11.2 Risk Identification Process | Project Risks Management.
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Chapter 11: Project Risk Management Knowledge Area:-
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11.2 Risks Identification Process | Project Risks Management Knowledge Area.
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In the Risk Identification Process, we’ll develop the risk register, which is a comprehensive list of all threats and opportunities that might be encountered on the project.
The risk management plan is a key input to this process because it establishes the time and budget allocated to identification activities, and it also describes what activities will be used to uncover risks.
Risk identification should be done early in project planning because later risk processes rely on the risk register and risk decisions may impact the budget, schedule, and scope of the project.
Some identified risks may require immediate action.
Risk identification Process will reoccur throughout the entire project since:
• New risks may become evident only after project execution is underway.
• Approved project changes may introduce risks.
• Changes outside the project boundaries may introduce risk factors.
• Actions taken in response to occurring risks may themselves generate risks.
• Symptoms, risk causes, probability, and impact may not be as originally planned.
Proper risk identification requires a thorough understanding of the work being undertaken, and uncovering risks is a collaborative effort involving the project team, stakeholders, subject matter experts, and possibly consultants, vendors, and risk professionals.
The project manager should foster a project culture where everyone on the project is aware of risks and is on the lookout for them.
No one should feel hesitant about openly raising risk issues for fear that it'll be perceived as "bad news."
11.2.1 Risk Identification Process: Inputs
• Risk management plan:
The risk management plan defines the risk management activities for the project, and it establishes the risk methodology, risk roles and responsibilities, risk categories, probability and impact scales, risk tolerances, frequencies of risk management activities and reporting, and the budget and schedule for risk management activities.
• Activity cost estimates:
Activity cost estimates are a complete accounting of all component costs, such as labor, resources, services, fees, licenses, of a scheduled activity. The reliability of these estimates can be a source of project risks.
• Activity duration estimates:
Activity duration estimates are the work periods required to complete a scheduled activity.
Since there are many factors that influence duration, including resource availability, duration estimates can be a source of project risks.
• Scope baseline:
The scope baseline is the approved project scope statement, WBS, and WBS dictionary.
The scope includes explicit and implicit assumptions (which are risks) and constraints, which are also risks.
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PMP Tutorial ►►
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This tutorial covers the following subject matter:
Knowledge Areas:
• Project Integration Management.
• Project Scope Management.
• Project Time Management.
• Project Cost Management.
• Project Quality Management.
• Project Human Resource Management.
• Project Communications Management.
• Project Risk Management.
• Project Procurement Management.
Process Groups:
• Initiating Processes.
• Planning Processes.
• Executing Processes.
• Monitoring & Controlling Processes.
• Closing Processes.
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