[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.50,0:00:04.43,Default,,0000,0000,0000,,Okay, let's have a look at risk management in practice.
Dialogue: 0,0:00:04.46,0:00:08.47,Default,,0000,0000,0000,,And what I want to do is to start with some basic concepts,
Dialogue: 0,0:00:08.48,0:00:14.02,Default,,0000,0000,0000,,then focus on two difficult areas in the risk process.
Dialogue: 0,0:00:14.24,0:00:19.16,Default,,0000,0000,0000,,So, I guess if I asked you to define the word risk,
Dialogue: 0,0:00:19.17,0:00:22.95,Default,,0000,0000,0000,,you would have some idea of what it meant.
Dialogue: 0,0:00:22.97,0:00:26.48,Default,,0000,0000,0000,,We might not have a formal definition that we could quote,
Dialogue: 0,0:00:26.48,0:00:30.25,Default,,0000,0000,0000,,but we all have something in our minds when we hear the word risk.
Dialogue: 0,0:00:30.27,0:00:33.97,Default,,0000,0000,0000,,This is what we think, and maybe you think of things like this,
Dialogue: 0,0:00:34.23,0:00:38.53,Default,,0000,0000,0000,,maybe you feel like this little guy, facing some big ugly challenge
Dialogue: 0,0:00:38.53,0:00:41.79,Default,,0000,0000,0000,,that you know is just going to squash you flat.
Dialogue: 0,0:00:42.07,0:00:43.77,Default,,0000,0000,0000,,Maybe you feel like this guy.
Dialogue: 0,0:00:44.02,0:00:46.49,Default,,0000,0000,0000,,This is a real job in North Korea,
Dialogue: 0,0:00:47.77,0:00:51.37,Default,,0000,0000,0000,,and his job is to hold the target for other people to shoot at.
Dialogue: 0,0:00:51.50,0:00:53.98,Default,,0000,0000,0000,,Sometimes project managers have the target here.
Dialogue: 0,0:00:54.29,0:00:56.91,Default,,0000,0000,0000,,We feel like everybody is shooting at us in our job.
Dialogue: 0,0:00:57.76,0:01:01.99,Default,,0000,0000,0000,,Or maybe you just know there's something nasty out there, waiting for you.
Dialogue: 0,0:01:02.47,0:01:05.70,Default,,0000,0000,0000,,And maybe that's what you think of when you think of the word risk.
Dialogue: 0,0:01:06.36,0:01:09.57,Default,,0000,0000,0000,,Well that's partly true, but it's not the whole truth.
Dialogue: 0,0:01:10.19,0:01:13.62,Default,,0000,0000,0000,,Risk is not the same as uncertainty.
Dialogue: 0,0:01:14.22,0:01:16.96,Default,,0000,0000,0000,,Risk is related to uncertainty, but they're different.
Dialogue: 0,0:01:17.67,0:01:23.83,Default,,0000,0000,0000,,So all risks are uncertain, but not all uncertainties are risks.
Dialogue: 0,0:01:24.65,0:01:27.59,Default,,0000,0000,0000,,If you have a risk register or a risk list,
Dialogue: 0,0:01:27.94,0:01:31.44,Default,,0000,0000,0000,,you don't have a million items in it, or you shouldn't.
Dialogue: 0,0:01:31.96,0:01:34.51,Default,,0000,0000,0000,,You don't even probably have a thousand items in it,
Dialogue: 0,0:01:34.51,0:01:35.79,Default,,0000,0000,0000,,you have a smaller number.
Dialogue: 0,0:01:36.71,0:01:40.01,Default,,0000,0000,0000,,Although there are millions of uncertainties in the world.
Dialogue: 0,0:01:40.40,0:01:44.31,Default,,0000,0000,0000,,So how do we decide which uncertainties we're going to call risk?
Dialogue: 0,0:01:44.68,0:01:47.28,Default,,0000,0000,0000,,And write them down and put them in our risk register
Dialogue: 0,0:01:47.55,0:01:50.06,Default,,0000,0000,0000,,and decide to do something about them.
Dialogue: 0,0:01:50.48,0:01:56.36,Default,,0000,0000,0000,,
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Dialogue: 0,0:02:03.20,0:02:05.27,Default,,0000,0000,0000,,
Dialogue: 0,0:02:05.42,0:02:10.02,Default,,0000,0000,0000,,
Dialogue: 0,0:02:11.50,0:02:14.78,Default,,0000,0000,0000,,
Dialogue: 0,0:02:15.56,0:02:19.01,Default,,0000,0000,0000,,
Dialogue: 0,0:02:19.40,0:02:23.78,Default,,0000,0000,0000,,
Dialogue: 0,0:02:24.50,0:02:26.95,Default,,0000,0000,0000,,
Dialogue: 0,0:02:26.95,0:02:30.70,Default,,0000,0000,0000,,
Dialogue: 0,0:02:30.70,0:02:32.39,Default,,0000,0000,0000,,
Dialogue: 0,0:02:32.89,0:02:35.12,Default,,0000,0000,0000,,
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Dialogue: 0,0:02:42.20,0:02:45.34,Default,,0000,0000,0000,,
Dialogue: 0,0:02:46.19,0:02:49.99,Default,,0000,0000,0000,,
Dialogue: 0,0:02:50.75,0:02:53.40,Default,,0000,0000,0000,,
Dialogue: 0,0:02:54.08,0:02:57.88,Default,,0000,0000,0000,,
Dialogue: 0,0:02:58.53,0:03:02.22,Default,,0000,0000,0000,,
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Dialogue: 0,0:03:06.00,0:03:08.36,Default,,0000,0000,0000,,
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Dialogue: 0,0:03:11.44,0:03:13.80,Default,,0000,0000,0000,,
Dialogue: 0,0:03:13.80,0:03:17.56,Default,,0000,0000,0000,,
Dialogue: 0,0:03:18.45,0:03:21.20,Default,,0000,0000,0000,,
Dialogue: 0,0:03:21.39,0:03:23.92,Default,,0000,0000,0000,,
Dialogue: 0,0:03:24.14,0:03:28.13,Default,,0000,0000,0000,,
Dialogue: 0,0:03:28.15,0:03:32.21,Default,,0000,0000,0000,,
Dialogue: 0,0:03:32.21,0:03:35.37,Default,,0000,0000,0000,,
Dialogue: 0,0:03:35.37,0:03:38.59,Default,,0000,0000,0000,,
Dialogue: 0,0:03:38.60,0:03:40.55,Default,,0000,0000,0000,,
Dialogue: 0,0:03:40.87,0:03:44.32,Default,,0000,0000,0000,,
Dialogue: 0,0:03:44.70,0:03:48.80,Default,,0000,0000,0000,,
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Dialogue: 0,0:04:16.16,0:04:18.32,Default,,0000,0000,0000,,
Dialogue: 0,0:04:18.34,0:04:19.77,Default,,0000,0000,0000,,
Dialogue: 0,0:04:19.98,0:04:22.10,Default,,0000,0000,0000,,
Dialogue: 0,0:04:22.13,0:04:24.50,Default,,0000,0000,0000,,
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Dialogue: 0,0:04:30.62,0:04:33.32,Default,,0000,0000,0000,,
Dialogue: 0,0:04:34.77,0:04:37.15,Default,,0000,0000,0000,,
Dialogue: 0,0:04:37.41,0:04:39.66,Default,,0000,0000,0000,,
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Dialogue: 0,0:04:43.25,0:04:47.42,Default,,0000,0000,0000,,
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Dialogue: 0,0:04:49.50,0:04:51.23,Default,,0000,0000,0000,,
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Dialogue: 0,0:05:12.46,0:05:15.36,Default,,0000,0000,0000,,
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Dialogue: 0,0:05:39.22,0:05:41.57,Default,,0000,0000,0000,,
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Dialogue: 0,0:06:14.96,0:06:17.47,Default,,0000,0000,0000,,
Dialogue: 0,0:06:17.47,0:06:20.13,Default,,0000,0000,0000,,
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Dialogue: 0,0:06:24.97,0:06:28.96,Default,,0000,0000,0000,,
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Dialogue: 0,0:06:41.43,0:06:44.52,Default,,0000,0000,0000,,
Dialogue: 0,0:06:44.89,0:06:47.79,Default,,0000,0000,0000,,
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Dialogue: 0,0:07:08.87,0:07:11.96,Default,,0000,0000,0000,,
Dialogue: 0,0:07:11.96,0:07:16.17,Default,,0000,0000,0000,,
Dialogue: 0,0:07:16.17,0:07:17.95,Default,,0000,0000,0000,,
Dialogue: 0,0:07:18.28,0:07:19.34,Default,,0000,0000,0000,,
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Dialogue: 0,0:07:23.95,0:07:28.35,Default,,0000,0000,0000,,
Dialogue: 0,0:07:28.35,0:07:29.37,Default,,0000,0000,0000,,
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Dialogue: 0,0:09:26.54,0:09:29.25,Default,,0000,0000,0000,,
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Dialogue: 0,0:17:38.03,0:17:41.26,Default,,0000,0000,0000,,
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Dialogue: 0,0:18:04.23,0:18:07.06,Default,,0000,0000,0000,,
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Dialogue: 0,0:18:11.51,0:18:16.15,Default,,0000,0000,0000,,
Dialogue: 0,0:18:17.01,0:18:19.84,Default,,0000,0000,0000,,
Dialogue: 0,0:18:20.03,0:18:22.30,Default,,0000,0000,0000,,
Dialogue: 0,0:18:22.30,0:18:26.08,Default,,0000,0000,0000,,
Dialogue: 0,0:18:26.12,0:18:28.44,Default,,0000,0000,0000,,
Dialogue: 0,0:18:28.100,0:18:31.73,Default,,0000,0000,0000,,
Dialogue: 0,0:18:32.22,0:18:35.12,Default,,0000,0000,0000,,
Dialogue: 0,0:18:36.17,0:18:38.56,Default,,0000,0000,0000,,
Dialogue: 0,0:18:38.99,0:18:41.81,Default,,0000,0000,0000,,
Dialogue: 0,0:18:41.91,0:18:44.06,Default,,0000,0000,0000,,
Dialogue: 0,0:18:44.70,0:18:46.14,Default,,0000,0000,0000,,
Dialogue: 0,0:18:46.31,0:18:50.13,Default,,0000,0000,0000,,
Dialogue: 0,0:18:50.34,0:18:54.92,Default,,0000,0000,0000,,
Dialogue: 0,0:18:55.36,0:18:59.91,Default,,0000,0000,0000,,
Dialogue: 0,0:19:01.11,0:19:03.52,Default,,0000,0000,0000,,
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Dialogue: 0,0:19:04.83,0:19:07.09,Default,,0000,0000,0000,,
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Dialogue: 0,0:19:10.01,0:19:11.30,Default,,0000,0000,0000,,
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Dialogue: 0,0:19:13.62,0:19:15.39,Default,,0000,0000,0000,,
Dialogue: 0,0:19:15.39,0:19:17.20,Default,,0000,0000,0000,,
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Dialogue: 0,0:19:20.06,0:19:21.76,Default,,0000,0000,0000,,
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Dialogue: 0,0:19:34.01,0:19:36.45,Default,,0000,0000,0000,,
Dialogue: 0,0:19:38.23,0:19:39.92,Default,,0000,0000,0000,,
Dialogue: 0,0:19:39.92,0:19:44.35,Default,,0000,0000,0000,,
Dialogue: 0,0:19:47.82,0:19:49.85,Default,,0000,0000,0000,,
Dialogue: 0,0:19:50.24,0:19:53.18,Default,,0000,0000,0000,,
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Dialogue: 0,0:19:58.58,0:20:00.86,Default,,0000,0000,0000,,
Dialogue: 0,0:20:00.86,0:20:03.91,Default,,0000,0000,0000,,
Dialogue: 0,0:20:04.62,0:20:06.53,Default,,0000,0000,0000,,
Dialogue: 0,0:20:07.34,0:20:09.26,Default,,0000,0000,0000,,
Dialogue: 0,0:20:09.61,0:20:14.42,Default,,0000,0000,0000,,
Dialogue: 0,0:20:14.74,0:20:18.25,Default,,0000,0000,0000,,
Dialogue: 0,0:20:18.35,0:20:21.68,Default,,0000,0000,0000,,
Dialogue: 0,0:20:23.14,0:20:25.72,Default,,0000,0000,0000,,
Dialogue: 0,0:20:25.72,0:20:28.84,Default,,0000,0000,0000,,
Dialogue: 0,0:20:28.84,0:20:30.59,Default,,0000,0000,0000,,
Dialogue: 0,0:20:30.59,0:20:33.38,Default,,0000,0000,0000,,
Dialogue: 0,0:20:34.16,0:20:36.00,Default,,0000,0000,0000,,
Dialogue: 0,0:20:36.36,0:20:38.52,Default,,0000,0000,0000,,
Dialogue: 0,0:20:39.20,0:20:40.86,Default,,0000,0000,0000,,
Dialogue: 0,0:20:40.86,0:20:44.76,Default,,0000,0000,0000,,
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Dialogue: 0,0:20:53.78,0:20:57.23,Default,,0000,0000,0000,,
Dialogue: 0,0:20:58.07,0:21:01.11,Default,,0000,0000,0000,,
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Dialogue: 0,0:21:03.42,0:21:08.62,Default,,0000,0000,0000,,
Dialogue: 0,0:21:09.74,0:21:16.57,Default,,0000,0000,0000,,
Dialogue: 0,0:21:16.57,0:21:20.89,Default,,0000,0000,0000,,
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Dialogue: 0,0:21:23.55,0:21:28.02,Default,,0000,0000,0000,,
Dialogue: 0,0:21:28.02,0:21:31.12,Default,,0000,0000,0000,,
Dialogue: 0,0:21:32.02,0:21:35.89,Default,,0000,0000,0000,,
Dialogue: 0,0:21:35.89,0:21:38.51,Default,,0000,0000,0000,,
Dialogue: 0,0:21:39.01,0:21:40.50,Default,,0000,0000,0000,,
Dialogue: 0,0:21:40.59,0:21:42.76,Default,,0000,0000,0000,,
Dialogue: 0,0:21:43.59,0:21:47.81,Default,,0000,0000,0000,,
Dialogue: 0,0:21:49.15,0:21:52.89,Default,,0000,0000,0000,,
Dialogue: 0,0:21:52.89,0:21:54.13,Default,,0000,0000,0000,,
Dialogue: 0,0:21:54.13,0:21:57.06,Default,,0000,0000,0000,,
Dialogue: 0,0:21:58.50,0:22:01.48,Default,,0000,0000,0000,,
Dialogue: 0,0:22:02.36,0:22:06.20,Default,,0000,0000,0000,,
Dialogue: 0,0:22:06.70,0:22:09.41,Default,,0000,0000,0000,,
Dialogue: 0,0:22:10.03,0:22:14.33,Default,,0000,0000,0000,,
Dialogue: 0,0:22:15.33,0:22:16.16,Default,,0000,0000,0000,,
Dialogue: 0,0:22:17.02,0:22:20.67,Default,,0000,0000,0000,,
Dialogue: 0,0:22:20.67,0:22:22.86,Default,,0000,0000,0000,,
Dialogue: 0,0:22:23.52,0:22:24.71,Default,,0000,0000,0000,,
Dialogue: 0,0:22:25.52,0:22:27.77,Default,,0000,0000,0000,,
Dialogue: 0,0:22:28.75,0:22:31.13,Default,,0000,0000,0000,,
Dialogue: 0,0:22:31.47,0:22:35.47,Default,,0000,0000,0000,,
Dialogue: 0,0:22:36.27,0:22:37.87,Default,,0000,0000,0000,,
Dialogue: 0,0:22:38.64,0:22:40.22,Default,,0000,0000,0000,,
Dialogue: 0,0:22:40.98,0:22:44.56,Default,,0000,0000,0000,,
Dialogue: 0,0:22:44.56,0:22:45.33,Default,,0000,0000,0000,,
Dialogue: 0,0:22:45.33,0:22:49.10,Default,,0000,0000,0000,,
Dialogue: 0,0:22:49.52,0:22:53.86,Default,,0000,0000,0000,,
Dialogue: 0,0:22:54.54,0:22:57.48,Default,,0000,0000,0000,,
Dialogue: 0,0:22:57.92,0:23:02.19,Default,,0000,0000,0000,,
Dialogue: 0,0:23:02.47,0:23:05.82,Default,,0000,0000,0000,,
Dialogue: 0,0:23:06.100,0:23:10.100,Default,,0000,0000,0000,,
Dialogue: 0,0:23:11.44,0:23:14.64,Default,,0000,0000,0000,,
Dialogue: 0,0:23:15.71,0:23:18.21,Default,,0000,0000,0000,,
Dialogue: 0,0:23:19.52,0:23:23.52,Default,,0000,0000,0000,,
Dialogue: 0,0:23:24.11,0:23:26.44,Default,,0000,0000,0000,,
Dialogue: 0,0:23:26.94,0:23:27.73,Default,,0000,0000,0000,,
Dialogue: 0,0:23:28.04,0:23:30.66,Default,,0000,0000,0000,,
Dialogue: 0,0:23:30.66,0:23:33.77,Default,,0000,0000,0000,,
Dialogue: 0,0:23:33.77,0:23:37.47,Default,,0000,0000,0000,,
Dialogue: 0,0:23:38.18,0:23:39.53,Default,,0000,0000,0000,,
Dialogue: 0,0:23:39.53,0:23:43.54,Default,,0000,0000,0000,,
Dialogue: 0,0:23:43.61,0:23:45.65,Default,,0000,0000,0000,,
Dialogue: 0,0:23:45.65,0:23:49.16,Default,,0000,0000,0000,,
Dialogue: 0,0:23:49.96,0:23:53.63,Default,,0000,0000,0000,,
Dialogue: 0,0:23:54.34,0:23:57.78,Default,,0000,0000,0000,,
Dialogue: 0,0:23:58.88,0:24:02.50,Default,,0000,0000,0000,,
Dialogue: 0,0:24:02.50,0:24:06.77,Default,,0000,0000,0000,,
Dialogue: 0,0:24:07.23,0:24:09.33,Default,,0000,0000,0000,,
Dialogue: 0,0:24:10.26,0:24:12.33,Default,,0000,0000,0000,,
Dialogue: 0,0:24:13.01,0:24:17.96,Default,,0000,0000,0000,,
Dialogue: 0,0:24:18.26,0:24:22.08,Default,,0000,0000,0000,,
Dialogue: 0,0:24:22.08,0:24:24.01,Default,,0000,0000,0000,,
Dialogue: 0,0:24:24.79,0:24:31.39,Default,,0000,0000,0000,,
Dialogue: 0,0:24:31.89,0:24:33.52,Default,,0000,0000,0000,,
Dialogue: 0,0:24:33.86,0:24:35.82,Default,,0000,0000,0000,,
Dialogue: 0,0:24:37.61,0:24:40.62,Default,,0000,0000,0000,,
Dialogue: 0,0:24:40.88,0:24:42.65,Default,,0000,0000,0000,,
Dialogue: 0,0:24:43.25,0:24:48.82,Default,,0000,0000,0000,,
Dialogue: 0,0:24:49.37,0:24:51.27,Default,,0000,0000,0000,,
Dialogue: 0,0:24:51.38,0:24:53.97,Default,,0000,0000,0000,,
Dialogue: 0,0:24:53.97,0:24:57.97,Default,,0000,0000,0000,,
Dialogue: 0,0:24:59.12,0:25:02.57,Default,,0000,0000,0000,,
Dialogue: 0,0:25:03.77,0:25:08.20,Default,,0000,0000,0000,,
Dialogue: 0,0:25:08.20,0:25:11.83,Default,,0000,0000,0000,,
Dialogue: 0,0:25:13.09,0:25:17.34,Default,,0000,0000,0000,,
Dialogue: 0,0:25:17.34,0:25:18.52,Default,,0000,0000,0000,,
Dialogue: 0,0:25:19.28,0:25:23.13,Default,,0000,0000,0000,,
Dialogue: 0,0:25:23.13,0:25:24.72,Default,,0000,0000,0000,,
Dialogue: 0,0:25:25.48,0:25:27.63,Default,,0000,0000,0000,,
Dialogue: 0,0:25:27.63,0:25:30.55,Default,,0000,0000,0000,,
Dialogue: 0,0:25:31.46,0:25:33.36,Default,,0000,0000,0000,,
Dialogue: 0,0:25:33.44,0:25:36.22,Default,,0000,0000,0000,,
Dialogue: 0,0:25:36.78,0:25:41.47,Default,,0000,0000,0000,,
Dialogue: 0,0:25:41.58,0:25:42.76,Default,,0000,0000,0000,,
Dialogue: 0,0:25:43.13,0:25:45.03,Default,,0000,0000,0000,,
Dialogue: 0,0:25:45.34,0:25:47.51,Default,,0000,0000,0000,,
Dialogue: 0,0:25:47.86,0:25:50.93,Default,,0000,0000,0000,,
Dialogue: 0,0:25:50.93,0:25:54.93,Default,,0000,0000,0000,,