Risk Management

Risk Identification: 3 Methods and 6 Techniques for Project Risks

Risk identification techniques help you recognize visible and invisible risks. The general question is, how can you plan for risks that have not surfaced? In this article at PM Basics 101, Dmitriy Nizhebetskiy discusses 6 risk identification techniques and 3 methods.

Risk Identification Methods and Techniques

Risk identification methods are not the same as techniques. Read below to understand their differences:

Risk Identification Methods: There are three methods:

Integrated Risk Management: After gathering end user requirements, check for the disparity in the information. Log all the issues in the risk register.

Event Risk Management: You have created a WBS or a rough schedule of the project estimates. Find out the possible risks based on that.Log that in the risk register.

Hybrid Risk Identification: You might apply either of the above that is applicable. Select stages at which you would devote to solving these risks like when customers figured out the project goal.

The PMBOK Guide lists 13 inputs that would identify risks. Based on that, you must have answers for the following 6 questions:

  • Have you maintained uniformity in the project management plan?
  • Is the project scope clear to you and your team?
  • Are you getting the top resources for the project?
  • Have you done a correct estimation of the project requirements?
  • Can you handle stakeholder management?
  • Is there any problem with your work culture?

Risk Identification Techniques:

Categorize Risks: Majority of the organizations work on similar projects with almost the same stakeholders. Gather lessons learned from all projects to have a readymade list of risk categories. Find out the possible risk that you can encounter in your project. Work on the risks individually or with your team.

Review Requirements: Requirements come with significant risks, some maybe unknown. Obscure requirements cause project failure. Clear doubts with clients throughout the project to modify risks as you go. Review the quality and details you have and whether you have the time to probe each one of them individually. Keep aside time to review them.

Team Review of Project Plan: After creating the first draft of the project management plan, discuss with teammates. Team members with a vague idea or least interest can pose a risk later, so ensure they feel involved right from the start.

Brainstorming for Critical Analysis: Conduct brainstorming sessions for risk identification at certain points of the project. Discuss while analyzing top requirements and reviewing WBS, schedule, and resource planning. Do it further when you are creating a quality management plan and making the final PM plan.

Root Cause Analysis: Usually this risk identification technique is done after the delivery of work. Gather lessons learned from other projects and find risks that have recurred. Devote to finding the root cause and create a risk response plan for the next.

Assumptions Analysis: Assumptions can lead to severe risks if they are wrong, so review them regularly.

To view the original article in full, visit the following link: https://pmbasics101.com/6-risk-identification-techniques/

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