Risk Identification Process

The assignment content is about Risk Identification, a process that involves identifying and recognizing risks associated with a project. It highlights the importance of risk identification in project management, mentioning inputs such as management plans, activity cost estimates, and stakeholder estimation. The output of this process is the risk register, which records potential responses to identified risks. Various tools can be used for risk identification, including lessons learned, SWOT analysis, and information-gathering techniques. Stakeholders from various backgrounds participate in the risk identification process, which is essential for effective project management due to its iterative nature and ability to uncover new risks as the project progresses.

Running Head: Risk Identification
risk identification
[Document subtitle]

Risk Identification 1
Table of Contents
Risk Identification...........................................................................................................................1
Key Input and Output......................................................................................................................1
Tools to Identify Risk......................................................................................................................2
Involvement in the Risk Identification Process...............................................................................2
Importance of Risk Identification Process.......................................................................................2
References........................................................................................................................................4

Risk Identification 2
Risk Identification
Risk Identification is considered as a process of identifying, recognizing, dividing risk events
concerned with a particular project. On the other hand, Haddush (2016) defines that it is a
process that describes which risk may influence the success of a project and describe their
features.
Key Input and Output
Inputs are essential for handling the risk in a significant manner. Important inputs of measuring
risk factors are following:
 Management plan for risk
 Management plan of cost
 Management plan for human resources
 Management plans for schedule
 Activity cost estimates
 Organization environmental factors
 Scope baseline
 Project activities duration estimates
 Stakeholder estimation
 Quality management plan
 Organization process assets

Risk Identification 3
The main output of risk identification process is the register of risk which is in the form of a
document. Risk register records the result of risk response planning and analysis. Apart of this, it
also contained the information about the risk and list of its potential responses.
Tools to Identify Risk
According to PMI, (2013), risk identification can perform with the help of lessons learned,
SWOT analysis, information-gathering techniques, diagramming techniques, assumptions
analysis and checklist analysis. These analyses are conducted on the basis of historical
information and knowledge that has been derived from previous projects from another source of
information.
Involvement in the Risk Identification Process
All Stakeholders of the project participate in the risk identification process. Apart of this, if a
particular project has field specialist and contractors, they will also participate in the risk
identification process. Generally, it can be said that risk identification process consumes a huge
time of project team members, so many stakeholders involved in this process. Participation of
more and more people can identify the risk in greater efficient manner.
Importance of Risk Identification Process
Generally, it can be said that risk identification process is necessary to project management
teams. It is because with the help of outcomes generated by the process can use to plan future
and make necessary estimates. On the other hand, it can be said that the risk identification
process being an iterative process is essential and significant because it may determine new risks
during the life of the project. As per the view of Pritchard (2014), risk identification is

Risk Identification 4
considered an iterative process because a large number of unidentified risks may become known
as the project progresses. In addition, the business environment is dynamic in nature. So,
determining risks and managing uncertainties are essential for management of the project.

Risk Identification 5
References
Haddush, H. (2016). Integrated Risk Management Practice in the Construction Industry General
Contractors’ Perspective (Doctoral dissertation, AAU).
Pritchard, C. L., & PMP, P. R. (2014). Risk management: concepts and guidance. CRC Press.
PMI, A. (2013). Guide to the Project Management Body of Knowledge-PMBOK Guide,
Newtown Square, PA, USA: Project Management Institute.