Well, my friends, Welcome Welcome to risk management. Now what is risk? See our lives are full of risk. The second we leave our beds, we are at risk. We don't know what is going to happen. Well, though we even when we are sleeping, we are at risk that anything could happen but just think that when we are taking some actions, all actions are full of rest.

We don't know what is going to happen, when we will be taking our cars out when we will be walking on the roads when we will be flying in the plane what is going to happen, so our lives are full of risk. The risk is what it's a future uncertain event, which could have a positive or negative impact on the project outcome because we are doing a project management. So everything is We will be looking that we will have we have in our lives, we have to see in the context of the project management. So when we are talking of the risk Same is the case, something which is going to negatively or positively impact. And it is a future uncertain even because it is beyond our control. We don't know when it is going to happen, although we could forecast, but we still don't have a control over it.

So from launching the project from the project, which is a big indicator of risk in itself, we don't know whether we will be able to succeed or not, although might be we have been doing something from years and years and years. But still we don't know what is going to happen tomorrow. Our future is ambiguous or we don't we are we do not know what is going to happen tomorrow. Yes, based on the history, we may forecast but it's but still it is a forecast. So this is an external event to our project that will affect It's execution that can affect any objective that can delay any task that can even impact as a project on a whole. So, what big things that could affect my project and the results I would like to know.

So at least I know that okay, if rain is going to happen, what am I going to do? If the person is not available, then what what would I would be doing, if stakeholder is not supporting that what is the response? I need to know my risk, I need to at least expect at least have some expectation that cut what could happen on my project. This is what risk management did, we will be working on identification, that what is going to happen and in our small knowledge, in our knowledge of in our knowledge of future which is obviously not there. Based on our history. I would like to know what is going to be an impact.

This is the future risk that we are looking at. So, risk risk are inherent to all projects and it is very important to understand regarding it is that we cannot eliminate the risk we cannot eliminate the risk that the car is not going to hit. Unfortunately God forbid we cannot eliminate the risk that while we are walking on the pedestrian somebody will not go into it all what we could do is to minimize it we cannot eliminate it from the from the from the core, we will minimize it we will take it to a level where we will see okay yes that makes sense to us. And we can take that risk. So this is called risk profiling or risk persona or how or our residual risk that we are okay to take with. So risk is something which needs to be identified from the beginning of the project and it is a productive activity.

You need to know from the beginning which is a project charter that what are what could impact our projects. managing risk means helping stakeholders to understand The nature of the project that is the because if a project is of complex nature, it depends it has a direct impact on the lives of the human it has that it has a lot of stakeholders then the complex structure will be completely change it projects with a complete different risk structures help it our task when we are doing managing managing the risk is helping the team member to defining the strengths and weaknesses because strengths is something that we would like to play on. Weaknesses is something that could be our friends, I would I don't want to if I know my weakness, I can actually make sure that that area is covered. It will help integrate the project resources and help prioritizing the resources and effort.

Through this management. We are trying to planning for unknown something we don't know when it's going to happen. But at least we would like to have indicators or trigger points, or at least have an idea that what could go wrong dollar project. So, we will be we want to remain in control of the project rather than we become an ad hoc manager and something is going to control us. So we would like to plan for unknown, we would like to know what is an unknown. So the objective of risk management is to increase the probability or an impact of the positive this events and decrease the probability and impact of the negative risk events in order to optimize the chances of project success.

So, the whole objective is to make sure that the baby that we have start the baby that we have a project initiated a thing that we have in our hand that we need to take to the success, we will save it from the unknown we will save it something from the negative events so that things cannot be played out against things so that we will deliver the project objectives that we have planned and promised in the beginning. So, this is where I conclude my discussion on the introduction of the risk management and then Obviously we will go into the details. See you in the next section. Thank you. Thank you very much for your time.