Risk Identification: How to Identify Project Risks

You cannot manage your project risks until you know what it is you need to manage. So, in this video, let’s see the different ways to identify risks to your project.
This video is sponsored by RiskyProject: bit.ly/Risky_Project
This is a complete suite of project risk analysis and project risk management software that integrates with all major scheduling and planning tools, and covers the complete risk life cycle.
We often start our Risk Management Process with a Risk Management Kick-off Workshop.
Too often, Project Managers just like to stick with their favorite risk identification techniques.
Brainstorming
Brain Writing
Horizon Scanning: SPECTRES
Risk Database
Risk Breakdown Structure
Work Breakdown Structure Risk Identification
Pre-Mortem
For more on the pre-mortem technique, we have a full video,
What is a Pre-mortem? ...and how do you run one?
• What is a Pre-mortem? ...
And do take a look at Gary Klein's excellent book, The Power of Intuition: geni.us/hdw9fi
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🎒 A while back, I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list.
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Note that the links are affiliated.
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🎁 For all our great Project Management articles and resources, please check out the OnlinePMCourses website: onlinepmcourses.com/
🏛 For basic Management Courses - free training hosted on KZbin, with 2 new management lessons a week, check out our sister channel, Management Courses: / managementcourses
🎓 For more of our Project Management videos in themed collections, join our Free Academy of Project Management: onlinepmcourses.com/free-acad...
⏱ Chapter Markers...
00:00 - You need to identify your risks
00:22 - Sponsorship Statement: RiskyProject
00:40 - Risk Management Kick-off Workshop
01:34 - Brainstorming
03:22 - Brain Writing
05:54 - Horizon Scanning
08:57 - Risk Database
09:38 - Risk Breakdown Structure
10:46 - Work Breakdown Structure
11:40 - Pre-mortem
12:32 - Next steps
#RiskManagement #ProjectManagement #RiskIdentification

[@Onlinepmcourses]

Seven different ways for you to carry out risk identification on your next project. And thank you for watching. Please support the channel and all the free content I provide. - Like, comment, and subscribe to the channel. - Why not join my community, free! Sign-up at onlinepmcourses.com/assets440251/the-onlinepmcourses-newsletter/ - And to show maximum appreciation, use the $ Thanks button, under the video, to make a small donation with a highlighted comment.

[@flashtheoriginal]

Once again, superb Mike. Huge thanks

[@Onlinepmcourses]

My pleasure.

[@shoaibmohammad8334]

Excellent and very informative as always.

[@Onlinepmcourses]

Thank you very much.

[@MrChrispires]

Great video, giving different ideas for risk management. Also, remember to constantly update your risk's during the lifecycle of the project.

[@Onlinepmcourses]

Thank you - and yes, I agree completely!

[@OnceTheyNamedMeiWasnt]

Superb video! Risks are something you smell. Issues are what you've trod in...

[@Onlinepmcourses]

An autocomplete typo I think. Issues are what you've trodden in!

[@OnceTheyNamedMeiWasnt]

@@Onlinepmcourses that's what I meant 😊predictive text typo! That was an example of a risk that I trod in. I'm off to wash my shoes....

[@Onlinepmcourses]

@@OnceTheyNamedMeiWasnt 😂🤣😜

[@GentlemenNWhiskey]

Always great info 👍🏼

[@Onlinepmcourses]

Glad it was helpful!

[@BiancaMH]

Thank you

[@Onlinepmcourses]

Welcome!

[@hayetchettibi-ourahmoune2055]

Greatful

[@Onlinepmcourses]

Welcome

[@2027759]

Could you please explain the assumption and constraint for risk analysis in details and give a visualized example of the process? It would be great. Thank you in advance.

[@Onlinepmcourses]

I'm afraid I do not know what you mean by 'the assumption and constraint risk analysis'. Please can you clarify? However, if you are asking me to explain the terms 'assumption' and 'constraint': - What are Project Constraints? kzbin.info/www/bejne/gYanlINnbrCAe7c - What is an Assumptions Log? kzbin.info/www/bejne/eWrLmpl3ZbJqqJo - What are RAID, CAD, and DCARI? kzbin.info/www/bejne/qmmZhp2Dr7qdn9E I discuss risk analysis in general, in Project Risk Management - How to Manage Project Risk kzbin.info/www/bejne/rom5kJqgqb2Aic0si=Ua_UUcPLwwz0cd3M

[@2027759]

@@Onlinepmcourses No, I meant assumptions and constraints analysis that is simple, structured approach, can be based on assumptions and constraints already listed in the charter and generates work-specific risks. This method can be used to analyze current project constraints and translate them in risks.

[@Onlinepmcourses]

@@2027759 Constraints are not risks. However, you could consider them to be issues, if they seem to block progress. Assumptions have a clear link to risks: I have an uncertainty so, to proceed, I make an assumption. That assumption may be incorrect, so that leaves me with a risk. I am not aware of any structured approach to assumption analysis or to constraint analysis. However, if I were to develop one, I would apply the following steps: Step 1: Identify Assumptions (or constraints) Spet 2: Assess the potential impacts (type and severity) of them on the project Step 3: Develop a plan for working within constraints or testing assumptions Step 4: Execute the plan Then review and return to Step 1 or 2.

[@2027759]

@@Onlinepmcoursesthanks a lot! Highly appreciated 👍 thank you for your work!

[@Onlinepmcourses]

@@2027759 You're very welcome!