LSSBI Advisory

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Taming the Unexpected: Managing Risks on Projects (Part 2)
We began this series by looking at the different types of Risks that a project can be exposed to. We will proceed by looking in depth into the Risk Management Process.
RISK MANAGEMENT PROCESSES
• Risk identification
• Risk Analysis
• Risk Response Planning
• Risk Monitoring & Control
1. Risk Identification
Definition
Risk identification is the process of pinpointing potential risks that could affect the project. This step involves identifying risks from all possible sources, both internal and external. Risk identification is the process of determining which risks may affect a project and documenting their characteristics. It is the first step in the risk management process and involves a systematic approach to discovering, understanding, and describing potential risks that could impact the achievement of project objectives. This process aims to capture as many risks as possible to prepare for uncertainties and ensure proactive risk management.
Techniques for Risk Identification
• Brainstorming: This technique leverages the collective knowledge and creativity of a group to identify risks that may not be apparent to individual team members.
• SWOT Analysis: Assessing the project’s strengths, weaknesses, opportunities, and threats to identify potential risks.
• Expert Judgment: Consulting experienced individuals who can provide insights into potential risks based on past projects.
• Checklists: Using predefined lists of risks that have been encountered in similar projects.
• Interviews and Surveys: Gathering information from stakeholders, team members, and subject matter experts about potential risks.
• Root Cause Analysis: Identifying underlying causes of potential risks to better understand and address them.
Output
• Risk Register: A document that records all identified risks, their sources, and initial descriptions.
Are you tired of Fire fighting on your Project? Join our next virtual Project Management Class - Project Management In Practice scheduled for July 9th-11th, 2024. Call 08026004965 or send an email to [email protected] to register.