11.2 Identify Risks The process of determining which risks may affect the project and documenting their characteristics This is an interactive process.

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Presentation transcript:

11.2 Identify Risks The process of determining which risks may affect the project and documenting their characteristics This is an interactive process as new risks may evolve or become known during the project Participants in risk identification activities can include – Project Manager and Project Team Project Sponsor and Stakeholders Risk management experts Customers Subject Matter Experts Other Project Managers Occurs during Planning Initiation Planning Execution Close Monitor Control Adapted from PMBOK 4th Edition

11.2 Identify Risks Inputs to Identify Risk Risk Management Plan Activity Cost Estimates Activity Duration estimates Scope Baseline Stakeholder Register Cost Management Plan Schedule Management Plan Quality Management Plan Initiation Planning Execution Close Monitor Control Adapted from PMBOK 4th Edition Adapted from PMBOK 4th Edition

11.2 Identify Risks Inputs to Identify Risk (continued) Project Documents – Assumptions Log Work performance reports Requirements Enterprise Environmental Factors - Research and publications External Risk Management Standards Checklists and Benchmarks Industry studies Risk Attitudes Organisational Process Assets - Project Files Risk Management Templates Lessons Learnt Standard risk categories Lists of standard risks Initiation Planning Execution Close Monitor Control Adapted from PMBOK 4th Edition Adapted from PMBOK 4th Edition

11.2 Identify Risks Tools and techniques for identifying risk include - Questionnaires Interviews and Surveys Documentation Reviews Brainstorming Workshops Root Cause Analysis System or Process Flowcharts Assumptions Analysis Risk Checklists Cause & Effect Diagrams SWOT Analysis Expert Judgement Influence Diagrams Risk Categories Lessons Learnt Industry Risk Frameworks Adapted from PMBOK 4th Edition

11.2 Identify Risks Risk Checklists & Questionnaires Many organisations and certain industries have standard risk checklists and questionnaires that assist with the identification of the overall risk on a project, as well as the specific risks that may be applicable Assumptions Analysis Any assumptions that have been documented during the planning processes need to be analysed and included in the Risk Log. If any assumption does not prove to be true there will be impacts to project objectives, the risk of assumptions proving untrue must be evaluated. Risk Categories Many organisations and certain industries have standard risk categories which help to ensure that all risk areas are reviewed when undertaking risk planning

11.2 Identify Risks SWOT Analysis Expert Judgement Standard approach used to identify risks and opportunities during business planning and marketing activities. Can also be applied to project risk identification. Involves the identification of an organisations Strengths, Weaknesses, Opportunities and Threats. Weakness and Threats may need to documented in project risk logs. Expert Judgement Many organisations will have specialised risk management teams that can provide expert assistance to projects in the planning and identification of risks. In very risky projects it may also be helpful to consult external subject matter experts. Industry Risk Frameworks Some industries, particularly Construction and Defence, have standard risk frameworks which are extremely helpful to project risk management.

Sample column headings in a typical Risk Register 11.2 Identify Risks Outputs of this process include – Initial entries on the Risk Register List of identified risks Potential risk owners List of potential responses Sample column headings in a typical Risk Register Risk ID Risk Category Risk Description Risk Owner Likelihood Impact Risk Rating Management /Mitigation Strategies Residual Likelihood Residual Impact Residual Rating Status Priority Adapted from PMBOK 4th Edition

Inclusions in Risk Register during Planning Risk ID Risk Category Risk Description Risk Owner Likelihood Impact Risk Rating Management /Mitigation Strategies Residual Likelihood Residual Impact Residual Rating Status Priority Risk Id Can be a simple as a number May relate to the risk category Used as a unique identifier may be an internal standard Risk Description Plain English explanation of the risk One to two sentences in length Ensures common understanding Risk Category Can be taken from industry frameworks Can be set at internal standards May need to be developed/tailored Ensures identification of all risks Assists with monitoring and control Risk Owner A specific person or role Ensures clear ownership of the risk Responsible for monitoring & control Adapted from PMBOK 4th Edition