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11.1 Risk Identification

Introduction

Risk identification consists of determining which risks are likely to affect the project and documenting the characteristics of each.

Internal risks can be controlled or influenced but external risks are beyond the control or influence of the project team. Risks may include opportunities as well as threats.

11.1.1 Inputs

  1. Product description
  2. Other planning outputs
  3. Historical information

11.1.2 Tools & Techniques

  1. Checklists
  2. Flowcharting
  3. Interviewing

11.1.3 Outputs

  1. Sources of risk
  2. Potential risk events
  3. Risk symptoms
  4. Inputs to other processes

 

 

 

 

 


11.1.1 Risk Identification - Inputs

11.1.1.1 Product description

The nature of the product will have a major effect on the risks identified. Products that have proven technology will involve less risk than those that require innovation or intervention.

 

11.1.1.2 Other planning outputs

The outputs from processes in other knowledge areas need to be reviewed:

 

11.1.1.3 Historical information

Historical information on previous projects may help in identifying potential risks. Sources of such information are:

 

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11.1.2 Risk Identification - Tools and techniques

11.1.2.1 Checklists

Checklists are typically organized by source of risk. Sources include the project context, other process outputs, the product of the project or technology issues, internal sources, etc.

 

11.1.2.2 Flowcharting

Flowcharting can help the project team understand the causes and effects of risk.

 

11.1.2.3 Interviewing

Risk-oriented interviews with various stakeholders may help identify risks not identified during normal planning activities.

 

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11.1.3 Risk Identification - Outputs

11.1.3.1 Sources of risk

Sources of risk are categories of possible risk events that may affect the project for better or worse. The list should be comprehensive and may include:

Descriptions of the sources of risk should generally include estimates of (a) the probability that a risk event from that source will occur (b) the range of possible outcomes (c) expected timing and (d) anticipated frequency of risk events from that source.

 

11.1.3.2 Potential risk events

Potential risk events are discrete occurrences such as a natural disaster or the departure of a specific team member that may affect the project.

Descriptions of potentia risk events should generally include estimates of (a) the probability that a risk event will occur (b) the alternative possible outcomes (c) expected timing of the event and (d) anticipated frequency.

 

11.1.3.3 Risk symptoms

Risk symptoms, sometimes called triggers, are indirect manifestations of actual risk events and may be early warnings.

 

11.1.3.4 Inputs to other processes

Other areas requiring more work may be identified as a result of this process.

 

 

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