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Identifying risk is both a creative and a disciplined process.The creative process includes brainstorming sessions where the team is asked to create a list of everything that could go wrong.The people category can be subdivided into different types of risks associated with the people.
It’s important to come up with guidelines to help you figure out how big a risk’s potential impact could be.
The impact tells you how much damage the risk would cause to your project.
Anything that might occur to change the outcome of a project activity, we call that a risk.
A risk can be an event (like a snowstorm) or it can be a condition (like an important part being unavailable).
A risk is any uncertain event or condition that might affect your project. Some events (like finding an easier way to do an activity) or conditions (like lower prices for certain materials) can help your project.
When this happens, we call it an opportunity; but it’s still handled just like a risk. Even the simplest activity can turn into unexpected problems.In John’s move, John makes a list of things that might go wrong with his project and uses his work breakdown structure as a guide.A partial list for the planning portion of the RBS is shown in Figure 16.2.The past experience of the project team, project experience within the company, and experts in the industry can be valuable resources for identifying potential risk on a project.Identifying the sources of risk by category is another method for exploring potential risk on a project.Either way, it’s something that may or may not happen …but if it does, then it will force you to change the way you and your team work on the project.If your project requires that you stand on the edge of a cliff, then there’s a risk that you could fall.All ideas are welcome at this stage with the evaluation of the ideas coming later.A more disciplined process involves using checklists of potential risks and evaluating the likelihood that those events might happen on the project.Some companies and industries develop risk checklists based on experience from past projects.These checklists can be helpful to the project manager and project team in identifying both specific risks on the checklist and expanding the thinking of the team.