Okay, let's have a look at
risk management in practice

And what I want to do
is to start with some basic concepts

then focus on two difficult areas
in the risk process

So, I guess if I asked you
to define the word 'risk'

you would have some ideas
of what it meant

We might not have a formal definition
that we could quote,

but we all have something in our minds
when we hear the word 'risk'

This is what we think, and maybe you think of things like this

And maybe you feel like this little guy
facing some big ugly challenge

that you know is just going to
squash you flat

Maybe you feel like this guy

This is a real job in North Korea,

and his job is to hold the target
for other people to shoot at

Sometimes project managers
have the target here

We feel like everybody is shooting at us
in our job

Or maybe you just know there's something
nasty out there waiting to get you

And maybe that's what you think of
when you think of the word 'risk'