Chapter 5 Risk Management

 "Systematically" manage uncertainty to reach the final objectives.

Risk management Framework:
Identify Risk - What are risks

Analyze and prioritize the risks

     Analyze my project, list 5 risks (3 mins)   

1.   Injuries: Joint, knees, back pain 
2.   Physical limitations: Generic history healthy problems; previous injury
3.   Weight changes: Eating habits
4.   Immune system: Immune system overdrive to reduce the swellings and stress
5.   Environment: Weather; shoes... 

Develop the resolutions/plans- how to control risk so the project can be completed on time, in budget and meet the satisfaction of stakeholder's goal (project objectives)

     Develop the plans for my project lists

1. Proper training and warm up before running; carefully sense your body feeling and react; read or get advise from professional runners to avoid the running injury.
2. Researching and understand your family health history; consult with doctor if there is any health issues prior and get an advise for setting up a better plan for training.  
3. Building a good eating habits along with the exercise plan. Eat smaller portion at a time. 
4. Get enough sleep for body recovery after a long run; also get additional supplements to provide additional nutrition for the immune system 
5. Check broadcasting of weather and practice to run during the different time frame to see how body react with different temperatures, winds, and rain; Recording usages of the shoes and use at lease two pairs of shoes to switch and extending the life of the shoes

Establish contingency and reserve:
      Establish contingency and reserve for my project

• Set aside the additional fundings for the raining days
• Pay extra fee to get the insurance to prevent any unexpected risks coming up that ending unable to participate the run. 

Continuous Risk management

• Record all the training log and continue monitoring the risk and impact during the project

Quick Assignment: Go through the step 1-4 for your project. Identify at lease 3 risks of different types.
Types of risks:
* Strategic Risks
* Compliance Risks
* Financial Risks
* Operational Risks
* Employee Risks
* Political and Economic

• My project risks involves 3 different types of risks: 

1. Financial Risks - Unexpected injury for medical reason 
2. Operational Risks: shoes wore out, need new pair of shoes
3. Employee Risks: Maintain physical condition to finish the race.