Identifying Project Risk

Name: Identifying Project Risk
Author: Nick Ankrom

Define what risks are, learn how they function, and how to document them.

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Course: On-Demand

(upbeat music) Let's discuss what is and is not a risk, how to identify risks, and how to document known risks. These first steps are instrumental in making sure everything ultimately runs smoothly. We'll explore how to confidently identify, categorize, and document risks so you can be confident that you have a comprehensive list of risks to address. When should you perform risk identification for your project? If you said this should happen at the beginning of the project, you'd be partly right. Most risk identification is done during the planning stage of the project management life cycle. There are several reasons for that. The first is that you have the entire project in front of you so this is the point of the life cycle where all risks are still in play. The second reason is because the earlier you identify a risk in the project life cycle, the less impact it will have on the project itself. Consider when most risks occur since that's when the larger number of unknowns exists. In most cases, this is in the concept and development stages. As you move through the project, the number of risks will decrease because you'll close any risk that is no longer relevant. Think about the example of building a house. Is too much rain going to impact the project once the building is under a roof? Probably not. However, any risk you incur as part of the latter stages of the project will have a greater impact on the project as a whole. Risks that occur earlier can be mitigated and adjustments in the project plan could happen. The later you get into the project, any risk that occurs may require significant work to remedy. So let's revisit the initial question of when you identify risk. As you recall, most of the risk identification process is done in the beginning of the project. However, risks can be identified at any point within the project. The key is that when anyone identifies a risk, it should follow the same process as the risks identified in the planning stage. This brings us to a final question about risk identification, who can identify risks in a project? The answer is simple. Any stakeholder, regardless of influence, impact, or involvement in the project can raise a risk. If you're a stakeholder in a project and see something that may be a risk, you may be obligated to raise this concern through the appropriate channels.

Intermediate Provider : Nick Ankrom 6 Lessons · 20m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

In these lessons, you’ll understand what is and is not a risk, and explore different methods to identify risks. You’ll also learn the types of risks, how they function under specific categories, what they mean and how to document them accordingly.

What You'll Learn

Distinguish what is and is not a project risk
Identify causes of project risk using different identification methods
Apply metalanguage to identify risks
Categorize risks under specific categories and explain what they mean
Document project risks accordingly
Assess risk behaviors

Key Takeaways

A risk must be distinguished from what is not a risk before it can be managed.
Different methods can be used to identify causes of project risk.
Risks can be grouped and understood by categorizing them under specific categories.
Metalanguage can be used as a technique to identify risks.
Identified risks should be documented accordingly.

Frequently Asked Questions

What does this course cover?

It covers what is and is not a risk, methods to identify risks, the types of risks and how they function under specific categories, what they mean, and how to document them accordingly.

What will I learn to do in this course?

You will learn to assess risk behaviors, identify risks, use metalanguage to identify risks, and document risks.

What topics are included in the lessons?

The lessons include Identifying Project Risk, Identifying Causes of Project Risk, Identification Methods, Categorizing Risk, Documenting Project Risk, and a Test Your Knowledge assessment.

Does the course include a way to check my understanding?

Yes, the course includes a Test Your Knowledge lesson.

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Professional Development Units (PDUs): 0.5

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