Risk Management - Managing Project Risk: Expert view from Glen Alleman

I don't know anyone who knows more about Project Risk Management than Glen Alleman. So, when he wrote his first book on the subject, I had to speak with him and share it with you. 🎓 Learn Project Management with Mike: The Project Manager's Skills Mastery Program - https://school.onlinepmcourses.com/p/pm-skills-mastery Join this channel to get access to perks: https://www.youtube.com/channel/UCMZfp1_wquyegVY9SoER0Nw/join 🧬 About Glen Alleman I think of Glen Alleman as the project manager’s project manager. He has such a depth of experience – particularly in large scale complex projects in the government and defense sectors – that he is someone I am constantly learning from. He is outspoken on many aspects of our profession but, unlike so many voices, he is astonishingly well-read and thoughtful. His rigorous approach shows the profession at its best. His book Performance Based Project Management is one of the best mid-teir project management books, so I was excited when he turned to risk management for his second book, which he wrote with co-author Jon Quigley. It combines Glen’s characteristic rigor with brilliant clarity. 🔗 🔗 🔗 Glen's Links 🔗 🔗 🔗 📡 LinkedIn https://www.linkedin.com/in/glenballeman/ 📕 Risk Management - https://geni.us/rAndl 📘 Performance-Based Project Management - https://geni.us/L0nl 📗 Making the Impossible Possible - https://geni.us/wUYUTC Glen's Risk Management Resources https://herdingcats.typepad.com/my_weblog/2023/03/a-compendium-of-risk-management-resources.html Glen's Root Cause Analysis Resources https://herdingcats.typepad.com/my_weblog/2019/06/a-compendium-of-root-cause-analysis-resources.html Department of Energy Risk Management Guide https://www.directives.doe.gov/directives-documents/400-series/0413.3-EGuide-07a-chg2-ltdchg Earned Value Primer: The Basics of EVM https://onlinepmcourses.com/earned-value-primer/ Recommended Videos Carefully curated video recommendations for you: 🎬 What is Earned Value Management - EVM? https://youtu.be/sAZZ5av9kk0 🎬 Project Risk Management Briefing [Video Compilation] https://youtu.be/LC0jB1vL5xI 🎬 RISK MANAGEMENT 101: An Introduction to Project Risk Management https://youtu.be/Nwl7PquhU5U 🎬 PMI-RMP: PMI’s Risk Management Professional Certification - with Harry Hall https://youtu.be/3AqaGASVcE4 🎬 Risk Identification: How to Identify Project Risks https://youtu.be/iELLdd6Yr4Y 🎬 How to Create a Risk Management Plan https://youtu.be/9MAHX2Wv8pk 🎬 4 Types of Project Risk - Different Forms of Uncertainty https://youtu.be/iOFjmR3-sqk 🎬 Project Risk Management - How to Manage Project Risk https://youtu.be/xXV_gjtXMSk 🎬 What to Put in Your Risk Register (Risk Log) https://youtu.be/vkEPGFVVwfM 🎒 A while back, I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list. https://kit.co/MikeClayton/what-a-project-manager-needs Note that the links are affiliated. 🎬 For more great Project Management videos, please subscribe to this channel: https://www.youtube.com/channel/UCMZfp1_wquyegVY9SoER0Nw?sub_confirmation=1 🎁 For all our great Project Management articles and resources, please check out the OnlinePMCourses website: https://onlinepmcourses.com/ 🏛 For basic Management Courses - free training hosted on YouTube, with 2 new management lessons a week, check out our sister channel, Management Courses: http://youtube.com/c/managementcourses 🎓 For more of our Project Management videos in themed collections, join our Free Academy of Project Management: https://onlinepmcourses.com/free-academy-of-project-management/ ⏱ Chapter Markers... 00:00 - Risk Management with Glen Alleman 01:10 - Mastering Project Risk 01:20 - Aleatory Risk, Epistemic Risk, and Ontological Risk 02:17 - Epistemic Risk 03:00 - Aleatory Risk 03:46 - Ontological Risk 06:13 - More on Aleatory Risk 06:46 - Buying down risk: Probabilistic and Stochastic Risk 08:07 - Using an understanding of risk types to manage risk 11:33 - Risk Management and culture 12:35 - Risk Handling Plan 13:38 - Root Cause Analysis 14:46 - Plan of the Day 14:58 - Key Project manager question… 16:12 - We’re all risk managers 16:48 - How to create a risk handling plan 17:49 - The 5 x 5 risk matrix 19:27 - Risk tracking 21:42 - Monitor & Control cycle - and project cadence 22:39 - Glen Alleman’s additional thoughts 23:33 - Risk Manager = Root Cause Analyst (Apollo Method) 26:35 - Bayesian statistics 29:51 - How to engage with Glen Alleman 32:54 - Close #ProjectRiskManagement #ProjectManagement #RiskManagement