There are many ways to approach risk identification. The risk identification process needs to be repeated as these sources of information change and new information becomes available. News articles about how the project is viewed by regulators, politicians, and the public, and Regulations and congressional reports that may affect the project, Project performance specifications and technical specifications, Project justification and cost-effectiveness (project benefits, present worth, rate of return, etc.), Sponsor mission, objectives, and strategy and project goals to achieve this strategy, Some of the documentation and materials that should be used in risk identification as they become available include these: The objective of risk identification is to identify all possible risks, not to eliminate risks from consideration or to develop solutions for mitigating risks-those functions are carried out during the risk assessment and risk mitigation steps. No criticism of any suggestion is permitted.Īny potential risk identified by anyone should be recorded, regardless of whether other members of the group consider it to be significant.Īll potential risks identified by brainstorming should be documented and followed up by the IPT. Potential risks should be identified by all members of the project team.
#PROJECT RISK PROBABILITY AND IMPACT MATRIX FULL#
The full project team should be actively involved. The risk identification process on a project is typically one of brainstorming, and the usual rules of brainstorming apply: Risk identification is one reason early activation of the IPT is essential to project success. While smaller, specialized groups can perform risk assessment and risk analysis, effective, ongoing risk identification requires input from the entire project team and from others outside it. Project team participation and face-to-face interaction are needed to encourage open communication and trust, which are essential to effective risk identification without them, team members will be reluctant to raise their risk concerns in an open forum. In addition to technical expertise and experience, personal contacts and group dynamics are keys to successful risk identification. Comprehensive databases of the events on past projects are very helpful however, this knowledge frequently lies buried in people’s minds, and access to it involves brainstorming sessions by the project team or a significant subset of it. There are a number of methods in use for risk identification. The risk identification function should not be left to chance but should be explicitly covered in a number of project documents: The actual identification of risks may be carried out by the owner’s representatives, by contractors, and by internal and external consultants or advisors. Because the owner may lack the specific expertise and experience to identify all the risks of a project without assistance, it is the responsibility of DOE’s project directors to ensure that all significant risks are identified by the integrated project team (IPT). This training should cover not only risk analysis techniques but also the managerial skills needed to interpret risk assessments.
It is important, however, that all project management personnel receive specific training in risk management methodology. Assigning the risk identification process to a contractor or an individual member of the project staff is rarely successful and may be considered a way to achieve the appearance of risk identification without actually doing it. The sooner risks are identified, the sooner plans can be made to mitigate or manage them. Ensuring that adequate and timely risk identification is performed is the responsibility of the owner, as the owner is the first participant in the project.
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