0:00:00.501,0:00:04.428
Okay, let's have a look at[br]risk management in practice

0:00:04.457,0:00:08.474
And what I want to do[br]is to start with some basic concepts

0:00:08.485,0:00:14.015
then focus on two difficult areas[br]in the risk process

0:00:14.242,0:00:19.164
So, I guess if I asked you[br]to define the word 'risk'

0:00:19.174,0:00:22.954
you would have some ideas[br]of what it meant

0:00:22.967,0:00:26.476
We might not have a formal definition[br]that we could quote,

0:00:26.476,0:00:30.253
but we all have something in our minds[br]when we hear the word 'risk'

0:00:30.274,0:00:33.972
This is what we think,[br]and maybe you think of things like this

0:00:34.234,0:00:38.534
Maybe you feel like this little guy,[br]facing some big ugly challenge

0:00:38.534,0:00:41.791
that you know is just going to[br]squash you flat.

0:00:42.066,0:00:43.766
Maybe you feel like this guy.

0:00:44.024,0:00:46.489
This is a real job in North Korea,

0:00:47.768,0:00:51.367
and his job is to hold the target[br]for other people to shoot at

0:00:51.500,0:00:53.979
Sometimes project managers[br]have the target here

0:00:54.292,0:00:56.911
We feel like everybody is shooting at us[br]in our job

0:00:57.757,0:01:01.987
Or maybe you just know there's something[br]nasty out there, waiting to get you

0:01:02.470,0:01:05.700
And maybe that's what you think of[br]when you think of the word 'risk'

9:59:59.000,9:59:59.000
Well that's partly true[br]but it's not the whole truth.