Introducing Project Risk Management - Identifying Risks

12 important questions on Introducing Project Risk Management - Identifying Risks

What is the most important document that serves as input for risk identification?

The risk management plan, describing the approach to the management of risks. Important components are the roles and responsibilities, the budget, the schedule and the categories of risk.

What is important for the people identifying the risks?

That they understand why the project exists, understand the project's purpose in order to recognize risks that could affect the project. That they understand the customer's objectives, expectations, and intent.

What is important when identifying project risks?

That a systematic, methodical, planned approach is followed. Otherwise some risks may be overlooked.
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What are techniques a project manager with others could use for risk identification?

  • Reviewing of the project documents
  • Testing the assumptions
  • Brainstorming the project
  • Using the Delphi Technique
  • Interviewing
  • SWOT Analysis
  • Utilizing Diagram Techniques

What is important when dealing with assumptions?

  • That all assumptions and their conditions are recorded in the assumptions log
  • That the assumptions log is updated based on the accuracy and the outcomes of assumptions testing
  • That the assumptions are tested and weighed to truncate the possibility of an assumption turning against the project.

Assumptions weighting, what two factors are being used?

  • Assumption stability - how reliable is the information that led to this assumption
  • Assumption consequence - what is the effect on the project if this assumption is false

How the brainstorming technique used?

The risks are identified and posted, then the risk characteristics are detailed and following they are categorized.

What is the purpose of the Delphi Technique in identification of risks?

To reach consensus on risks within the project among the stakeholders. The anonymous nature of the process ensures that no one expert's advice overtly influences the opinion of another participant.

What is the advantage of using the interview technique for risk identification?

People with experience will be interviewed and they can share hidden risks, risks encountered on similar work and other insights, including assumption verification and challenging.

Which diagramming techniques can help to identify risks?

  • Ishikawa - cause and effect diagrams
  • Flowcharts - the relationship between components, identify risks between system components
  • Influence diagrams - charts out a decision problem

What is the purpose of a risk register?

A project plan component that contains all of the information related to risk management activities. It's updated as risk management activities are conducted to reflect the status, progress, and nature of the project risks.

What is the difference between qualitative and quantitative?

  • Qualitative - you are qualifying or justifying the seriousness of the risk for further analysis
  • Quantitative - quantify the risk effects on the project in terms of schedule impact, health and safety, reputation

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