11.2 IDENTIFY RISKS

Project documents that may be updated as a result of this process include?

1. Assumption log 2. Issue log 3. Lessons learned register * 11.2.3.3

What are the Data-gathering techniques that can be used for the identify risks process?

1. Brainstorming. - obtain a comprehensive list of individual project risks and sources of overall project risk. 2. Checklists - A list of items, actions, or points to be considered. 3. Interviews - should be conducted in an environment of trust and confidentiality to encourage honest and unbiased contributions. * 11.2.2.2

What are the tools and techniques for the Identify risks process?

1. Expert judgement 2. Data gathering 3. Data analysis 4. Interpretation and team skills 5. Prompt lists 6. Meetings * 11.2.2

On completion of the Identify Risks process, the content of the risk register may include?

1. List of identified risks - Each individual project risk is given a unique identifier in the risk register. 2. Potential risk owners. - potential risk owner identified during the Identify Risks process, is recorded in the risk register. 3. List of potential risk responses. - potential risk response identified during the Identify Risks process, it is recorded in the risk register. * 11.2.3.1

What are the inputs for Identify Risks process?

1. Project management plan 2. Project documents 3. Agreements 4. Procurement documents 5. Enterprise environmental factors 6. Organizational process assets 11.2.1

Project management plan components in the Identify Risks process input include:

1. Requirements Management Plan - describes how project and product requirements will be analyzed, documented, and managed. 2. Schedule Management Plan - establishes the criteria and the activities for developing, monitoring, and controlling the schedule. 3. Cost Management Plan - describes how the project costs will be planned, structured, and controlled. 4. Quality Management Plan - describes how applicable policies, procedures, and guidelines will be implemented to achieve the quality objectives. 5. Resource management plan - provides guidance on how project resources should be categorized, allocated, managed, and released. 6. Risk management Plan - provides information on risk-related roles and responsibilities, indicates how risk management activities are included in the budget and schedule, and describes categories of risk, which may be expressed as a risk breakdown structure. 7. Scope Baseline - The scope baseline is the approved version of a scope statement, WBS, and its associated WBS dictionary, which can be changed only through formal change control procedures and is used as a basis for comparison. includes deliverables and criteria for their acceptance, some of which might give rise to risk. It also contains the WBS, which can be used as a framework to structure risk identification techniques. 8. Schedule Baseline - reviewed to identify milestones and deliverable due dates that are subject to uncertainty or ambiguity, or where key assumptions have been made that might give rise to risk. 9. Cost Baseline - reviewed to identify costs or funding requirements that are subject to uncertainty or ambiguity, or where key assumptions have been made that might give rise to risk. * 11.2.1.1

What are the Data analysis techniques that can be used for the identify risks process?

1. Root cause analysis (see Section 8.2.2.2) is - used to discover the underlying causes that lead to a problem, and develop preventive action. 2. Assumption and constraint analysis. 3. SWOT analysis. - examines the project from the strengths, weaknesses, opportunities, and threats (SWOT) perspectives. 4. Document analysis. - Risks may be identified from a structured review of project documents, * 11.2.2.3

On completion of the Identify Risks process, information in the risk report may include?

1. Sources of overall project risk - indicating which are the most important drivers of overall project risk exposure; and 2. Summary information on identified individual project risks - such as number of identified threats and opportunities, distribution of risks across risk categories, metrics and trends, etc. * 11.2.3.2

What are the outputs for the Identify Risks process?

1. The risk register - captures details of identified individual project risks. 2. Risk report - presents information on sources of overall project risk, with summary information on identified individual project risks. 3. Project documents updates * 11.2.3

Project documents that can be considered as inputs for the Identify Risks process include:

Assumption log. - Assumptions and constraints recorded in the assumption log may give rise to individual project risks and may also influence the level of overall project risk. Cost estimates. - provide quantitative assessments of project costs, ideally expressed as a range, indicating the degree of risk, where a structured review of the documents may indicate that the current estimate is insufficient and poses a risk to the project. Duration estimates. - provide quantitative assessments of project durations, ideally expressed as a range, indicating the degree of risk, where a structured review of the documents may indicate that the current estimate is insufficient and poses a risk to the project. Issue log. - give rise to individual project risks and may also influence the level of overall project risk. Lessons learned register. - Lessons learned about risk identified from earlier phases of the project are reviewed to determine whether similar risks might recur during the remainder of the project. Requirements documentation. - lists the project requirements and allows the team to identify those that could be at risk. Resource requirements. - provide quantitative assessments of project resource requirements, ideally expressed as a range, indicating the degree of risk, where a structured review of the documents may indicate that the current estimate is insufficient and poses a risk to the project. Stakeholder register. The stakeholder register - indicates which individuals or groups might participate in identifying risks to the project. It also details those individuals who are available to act as risk owners. * 11.2.1.2

What Interpersonal and team skills improves the effectiveness of many of the techniques used to identify individual project risks and sources of overall project risk?

Facilitation * 11.2.2.4

What is the process of identifying individual project risks as well as sources of overall project risk, and documenting their characteristics?

Identify Risks - The key benefit of this process is the documentation of existing individual project risks and the sources of overall project risk. * 11.2

The organizational process assets that can influence the Identify Risks process include

Project files, including actual data, Organizational and project process controls, Risk statement formats, and Checklists from previous similar projects. * 11.2.1.6

The enterprise environmental factors that can influence the Identify Risks process include

Published material, including commercial risk databases or checklists, Academic studies, Benchmarking results, and Industry studies of similar projects. 11.2.1.5

When describing and recording individual project risks, what type of format should be used for risk statements?

a consistent format - A consistent format should be used to ensure that each risk is understood clearly and unambiguously in order to support effective analysis and risk response development. * 11.2

If the project requires external procurement of resources, the agreements may have information such as milestone dates, and contract type may be located in the _______

agreements - the agreements may have information such as milestone dates, contract type, acceptance criteria, and awards and penalties that can present threats or opportunities. * 11.2.1.3

Which project stakeholders should be encouraged to identify individual project risks?

all project stakeholders * 11.2

Identify Risks is an _______ _______, since new individual project risks may emerge as the project progresses through its life cycle and the level of overall project risk will also change.

iterative process - The frequency of iteration and participation in each risk identification cycle will vary by situation, and this will be defined in the risk management plan. * 11.2

A _______ _______ is a predetermined list of risk categories that might give rise to individual project risks and that could also act as sources of overall project risk.

prompt list * 11.2.2.5

The results of Perform Qualitative Risk Analysis, Plan Risk Responses, Implement Risk Responses, and Monitor Risks are recorded in the _______ _______ as those processes are conducted throughout the project.

risk register - The risk register may contain limited or extensive risk information depending on project variables such as size and complexity. * 11.2.3.1

The results of Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses, Implement Risk Responses, and Monitor Risks are included in the_______ _______ as those processes are completed.

risk report * 11.2.3.2

A project team may conduct a specialized to undertake risk identification, often called a _______ _______.

risk workshop - Most risk workshops include some form of brainstorming, but other risk identification techniques may be included depending on the level of the risk process defined in the risk management plan. * 11.2.2.6