I think it's a
little bit further, some photos and some
diagrams in it. So hopefully you'll enjoy them. Then of course, as we
progress through the course, you will get the form or by the type of meaning of
each one of those phases. Having said that, let's go
into each straightaway. Welcome to this
part of the course. Okay, so don't quote
me on this please. This is, this is
probably not accurate. So these vertices, how I imagine as a bit of
a learning tool, how project management
could have been born. So imagine there is a
queen, she has leaders. But they are always focusing
only on the daily task, on the walls and
stuff like that. So but she still has large project that she
wants to implement. So the work is disorganized
on those projects. Teams are tied. Money seems
to be always running out. So she says, she's
saying, I have leaders, but that's not sufficient if someone really
focusing on this. So we were about to
witness the birth of project management issue. This allowed endeavor
lacking coordination, monitoring, and a solution. Provide a dedicated resource to manage methodically the
work to completion. Project manager. Therefore, make your project manager
to the Queen. Go and make sure things
are running smoothly. Give me a call
from time-to-time. So thanks. Suggests that we catch up after it's all done to close things off and see if we can improve things for next time we do this. Okay, so we have
a project manager already and we have
our business owner. So let's see how it worked on
the first project they had. First project, trial one, the Queen get a project. And the project manager
was doing role of monitoring was
during the role of fixing. See what I mean. And communicating as well. And after the closure. So that's where it was
mentioning before. Let's catch up at the end of the
project is to check out things where we're going. And then the queen can have
the benefits of a project. So at completion,
the project manager reports back to the
queen as agreed. Why did he say, okay, I think we can improve on this. I was not sure what I
was monitoring against. When was this old
you I didn't know. How much money did I have? I was not even sure how
much money I had. It would have helped if I knew some of the
stuff that could happen beforehand that
nobody told me about this. Who was I supposed
to communicate to and how the queen was too busy, she didn't return the core. What was this project
all about anyway? What was the plan? Okay, Well, he's lucky. The queen is quite
nice person say, okay, okay, I see your point. For our next project, let's
stick the time to sit down and plan on how
we will communicate, how will we do things? Then we can progress when
we all agree on a plan. So let's have a plan first. We agree on a plan and then
we progress. Let's do this. So those are the tasks that a project manager
was doing before, but now it's added a
couple of more tasks. Yeah, I did some planning and then there was
a plan approval. So how did that go? You think trial number two? So gun project, Let's see. Took two months of
planning and after the plan is presented for
approval to the queen, okay, Planning is finished. It will cost you £51.6 of gold. And we should be able to
complete it in 26 months or so. On a side note, we might lose 51.3 per cent of our
Army in the process. I mean, this is
obviously precise for one reason there you see where I'm at, where
I'm getting at. So the queen immediately see
where all this was a West. We do not have the
money, we don't have these pounds of gold. And I can afford
to wait two years because 26 months to finish. Really, they see the benefits
is it's not worth it. I wouldn't approve
this project if I had at least a rough idea of the cost and how
long it would take. That'd been aware
of that huge risk of losing half my army. So she was not
aware of the risk. And she just heard about the incredibly high cost and how long the
project while then the worst part is it
has spent two moms, so two moms paying the project manager and all this team to come up with something that she knew she didn't want. Surely, there's a
better way to do it. So now the project manager, it goes back to her and see, okay, I suggest we do quick
assessment this time, not this two moms planning
for most planning. We do a quick
assessment and give you some basic information before starting planning
on our projects. We can give you the
higher level course timeframes brisk, who
will participate. So this way you can decide
if starting the project. Planning even is worthwhile. Okay, but I have to warn you, we won't be as precise, but at least you have, you have an idea and you
can make a decision. So let's see. I
went final trial. So before there was planning,
plan approval, monitoring, fixing, communication,
closure, all that was already happening. But what they have decided
this time is to add two steps. So notice this is
not project anymore. It's just an ID or a need. Okay. It's not a project yet. It's just some discussion
that happened. Yeah, why don't we do this or we absolutely
need to do that. There's an assessment and
then there is an action here. Is a project approved. So after a couple
of weeks, not know. Moms, your assessment
is completed as agree. They say they'll do
a quick assessment. Quick assessment completed
costs you roughly £30, that this is all just so
that you can keep up. This is a final project. This is a third project
if you like this. So this is why it's
not £50 anymore. It's only for £30 is
a different project. Because you are a
free £30 of gold. And we should be
able to complete it. It's sinks moms, no loss
of our mean of process. Would you like to go ahead. It's not a project yet. It's doing the assessment. And she said, Yeah, I like
this process much better. No, I have some key
information before I give the go ahead for
potential projects. I realize it's not as
detailed as during planning, but it is enough for me to approve or decline
project proposals. Based on the information you
gave me, we have a winner. Let's go ahead with this
project and notice, now we have a project. This, we don't want to
call it project yet, because in the previous example, there was just too long to, an endocrine decided
we're not gonna do it, so it's not a project. So anyway, yeah, okay. Now this is what we have. We have all these
activities that happen. The project not
being a project here and all that productivities and after the queen can
have the benefits. So what do we can
do is we can group those activities in what we call phases in
project management. Because we realize are
those two could be grouped, the blue ones there
could be crude. And let's say we call it
the initiation phase. We, the second pallet we added, we call it the planning phase. So initiation planning. So this is how it was
at the beginning. So what do we do for
the other activities? We split them into two groups. We have the execution here, we have the closing that was
agreed at very beginning. When they said, let's agree to catch up at the end to see
if we improved or not. So this is why they've, they've improved
their processes by catching up during the
closure of the project. So what we have
here, its phases. So we have outline if you like, four phases, initiation, planning,
execution, and closing. And what we have on
the left-hand side of this diagram is activities. And we have in this case,
12345678 activities. So some of those activities
are just approvals, will see they are actually
an important step. So they are, they are there. So that takes you from
an ID to a project, to the benefits of the project. We could be you need something
that absolutely has to do. We don't really want to have
this policy implemented, but we are being asked to have this implemented,
so it's a need. But we still go through
this process in your way of assessing
and project and benefits. So that's it. My take on project management. We can see why there is this
different types of phases. By catching up
after the project, you can do your next
project better. The execution, It's
all go, go, go. The planning is to give you a more precise idea of what
the project will be like. An initiation is really to do. We even want to do this, but we will review all of these. I just thought I
wanted to link back that story with the
next with part one, which is really when we start to go into more detail on this. So that said, let's move on to the next part of the course.
5. Things to know for the course : So before we get started, just in case you don't know how how it works. Yes, it's the first time you take this top of course. For some lectures, there are some attachments to them. It can be PDFs where I put some of the slides there. There can be Templates, registers. When we go into scheduling, I will attach some schedules. So for every lecture, feel free to have a look at these attachments on time that can help you can have them handy if need be. But right now, there are two PDFs attached to this video, and I think they'll be quite useful for you to print or have handy during the life of the course. They are both roadmaps. The first one is just show you an overview of the phases and the key components of the phases. The second one is very similar, but it also shows you what are the outputs of a project manager. What at the end of the day, the project manager needs to create. So I suggest you print those. In the next video we'll talk about terminology and also suggests you print or you have handy the one on terminology. Another notice that you'll see on some of the slides, there is sometimes an advanced written on top right, top left. So this is just to tell you that if you are a bit overwhelmed, feel free to skip those. I know when you go through a long course like this, sometimes you just, your brain wants to have a break, so just skip them and maybe you can come back to them later on. They are a bit advanced. That means they are command in project management, but not as command as the, as the other components. So now let's have a look at some of the terminology.
6. Terminology used: So this is a terminology
that I was referring to. So let's give some definitions. I promised I wouldn't
be too long, but it will be
worthwhile. Product. The product is the end
goal for the project. If when you build a
bridge, for instance, the end product or
the deliverable, it's the breach,
the project breach. So you'll hear me
mentioned products. So that means what the project
will give you deliverable. So there are components the project team
will need to deliver at the end of the project. An example of the breach, it could be the breed itself, be also all the
operation manuals for the bridge older here give the various document
test results and arrive. So anything that the
project team produces Morris BAU or to
business as usual, if you're not
familiar with this, it's part of the organization that runs our daily activities. And this is why
project management was because everybody was so focusing on what they
were doing every day and out of the sudden you have
a large project coming in. And everybody is busy
doing their own stuff, so they have dedicated resource. So business as usual, It's the part of the company
that do daily activities and the project teams
focusing more on project, the client, customer, business. So it's a stakeholder
needing the project outcome. So it's more or less
for who we are working. I will use those terms, will use business more often
and client or customer. So upper management,
executive team, as opposed to manager
that we'll see later. Upper management for me, it's it's it's part of the
business that are that are above you in a way that doesn't mean that they are
involved in your project. But it's in a broader sense, not necessarily the
working on the project, but it could be the
CEO of the company. It could be an executive manager of another part of the company. And the manager, when
I refer as a manager, also known as line manager, program manager for
the project manager. It's your boss. If you're a project manager, is the guy who both views. So when I see you
have to give these to your manager or you have to
give the to your business. They are different entities.
7. What is project management: Next we are attempting to
define project management. Please bear in mind two things. The first thing
is that there are so many definition of
project management. I'm attempting to give you one. I've created one that reflects well what project management is, but there are others out there. They usually include
the word endeavor, which I really wanted
to avoid at all cost. The second thing
to bear in mind is they are always exceptions. And some companies use
project management in a very flexible, flexible way. So this is no, nothing is set in stone. And in a way that's what's interesting about
project management. But let's get into
those definitions. What is project management? Project management
is the practice of coordinating the work of a team to achieve a specific
goal as at a specific time. So the reason why the team he is is you don't
really need a team. I put it in brackets. Because in my view of
project management, and not only in my view actually predict management
can be one person. I mean, I'm sure you've heard of these guys running a
project or on their own. But what is key here has a specific goal at
a specific time. So if it's not very
specific goal, it cannot really be called a project management is
more business as usual. And at a specific time as well, when it becomes ongoing, when it becomes
something recurring, that happens every three
months or even every year. This shouldn't be
called projects. There should be, they should
be given another name. It's a once off project. Note that the specific
ordinance to be loud enough or important
enough to be a project. You have a business
with your team, they have something
smaller to do. Do they need to have
a project team with the reporting
process in place and with a budget and
erotics, probably not. So it's not a project, it's just an activity
that is on top. So to be called a projecting
to be large enough. So this is just referring
back to businesses, your project team and productivity as separate
from the company's business. As usual, resources will see that sometimes it
can be shared resources. But as entities, they
are considered separate.
8. Role of the project manager: Challenge, I would say when you're a project manager is to ensure that the team
understand your role. When you, especially when
you're growing company, they've never had project
managers or project management. They see you are robbing
and they think, oh, there's a new admin guy there, Let's ask him or her to
do this, to do that. So it's very important to set boundaries at the beginning. But for the companies
that are more mature, they know what project
management is. I think it'd be much
easier, but still there, they're still be tempted to be the person who does
what nobody else can do. So it's very easy to
fall into the trap and do it all of things that
you're not supposed to do. So let's discuss the role
of the project manager now. So the role of the
project manager, he or she owns the project,
responsible for it. Doesn't always have
all the authority. The treaty is responsible to
get things over the line. Let's have a look at
a few bullet points. So the PN, that's another, that's another acronym, project manager or
project management. The project manager
plans or activities, obviously with other resources, but he has the
responsibility to plan. When all this is plan, coordination and
prioritization of activities, reporting,
communication, setting. You'll executive's
how things are going. Issues. That's a big one during the execution phase,
as we'll see, this is the key occupation
of a project manager. I mean, you could argue there's no if there were no issues, who would need a
project manager? So this is what we do and show some friends and
budget are respected. That's also a big one. As we've seen in the beginning, the story of the Queen. She was having all these
activities burning money. So someone needs to be
accountable for it. Ensure sufficient quality
has been applied. I mean, this is why we're seeing quality is not the most popular activities and
project management. But in my view, if you, if you deliver something on time and on budget and
it's not it's not good quality or he's not something that the
business wanted, then it's, it's not
better implement within constraints for
me to good way to summarize the role of the
project when I'm Manager, there is something to implement. He or she has to
implement within all the constraints
which are timeframes, budget, and the likes. So here we have our
summary of what is project management and the
role of the project manager. To conclude, we could
draw the similarities between our live in a
company's life, if you like. We all have our daily
activities to do and this is what I'm doing
live coaching now as well. Because of similarities with project management
are so obvious. We all have things that
we would like to do, but we never get around to them because we are focusing on our, on our daily lives. And companies are
the same and this is why they bring in
project managers. So they can really
focus on that. And they have to do it. And they have to do
all the coordination and the right are the words. Chances are it would,
if it happens, it will happen at a
much slower pace. Now, having said that, let's move on to part one.
9. Introduction to Part 1: The PM course: So welcome to part
one of this course. So part one is a full-on
project management course. All the theory, but at the same time he's a
practical take on it. So during part one,
we will review each one of those phases
that we have defined, the ring, the introduction. We start with a
high-level review and after we will
drill down into more detail for each one of those phases. So
let's get started.
10. Overview of Phases: Okay, so let's
continue where we left it in the previous
contradiction. So we have identified some activities that we
grouped into phases, initiation, planning,
execution, and closing. Those are phases. And we also had some activities. So just as a just to continue if you want us
to put it a little bit differently in a way
that will help us during this course is just
a quick reminder. Initiation is why we're
doing this and can we do it? So it's a quick assessment. Nothing too precise,
but at least we can make a decision there
if we go ahead or not. The planning, how will
be managing the project? There will be also the
execution were actually do work, action,
monitoring, coordination, issue resolution, communication, happening and closing, and
knows it all finished. Make sure that we have no loose ends and
just reflect back. Did we do this correctly? If we put that under this, this representation
here, and this is, this is how we'll have
that for the course. So I still have this
initiation in blue because in theory is not really part of
project management. We saw previously
the project manager was doing this assessment, but as we'll see,
that's not always the project manager doing this. Those those were the key
activities that we had before. Assessment, approval,
planning, planning approval, monitoring, fixing,
communication, enclosure. So this is this diagram
that we'll be using in this course when we go through
the various phases here.
11. Phase 1: Initiation - Overview of : Let's get started with phase one initiation. If all we do is have a quick overview of the section. We will discuss the purpose of this phase. We will discuss the project manager role. In this phase, we will review the creation of a key document, which is called the project charter and various components of this document. But more precisely, we will discuss the scope. Cost is stakeholder management who will review the risk management? We will review the structure of the project and then we will wrap up and provide some examples.
12. Purpose of the initiation phase: Welcome back. So next, we will be defining the purpose of
the initiation phase. The first thing to
bear in mind is this initiation phase
does not always exist. Another project
management methodologies out there tell you, yes, you need to
have a nation faced. In real life. Sometimes it doesn't exist. So just as a quick reminder, the initiation phase is whether you decide if the project
will go ahead or not. But there are some
companies that don't care. They just want to do the job. Sometimes they have
just a mandate. They have the budget,
and they want to do it. And I don't want to
have to go through all the initiation process. And sometimes they just
don't have the choice. Sometimes it's just the
government necessity, sometimes it's illegal
change that is required. And therefore, no
point discussing if we're going to do
it or not because we know we have to do it. And also what
happens sometimes is initiation phase happens
behind closed doors. You are not involved and
I think that makes sense. Why involve a project
manager when the project is not really concrete yet. So there will be a
group of executives discussing civil project IDs and decided after we
do this and that, and then they can
bring the team. They can say, Well, we want
a project manager for this. We want to put a project
charter together. We'll see what that means. But now let's assume that the initiation
phase takes place. The purpose of this phase, in a few words, while we're doing these
n, is it feasible? The key components
that we need to make this decision is we need
to have a look scope. The scope is, what
is this about? What are we doing? The
cost and schedule. So it could be a very good idea, but if he takes three years, it might not be a good
idea by the end of it. And of course might
be also prohibitive, might be just too expensive. We more or less put
on a business case. Sometimes the business case is being done separately
by the business, but sometimes the
project manager, if he's part of this phase, would assist in creating some type of a business case
who cut the cost benefits, strategy goals, they'll come out of it
and see if yes or no, we can go ahead
with this project. We'll have a look
at the key risks. Sometimes there is a
risk that is just so big that the business will make the decision straight off the bat not to go ahead
with this project. So for that reason, it's important to
highlight the risk. Now, we don't want to go
to planning and execution. And after reality of this
risk is just too big and it just hits us and it
just can sell the project. Then when we are reasonably confident this project
will go ahead, we can start putting a
project team together. We'll have a look at
the key resources. If the project
manager is involved, they will assist with this. Or we will start and
gather resources from the business teams to
put a project team together. The key outcomes, Otis, yes, to get approval to
start the project formerly, we need some type of sign off and we will see that
we will use a document called the project charter
that is sometimes used to put all these components, all these details on the project
together in one document and we'll get this document
sign-off and then we can say, yes, we covered this
project has been approved and we can
formally go into planning. Now let's review the role
of the project manager.
13. PM role in the Initiation phase: The role of the
project manager in initiation phase is optional. Sometimes, even when there is a formal initiation
phase occurring, the project manager
is not involved. I think that makes sense. There's no point in
involving a project manager. If we're not confident
the project, we go ahead. So in this case, the
project manager will be brought in towards the
end of the initiation when we are quite confident that the project would take
place and then we can build a project team around
the project manager. Another thing to
bear in mind is that sometimes the project manager comes from a third-party, say, when a project is outsource, the role and the origin of
the project manager depends, will depend on the
type of project. And in the initiation phase, they will decide as a
decided project team, they also decide who
they want to protect. My pleasure to be with
a project manager, GOP part of the company, or would they be part
of the third party or maybe one project
manager each? So we will review
different scenario under the Projects Director
component of this course. We've talked about
the project charter and this is what we'll
be reviewing next. I would say the key reason why the project manager
is involved in this phase is the
business would like someone to put all the paperwork
for approval together. And this is where the
project manager role starts with paperwork. So we bring all the components that we've seen before
that form part of initiation into one document.
14. Project Charter: Now let's review the
project charter. The project charter
is a document the project manager puts together towards the
end of initiation, really to summarize
all the findings of the initiation phase or
that has been discussed, put that in the next document. The schedule, the budget,
and the big risks, as we'll see, and put
all that in a document. Can you please sign
up this document, everyone, so we all
agree what we are doing. And then when they sign off, then you can go into
the next phase. You can go into a more
precise planning in a way. Next, we will review all the key components
of the project charter. And then we will go
into more detail and forth from all
those components. So you have here listed the key component
of this document. The project objectives and the business case are often
included in these documents. So the business would stepped
the outcome they want from the project and any benefits and why
is it worth doing? We will review the scope in more detail in the
following slides. The schedule that the
state will be very simple. Some high-level timeframes with an end date will see this. We know we have some examples
at the end of these slides. We will review this. The budget. We will also review
which type of Richard is expected at this
stage of the project. As mentioned, the risks are important early in the project, so we will need to list them
as part of this document. Then the project
team stakeholders, we discussed that already, but we will go into
more detail on project structure and
stakeholders list and rights. And if possible, we'd
like to confirm early in the project who will be the
approvers for these projects. So most of the components
listed here will be refined during the next phase, during the planning phase. So this is a suppose what I had mentioned earlier
in this course is that some components will be
seen in initiation and then reviewed in
planning and then monitored and
managing execution. So that's something
to bear in mind. Sometimes some of
these components here can only be
defined later on. Sometime the initiation
goes so fast that the risk, for instance, is
only in the budget, can only be fine-tuned
during planning, but we stick to the
theoretical view and hopefully we'll have all
these components included.
15. Scope during Initiation: introduction: Welcome back to the course. So the first thing to define when we start a project is what are we doing? So this is what we call the scope. Sometimes is called requirements. You will see later on that you know, the scope and requirements could mean the same thing more or less. And we'll see this COP is more high level, it's more than the boundaries. And requirement is more detail what's inside requirements? The terminology that business analyst law like, like to youth. So what is important bearing in mind that we are only initiation and the project might not even go ahead. What we need to bear in mind is that we don't want to get bogged down into too much detail sometime we don't have a lot of time either. So the scope during initiation, it has to be very high level. We want to make sure that we have included all the big chunks, all the big components of the project. So this is, this is critical because if you forget one of the big chunks, then it's, the more you progress in a project of the more difficult it is to bring it back. If it's a small detail that then that that's easier. But what is as important as what is in scope is what is out of scope. It you have to make it very clear on the document that we do not do this. We do not do that. Imagine you're an executive and you have the assumption that something is included in the project only to realize halfway through the project that it was not included. So this is why you, you, you, you give them a chance. You say, well, this is out of scope. This to make it clear, we are not doing this. And then they Executive She has the opportunity there to say yes, but I want it in and then it's not too late because the budget hasn't been locked in yet. We can go back, increased the scope and Crito scheduled whatever. But at this stage, it's it's still okay. The more you progress, the more difficult it will be. So now when I suggest we do is we have a look at an example.
16. Cost during Initiation: Example: I'm just going to
show you an example here that I think will show you the level
of detail that is sufficient in a scope. Let's take the
example of a website that needs to be stood up. A managing director wants to start selling its
product on the website. He doesn't have a website, but he does have the resources
to write the content. And it needs a project
for someone outside his team to set up the
infrastructure around the website. The project statement would
look something like this. The project will include and that means that the
project will have in scope is the sourcing and
registration of the hostname, the infrastructure for hosting the website, design,
build rollout, security testing, and setting up the ongoing maintenance
we said with third party. So we can add more
words to this. We can, I suppose at this stage
to say as much as we can. But usually we don't have
that luxury and we just yet, this is what we want. And this is on the high-level, what we would like
the project that either out of scope as to avoid any misunderstanding with the project team when
the business will engage a project team is
This will be out of scope. We don't want you to write
the content of the website. We will take care of
the policy approval and the ongoing maintenance
of the website. We really don't
want you to do it. We just want you to organize
the maintenance for it. So we doesn't have
to be complicated. Just few bullet
points like that. I usually enough. If you have someone from
business who whoever say, oh, that's a bit vague and then you can drill down a little bit. But as I was saying, usually
has to be done very quickly. Don't pay attention to this. Just to highlight that. We can sometimes make things very simple, very complicated.
17. Types of cost: So let's assume we
have someone from the business who
has a project idea. Sometimes they've done
all the hard work for us and they've done their own investigation
and they already have a cost and it just
hand us the paperwork. But at other times, they are requesting
the project team to pick the other cost for them. So obviously this is assuming that there's a project team that can assist regardless of
who's doing the cost. It's usually done on
a very high level. So before we get started, I just wanted to
highlight a couple of ways that of course
can be calculated. The first of course, estimate is the rough order
of magnitude ROM estimate. You will hear that. So that can be done by a
combination of expert judgment. Top-down estimating, an
analogous estimating. The Rome estimate is
perfect for an initiation. It's something that is
very highly though, but still it gives them an ID if they can afford it or not. An expert just can be used sometimes is you
have one of those gurus, for instance, to set up a
website, as we said before, someone who says, Oh yeah,
you want to set up a website, have all the infrastructure
done that's going to cost you around 200
grand or the likes. So that's something that is
sometime, sometime used. We want to kick off
the project quickly. We free up the $200 thousand and then
we will get started. Another method that is used is called the
top-down estimating. And it's the high level
estimate as well that is, but it's calculated by adding all the high level components
of a project together. For instance, you for the website without the
cost of the materials, the course of the of the
contractors and the likes. And you would add all
that up and I would give you a high level ID. So it's very similar
to the next one, which is the analogous estimate. It's an estimating
that is being done by using a previous example of something that has been
done that is very similar. So this is more, this is what I was saying. This is perfect for
initiation because it's high level at this stage, yes, The business is
expecting a plus-minus and three-point estimating that we'll be seeing in
the next slide. The second type of estimate, it's called detailed estimate. There's only one way to
have a detailed estimate. It's just to the bottom. When we go into planning, we'll see how this
is actually used. We can sometime also
called this definitive, which is a bit scary in initiation to have
a definitive budget when we know all the
smaller components and we add them all up. We are usually pretty close
to the final estimate. So this is more suited for
the planning phase? Yes.
18. 3 points estimate: So I mentioned when we discussed the rom, the
three-point estimation. I just find that
to be a bit tricky because if you go to the
business and you tell them this will cost
you $200 thousand plus or minus the plus
being the worst-case, minus being the best-case, then it doesn't usually fly. When you say, well,
you could pay it, that will cost you 200 thousand, but it could go up to 300. Fascinated, usually
a bit scared. So but they lacked the
lag, the best-case. But they don't really
like the worst-case. But it's sometimes with
rum is to be expected. We are on a high level stuff. So please bear in mind that this is only a rough
estimate and you could have some
additional cost to read, but we could have also read Miranda and I
reviewed this case.
19. Project cost example at Initiation: I want to give an example. So just to show you
that once again, initiation phase doesn't
have to be too granular. Following on the
previous example, I'm just reminding being
simple here quickly. The example of a website
that is being setup. So the CIO of the company has estimated the cost of
this website and you will be around 520 K. So
infrastructure 200 k, design, build and test 200 K. Security testing, 100 K, ongoing maintenance, 20
K, you add all that up. You have 520 K. So the CIO, It's you will have an expert judgment even if
the project is our tools, the CIO of the company
needing the project, they will come to
you and I will say, yep, you want to have that done? These guys can this
company can do do it for you and it's usually
around 520 K to be precise, because of this maintenance
that comes at a 20 extra. So this is the example
that you would have when you rely on expert judgment
to do the estimate. So that's pretty much
it for the cost. Once again, when
we go to planning, we will be a bit more granular on how we can
come up with the course. But initiation, It's
all happening quickly. They want to know
on a high level how much it will cause they're
going to get approvals. They can add a little bit on top if they use the three-point estimating so as to
make sure that they can cover some a little
bit of contingency there. But that's all that is required. And in your project charter, you would add statement, project cost, and you
would just list this. And that would be perfect. Once again, like for the scope, if you know more if you
can be more granular, yes, by all means, go for it. But usually you don't
have that luxury.
20. Stakeholder part 1: Introduction: Welcome to the stakeholder
management part of the course. So in project management, there's a lot of stress on delivering on time
and on budget. But for me, the project
is not a success. If at the end of the project you have
stakeholders that are unhappy, it doesn't matter who it is. For me, it's not a success. Just to give you an
example. You could be on time and on budget. But what you deliver is not exactly what the business wants. It is what we agreed to do at the
beginning of the project. For them. Everything has been
signed off and the likes, but they're not fully satisfied. So why are they satisfied? Did did, did we really engage with them during
the life of the project? Some project managers
really don't like to engage too much
with the business and ask them how they are and
if they are happy with what we're doing
because they are concerned that the business
will come and say, Actually, I'm not
really happy with that. And the project managers,
we then have to do a lot of work to include this. But for me it is
something I'd like to do. So I want to know I want to know how they feel
about what we're doing. I want to know if they have maybe they changed
their mind somehow. I want to know that. I need to know that in order to quote-unquote track
of stakeholders, we need a tool. So there's a tool that
is commonly used. It's called the stakeholder matrix or the stakeholder
engagement metrics. So it's being done in two parts. The first part will be to come up with a list of
all the stakeholders. And the second part would be
to assess the stakeholders. We would assess how interested
they are in a project, and we will also assess the influence that they
could have on the project. So that's very important. So during part two, we'll review another way
to track stakeholders. So it's not part of the formal project
management methodology. So that's why I have
it in part two. It's more my own stuff. It is part of the framework
that I've created. It's actually a tool that, um, that have created and
an amusing that has served me very well
over the years. So I'd just like to suggest it as well as
another way for you to quote unquote
track stakeholders. But for the moment, we stick to the formal methodology and we start putting together
a stakeholder matrix.
21. Stakeholder part 2 Stakeholder definition: First, let's have a look at the definition of a stakeholder. A stakeholder is anyone involved in the project
are being impacted by it. Who are you working with? So that could be, That's the
obvious ones that your team, your peers even influenced
the project management. You are working with. Who we receive the benefits of the project that's more
around the business. External customers to
users be receiving some of the benefits who
can enter up the project? I think this is something
that is often forgotten. Yes. The business wants this, Yes, The protecting me
super motivated, that if someone can come late field and out
of the student, interrupt the budget
to project that. That is something that
needs to be done. I mean, in government
for instance, you could be running on
the project very happy. Everybody's happy, but
there's a budget cut. And that's something that
you need to keep an eye on, so they will be part
of your project. It would be a
stakeholder that we need to maintain the relationship
with if we can, or at least be aware
of their presence. Who provides the money that obviously your
stakeholder as well, who will operate the
end product that uses the contractors, suppliers. So we need to put a
stakeholder list together. One way to go about
it is to start on a stakeholder
matrix where we put all the stakeholders
and we categorize them based on their interests and their influence
on the project. First of all, we have some stakeholders that
don't have much influence, don't have much interest. So we will monitor all those
so they're more or less, they cannot really
impact the project and don't have a strong
interest in a project. Now, if we move to the
left, to the right, sorry, we have the stakeholders
that have low influence. They have high interest in it. Top-left will have some
stakeholders that are very high influence and
they have a low interest, yet we need to keep
them satisfied. But I'll come back to this one because this is my favorite. And then you have
the high influence, high interest, and you need
to manage those closely. Those are the guys that can have a lot of
influence on the, on the project and are
very interested in it. This is the girls
are more or less you need to keep happy. Another way to manage closely, I would say keep
happy that Martin, my favorite grouped to
keep track on because they are the other one
lurking is this group here, the high influence,
low interest. It's more or less the
stakeholders who sometime they are just
against the project. So that's why they
have low interest. But they could
interrupt the project potentially because they
do have high influence. This is the group that how would personally be very aware of? I mean, the one that
have high interest. You could argue that as
they have a high-interest, don't worry about getting
in touch with them because they will get in touch with you because they are interested. So this is why for me, I think the top-left is as if not more
important than this one.
22. Stakeholder part 3 Stakeholder Matrix example: So busy slide. But there's nothing
like an example. So let's say we have a project, a software development project. Then we have managed to list
all our stakeholders here. So if we look on
the left-hand side, there's a Project Manager, Task Manager,
Development Manager. We have the business analyst, we have the infrastructure
team lead finance managers, senior user and etc. So for instance, a
project manager who has high interest and I'm sorry to say he has medium influence. It doesn't have that at high-end influence
on the project. Obviously, you can, you
can make the he can influence the outcome
of the project by speeding things
up when he can. But at the end of the day, you cannot just say,
stop this project. That's not the role either. Desk manager is being assembled. Someone is just testing. Of course they have high
interests because they, they are the one that we'll
be testing the thing. And, but an influence is medium. Once again, it can
really stop it. So we'll have a look at
the communication colon. At the end of this. Development manager, he's
got all to high-interest, I would say medium
influence business and that East High them even
lower influence. That's just an example. I mean, obviously you would
have situation where our interests
and influence, excuse me, it's different
infrastructure team lead. And then we go to
the finance manager. So the finance
manager would have a low interests sometimes
in a high interference. So this is the scenario
we're saying before, and that's why I say it's
really for me a key one. You wouldn't show
much of interest. But at the end of the day,
you could say, sorry, we had to pull your budget and give it to another project
if he's not really. So this is why it's
very important to have a strategy to deal
with this finance manager. The senior user. Same
thing, low-interest, maybe something you
didn't want to go with. Another new product. It doesn't add new software. But he's got a very high
influence at the end of the day if we do all
this work and he says, No, sorry, not happy with this, then that's something that we have the length of the project, try and influence him or her. Then you go down the list, operation manager,
business representatives. The last one I
want to mention is a senior executive is in a category obviously high-interest,
higher interference. So those are also the one that you need to manage closely. But at least as I was saying, you would see them, it wouldn't be lurking
in the dark as opposed to maybe some finance
manager or the senior user. So don't, don't, don't
take this as a, as a, as a truth for all projects is just it just one example of
how things could could be, you could be on the project
where, for instance, the finance manager has
a very high interest in it because it's
going to improve. This is bottom line at the
end of the financial year. So it, but it's just an example.
23. Stakeholder part 4 communication plan example: Something that was said
in a previous slide. Regarding this matrix
that can be used as a basis for communication
plan as part of the project. Sometimes you have
communication plan. And what I think is the
best way to do it is to use this stakeholder
matrix here. And a stakeholder
management plan. If you want, you can
call it this way. Two, more or less put your communication
plan together so you kill two birds
with one stone. Here you have your matrix. By the way, this is
not something that can always be published. For obvious reasons. You can tailor
your communication based on the interest
and influence factors. So if you take an example, the finance manager here, so I've already highlighted
is high influence, but he has low interests. So I need to find
some type of strategy to to to more or less raises interest and to make sure it doesn't come
at the last minute to know to take some
money off the project. So what I have here, for instance, I tend to
communicate regularly, keep closely in the loop on any budget related
matter matters. The senior user, you
would have the part of the steering committee
trying bringing in a steering committee or her and the attempt to
communicate regularly outside the steering committee. So we will discuss the
steering committee later on. But that's just to show the communication
colon is used and how we will be communicating
with resource stakeholders. And I want, just wanted to
highlight the low and high, but we can very quickly go through the
communication strategy. We would have reduced others. This manager will bring her
to the productive meetings. We will send emails that way we will
communicate with her. Development manager,
will be part of Sam, part of the project team
will be sent emails. The infrastructure team
lead will be bringing to the project meetings
to get his buying because sometimes they're
working on so many projects, it's hard to get
them interested. The operation manager in
our communication we would have keeping in the loop by sending weekly reports will increase engagement and
close to implementation date because the interests will grow as we get closer
to the delivery date. The business representative
will make her part of the weekly meetings and we
will communicate with emails. The Senior Executive obviously it will be part of
steering committee, will review the steering
committee later on and then, and obviously, you
can put some notes. And for instance, the senior user here denote is the reason why it's been put in a category as
low-interest is E has not shown great interest in the project that's been focused on other more
important projects. So there could be a reason. So it's been working on the
very critical or the project and we roped him into this project and it's
not fully with us, is not fully interested. So let's, it'd be
dangerous because we could be as the user, the person using the product. And if he comes into play, then There could cause
challenges to the project. So let's sit for
stakeholder management. We have seen how to identify
stakeholders of the project, or we can put them into
a neat little list. And also in at least we can just more or less draft how communication plan. As it was mentioned earlier. I mean, we don't always
want to publish this. This the way it is. We can probably
remove the interests and appearance may
be some stakeholders might not want to be
seen in a category with low influence or the likes or something we have
to be sensitive. It's more something
we keep in our files. But the communication blend, obviously we we can tidy it up. We can remove the keeping a loop by sending weekly reports and
comments like this. But we can say, well this, we will communicate with the steering committee
of the email for a project
meetings merges more, suppose, politically correct. So that's fit for
stakeholder management. Next, we will look at the exciting risk-management
part of a project.
24. Risk Management during Initiation: Welcome to the risk part of the initiation. So let's imagine we have a business person just got the informal approval to go ahead with the project. And she is quite excited and she wants to go for the initiation phase of the project quite quickly. She might be a little bit biased because she's so excited here and you want this to happen. So she might not be very open to someone telling her that there could be risks for the project. So it just a matter of during initiation, we wanna make sure that all the large risks are being naan by the executive team. We want to help her identifying some key risks that could potentially worst-case scenario mean that the project is being conserved or postponed. Remember, the scenario that I gave if you watched the video on the birth of project management, the queen said, well, if I know that I could have lost half my army, I would have gone to head with, with this project. So that's the same thing we need to make sure that the business, the executive team, everyone is aware of the key risk for this project. And we list them into the project charter and everybody sign that off. And then we are all aware of what's ahead of us more or less. So in order to, to track those risks, we use a tool is called a risk register. And the next video, we'll tell you how we can get started with that.
25. Defining Risk type: Welcome back to the course. To get started with
putting together a list of risk where
we can do is have a look at various risk types
and see for each type, if we can identify Reesa, we can do that with
a business or with the old project team
actually, for that matter. To start with, we
have the cost risks. That's an obvious
one. What could go in the way of the project that will increase the cost
of the project. And if this cost of the
project as increased, what would be then the
overall risk to the project. So there are some
projects that have a very tight budget if you
go over it more or less, this is a big risk. Models have more tolerance and in this case it's a
little bit different. Schedule risks. If there is slippage in a schedule is at a big
risk for the project. What could delay the project? What impact would the project have if there is a
slippage in the schedule? For instance, you could have a date that is non
negotiable at the end of it. All you could have
data has been said, but if it moves,
it's not a big deal. You could also have some
reputational risks. If the project is not
managed properly. Is there a reputation
risks that could occur? Let's say you, you
implement a website that has a lot of visibility
towards external users. And if you more or
less messy that up, that would be a big reputational
risk for the company. Strategic risks. Is the project in line with
the company's strategy? Or is there a big strategic
change coming up? So if we know that there is a big strategy change coming
out for the company in the next six months time is that there isn't
going to pose a risk to the project
at that point in time. That's something
to think about. Then we have the legal risks, regulatory risks, contract risk. If we involved with both bodies, all these steps of risks. And finally, all
risks associated with external factors or
hazards are the rights. So in this category you could, you could, you could go nuts. You can put storms, floods, earthquakes, vandalism,
labor strikes. So you could go
completely nuts with these comments, hence,
should prevail. Now, we have created
a list of risks. The next step is to decide
what we do with those risks. And this is the purpose
of this next lecture, is to have a look
at risk outcomes. What do we do with those
risks when they occur? If they okay.
26. Risk outcome: Now we can have a look
at what we do for a specific risk is five types of action
that we could take. We could accept it,
we could avoid it, we could transfer it,
could mitigate it, or we could exploit it. So let's take them
one by one quickly. But when we go into the
risk register review, we will give an example
of each one of those. So that would also
add another layer to your understanding if
I can put it this way. So what does that mean?
We accept the risks, that mean that we
are aware of it? Yes, we know that could happen. But if it happened, it happened. So be it. No problem. We are aware of it either. We don't want to do
anything about it. There's nothing we
can do about it, so we just accept it. We can also avoid it. Concerning the project
is a bit of an extreme. But you can, what
you can do is change the plan to avoid these risks. You can change the way you
were planning to do things. Your project implementation
strategy, for instance. Another thing you
can do with arrays, you can transfer it
to someone else. Say there is this risk. We don't really know
what to do if it occur. So you can transfer it. And an example
would be insurance. What you can do with
the risk as well as to mitigate it or reduce it. So you take action to reduce
the likelihood of the risk, or you have in place an action to take
if the risk occurs. So if the risk occurs,
you know what to do. Sometimes that will mean
an increase in course of the project because we have to take some additional actions. But we'll see that as well. Risk can be exploited. So that only works
for positive risks. Positive risks is a
risk that if it occurs, That's good for the
project Morris. An example, you could
have caused the drop, for instance, and
then that will mean more money in the budget. And if there's
anything we can do to increase the chance of this, of this risk to occur, then we could take action. So it's a risk that
we can exploit. So I know that the
notion of positive risk is not easy to grasp. So that's it. So that wraps up
the risk outcome.
27. Risk Severity: Welcome. In front of you is a table
to assess risk severity. So the way it works is we need to know two
components of a risk. We need to know the
likelihood of the risk and we need to know the
impact of the risk. And from that, we can
detect by referring to the table the severity of
the risk which could be low, medium, high, or extreme. So let's have a look
at likelihood first. The likelihood can be almost
certain, likely, possible, unlikely are rare, and the
impact as significant, minor, moderate,
major, or severe. So you will find some
variations on this obviously from depending
on where you work. If you know the likelihood
of the risk, say, you know that a risk is
Ben Moreau, All about Life and Projects!
