Objectives: To understand the risk management planning and identification processes and to employ various tools and techniques for risk identification.
ESI provides us with a practical 9 step risk management risk management process and this will provide a foundation for risk identification.
Risk management is an ongoing process and is revisited throughout the project.
- Examination of the Project Plan is the first step in risk management. The plan provides essential information regarding sources of risk.
- Identify risks in the plan as separate from ‘Tasks’ or elements of the WBS in the project plan in a risk document.
- Analyze risks in terms of impact and probability.
- Prioritize based on the analysis
- Create a Plan to address the risks.
- Execute the Risk Management Plan in step 5 above.
- Evaluate the results of step 6.
- Document these results for future use.
- Revisit the risk management plan and the project plan.