Identify and analyze project risks.

Refer to the Monitor Project Risks specific practice in the Project Monitoring and Control process area for more information about risk monitoring activities.

Refer to the Risk Management process area for more information about identifying potential problems before they occur so that risk handling activities can be planned and invoked as needed across the life of the product or project to mitigate adverse impacts on achieving objectives.

Risks are identified or discovered and analyzed to support project planning. This specific practice should be extended to all plans that affect the project to ensure that appropriate interfacing is taking place among all relevant stakeholders on identified risks.

Example Work Products

1.    Identified risks

2.    Risk impacts and probability of occurrence

3.    Risk priorities

Subpractices

1.    Identify risks.

The identification of risks involves the identification of potential issues, hazards, threats, vulnerabilities, and so on that could negatively affect work efforts and plans. Risks should be identified and described understandably before they can be analyzed and managed properly. When identifying risks, it is a good idea to use a standard method for defining risks. Risk identification and analysis tools can be used to help identify possible problems.

2.    Document risks.

3.    Review and obtain agreement with relevant stakeholders on the completeness and correctness of documented risks.

4.    Revise risks as appropriate.