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Identifying Project Risk The task of identifying and assessing project risks is often assigned a lower priority compared to other project planning

July 3, 2024

Identifying Project Risk

The task of identifying and assessing project risks is often assigned a lower priority compared to other project planning tasks. This is unfortunate because every project faces some types of risks and when faced with those challenges, project managers often find themselves in reactive mode instead of proactive.

When risk identification is not completed, problems must be addressed after the fact, often resulting in more costly responses and fixes. Such measures of damage control can lead to additional cost and delay, putting the overall project in jeopardy.

Objectives:

· Report the types of risks to include in the risk management plan.

· Discuss the importance of categorizing and prioritizing risks.

· Analyze every component that can contribute to risk.

Activities:

· Read, view, and engage with Readings and Resources.

· Actively participate in Unit Discussions.

· Complete and submit the Unit 2 Assignment.

· Contribute to your Weekly Journal.

Readings and Resources

Textbook or eBook:

Wilson, R. (2015).
Mastering risk and procurement in project management. Upper Saddle River, NJ: Pearson FT Press.

· Chapter 2: Risk Strategy and Planning

The Project Management Body of Knowledge (PMBOK) Guide, created by the Project Management Institute (PMI), consists of widely accepted standards, frameworks, techniques, processes, and terminology for the project management profession.

· Project Management Institute. (2021).

A guide to the project management body of knowledge

(PMBOK Guide) (7th ed.). Project Management Institute, Inc.

Articles, Websites, and Videos:

This video talks about many of the individual and group techniques to identify risks. The interviewee in the video also talks about the importance of reviewing data from past projects, thinking about the current situations, and visualizing future scenarios in terms of risk.

14 What risk identification techniques are available and which is the best one?

In this video, the speaker emphasized on the importance of risk management by citing examples from public traded companies and government organizations. Providing timely access to critical inf

ormation to the right people across the company can save your company from a major disaster.

Enterprise Risk Management | Thomas H. Stanton | TEDxJHUDC

Supplemental Resources:

The following websites provide a detailed description of the purpose and usefulness of a risk register.

· Smartsheet.com (n.d.).

Risk register template
.

· Westland, J. (2016, Oct 31).

Risk register template
. Projectmanager.com.

This assignment is designed to help you improve your communication, critical thinking, and research skills. Your deliverable should answer the following questions:

·
What did you learn this week?

·
Was the material valuable and/or applicable? Please elaborate.

·
If yes, how are you planning to use this material in the future?

·
If no, what changes would you recommend?

Your assignment should contain at least 200 words.

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Identifying Project Risk The task of identifying and assessing project risks is often assigned a lower priority compared to other project planning

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