Welcome to Lesson 7 on Managing Risk in Project Management, a crucial aspect that determines the success or failure of any project. In this lesson, we will embark on a journey to understand the multifaceted nature of risk management, its significance in project management, and the strategies and tools necessary to mitigate risks effectively. In a perfect world, the project manager would simply implement the project plan and the project would be completed. The project manager would work with others to formulate a schedule, organize a project team, keep track of progress, and announce what needs to be done next, and then everyone would charge along. A manager expedites certain activities; figures out ways to solve technical problems; serves as peacemaker when tensions rise; and makes appropriate trade offs among time, cost, and scope of the project. However, project managers do more than put out fires and keep the project on track. They also innovate and adapt to ever-changing circumstances. They often have to deviate from what was planned and introduce significant changes in the project scope and schedule to respond to unforeseen threats or opportunities. The learning outcomes of this lesson include: Understand the difference between managing and leading a project. Understand the need to engage project stakeholders. Identify and apply different “influence currencies” to build positive relations with others. Create a stakeholder map and develop strategies for managing project dependencies. Understand the need for a highly interactive management style on projects. More effectively manage project expectations. Develop strategies for managing upward relations. Understand the importance of building trust and acting in an ethical manner while working on a project. Identify the qualities of an effective project manager. By the end of this lesson, you will have a comprehensive understanding of roles and purposes of effective project managers in project management, equipped with the tools and strategies needed to navigate the project management process. This is a comprehensive lesson plan for about 1.5 hours includes a well-prepared PowerPoint presentation, interactive exercises, in-depth case studies, and associated reading materials, designed to provide a holistic learning experience.