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Skip to 0 minutes and 3 secondsDR.

Skip to 0 minutes and 3 secondsMARK LEESE: We go through the nominal sets of risks right at the start of the proposal phase and follow these through right through, occasionally beyond launch if we've got items that we think may be affected after launch by spacecraft radiation or by long times in space in vacuum. These are some of the technical risks. There's also the schedule and the programmatic risks of, do we have enough money? Do we have enough manpower in-house? Can we actually build the various models by the time that we need to build them for the schedule? So what you try and do with spacecraft build is de-risk the final version by initially evaluating your design.

Skip to 0 minutes and 44 secondsSo you model everything that you're designing and you do sort of mathematical models and analyses that prove that you think you've got a good design. And then, finally, you'll build your flight model which you hope you found all the problems. And you've designed them out. That's the plan. And then for the actual flight model, again, you have to test that to slightly lower levels by vibrating it, cycling it through hot and cold in vacuum, and prove that you've got a good well-built instrument. And then you launch. And after all that, you still cross your fingers.

Skip to 1 minute and 13 secondsFAYE HERAN: Never presume what you think is going to go right will go right. I think that's the biggest learning I've ever had. People will pull out at the last minute. Venues will not be able to do the things you need. Accessibility - I talk about accessibility because often particularly in an area like fashion that's not thought about, hearing loops. A venue might not have those. And you may need those. Often with events it is all about that. It's those little details.

Skip to 1 minute and 47 secondsTIM ALLEN: Initially, the risks were we were going out to ask people to invest. Could we complete the purchase of the building? Well, yes, we did. But would the business be viable? And what did we do if we failed to purchase the building? Or what happens if people have invested and the venture doesn't work? So there were a set of risks we have to address quite formally. There are obviously questions about whether people told us that they would use the shop and the cafe. We didn't know for sure that they would. So there were clearly some risks. We attenuated those as much as we could buy market intelligence.

Skip to 2 minutes and 25 secondsWe attenuated them as much as possible by constantly going back to the community to ask them, getting open meetings. We held tastings, for example, for people to actually select the products or some of the products that we sold in the shop. For all of the delicatessen type products, we had a big open session in the village hall one evening where everyone could come along and try them.

Managing project risk in practice

Our experts discuss the risks they face in their projects and how they approach them.

Which types of risk do the face? And how do they deal with them?

Pay particular attention to the examples they use and how risk assessment requires a deep knowledge of the context of the project. It is often advisable to conduct the risk assessment with experienced colleagues or to discuss it with peers to consider which risks they identify and how they rate their probability and potential impact.

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This video is from the free online course:

Business Fundamentals: Project Management

The Open University