Episode 484: Project Risk Management (Free)

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We welcome Dr. David Hillson to look at project risk management for business leaders and project leaders through the metaphor of a risk hurricane, which David introduced in his book Taming the Risk Hurricane.

Risk management has become a standard part of the strategic tool kit, providing senior leaders with a forward-looking radar to scan the future and give early warnings of approaching threats and opportunities. However, even best-in-class organizations can falter in the face of extreme risk exposure. Special circumstances demand special responses, and extreme risk exposure needs very careful handling. Routine risk management approaches will fall short, but businesses that demonstrate a high degree of flexibility and resilience will have the competitive advantage and the ability to thrive where others fail.

The causes and consequences of meteorological hurricanes have parallels in the way uncontrolled risk exposure can develop in organizations. Both are caused largely by predictable factors, but both are characterized by sustained uncertainty and severe impact once they develop. If we can learn to predict a risk hurricane, prepare for it effectively, and survive its effects, then our organizations will be well placed to address the challenge of extreme risk exposure, if and when we are unfortunate enough to face it. 

This episode was recorded as a live stream on Facebook and YouTube.

Project Management Professional (PMP)® Exam: PMP Exam prep

Episode Transcript

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