Creating Risk Register Using ChatGPT

Hey everyone, it's Helena here and welcome back to my YouTube channel. And in today's tutorial, I'm going to share with you how you can use ChatGPT to write your own risk register. A risk is an event that may or may not happen in the future, so you don't know for sure if it's going to happen or not. That's why it's called a risk. It could be positive or negative, but in the project management context, we're usually talking about negative risk or threats to our project, things that could cost us more money, things that could cost the jeopardy of the project as a whole. So as a project manager, you want to plan for these uncertain events that could derail your project. And ChatGPT, because it has already learned everything there is to learn on the web, it's like a mega brain that could one, help you brainstorm new risks that you may not have considered, and two, it can actually help you write out your risk register, which can save you a lot of time so that you can focus your time more on the strategic elements of project management. So the thing is, when you use a tool like ChatGPT, the better the instructions that you give tool, the better the results you're going to get. And the way that you get better results from tools like ChatGPT is to get better at prompt engineering. A prompt is the instruction that you're going to give to AI tools like ChatGPT. Things you want to consider when you are prompting include giving ChatGPT a role, specific action, and very specific instructions. So let's dive into a prompt that you can use for risk management right now. Okay, so let's take a look at my screen now at my risk register prompt. So this is divided into a couple of different sections. We start off the risk register with the risk identification. This is where we identify all the risks that may be associated with the project. Next, we get into risk mitigation. Risk mitigation is the ways that we can deal with the risk that does occur. And then lastly, we get into secondary risk. So secondary risks are risks that may occur because the prime— the risk mitigation strategy is implemented to offset the primary risk that we just spoke about. So let's walk through each of these prompts and then actually put it into ChatGPT to see the kinds of results that we will get. In terms of risk identification, very clearly at the top, we give ChatGPT the role, the action that we wanted to take, which in this case is to identify potential risk that could pose as a threat to the project. And we want ChatGPT to identify both the Internal and external risk. We're starting off by listing all the external risks, then we're focusing on the internal risks such as resource availability, team expertise, etc. And then we're asking ChatGPT to get even more specific in dealing with risks like project scope, timeline, deliverables. Then it's going into any risks associated with stakeholders and communication, and then we're thinking about risks related to project budget and financials. And lastly, we're asking ChatGPT to think about risks related to project dependencies, and external dependencies like vendors and third parties. By laying it out like this, we are actually helping ChatGPT out. Instead of just saying identify all the risks related to blah, we are telling it, okay, consider all of these factors when you're brainstorming so that it has more of a blueprint. Now let's go over to ChatGPT and let's say our project is to construct a 6-story building in Orlando, Florida, and we want to brainstorm all of the risks associated with this project. Let's enter it into ChatGPT here and see what it comes up with. And as you can see, it's already brainstorming all of the external risk here for us: fluctuations in the real estate market, regulatory changes, competitors who come up with new developments, natural disasters in Florida such as hurricanes. Wow, so it's actually doing a pretty good job. And then it's going into the internal risk as we have prompted to do. Then it's getting into scope, timeline, deliverable risk. Budget risk, communication risk. So now that we have all of our risk done, then we can go on to the next portion of our prompt, which is to come up with risk mitigation strategies for all of the risk above. So we can just copy and paste this prompt here. And now ChatGPT will help us come up with ways that we can mitigate all of the risk above. For example, for market conditions, it says the mitigation strategy could be to conduct regular market analysis, right. And then the last portion of this prompt is to add in the secondary risk. And, and then we can again, just copy this prompt here. And now it's getting through all of the secondary risk here. This is a 3-part prompt. So the first portion we brainstormed a list of risks. In the second portion, we came up with a list of risk mitigation strategies for all of the identified risks above. And we can see that ChatGPT has done that here for us. And you can even put in further prompts if you want this result to be even more specific. And lastly, we, we asked it to brainstorm some secondary risks here for us and has done so. And it has done it in a matter of minutes, which is just absolutely incredible. So I definitely encourage you to start using this technology as part of your project management toolkit to help you speed up the process of writing so many of your project documentations. Again, you can copy this prompt using the link below. Thank you so much for joining me for today's training session. Please make sure you like and subscribe, and I shall see you soon.