Risk identification methods
Contents |
Introduction
Methods
Principles
Abstract
The goal of risk identification is to gain prescience of events that, if they occur, can have an impact on the projects. This could be negative impacts on the project which could lead to the projects ability to succeed is diminished or it could be causing a decline in the efficiency of the project. This article describes how risk identification must be in accordance with the type of assessment necessary to support the risk-informed decision-making process.[2]
Risk identification is a crucial part of any project, and one of the steps involved in risk management, which is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives.) This should be followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events[1] or to maximize the realization of opportunities.[2]
There are several different methods for identifying risks, which will all be discussed briefly in this article. For at more detailed explanation of the specific method please see the wiki page for that specific method.
[[1]Hubbard, Douglas (2009). The Failure of Risk Management: Why It's Broken and How to Fix It. John Wiley & Sons. p. 46.]
[[2]Threat Assessment and Risk Analysis An Applied Approach 2016, GregoryAllen, Pages 55-61]
