Identify Project Risks

Risks are identified or discovered and analyzed to support project planning. This specific practice should be extended to all the plans that affect the project to ensure that the appropriate interfacing is taking place between all relevant stakeholders on identified risks. Project planning risk identification and analysis typically include:

• Identifying risks
• Analyzing the risks to determine the impact, probability of occurrence, and time frame in which problems are likely to occur
• Prioritizing risks

• Identify risks. The identification of risks involves the identification of potential issues, hazards, threats, vulnerabilities, etc. that could negatively affect work efforts and plans. Risks must be identified and described in an understandable way before they can be analyzed. When identifying risks, it is good to use a standard method for defining risks. Risk identification and analysis tools may be used to help identify possible problems. Examples of risk identification and analysis tools include:
  • Risk taxonomies
  • Risk assessments
  • Checklists
  • Structured interviews
  • Brainstorming
  • Performance models
  • Cost models
  • Network analysis
  • Quality factor analysis
• Document the risks.
• Review and obtain agreement with relevant stakeholders on the completeness and correctness of the documented risks.
• Revise the risks as appropriate. Examples of when identified risks may need to be revised include:
  • When new risk is identified
  • When risks become problems
  • When risks are retired
  • When project circumstances change significantly