02 Feb Key risk identification
Order Instructions
Key risk identification
Once the project basis and the preferred alternative have been decided, then identification of risk events is the first major activity of the risk management process. The success of the entire risk management process depends heavily upon a thorough and well-structured risk identification process. There is some art involved in risk identification – the key is to know to what degree risks should be identified. Too many risks, and the risk assessment becomes difficult and confusing; too few risks and major important issues are not discovered and the risk assessment becomes weak. How does one determine the correct number of risks to identify? Well, it’s largely a matter of judgment. At this point, you know more about this project than anyone else in the class, so it’s up to you to establish a thorough risk register. As a guide, you may find that somewhere between a dozen and two dozen risks meets your needs, but don’t be constrained by this general rule.
The risks should be discussed in general, and should be included in a risk register format. And be sure that you have categorized those risks in one or more sets of category schemes that will help the reader understand how the risks apply to the project, either as a function of time, responsibility, and or component of the project.
Don’t forget the fundamental definition of a risk (really, a risk event)–an event that may occur which will change one or more of the project’s expected goals. A risk event is NOT a project activity. Project activities are expected to occur.
***Again attached example of the risk management plan. Lets refer and develop a solid risk identification chapter. the last section was great. The table gave great detail.
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