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Importance of Risk Identification Process in Project Management
Added on -2019-09-20
This article discusses the process of risk identification in project management, its importance, tools used, involvement of stakeholders, and key inputs and outputs. It also highlights the significance of the iterative nature of the process and how it helps in managing uncertainties. The article cites references from Haddush (2016), Pritchard (2014), and PMI (2013).
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Running Head: Risk IdentificationRISK IDENTIFICATION[Document subtitle]
Risk Identification1Table of ContentsRisk Identification...........................................................................................................................1Key Input and Output......................................................................................................................1Tools to Identify Risk......................................................................................................................2Involvement in the Risk Identification Process...............................................................................2Importance of Risk Identification Process.......................................................................................2References........................................................................................................................................4
Risk Identification2Risk IdentificationRisk 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 OutputInputs are essential for handling the risk in a significant manner. Important inputs of measuring risk factors are following:Management plan for riskManagement plan of costManagement plan for human resourcesManagement plans for scheduleActivity cost estimatesOrganization environmental factorsScope baselineProject activities duration estimatesStakeholder estimationQuality management planOrganization process assets
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