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(upbeat music) - risk is essentiallyanything that could go wrong and in the corporate space, we do risk planning to really make sure that we stay out in front of

Petite Dresses For Wedding Party, any possible barrier tothe successful delivery of the project, so it could be having resources that aren't made availablewhen we need them

to do certain activities, it could be a contractor who doesn't deliver a piece of the project on time, and, you know, the keyto our risk planning is making sure that, as a project manager, you're asking those questions and looking for those things so that you are identifying them early and have the time to do the planning around

mitigation plans that could either head off the risk beforeit comes to fruition or, if it does happen, that you have a contingency plan that you can implement to keep the project moving forward. - that's certainly, risksare a significant situation we all look at, which you know, we're talking a little bit about threats and you have those, you have the threat

which is a negative probability, you know, something negative happening, but also the opportunities which are not often sometimes, but if you can find one, youneed to export it of course. my experience dealingin defense contracting, in that industry, we had great risk because our product, the products that i was responsible for, mustmeet certain little specs,

and they were very tight tolerances, and extremely significantlayers of testing. i mean, you know, multiple hours, various chambers, various atmospheres that they had experienced. so great risk involved insome of the sub-components that you would get froma sub-tier supplier, that they have to meet those specs, and if they did not meet the proper specs,

then i had a risk becausei get false readings on tests, etc. also one of the biggestchallenges that i've faced, i had five sole source sub-tier suppliers because of the proprietaryownership of that component, and each of the shortest lead time i had on any of those suppliers was 20 weeks. so you see the risk there to schedule. if they're behind, if for anything,

so i had to develop a major risk register, which i tracked, and also you would basically have categorized all your risks, which are the greatestcatastrophic type of situation you can develop risk responses to that. and you have others which were lower risk, you put like on a watch list. you know, if this happens,it may delay a week. but if this happens, itcould shut the program down.

so you gotta be aware of all those, and you have to manage those risks. and the last thing i'd say isrisk management is iterative. you know, it's a cycle that never stops, cause there'll be risks onceyou develop a risk response and you implement that,and then you determine the success of that response, sometimes you have secondand third order affects to that response that create other risks,

or maybe opportunities, you don't know. (laughter) but and the quality aspectwas some of the greatest risks i faced.