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

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

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then focus on two difficult areas
in the risk process

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

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you would have some ideas
of what it meant

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

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

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

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Maybe you feel like this little guy,
facing some big ugly challenge

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that you know is just going to
squash you flat.

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Maybe you feel like this guy.

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This is a real job in North Korea,

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

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Sometimes project managers
have the target here

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We feel like everybody is shooting at us
in our job

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

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

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Well that's partly true
but it's not the whole truth.