Risk Identification is the process of determining which risks might affect the project and documents their characteristics. Participants of risk identification activities: project manager, project team members, risk management team (if identified), subject matter experts from outside the project team, customers, end users, other project managers, stakeholders, and risk management experts. While these personnel are often key participants for risk identification, all project personnel should be encouraged to identify risks.
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Risk management approach should be to prevent negative risks and enhancing positive risks. This approach is recomended by PMI (Project Management Institute). Based on this approach, below are some key principles of risk management:
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Risk management is an essential activity of project management. It is important to classify risks into appropriate categories. Risks can be classified into following 13 categories:
1. Operational Risk: Risks of loss due to improper process implementation, failed system or some external events risks. Examples can be Failure to address priority conflicts, Insufficient resources or No proper subject training etc.
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Risk Management Planning is the process of developing an approach and executing risk management activities for a project. Inputs to Project Risk Management Planning: The inputs to Risk Management Planning include:
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