Which tool is used for risk identification?

Which tool is used for risk identification?

Meaning of risk identification:- It means what kind of risks exist and what kind of risk anticipated. It involves a duration period of risk and possible outcomes of such risk. It is an integrative process. Which determines how much it affects the project. What documents will affect these risks.

Almost all projects have risks. It is the job of project manager who identifies these risks as a part of risk management. However, risk identification activities involve the members as project manager, project team members, risk management team. Besides these parties some outsiders are interested who also determine risks as customers, stakeholders and risk management experts. Which tool is used for risk identification?

TOOLS OF RISK IDENTIFICATION

There are some tools which can be used for risk identification. These tools are following as:

Documents Review
Brainstorming
Delphi Techniques
Interviewing
Cause Identification Method
Swot analysis
Past Analysis
Assumption Analysis
Cause and Effect diagrams
System or process flow charts
Influence Diagrams

(1). Documents Review:- It is the first step of reviewing documents of the project. Which involves plans of project, files of project, assumption and other precious information. The success of the project depends upon the quality of the project. And the requirements and assumptions related to the project can be the best indicator of risk in the project.

(2). Brainstorming:- Brainstorming is a process in which discussions are done through the meeting among the team members, management and project managers. Sometimes users and suppliers can also become the part of management for brainstorming meetings to determine risks. Then ideas are generated by the management. Then after finding risks, it is ordered categories wise. Which tool is used for risk identification?

(3). Delphi Techniques:- It is a technique of consensus. In which uses a questionnaire as ideas about the project risks. Which is sent to the experts for further comments regarding risks determined. So to reach a final consensus, some questionnaire rounds are processed again and again. Such a process reduces the bias also among the experts. Rather they aren\’t influenced by each other\’s opinions. Which tool is used for risk identification?

(4). Interviewing:- This method involves an interview. In which participants, stakeholders and subject matter are interviewing to identify risks. So by interview risks can also be found. In this process all participants produced their different views as per their opinions. Which are totally different from each other. Then risks are found from the collection of views about the project.

(5). Cause identification Method:- Through this method important causes are inquired about the project risks. Responses of risks are developed by experts of the project team to identify risks. Then these causes of risks are grouped. Every activity has some causes which may create some risks.

(6). SWOT ( Strengths, Weakness, Opportunities and Threats ):- In this process Swot analysis is done to identify the risks concerned with the project. Because every project has some threats as well as some weaknesses. Which may create some risks during the project running. However, swot analysis also tells about the strengths and opportunities which are also analysed for reducing the risks.

(7). Past Analysis:- Here some previous projects lists are checked to find out the previous information and knowledge. These projects are similar to the commenced projects. Then it is easy to identify risks which have occurred in the previous projects. These risks are combined into one list. It is done so as to avoid the future risks in the future projects. It is the traditional and non technical method of finding the risks concerned with the project. Which tool is used for risk identification?

(8). Assumption Analysis:- In this process some perceptions are developed based on some set of hypotheses, scenarios and assumptions. These assumptions and hypotheses explore the validity as these apply to the project. However, this method is applied in the cases of inaccuracy, inconsistency or incompleteness of the assumption of project. In these hypothesis statistics methods are used for setting up the hypothesis to find out the risks concerned with the project. Which tool is used for risk identification?

(9). Cause and effect diagrams:- In this method, some particular shape of diagrams are used to identify causes and effects of risks concerned with the project. These diagrams are in the shapes of routes, trees and multiple dimensional rectangles. After finding out these causes and effects, their influence is analysis. Due to which risk can be found out. Which tool is used for risk identification?

(10). Process of Flow Charts and System:- In this process all elements of projects are considered for finding the risks. So after finding the elements of the project, charts of these elements are created by the experts of the project teams. Then after establishing various charts, possible risks are identified in the project. Which tool is used for risk identification?

(11). Influence diagrams:- These are graphical presentations of the diagrams. Which shows the situation of projects. Which has some influence on the project output. It also considered the time consuming process of the project along with various operative risks. That might be floated during the project undertaken. Thus, these diagrams are outlined by the teams of experts who are engaged in the undertaken project.

Conclusion:- Every project has some causes and effects. Due to which it has some uncertain risks. Which risks need to be analysed by the team management of the project. These eleven tools which are discussed above represent a method of identifying risks concerned with the project. So by analysing these tools, risks can be avoided upto some extent. Every management would like to minimise the risks of the project. But it can be possible with the help of identifying risks. Which tool is used for risk identification?

Note:- There are some other important questions of risks. Whether these may be different types. So you also study these questions as follows:- Which tool is used for risk identification?

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