Risk Management

Project Risk Identification for The New Guy

Risks are a Part of Project Management

Risks are part of a project, regardless of how well you plan and how prepared your team is. This is just as true for experienced project managers, but perhaps more important for newer project managers to remember. In particular, identifying risks is a very important skill for new project managers to possess, and this article by Rajman Md Rawi showcases a few of the tips that anyone can use to help identify risks accurately and consistently. As Rawi

Project Risk identification is the most important process in the Risk Management Planning. Risk Identification determines which risks might affect the project and documents their characteristics. However, as recommended by [Donna Ritter], we should not spend too much time in identifying risks. After the list is made, qualitative and quantitative analysis is done to figure out which risks you spend time and/or money on.

Success Through Categorization

By determining categories of risk (such as technology risks, customer risks, schedule risks, etc.), a project manager is able to figure out which risks have the biggest impact, and which ones to actually address (and which ones are potentially too costly or too low-impact to address head-on).

On top of categorizing risks effectively, you must also dedicate time and thought into identifying risks as early as possible. Doing so provides you with more time to make changes to mitigate the risk, and also reduces the impact of potential risks further down the line.

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