Thursday, February 16, 2012

Identify Risks: ITTO

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Identify Risks is the second project management process in the Project Risk Management knowledge area. It follows the process Plan Risk Management.

In my opinion, Identify Risks is the most important process in the risk management knowledge area. All the processes that follow will be effective only if the risks are identified properly. So, a project manager or his/ her project team should devote their maximum effort to identify as many risks as possible at the initial stages of the project.

Generally, the participants in this process will include the project manager, project team members, risk management team, customers, end users, stakeholders, domain experts and risk management experts. It is a good practice to encourage all project personnel to identify risks. A good project manager will involve the entire project team in identifying the risks as it instills a sense of ownership and responsibility for the risks. This also will help in implementing associated risk response actions at a later stage.

Please take note that Identify risks is an iterative process throughout the entire life cycle of the project as new risks may appear or become known as the project progresses.

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The following are the Inputs, Tools & Techniques and Outputs (ITTO) of the process "Identify Risks",

Inputs

1. Risk Management Plan
2. Activity cost estimates
3. Activity duration estimates
4. Scope baseline
5. Stakeholder register
6. Cost management plan
7. Schedule management plan
8. Quality management plan
9. Project documents
10. Enterprise environmental factors
11. Organizational process assets

Tools & Techniques

1. Documentation reviews
2. Information gathering techniques
3. Checklist analysis
4. Assumptions analysis
5. Diagramming techniques
6. SWOT analysis
7. Expert judgement

Outputs

1. Risk Register

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