Inherent Risk vs Residual Risk: What’s the Difference?
Are you confused about the difference between inherent risk vs residual risk? In today’s video, I’m breaking down the difference between inherent vs residual risk so that you can achieve successful risk management as a project manager.
We’ll talk about:
- Residual vs inherent risk definitions to answer the questions: “What is inherent risk?” and “What is residual risk?”
- The main differences between inherent and residual risk
- Why it’s important to understand risk when you’re new to project management
- Project manager tips for understanding these two types of risk
- Why understanding residual risk vs inherent risk is important to add to your project management skills
So, if you’ve been searching for project management tutorials on inherent risk vs residual risk, look no further because all the project management tips you need on this topic are in today’s video.
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➡️ Videos mentioned:
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A Project Manager's Guide to Creating a Risk Register: • A Project Manager's Gu...
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Thanks for watching my video “Inherent Risk vs Residual Risk: What’s the Difference?”: • Inherent Risk vs Resid...
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Пікірлер: 11
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Another good video. A minor quibble with your terminology: what you’re describing is not actually called a “risk mitigation plan.” Instead, it’s known as a “risk response plan.” Within the response plan are typically 3 responses we can apply. One of these is indeed “mitigation,” which focuses on reducing the probability of the risk being realized, and/or on reducing the impact if it does occur. The other two primary responses are “transfer” (in which we strive to reduce the impact of the risk) and “avoid,” which focuses on reducing the probability of the risk. Technically speaking, there’s also a fourth response, which is “accept.” In a sense, this accepted risk state is the residual risk. Finally, it’s important to note that you’re focusing solely on negative risks, which is the right place to start, but there are also positive risks (a/k/a “opportunities”) that should be also addressed.
@AdrianaGirdler
11 ай бұрын
So glad you like the video and your additional comment on risk planning and mitigation. Cheers!
Great video explaining inherent risk vs residual risk! Thank you!
@AdrianaGirdler
11 ай бұрын
Glad you liked it! Thanks for watching, cheers!
Very informative video!
@AdrianaGirdler
11 ай бұрын
Glad it was helpful! Thanks for watching, cheers!
Another good video Adriana. Chris M
@AdrianaGirdler
11 ай бұрын
Thanks so much Chris! Cheers.
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Thanks for watching. 🌟 Don't forget to sign up for my Free Online Training and learn THE FAB FIVE FUNDAMENTALS OF PROJECT MANAGEMENT. Click here to register: www.slayprojectmanagement.com/webinar