Risk identification in project management is the core task within the risk management process to describe and classify risks. By means of risk identification software tools, all the information gathered and analyzed during the identification of risks serves as a foundation for further risk analysis, evaluation and estimation.
Risk Identification
In any project, uncertainties exist and unexpected events may occur suddenly, so at a critical time there might be no person who could identify those risks, find risk treatment solutions and apply risk management and analysis tools in order to eliminate or at least mitigate the likelihood of risk occurrence. A project manager performing risk identification and assessment activities can filter inessential or false threats and focusing on project-related risks in order to make the project less risky. When the project manager together with the project team wants to detect risks, he/she needs to use risk identification software tools that help carry out the risk identification process including describing and classifying risks.
Actually, the problem of project risk identification and risk responding can be successfully handled if the project manager understands risk identification definition (what is risk identification?) and knows how to run a simplified process for identifying risks. Such an understanding can be obtained when the project manager establishes a risk identification and mitigation system that includes to the following core elements:
