The primary outputs from Identify Risks are the initial entries into the risk register. The risk register ultimately contains the outcomes of the other risk management processes as they are conducted, resulting in an increase in the level and type of information contained in the risk register over time. The preparation of the risk register begins in the Identify Risks process with the following information, and then becomes available to other project management and Project Risk Management processes.
• List of identified risks. The identified risks are described in as much detail as is reasonable, including the impact of the event that may occur and its cause. Risks can cover nearly any topic, but a few examples include the following: A few large items with long lead times are on the critical path. Industrial relations disputes at the ports may delay the delivery of those items and, subsequently, delay completion of the construction phase. Another example is a project management plan that assumes a staff size of ten, but there may be only six resources available. The lack of resources may have the positive influence of reducing costs and still accomplishing the project's goals. A simple structure for risks in the list may be applied, such as EVENT may occur, causing IMPACT, ox If CAUSE, EVENT may occur, leading to EFFECT. Such structures allow for more consistent analysis of identified risks. In addition to the list of identified risks, the root causes of those risks may become more evident. These are the fundamental conditions or events that may give rise to one or more identified risks. They may be identified as a byproduct of the risk identification technique used, or through analysis of risks documented in the risk register. They should be recorded and used to support future risk identification for this and other projects. Knowledge of root causes can also support development of effective risk responses, since related groups of risks might be dealt with by addressing their root cause. The process of identifying risks can also lead to identification of new risk categories being added to the list of risk categories. The RBS developed in the Plan Risk Management process may have to be enhanced or amended, based on the outcomes of the Identify Risks process.
• List of potential responses. Potential responses to a risk may sometimes be identified during the Identify Risks process. These responses, if identified in this process, may be useful as inputs to the Plan Risk Responses process (Section 11.5).
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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.