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Risk is inherent in all projects. But the most important thing is to identify those risks and adopt the risk mitigation programs accordingly. Unless the risks are accurately identified, all the subsequent efforts to control them go in vain. This article focuses on risk identification and the techniques used to identify those risks.
No matter how carefully it is planned, projects can always run into unanticipated problems or risks. There is a high probability that the team members of a project may quit or may get sick, resources may temporarily turn out to be unavailable or even the inclement weather conditions can throw the project manager for a loop. So, there is no guarantee of successful completion of any project. Even the simplest project can run into unexpected troubles sometimes. Out of the blues, anything can happen which may jeopardize the outcome of a project. But the project manager can't plan for risk mitigation steps, unless he figures out the exact risk involved in the project. So, all the measures to control risks rest upon proper identification of risks. Risk identification points out the causes behind the risk and documents their characteristics. The participants in risk identification activities are selected very judiciously and this involve project manager, project team members, risk management team, customers, end users, other project managers, stakeholders and risk management experts. The feedback of these participants is used to identify the risks. The most important way to identify them is by gathering information from all the team members or participants which is often called Information Gathering Techniques. These techniques are time-tested and effective ways to get information on risks from the team. In fact, several methods such as brainstorming, interviews, The Delphi Technique, SWOT Analysis, Root Cause Identification, Checklist Analysis, Assumption Analysis and Diagraming Techniques are used to gather information on risks and to identify them. |
