Identify risks and create a mitigation plan - ChatGPT Tutorial

- [Instructor] Now we're moving from timelines to risk management. It's something everyone, especially project managers need to be really good at. Here's our focus today. First, identifying risks early in your project. Two, prioritizing these risks and three, crafting actionable mitigation strategies. Now let's go back to ChatGPT. First up, risk identification. Let's say you're in charge of a project that involves launching a new software product. How can you spot risks that may impact the launch? Here's where ChatGPT can help. Let's try a prompt, like identify potential risk for launching a design software product in Korea. So now ChatGPT lists risks that you might not have even considered, such as cultural and language barriers, regulatory and legal hurdles. Payment and pricing strategies. These are now actionable insights you can immediately use to supplement your risk management plans. Moving on to risk assessment, let's determine which risks need immediate attention. Let's put ChatGPT to work again, I'm going to say rank these risks based on their impact and likelihood. All right, now it's ranking my list, starting with cultural and language barriers at the top. In the bottom being intellectual property protection. Now what this is helpful with is raising a red flag and urging you to craft a focus mitigation plan. This now leads us to mitigation planning. Why should we even care? Identifying risks alone won't cut it, you need actionable steps to mitigate them. With our prioritized list as a reference, let's ask ChatGPT, provide mitigation strategies for high impact, and let's see what it generates. So for cultural and language barriers, it's so important for us to be mindful of how to localize and adapt our materials, doing user research, engaging experts in Korea, and these are strategies you can evaluate and potentially implement. Pro tip, never stop reassessing risks. As the project evolves, what was initially a minor issue could escalate. So continue to reassess, let's say on a monthly or quarterly basis to ensure you're not caught off guard. Ask yourself, what was a minor issue at the start that could become a major one later on? Get in front of those issues now to set yourself and your team up for success. Now here's your turn, challenge for you. Take just five minutes to identify, assess, and strategize about risk for a current or future project. What insights can you gain? Being proactive about risk management doesn't just control the project better, it also boosts your confidence and credibility as a project manager. So to sum it up, make it a habit to identify, assess and actively mitigate risks, to stay in control of your projects. This is where you can shine. Next up, we'll explore effective strategies for managing project changes. See you soon.