 I am Satish Arparyani working as assistant professor in Department of Mechanical, Vulture Institute of Technology, Sholapur. Today, we are discussing the first step project risk planning. At the end of this session, students will be able to understand the first step of project risk process, that is to list down the parameters, content involved, what are different steps and the step one in depth. In the previous lecture, we have just noted the different steps associated project risk. Let us refresh our knowledge once again. The step one is to make the list, step two and three as I have combined it to determine the probability of risk occurrence and its negative impact. Step three is to prevent or mitigate the risk. Step four is to consider the contingencies. Step six is to finally the trigger point. Let us understand the first step in depth. Make the list. Make the list of what? Make the list of potential risk involved in the project. How to do that? Brainstorm. Brainstorm with whom? Brainstorm. First, I will make you understand what the brainstorming session is there. In brainstorming sessions, we are involving the different people from different departments and making them work towards that common goal. We have selected and it should not be that we have to select from specific department or specific involved. Many times the company conducts the meetings, this kind of session, brainstorming sessions from their routine factory towards certain area like certain hillstations where they go, work there and then the different risk parameters from different stakeholders involved. It should not be that not involving certain people because of certain budget constraints or something like that. We should not forget to get involved certain people. Make the role who is there in the project has to be involved. There can be formal meetings what I have said you like going somewhere from different place where total ideas are generated, what are risk potential or probable risk involved that have been captured or forecasted. In this, making a list of potential risk to project should not be the analysis but the formal brainstorming session where all ideas are captured. It is important that the entire team gets involved in identifying threats and highlights what can go wrong. This initial step of the process must be collaborate and involve the individuals who are expert at their portion of the project. Work for they are responsible. Leverage the intellectual capital that is smarts in your team. We have to leverage them out. Smart people, intellectual people, let they come out through different ideas, different forecasted risk what they can do it. If one or more members are left out it is likely that some risk will remain unidentified and pose a threat to the project's success. As I told you if many times within organization certain if we do not involve outside people who are the part of the project though because they are expertise in their field and we left them out. Their experience, their skill will not be utilized in our project right now or some experienced person who is going to retire. These are certain things. We can hire them as a consultant if our company or project permits. End number of solutions are possible but if one member remains out there definitely there will be the risk. Now who will remain out who was not involved and at what level they were not involved it depends the type of risk. If certain key member is not involved risk will be higher. If at lower level the people is not involved the risk will be somewhat at certain. But many times it does not happen because generally project at during the project initiation or project kickoff phase all these people will be there. Involve everybody because let us take one example a procurement specialist over Swiss specialist who is purchasing will not be helpful in identifying potential software development problems and vice versa we can say. So software people the people let us say who is involving certain making certain changes in our process system process if not involved as a process as a procurement team a procured manager will not do that work of software development or changes similarly software development people if they are there and if we are doing the work for manufacturing organization they have to involve that person because they cannot procure they cannot they do not know the steps if they know the steps also in depth their experience cannot be there. So these vice versa this is a simple example what I have put in you think of the probability of possibility in the whole project and number of risk will be there. When you work with the support of an informal team you need to be disciplined and realize that certain amount of research is necessary before moving forward. Hence it is generally said when we are going for the meeting this kind of meetings at least some study of previous projects some communication with our seniors some communication with our outside world so that when we are involved in the brainstorming session or when we involve in the formal team we have sufficient amount of research or knowledge so that we can move forward how this can be done these days it is very easy we I will say compared to one or two decades back in 2000s or before that it was difficult because phone charges phone calls phone calls if phones were not there if phones were there that charge recharge or charges were very high email facities was less. So this way involved right now we can do it because the world is in our fingertips we can say this may involve the phone calls call it not only here we can go for overseas we can call for any number of people's end times now the call charges is also been decreased so there is not constraint over that initially people used to think the companies used to think a project manager has to think given in the small budget how can manage this kind of thing so phone calls are there emails continuously good communication way if the other small factories the stakeholders are nearby we can go to their office we can visit them video conferences as we have seen in this covid world video conferences has supported us whatever it takes to elicit the information you need do it simply do it you have to just think and phone calls are there emails are there office visits are there many times even if a project permits let us say I will take one example if you are making one mold mold of what mold of refrigerator and our bold vendor is overseas at China he has manufactured that mode as per our drawings or our dimensions many times it happens to avoid the risk our member should go that take trials on that mold and their machine so our member go there take trial on their machine with our mold what we have produces this to avoid the future risk because he knows what is required here so corrections are there their corrections can be done very easily similarly to avoid future risk further risk it happens that mold maker brings the mold to India let us say and then that mold he helps us to set on our machine now mold he has manufactured because suppose in our machine during placing that mold if certain dimensions outs outer dimensions are fitted or certain things have to be done so that with the help of him this is what the probability list we have to write it very clearly let us see if that these two steps are not done we have given a dimension he has supplied a small and certain problems come and some major correction occurs some major correction occurs again we have to shift that mold from our factory to overseas which involves lot of cost so it is better to make our member visit there get some trials then bring it here and their member to help us at us and offer our machine you typically start with the informal team members or contributors to project initiate the dialogue as what might go wrong usually this discussion identify the ancillary individuals who are to be contacted functional department managers can be helpful in the circumstances either assisting directly or identifying others in the department who can now think in the step one whether my statement is true or false please tell it you should take a holistic approach to establish the list as all types of risk will need to be identified and dealt whether this statement is true or false holistic approach is needed in step one or not in simple sense yes the answer is true because holistic approach is required to make the list of the risk involved references again it are they are used from MPTL and the major book from Himalaya publication written by Narendra Singh project management and control thank you