I should say that it is not a trivial task to do. Wise project managers start identifying risks early in their projects.
You will identify roadblocks areas of diffused responsibility inefficient communication etc.
How do you identify risks in a project. Another source of risks is your superiors who need to approve parts of your work. Start to manage risks at the outset of your project and continue to do so throughout its performance. List out all the possible risks your project could face.
The important thing to note is the focus on the uncertain aspects of risk. This defines risk as an uncertain event or condition that if it occurs has a positive or negative effect on a projects objectives. Since risk has two components probability and impact you can proceed to eliminate risks that are too low.
Obviously it is not feasible to attempt to identify all risks to a project Maybe a plane will crash into your office. But it is important to be open minded at first then revisit the list and narrow it down to the most important. Make sure the risks are rooted in the cause of a problem.
Heres how it works. A risk assessment is a simple tool you can use to identify and measure project risks so you can come up with a proactive plan for mitigation. The accept strategy can be used to identify risks impacting cost.
It all shows up on a diagram of project workflows. When trying to minimize risk its good to trust your intuition. The risk level of an event is defined as the product on the two.
Prioritize each risk based on its severity and likelihood. Risk has two components probability and impact. Additionally capture your top risks in your project charter.
Use your project phases as well as your overall project plan to help you identify risk factors. For example a project team might implement the accept strategy to identify risks to the project budget and make plans to lower the risk of going over budget so that all team members are aware of the risk and possible consequences. But it is important to be open minded at first then revisit the list and narrow it down to the most important.
The uncertainty is high because there is less information in the beginning of projects. Obviously it is not feasible to attempt to identify all risks to a project Maybe a plane will crash into your office. At each point during your project identify risks by recognizing your projects risk factors.
The risk exposure is greatest at the beginning of projects. This can point you to unlikely scenarios that you just assume couldnt happen. The singular source for many project management definitions is the Project Management Body of Knowledge from the PMI.
Basically drill down to the root cause to see if the risk is one that will have the kind of impact on your project that needs identifying.