1 What is risk?

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This is the first video in the 100 Risk Questions series. The series starts with basic risk concepts, then moves on to the risk process, before addressing more specific areas.
Videos 1-9 cover the following topics:
1. What is risk?
2. How are risks linked to objectives?
3. Are all risks bad?
4. Do we need a different process to identify & manage opportunities?
5. What is the relationship between threats and opportunities?
6. Can all risks be avoided? Why is it sometimes necessary to take risks?
7. What is the difference between risk and uncertainty?
8. What is the difference between risks and problems/issues?
9. Why is risk management important, and how is it linked to the success or failure?
[NOTE: We have recently discovered an audio problem on the first ten videos in this series, including this one, which causes the sound level to vary. We apologise for this problem and the video production team are trying to fix it. We hope it does not spoil your enjoyment of the video content.]

Опубликовано:

7 сен 2024

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Комментарии : 18

@francescakray233 3 года назад

Risk is uncertainty and effects on objectives. Makes sense. Thank you.

@Risk-Doctor 2 года назад

Exactly!

@camanojadhikari88 4 года назад

Watching these 100 videos for 2nd round . Earlier for mapping in the chart. Now to see the exact flow of concepts. Thank you Doctor**.

@Risk-Doctor 4 года назад

Thanks Adikhari, I'm glad you enjyed these videos.

@Bessala 6 лет назад

Risk according to ISO: Effect of uncertainty on objectives. Risk according to PMI: Uncertain event/condition which, if it occurs, has one or more effects on project objectives. For me, these two definitions are quite different. PMI's definition makes a lot of sense for those who manage risks on projects.

@Risk-Doctor 6 лет назад

Thanks for your comment Simão. I think both ISO and PMI definitions have important similarities - both include uncertainty and effect on objectives. The main difference is that the PMI definition is specific for projects, but the ISO definition is more generic.

@Budgies3 4 года назад

Great help Dr thanks a lot.Am preparing for PM exams, until i see ur video i thought i know ever thing about risk, sooner after i realised i knew nothing lol.

@Risk-Doctor 2 года назад

I'm glad it was useful for you.

@xuangiangtran9511 4 года назад

Risk depend on objective.

@Risk-Doctor 2 года назад

Yes!

@raikks 6 лет назад

Hello, David. Just started watching your 100 videos and I'm excited. But before actually starting to watching your videos, I've read all the questions and couldn't find one related to hazard or the difference between a hazard and a risk. And most people confuse those two words as I suppose you know very well.

@Risk-Doctor 5 лет назад

Hi, thanks for your interest in these videos. I hope you enjoy them. I'm sorry that we didn't include the difference between hazard and risk. Obviously we can't include every possible question on risk! So we tried to think of the main questions that would interest most people. Hazards are really only relevant in the safety risk world, so we didn't discuss it in this series. I'm sure you'll find plenty of useful topics here though!

@raikks 5 лет назад

Thanks for your reply. Absolutely there are plenty of topics - more like a gold mine in terms of risk management.

@safif6884 4 года назад

A hazard is something that can cause harm, e.g. electricity, chemicals, working up a ladder, noise, a keyboard, a bully at work, stress, etc. A risk is the chance, high or low, that any hazard will actually cause somebody harm. For example, working alone away from your office can be a hazard. The risk of personal danger may be high. Electric cabling is a hazard. If it has snagged on a sharp object, the exposed wiring places it in a 'high-risk' category.

@mohammedanfalshaikh5696 7 месяцев назад

hi doctor , can you please advise how to perform risk quantification as it is one of the pain areas for every?

@Risk-Doctor 7 месяцев назад

Thanks for this question Mohammed. Please watch video #17 "How can risks be quantified?" in this playlist: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-EdIjbpNdB34.html I hope this addresses your question.