Risk identification methods
Risk identification, what methods exist?
Detecting the risks present in a project is an art in itself. It comes down to two basic methods; talking with people and reading documentation. A number of detection methods are given in the table below.
| Detection Method | Advantages | Disadvantages |
| Interviews | -sensitive matters are revealed quicker in a face to face meeting -helps to involve people in risk management | -may require a lot of time |
| Brainstorming | -A lot of results in a short period -Risks are instantly shared with others | -not everyone speaks up freely in a group -group think -planning the brainstorm may be a hassle |
| Consulting experts | -independent view on matters -may have expertise not available in the company | -costs -disclosure of sensitive information |
| Study project documentation | -old ‘forgotten’ risks are often documented -insight in the working procedures of a project team | -risks that have already been solved may resurface |
| Study specialist literature | -shows the “state of the art” knowledge and the available solutions -requires a lot of time | -specialist literature may be written for an academic audience -costs of acquisition |
| Stakeholders Analysis | -understanding the interests, attitudes and potential actions of stakeholders | -Access to stakeholders -Finding an appropriate representative of interest groups. |
| Research Resources | -find resource risks | -Availability of detailed plans is a necessity |
| Review planning | -find bottlenecks in the project plan | -focuses almost entirely on schedule risks |
| Research interfaces | -find interfaces that could cause risks | -interfaces aren’t always easy to recognize |
| Visit locations | -first hand experience increases understanding of the project environment | -may require a lot of time |
| Research assumptions | -understand crucial project assumptions | -requires good analytical skills |
| Checklists | -easy and quick to use -can contain a lot of project specific knowledge | -results may be too general |
other questions about project risk management
- What is a project risk?
- How can I detect risks?
- What is the essence of risk management?
- How can I analyze risks?
- How can I prioritize risks?
- What is a risk status?
- What is a risk class?
- evaluate a project
- monitoring a project
- the role of team members
- What role do projectpartners have in managing project risks?
- How can I setup risk management in my company?
