Hi guys.
Welcome to this session.
So in this session we're going to talk about how we can make use of ChatGPT in cases of risk assessment
and forecasting risk mitigation at work.
So a lot of times it can happen that you're planning to start a project or start a new work, a business
possibly wherein you need to analyze what can be the risk attached to it, how you're going to mitigate
those risks, the expenses attached to it all that you will have to analyze and sit down and understand
those first, and then you plan your next steps.
So for that planning as well, you can make use of ChatGPT.
We can give certain prompts around that.
So for example, for a risk assessment, a simple prompt which we can give is that I work at a particular
company.
I need to develop a risk management plan that will help you identify potential risks and develop strategies
to mitigate them, make them up to date and effective.
So you can take this prompt and you can provide this.
You can define you can let know what kind of work you are doing in the company and based on which it
is going to give you a particular output.
So let's have a look at this.
So like for example, I had mentioned that I want to start a digital ads coaching business okay.
And I'm looking for any kind of risk management plan.
So it's going to give me all that information so you can see what are the market risks involved in it.
Technological risk client and customer risk and so on and so forth.
So it gives me all the risk assessments which I can do now.
Now this is a really good starting point.
You can obviously go ahead and have a look at it, make changes to it and customize it as per your current
situation.
But it's a good starting point to look at all the scenarios and build upon it.
So this can be one scenario which is very basic at the initial levels.
The other type of prompt which you can give is, let's say a more detailed one wherein you have a particular
business which is going to set up, let's say, uh, you want to set up a smartwatch business in European
market and you have certain features of it.
Of the product which you are giving.
And now you're asking to forecast, can you forecast a possible scenarios and suggestions for mitigation
strategies.
So you're giving this now which is much more detailed and specific.
So with that also ChatGPT is going to give you some answers around that market competition.
What is going to be the competition in that particular region?
Technological trends which we have to take care of, regulatory barriers.
If there are any, for that specific region, then data privacy concerns and so on and so forth.
All these are now presented to you so you can have a look at it, understand these, work towards it.
Okay.
Customize it as per your current situation.
And then you can do a lot of risk assessment and mitigation with the help of this.
Similarly we can also do a lot of forecasting.
Okay.
Sometimes it can also happen with risk management.
You are working in a company where risk management is done in depth.
So there can be small small.
You might break down the whole risk assessment into small tasks like risk identification first, then
quantitative risk analysis or risk treatments which you will do.
So these can be some prompts which you can give ChatGPT and it can give you those specific responses.
So this also you can do you can you are basically breaking down your risk assessment process into smaller
steps.
Also we can use GPT for forecasting purposes.
Let's say I want to find out, uh, sales forecast for an online business which historical sales data
from the past five years.
So we can, uh, tell that with the seasonal trends, are there anticipated growth rate is 10%.
If we have the data, we can forecast like that.
So let's have a look at this also.
Okay.
Uh and then you can also ask for any kind of expenses.
Okay.
So let's say what can be the typical expenses for setting up a online digital ads coaching business
in India.
So it's going to give me all the expenses as well.
In this particular manner, business setup cost, website and domain charges, LMS or course platform
software tools.
How much it will cost me.
All that is being provided here.
Marketing cost, content creation cost.
So all these can come up out here as per my requirement as per my region.
Similarly forecasting you can do for other scenarios like analyzing data purchase trends which are there
specifically okay based on location age, gender.
Okay.
So if you have data it can analyze the given data.
That is another way of forecasting.
And then any kind of expenses for a business in a specific location you want to get, uh, let's say
next five years forecast for the total expenses involved into running a specific business.
You can get that estimation or forecasting also.
Let's see this as well.
So now you can see this is a we have asked for a five year expense forecast for this business, which
is a digital ads coaching business.
So it's going to take some assumptions for year one, two and three and four okay.
Based on which now the numbers are shared with us which might be not 100% accurate okay.
But we get a fair idea.
We get a fair idea of roughly what would be the expenses on a yearly basis in this particular manner.
And then we can work towards this.
We can start putting up the systems around this and see how closer we come to that.
So these are some of the great ways you can use ChatGPT for risk assessment, forecasting, risk, mitigations,
mitigations which you might have to do at work, which is really going to help you understand how to
set up the processes and systems in the right manner.
Thank you so much, guys, for listening in to this, and I will see you in the next video.