Project risk identification
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Risk identification is the most important process in risk management planning as it determines what risks may affect a project and documents their characteristics. Early risk identification allows plans to be made to mitigate risks and helps ensure projects are completed on time, on budget, and to the expected quality. There are various tools and techniques that can be used for comprehensive risk identification, including documentation reviews, brainstorming, checklists, diagrams, and expert judgment. Proper risk identification will help produce successful project results.
Project risk identification
- 1. By Dr. Satyanarayan Pandey Department of Management Studies BBMKU, Dhanabad RISK IDENTIFICATION
- 2. RISK IDENTIFICATION Project risk management is the most important process in the Risk Management Planning. Risk Identification determines which risks might affect the project and documents their characteristics. Risk Identification is the process of understanding what potential unsatisfactory outcomes are associated with a particular project.
- 3. IMPORTANCE OF RISK IDENTIFICATION Risk Identification in the project is critical in order to manage and complete the project successfully. The earlier the risk can be identified, the earlier the plan can be made to mitigate the effects of the potential risks. Early identification of risk help to complete the project with in specified time ,and budget with expected quality.
- 4. METHODS OF IDENTIFICATION OF PROJECT RISK Comprehensive and good risk identification will produce a good project results. There are a lot of tools and techniques or method available to identify the project risks. Identifying the risk is an iterative process, and the entire project team should be involved from the beginning of the project.
- 5. Methods Documentation Reviews Information Gathering Techniques - Brainstorming, Delphi Technique, Interviewing, Root cause analysis Checklist analysis - previous similar project, Assumption analysis Diagramming Techniques - cause and effect diagram, system and process flow chart, influence diagrams SWOT Analysis Expert Judgment
- 6. SIX PHASES OF RISK IDENTIFICATION