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Project Management Orientation

Identifying Risks 

When you identify risks, your goal is to list all of the significant potential risk events that could affect the outcome of the project. 

Components of risk

For managing risk, there is one more component to consider:

A risk factor is a situational factor that has been identified as leading to a risk.  Risk factors should be identified early and projects should be reviewed regularly to ensure that no significant risk events are overlooked.  Repeat the risk identification process on a regular basis, as part of your key checkpoints or key milestones.  When developing the list of risks, be thorough, but realistic.

To begin, first look for risk factors such as poor estimates, requirement changes, or design errors.  You can then determine possible events from these factors.

When you identify the timing when a risk event can occur consider whether it is a one-time risk or if the risk can occur more than once.  Most risks identified early in a project are one-time risks, but consider a risk of not being able to complete a step in the project because a client does not provide you with data that they are obligated to provide monthly.  Every month there is a chance of missing a delivery to your project so that the frequency of this risk is monthly.

The purpose of this step is to create a complete list of risks.  So avoid analyzing risks at this stage of the process.  You will do that next.
1: Getting Started
2: Define the Project Team
3: Team Management
4: Identify and Validate Requirements
5: Create Decomposition Structures
6: Risk Management
7: Project Estimates
8: Project Schedules
9: Change Management
10: Project Control and Execution
Defining the Project
11: Project Management Review
12: Project Closeout
13: Project Management Tool Suite
14: Self-Assessment and Final Exam
Fast Points
Concepts
Seven Keys
Case Study
WWPMM
Mentor
Check Point
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