Identify Risks is the process of determining which risks may affect the project and documenting their characteristics (sec Table 11-3 and Figure 11-4).. Participants in risk identification activities can include the following, where appropriate: project manager, project team members, risk management team (if assigned), customers, subjcct matter experts from outside the project team, end users, other project managers, stakeholders, and risk management experts. Whiie these personnel are often key participants for risk identification, ail project personnel should be encouraged to identify risks.
Identify Risks is an iterative process because new risks may evolve or become known as the projcct progresses through its life cyclc. The frequency of iteration and who participates in each cyclc will vary by situation, but the format of the risk statements should be consistent to ensure the ability to compare the relative effect of one risk event against others on the project. The project team should be involved in the process so that they can develop and maintain a sense of ownership and responsibility for the risks and associated risk response actions. Stakeholders outside the projcct team may provide additional objective information.
Tools Sc Techniques
1. Risk management plan
2. Activity cost estimates
3. Activity duration estimates
4. Scope baseline
5. Stakeholder register
7. Schedule management plan
8. Quality management plan
9. Other project documents
10.Enterprise environmental factors
11.Organizational process assets
1. Documentation reviews
2. Information gathering techniques
3. Checklist analysis
4. Assumptions analysis
7 Expert judgment v J
1. Risk register ^ >
Organizational ; process assets; Enterprise I eiwironmeiital I (actors
Figure 11-4 Identify Risks Data Flow Diagram
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.