Risk Management is serious work and the terminology used is very complicated. It takes time to understand the concepts and put them to work as a project management practitioner. Thinking of Risk managements makes me remember two old sayings "'A stitch in time saves nine', and 'An ounce of prevention is worth a pound of cure'." In line with this subtle humor, this presentation is an effort to explain risk management terminology in simple terms with some humor. Some may say that this is a spoof on project risk management. Laugh, Smile and Enjoy.

1. In
simple
terms

2. Self deprecating humor
Kumar Kolaganti
Project Manager,Visual Thinker, Information Designer
www.kolaganti.com

5. Risks are uncertainties and can be both
positive & negative. When risk events occur,
they become “surprises.”
Issues are obstacles, problems, or real
concerns that are already hindering the
progress of the project.
Changes are alterations resulting in deviation
from previously agreed upon standards.

6. Riskscan be
accepted,
avoided,
mitigated,
transferredor
deferred.
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?
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??

8. High probability for an uncertainty to occur. Many times, we may have no control to
stop it.

9. 19981992 2004
Singapore
Belgium
USAIndia
Australia
Malaysia
Germany
France

10. It was uncertainty and now it is certain and you can feel it.

12. It is how you address & implement all required changes. Changes can mean additional
scope, cost and time (depends on your risk response).

14. I am not implying that “if you can't manage change, cover it up”. I chose a least invasive
and cost effective change.

15. Risk
Accept
Avoid
Mitigate
Transfer
Defer
Once you identify where you
have risk, you can easily
decide how you want to
handle it.

16. "Logic will get you from A to B. Imagination will take you everywhere." - Albert Einstein