Risk Management Process Risk IdentificationRisk identification focuses on identifying which risks will affect a project by examining the project plan, work breakdown structure, the project charter and other project-related documents (PMBOK, 2008). The broadest risk categories are human resources, technological changes, quality and performance issues, customers, suppliers, management, financing, political issues, legal issues, market forces and environmental issues (PMBOK , 2008). Risk identification involves forward-thinking and creative thinking on the part of project stakeholders (Hilson, 2003). Risk identification should be done on an ongoing basis, and project team members and stakeholders should look for new issues that could affect the success of the project (Brewer & Dittman, 2009). It is impossible to eliminate risk regardless of detailed planning of a project. Project managers must identify and analyze potential risks associated with a project. As Fleming (2005), indicated that project managers must consider the triple constraints of time, budget, resources and quality to identify risk areas. Project managers need to understand the methods used to identify project risks and according to Hilson (2003) and supported by PMBOK (2008), these are a variety of techniques or methods used to identify risk such as brainstorming, expert interviews , past history, SWOT analysis and Delphi technique. These risk identification methods can be performed individually or as a team approach (Hilson, 2003). Brainstorming is an informal method of generating a list of ideas regarding project risks, in which a comprehensive list of various ideas is generated and then the group places them into priority levels based on priority. Fleming (2005), said that brainstorming is about... middle of paper... (2007) The Complete Idiot's Guide to Project Management 4th Edition. New York, NY: Alpha/Penguin. p.37-39, 80 - 91Fleming, Q. W (2003) Project procurement management - procurement, subcontracting, teamTustin, CA: FMC Press. p.59 -76Hillson, D. (2003) Effective Opportunity Management for Projects. New York: Marcel Dekker. p.3 - 42.Lock, D. (2007). Project management. Burlington, Vermont: Burlington, Vermont: Ashgate. p.99 - 111Nokes, S & Kelly, S (2008) The definitive guide to project management: the fast track to getting work done on time and on budget, second edition: FT Press Pub. p 269 - 279Perrin, R. (2008) Managing Real Work Projects: Unconventional Wisdom. Hoboken, NJ: John Wiley p. 101-103Phillips, J (2007). CAPM/PMP Project Management All-in-One Exam Guide. Emeryville, CA, USA: McGraw-Hill Osborne. P.314,317.
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