Risk vs Issue
This is something that might happen in the future and could affect your project
What is a risk?
https://www.youtube.com/watch?v=1wGaiHsxMJY&t=0s
This means how likely a risk is to happen.
Your tournament is next month, and the weather forecast shows a possibility of rain. Risk or issue?
What is risk?
https://www.youtube.com/watch?v=1wGaiHsxMJY&t=131s
This is a problem that has already happened and requires action.
What is an issue?
https://www.youtube.com/watch?v=1wGaiHsxMJY&t=9s
A risk has a 90% chance of happening. Is its probability low, medium, or high?
What is high?
https://www.youtube.com/watch?v=1wGaiHsxMJY&t=67s
The food vendor calls and says they cannot provide food for your tournament tomorrow. Risk or issue?
What is issue?
https://www.youtube.com/watch?v=1wGaiHsxMJY&t=141s
True or False: A delayed shipment that hasn't happened yet is an issue.
What is False
https://www.youtube.com/watch?v=1wGaiHsxMJY&t=19s
A risk could cause your project to lose $10,000. Would that likely be considered low or high impact?
Your team identifies a risk that the event may go over budget. What could you do to reduce its impact?
Create a budget reserve, reduce unnecessary expenses, or monitor spending closely.
https://www.youtube.com/watch?v=1wGaiHsxMJY&t=156s
Your event's main speaker cancels the morning of the event. Risk or issue?
What is an issue?
https://www.youtube.com/watch?v=1wGaiHsxMJY&t=30s
Why is probability important when managing risks?
It helps the team determine how likely a risk is to occur and which risks deserve attention.
https://www.youtube.com/watch?v=1wGaiHsxMJY&t=92s
Your biggest sponsor cancels one week before the tournament.
Find another sponsor, reduce expenses, seek additional funding, or modify the event.
https://www.youtube.com/watch?v=1wGaiHsxMJY&t=174s
Your team believes there is a chance the venue could become unavailable before your event. What is this?
What is a risk?
https://www.youtube.com/watch?v=1wGaiHsxMJY&t=40s
A risk has a 70% chance of happening, but if it occurs, it barely affects the project. Should the team completely ignore it?
No. The team should still monitor it, but its low impact may mean it doesn't deserve the same attention as a high-impact risk.
https://www.youtube.com/watch?v=1wGaiHsxMJY&t=117s
Your tournament is tomorrow. A thunderstorm is expected, your main sponsor has canceled, and attendance is lower than expected. What should the project manager do first?
Assess and prioritize the problems based on their impact and urgency, then develop appropriate responses.
https://www.youtube.com/watch?v=1wGaiHsxMJY&t=185s