Search Results for: Risk identification

There will be a number of times over the course of the project’s respective life cycle that the project management team and or the project management team leader will find themselves in a position in which they realize that a particular component as to the project and or a particular facet of that project does in fact come with a set or series of inherent risk. When attempting to organize any and all risks for the purposes of attempting to determine what the best strategy in dealing with them may be, the logical first step in the process is to actually make a thorough and careful identification of what exactly these risks are expected to be. Specifically speaking, the risk identification process is one in which all of the potential and likely risks that may arise. This identification process usually involves a session of intense discussion followed by careful documentation and categorization of the risks.

This term is defined in the 3rd edition of the PMBOK but not in the 4th.

One of the important aspects of managing a project is the project risk management which involves identification, analysis, planning and controlling any risk present within the project. One element of risk management is to identify the risk. It is a process of determining the types of risks that can affect the project. It also involves the documentation of the characteristics of the risks.

The benefits of this particular process are that the existing documentation, as well as the knowledge of the project team members, provides everyone the ability to anticipate different types of events including risk.  To identify the risks, it is important to use information from the cost management plan, quality management plan, schedule management plan, scope baseline and other project documents to name a few to create a risk register.

Risk identification is often carried out by the project manager with the help of the team members, customers and even subject matter experts. This process is iterative since new risks can evolve during the middle of the project life cycle thus may not be included in the risk register.

This term is defined in the 5th edition of the PMBOK.

Project Risk Management is a branch of the discipline of project management that deals with identifying and mitigating risk on a project. The desired outcome of risk management is to increase the probability and maximize the result of positive events. There are six steps to the project risk management process, and these steps are repeated over the course of the entire project.
Risk Management Planning-The process of analysis and decision making with regards to the best address, plan, and implement the risk management activities of a project.
Risk Identification- Assessment of the risk susceptibilities of a project and conveying their traits.
Qualitive Risk Analysis- The process by which risks on a given project are given ranking with regard to their potential occurrence and impact on a project.
Quantitive Risk Analysis- The numerical assessment of the impact of overall risk on a project.

Risk Response Planning-A phase of project management that concerns planning interventions to reduce the risk to a project when faced with an adverse event.
Risk Monitoring and Control-The dynamic and ongoing process of project risk management that notes risk occurrence, assesses the effect of risk, noting new risks, intervention with risk response plans, and assessing their outcomes across the duration of a project.
Risk management may involves the interaction of team members from other work groups to evaluate individual work packages and implement measures to reduce risk to the deliverables as a whole.
Risk is any element of uncertainty that may have a positive or negative impact upon project management such as time to completion, amount of resources, or cost.

This term is defined in the 3rd and the 4th edition of the PMBOK.

While the project management team and or the project management team leader is doing its careful and complete characterizations of risk, they often will find themselves in a position in which they realize that a particular component as to the project and or a particular facet of that project does in fact come with a set or series of inherent risks. After all of these likely and potential risks have been properly organized and categorized, it is up to the project management team and or the project manager to effectively determine the best way to deal with these risks. The entire process of identifying these risks and establishing a method of dealing with them can be referred to as risk monitoring and control. This process refers to the process of detailing and tracking identified risks as well as monitoring residual risks, also the identification of any new risks that may arise. This also includes the execution of business response plans, as well as making a thorough evaluation of their effectiveness.

This term is defined in the 3rd edition of the PMBOK but not in the 4th.