11.2 Identify Risks
Process Definition
Identifying risks is the process of deciding which risks will impact the project and then defining their characteristics in order to decide how to mitigate those risks.
Figure 25. Project Management Body of Knowledge Figure 11-5. Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide), 5th Edition" by Project Management Institute, 2013, p. 232. Copyright 2013 by Project Management Institute, Inc. Reprinted without permission.
Process Assessment
Identifying risks is a collaborative effort. Gathering the key players together for a brainstorming session is a great way to get this process started. Key players can include but are not limited to the project team, customers, subject matter experts, and risk management experts. Risk identification needs to happen early in project planning but it also needs to stay updated throughout the project.
(Inputs) Risk Management Plan
The risk management plans can provide the methods, roles & responsibilities, budgeting, timing, stakeholder tolerances, and tracking/reporting formats associated with the projects risks. This example is from a group project in PMGT 613 Assessing and Managing Project Risk, written by Jeremy Curbey, Kevin Bundi, Benjamin Lundy, Sonya Slater, and Domingo Tuckler.
(Tools & Techniques) Risk Identification Tools & Techniques
There are many tools and techniques for identifying risks. I have found it is best to use a few methods when identifying project risks. This example from PMGT 613 Assessing and Managing Project Risk, discuss a few I have used in my projects.
(Outputs) Risk Register
The risk register is a list of identified risks with detailed information on the impact of the risk, its threat level and type. This example is from a group project in PMGT 613 Assessing and Managing Project Risk, written by Jeremy Curbey, Kevin Bundi, Benjamin Lundy, Sonya Slater, and Domingo Tuckler.