From the course: Unlock the Secrets of Hybrid Project Management
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Risk management and mitigation
From the course: Unlock the Secrets of Hybrid Project Management
Risk management and mitigation
- Imagine you're an investor balancing a diversified portfolio from conservative bonds to volatile cryptocurrencies. Your job isn't just to capture opportunities, but to manage risks smartly. That's exactly what risk management and mitigation in a hybrid project environment are all about. Taking the best of both agile and waterfall worlds to navigate the potential pitfalls and winds of change. First on our list is identify risks. We all remember the financial collapse in 2008. Risk was ignored and the consequences were massive. In a hybrid model, risk identification starts with the waterfall phase and gets updated continuously in agile cycles. It's always important to be on your toes. Now, let's discuss assessing risks. The key here is to prioritize risk based on both impact and likelihood. For this, the risk matrix comes in handy. It allows you to categorize risk into four major quadrants: low probability and low impact, high probability but low impact, low probability but high…
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