Chapter Name: Identify risks
Description:Learners will use various techniques such as brainstorming, checklists, and SWOT analysis to identify both known and unknown risks that could affect the project.
Purpuse:To identify and understand the risks that could impact the project’s success.
Rational:Identifying risks early allows the project team to develop risk responses before they become issues, increasing the likelihood of project success.
Chapters Topics
Risk identification concepts and flow of data
Risk Identification Concepts and Flow of Data: This process focuses on identifying potential risks that may affect the project. It involves systematically gathering and analyzing information to recognize risks that could impact the project’s success. The flow of data begins with input documents such as the risk management plan and stakeholder registers, followed by the use of tools and techniques to identify risks, and the creation of a risk register as the final output.
The importance and benefits of risk identification
The Importance and Benefits of Risk Identification: Identifying risks early in the project allows the project manager to plan responses and mitigate potential issues before they negatively affect the project. It helps in understanding potential threats and opportunities, allowing the team to prepare and respond appropriately. Effective risk identification supports proactive decision-making and enables smoother project execution.
Risk identificaton inputs (Risk management plan, Cost management plan, Schedule management plan, Quality management plan, HR manamement plan, Scope baseline, Activity cost estimates, Stakeholder register, Project documents, Procurement documents, Entrerprise environmental factors, Organisational process assets)
Risk Identification Inputs: Key inputs include the Risk Management Plan, Cost Management Plan, Schedule Management Plan, Quality Management Plan, HR Management Plan, Scope Baseline, Activity Cost Estimates, Stakeholder Register, Project Documents, Procurement Documents, Enterprise Environmental Factors, and Organizational Process Assets. These documents provide the necessary information and context to identify relevant risks based on various project aspects.
Risk identification tools and techniques (Document reviews, Information gathering techniques, Checklist analysis, Assumption analysis, Diagramming techniques (Cause and effect diagrams, System or process flow charts, Influence digrams, SWOT analysis), Expert judgement))
Risk Identification Tools and Techniques: Tools and techniques used in risk identification include Document Reviews (examining project documentation for potential risks), Information Gathering Techniques (e.g., interviews, surveys), Checklist Analysis (reviewing predefined risk lists), Assumption Analysis (identifying assumptions that may cause risk), Diagramming Techniques (such as Cause and Effect Diagrams, System/Process Flow Charts, Influence Diagrams, and SWOT Analysis), and Expert Judgment (consulting subject matter experts to identify risks). These tools help identify both known and unknown risks.
Risk identification outputs (Risk register (List of identified risks, List of potential responces))
Risk Identification Outputs: The output of this process is the Risk Register, which includes a list of identified risks and potential responses. The risk register serves as a comprehensive record of all recognized risks, their potential impacts, and initial strategies for managing them. The risk register is an evolving document that is updated as new risks are identified or existing risks are addressed.